14 Feb 2019

Could Russia and Belarus trade oil for national sovereignty?

The Belarusian and Russian presidents have been locked in meetings over several days in recent months, prompting rumors that the two countries are exploring deals that could see Belarus fall under the control, directly or indirectly, of Russia. Relations between Russia and Belarus have remained closer than most former soviet

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12 Feb 2019

Venezuela hopes to create non-dollar trading bloc

Venezuela is seeking to build a trade bloc that conducts transactions outside the U.S. dollar, allowing it to finalize oil sales beyond the reach of U.S. sanctions. China, Russia, and India are Venezuela’s prospects for the bloc. “We can all build one economy and that economy does not necessarily have

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24 Jan 2019

Iran discovers oil in Abadan region: minister

The Iranian Oil Minister has announced the discovery of oil deposits in its southwestern province bordering Iraq for the first time. The estimated size of the deposit has not been shared, but it comes at a time of U.S. sanctions that have created difficulties for Iranian oil exports. The U.S.

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21 Jan 2019

Mexican oil pipeline erupts in deadly fireball amid attempts to steal fuel; at least 73 killed

The national problem of fuel theft was highlighted in Mexico over the weekend as at least 73 people died as the result of an explosion caused by illegal taps into a pipeline on Friday night. This kind of theft results in over $3 billion USD in losses and per year,

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03 Dec 2018

Qatar to leave OPEC and focus on gas as it takes swipe at Riyadh

“Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group’s de facto leader Saudi Arabia and marring efforts to show unity before this week’s meeting of exporters to tackle an oil price slide. Doha, one of OPEC’s smallest

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02 Nov 2018

Iran Sanctions Kick In, With Biggest Oil Disruption in Years

“Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the U.S. government. The Middle East’s third-biggest oil producer has already seen many buyers flee, with sales tumbling 37 percent since President Donald

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18 Oct 2018

Oil’s Most Dangerous Black Markets

“Much production is in volatile regions, and it comes as little surprise that production and trade in crude oil and refined petroleum products have produced a flourishing illicit market that presents socioeconomic, geopolitical, and environmental challenges, including deterioration of the rule of law. Oil is still the world’s leading energy

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26 Sep 2018

US spends $81 billion a year to protect oil supplies, report estimates

According to a recent Securing America’s Future Energy (SAFE) report, the U.S. spends around $81 billion per year in protecting the movement of oil supplies around the world, which it calls a “very conservative” estimate that does not include the full cost of oil-related military operations. The estimate argues that

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13 Sep 2018

Venezuela’s Maduro travels to China in search of fresh funds

Venezuelan leaders are visiting China as part of efforts to renegotiate existing investments and pursue additional funding for the country dealing with a collapsed currency and economy. Over ten years, China invested over $50 billion in the country through oil-for-loan deals that benefited China through oil supply and the creation

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10 Sep 2018

Libya violence: Gunmen storm oil corporation building

“An armed group has stormed the Tripoli headquarters of the National Oil Corporation (NOC) in Libya. Security forces clashed with the armed men at the landmark building in the centre of the city, and blasts and gunfire could be heard, witnesses say. Last week, the UN announced that a truce

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