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UK public pension funds suffer £2bn hit to oil investments

The value of oil company shares owned by UK public pension funds has fallen by £2bn in less than four years as pressure mounts on retirement schemes to withdraw their support from environmentally damaging fossil fuel producers. Pension funds across the world have made moves to adjust their portfolios for investment risks arising from climate… Continue reading UK public pension funds suffer £2bn hit to oil investments

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‘Citgo 6’ oil executives found guilty in Venezuela

A court in Venezuela has found six US-based oil executives guilty of corruption and sentenced them to between eight and 14 years in prison, in a case that has exacerbated tensions between Washington and the government in Caracas. The men, known as the Citgo 6, all worked at Citgo Petroleum Corp, a US-based, Venezuelan-owned oil company.… Continue reading ‘Citgo 6’ oil executives found guilty in Venezuela

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Sustainable Castor Oil Fabrics – Mandala's Sustainable Yoga Collections are Chic and Eco-Conscious (TrendHunter.com)

Sustainable yoga collections are certainly important for consumers who are fans of the sport. In this space, Mandala is a brand that offers functionality and aesthetics, while being mindful of the environment. In the Spring of 2019, the company began using fabric made out of castor oil. As a result, its sustainable yoga collections rely… Continue reading Sustainable Castor Oil Fabrics – Mandala's Sustainable Yoga Collections are Chic and Eco-Conscious (TrendHunter.com)

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Oil prices hit highest level since March on vaccine hopes

Oil prices touched their highest level since March on Tuesday, rising towards $47 a barrel after a raft of positive vaccine news sparked a comeback in one of the sectors hardest hit by the pandemic. Brent crude, the international benchmark, hit a high of $46.72 a barrel in Asia trading, as traders bet that travel… Continue reading Oil prices hit highest level since March on vaccine hopes

Business news

CFTC report into negative oil price falls short of naming culprits

The U.S. futures regulator declined to point the finger at the crash in crude oil below $ 0 seven months ago, releasing a report on Monday of the shocking move that immediately disappointed critics. West Texas Intermediate oil futures were at minus $ 37.63 per barrel on April 20, the first and only case of… Continue reading CFTC report into negative oil price falls short of naming culprits

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Yemen Houthi rebels claim missile attack on Saudi oil facility

Yemen’s Iranian-backed Houthi rebels on Monday claimed to have damaged an oil facility in the Saudi port city of Jeddah in a rocket attack, in an assault that would demonstrate their ability to strike deep into the country. Brigadier General Yahya Sarea, military spokesman for the Iran-allied fighters, said a new Quds-2 cruise missile had… Continue reading Yemen Houthi rebels claim missile attack on Saudi oil facility

Business news

FTI axed by clients in fallout over oil industry work

FTI Consulting has been abandoned by at least three of its clients as several global asset managers examine their relationship with corporate and public relations consulting, as the fallout from a media report on controversial work for the company The oil industry is intensifying. MSCI, the odds and index provider and CDP, a nonprofit group… Continue reading FTI axed by clients in fallout over oil industry work

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Abu Dhabi boosts oil reserves with 22bn-barrel find

Abu Dhabi has unveiled the discovery of 22bn barrels of unconventional reserves including shale oil as the Gulf producer pledged $122bn in capital expenditure for its national oil company over the next five years. The emirate’s supreme petroleum council said on Sunday that it had also discovered another 2bn of conventional oil, bringing its recoverable… Continue reading Abu Dhabi boosts oil reserves with 22bn-barrel find

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Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+

Oil’s playing a tug of war game between rising COVID-19 cases and promising vaccine developments. MarketWatch photo illustration/iStockphoto The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in… Continue reading Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+