A small activist fund upended Exxon Mobil’s board while Shell was dealt a setback in a Dutch courtroom. At the same time, Chevron shareholders backed a proposal to cut more emissions. The interests of both stakeholders and shareholders are rapidly aligning in fossil fuels.
U.S. motorists will see the highest gasoline prices in seven years when they hit the roads this Memorial Day weekend, the traditional start of the summer driving season, as fuel demand surges alongside coronavirus vaccination rates.
Belarusian Prime Minister Roman Golovchenko said on Thursday his government is proposing that Kazakhstan resume talks on supplying oil to Belarus, RIA news agency reported, following cuts in exports from Russia.
Shu ZhangChen Aizhu
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Men wearing face masks walk past a sign of China National Offshore Oil Corp (CNOOC) outside its headquarters in Beijing, China March 8, 2021. REUTERS/Tingshu Wang
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China gave five state-owned companies until Thursday to report on their historic use of imported oil as part of a broader effort by the world s largest oil importer to control shipments as domestic supplies swell.
In an urgent notice dated May 25 and reviewed by Reuters, the National Development and Reform Commission (NDRC) requested that Sinopec Group, China National Offshore Oil Corp (CNOOC), Sinochem Group, ChemChina, and China North Industries Group provide years worth of information on their crude usage since they began importing.
George Hay
4 minute read
BP-branded gifts are displayed at an event in London, Britain, February 12, 2020. REUTERS/Toby Melville
Bernard Looney must be feeling pretty smug. Since proudly unveiling his plan to pivot the UK oil group away from fossil fuels last September, the BP (BP.L) chief executive has watched the companyâs share price underperform European and American rivals. Following the triple whammy that has hit the oil industry in little more than a week, that discount should disappear.
Right now, itâs not totally clear how Exxon Mobilâs (XOM.N) strategy will change as a result of activist investors installing at least two new directors on the companyâs board on Wednesday. Nor is it certain whether a Dutch courtâs ruling on the same day that Royal Dutch Shell (RDSa.L), must reduce its greenhouse gases by 45% by 2030 will apply only to the 116 million tonnes a year emitted in the course of the Anglo-Dutch group s production processes, or whether t