Shell 2022 profit more than doubles to record $40 bln

Fourth-quarter profit of $10 billion beats estimates Shell to repurchase $4 billion in shares Shares up 2.5% by 1002 GMT LONDON, Feb 2 (Reuters) – Shell ( SHEL.L ) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after … Read more

Honda to start producing new hydrogen fuel cell system co-developed with GM

TOKYO, Feb 2 (Reuters) – Japan’s Honda Motor Co ( 7267.T ) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co ( GM.N ) this year and gradually step up sales this decade, in a bid to expand its hydrogen business. Honda will target annual sales of … Read more

Canada’s energy jobs transition bill sparks discord in oil heartland

Jan 22 (Reuters) – In Canada’s western oil patch, controversy is raging over federal government legislation intended to help the fossil fuel labor force transition to a greener economy, but union and community leaders are warning politicization of the Just Transition bill obscures the needs of workers. Prime Minister Justin Trudeau’s Liberal government is expected … Read more

UAE energy minister: OPEC+ faces volatility in oil markets both in supply and demand

CAIRO, Jan 14 (Reuters) – OPEC+ is facing “volatile prospects” in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday. He said this was due to European sanctions on Russian crude going into effect in addition to China’s lifting its “zero-COVID” policy. OPEC+ production capacity was down … Read more

Whiplash: energy markets start 2023 with biggest weekly dive in years

NEW YORK, Jan 6 (Reuters) – Energy futures for crude oil, refined products and natural gas have plummeted in the new year as traders reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts. Prices rose last year on worries of Europe freezing due to the loss of Russian fuel, as … Read more

Vietnam’s largest refinery’s RFCC unit shut for troubleshooting – sources

HANOI, Dec 31 (Reuters) – Vietnam’s largest refinery, Nghi Son Refinery and Petrochemical (NSRP), has shut down a residual fluid catalytic cracking (RFCC) unit for “troubleshooting”, two sources familiar with the matter said. “The issue was detected earlier this week and the refinery has been fixing it,” one of the sources said, adding that “the … Read more

Kansas residents hold their noses as crews mop up massive US oil spills

WASHINGTON, Kan., Dec 10 (Reuters) – Residents near the site of the worst US oil pipeline leak in a decade took the commotion and smell in stride as cleanup crews labored in near-freezing temperatures, and investigators searched for clues to what caused the game. A heavy odor of oil hung in the air as tractor … Read more

Major oil pipeline outage to hit US stockpiles, refinery supplies

HOUSTON, Dec 9 (Reuters) – An outage on the largest oil pipeline to the United States from Canada could affect inventories at a key US storage hub and cut crude supplies to two oil refining centers, analysts and traders said on Friday. TC Energy’s (TRP.TO) Keystone pipeline ferries about 600,000 barrels of Canadian crude per … Read more

Oil removal effort for Keystone pipeline spill to extend to next week, US EPA says

Dec 9 (Reuters) – The effort to remove oil from the largest crude spill in the United States in nearly a decade will extend into next week, the US Environmental Protection Agency said on Friday, making it likely that the Keystone pipeline shutdown will last for several more days. TC Energy (TRP.TO) shut the largest … Read more

China buys Russian oil at multi-month low discounts, brushes off price cap

SINGAPORE, Dec 8 (Reuters) – China is paying the deepest discounts in months for Russian ESPO crude oil amid weak demand and poor refining margins even though the effective prices refiners pay could exceed a price cap imposed this week by Western countries. The $60 per-barrel cap, set by the Group of Seven (G7) nations, … Read more