Near-term outlook remains bullish amid tight supply US economic data eases recession fears amid central bank tightening Crude oil futures were higher in mid-morning Asian trade May 27, with the Continue Reading
Oil prices rose on Friday and were on track for weekly gains, supported by a prospect of a tight market due to rising gasoline consumption in the United States in Continue Reading
Oil rose for a second day after US crude and gasoline stockpiles declined further as motorists prepare to take to the road for the summer driving season. West Texas Intermediate Continue Reading
Oil’s bull run is taking little notice of the strong U.S. dollar, breaking crude’s historical inverse link to the greenback and giving analysts confidence it has further to go based Continue Reading
This summer, power grids worldwide won’t produce enough electricity to meet the soaring demand, threatening more than one billion people with rolling blackouts. Grids are stretched thin by fossil fuel Continue Reading
OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six Continue Reading
The OPEC+ group is expected to rubberstamp next week its moderate monthly increases in oil production when it decides output levels for July, six sources at OPEC+ told Reuters on Continue Reading
Buildings destroyed during the Russian invasion wait to be renovated or demolished in Irpin, Ukraine on May 26. Photographer: Christopher Furlong/Getty Images Africa’s largest crude producer doubled its spending on Continue Reading
Highlights Pemex produced 1.5 million b/d of crude in April, the lowest since the 1970s Private operators continue to show good results Natural gas production rises slightly Crude production at Continue Reading
China’s strict Covid-19 containment strategy is suppressing the country’s consumer demand and manufacturing output. The economic slowdown caused by this containment strategy poses a challenge for emerging economies that export Continue Reading
This transaction represents the largest project financing in the world closed to date in 2022. Venture Global LNG has announced the successful closing of the $13.2 billion project financing for Continue Reading
Three days before a vote to choose their region’s next governor, a handful of residents in Kashiwazaki, a sleepy coastal town in northern Japan, stood by a road to hear Continue Reading
China’s oil trading giant Unipec has significantly increased the number of hired tankers to ship a key crude from eastern Russia. China International United Petroleum & Chemical Co., better known Continue Reading
The invasion of Ukraine has put the US and Europe on a wartime mission to abandon Russian fossil fuels. This series looks at speeding up zero-carbon alternatives by lowering political Continue Reading
Highlights Utilizations only rise in low-risk regions like Sichuan Refining margin up on cheap feedstock, but domestic sales slow More export quotas to ease stock pressure China’s crude throughput is Continue Reading
Flight bookings are finally bouncing back to pre-pandemic levels, providing some much-needed good news for airline companies that have struggled to survive two years of demand destruction. A recent report Continue Reading
Rystad: Global oil and gas investment is set to rise by 20% this year. In the United States, investment in shale is set to increase by 35%. Oil frontiers like Continue Reading
Through 2021 the federal waters of the northern Gulf of Mexico (OCS) have cumulative production of 23.4 Bbo and 193 Tcf. The deepwater (water depths > 1000’ as defined by Continue Reading
Rental rates for offshore oil and gas rigs have rocketed higher, boosted by a race to lift production because of the war in Ukraine and a recovery in demand after Continue Reading
Record high gas prices are starting to take a toll on the American consumer. Demand for gasoline in mid-May fell to one of its lowest levels for this time of Continue Reading
The Permian is expected to be the main driver of U.S. production growth in 2022. Supply chain snarls are starting to weigh on Permian production growth. Oilfield service companies are Continue Reading
The price of gasoline is considered one of the most important indicators for everything from the health of the national economy to the President’s approval, but diesel plays a more Continue Reading
Since Monday, the national average for a gallon of regular gasoline has increased by a penny to $4.60. According to new data from the Energy Information Administration (EIA), total domestic Continue Reading
Windfall Taxes Will Raise Price of Crude, Analyst Sen Says BP Plc said it will look again at its plans in the UK, raising questions about whether a £5 billion Continue Reading
Windfall Taxes Will Raise Price of Crude, Analyst Sen Says BP Plc said it will look again at its plans in the UK, raising questions about whether a £5 billion Continue Reading
UK’s Sunak Set to Unveil Cost of Living Support UK households’ disposable income has fallen by the most since 2008, according to grocer Asda Group Ltd. , underlining the extent Continue Reading
Russian Deputy PM Novak sees crude oil production fall by around 8% in 2022. Novak: The total oil output of the country this year could be between 480 and 500 Continue Reading
Spain passed a decree this week limiting the use of air conditioning in public buildings as part of a strategy to conserve energy and reduce Europe’s dependence on Russian gas. Continue Reading
Small tankers and ship-to-ship transfers are being used to keep the flow of Russian oil to China steady, Bloomberg reported this week, citing sources from the brokering industry. Typically, the Continue Reading
BERLIN, May 27 (Reuters) – An energy partnership between Germany and the United States includes expanding off-shore wind power generation and co-operation on using hydrogen in industrial production, German economy Continue Reading
The Haidach underground storage depot near Austria’s border with Germany. Credit: RAG AGSource: RAG AG Conflict between Russia and Germany risks leaving one of central Europe’s biggest natural gas depots Continue Reading
An oil-storage tank operated by Rosneft in Tuapse, Russia. The European Union has blocked its companies from doing most business with the Russian producer. A group of under-the-radar commodity traders Continue Reading
Europe is developing contingency plans in case of a complete halt to Russian gas imports, the EU’s energy commissioner said, as she warned that any country was at risk of Continue Reading
Highlights Climate important part of new energy partnership focused on LNG Long-term LNG contracts unlikely longer than 15 years: Habeck Working groups on hydrogen, offshore wind, zero emissions vehicles Germany Continue Reading
The industry has called for an Energy Summit involving Downing Street, the Chancellor and leaders from the UK’s offshore energy operators and supply chains. The new taxes imposed on the Continue Reading
Natural-gas prices are heating up ahead of air-conditioning season, adding pressure to household budgets and manufacturing costs. Futures for June delivery reached $9.399 per million British thermal units on Wednesday Continue Reading
Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Continue Reading
Oil rose for a second day after US crude and gasoline stockpiles declined further as motorists prepare to take to the road for the summer driving season. West Texas Intermediate Continue Reading
US crude, gasoline stocks decline: EIA Russian oil output recovery, US reserve release cap prices Brent to fall to $95/b by year-end: Commerzbank Crude oil futures were higher in mid-morning Continue Reading
Natural gas briefly surged above $9 per million British thermal units in the US for the first time since 2008, extending a breakneck rally as fears of a supply crunch Continue Reading
IEA’s Birol Says Oil Prices May Rise Further Oil rose after a two-day decline as an industry report showed US gasoline stockpiles shrunk further ahead of the summer driving season Continue Reading
Global liquefied natural gas (LNG) buyers and sellers are bracing for more uncertainty over Russian supplies and a murky demand outlook from Europe and top importer China in the run-up Continue Reading
Russia and Iran have discussed swapping supplies for oil and gas as well as setting up a logistics hub, Russian Deputy Prime Minister Alexander Novak said on Wednesday, as Moscow Continue Reading
Washington has imposed sanctions on an oil smuggling network led by figures connected to Iran’s Revolutionary Guards and allegedly backed by the Russian government. “Today, the U.S. is sanctioning an Continue Reading
Hundreds of millions of dollars of oil revenue evaded sanctions Also aided Iranian petrochemical sales, gold transfers US authorities May 25 announced new sanctions on several individuals and entities involved Continue Reading
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March. Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Saudi Continue Reading
Iraq remains one of the most underdeveloped oil producers in the Middle East. EIA: Iraq holds a very conservatively estimated 145 billion barrels of proved crude oil reserves. At $2-3 Continue Reading
The chances of the world powers reaching a deal with Iran on its nuclear activities that would pave the way toward the removal of the U.S. sanctions on Iranian oil Continue Reading
India will continue to buy “cheap oil” from Russia but has not finalised terms of the discount, a senior government official familiar with the matter said on Wednesday. “We will Continue Reading
The Indian government’s latest decision to penalize power plants for not importing coal is a stark contrast to the stance it took a couple of years ago, when it was Continue Reading
