Libya on verge of declaring force majeure, adding to Ecuador woes UAE at maximum output, Saudi has only 150,000 b/d spare capacity: Macron Crude oil futures were higher in mid-morning Continue Reading
Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly, while political Continue Reading
Goldman Sachs remains highly bullish on crude and refined products. GS: recent pullback could be buying opportunity. The underinvestment thesis remains the core of Goldman’s energy market view. Goldman Sachs Continue Reading
As investors are increasingly concerned about recessionary risks, Brent oil prices have bucked this trend. As investors are increasingly concerned about recessionary risks, Brent oil prices have bucked this trend, Continue Reading
Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue provided that the investments are consistent with prior climate-change agreements, according to Continue Reading
Kayrros, a firm that analyzes satellite data, says methane emissions from fossil fuels have intensified, rising faster than the rebound in oil, gas and coal production since the easing of Continue Reading
Oil and gas employees across the globe are on edge as the industry faces a growing set of existential challenges. The green energy transition is one of the primary drivers Continue Reading
G7 leaders have agreed to study placing global price caps on imports of Russian energy to curb Moscow’s ability to fund its invasion of Ukraine and to contribute up to Continue Reading
OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members active rigs posted a modest rebound Continue Reading
Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day (bpd), down from 1.4 million bpd previously, a report seen by Reuters showed. The Continue Reading
French President Emmanuel Macron said on Monday the president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan (MbZ), had told him two top OPEC oil producers, Saudi Arabia Continue Reading
Highlights Gulf of Sirte includes Es Sider, Brega, Ras Lanuf and Zueitina ports Force majeure could be declared in in 72 hours, says NOC chairman Production has fallen by almost Continue Reading
Jizan adds 400,000 b/d to Saudi refining capacity Saudi petroleum products up 17% in 2021 Crude reserves remain largely flat Saudi Arabia’s refining capacity rose 13.7% in 2021, one of Continue Reading
Sri Lankan citizens were put on a virtual lockdown amid a crippling sovereign debt crisis that’s left the South Asian nation with no fresh fuel supplies. The island nation’s cabinet Continue Reading
Authorities in northeastern India are airdropping water packets, sending kerosene supplies and racing to restore power after heavy rains drowned the city of Silchar, in the state of Assam. It’s Continue Reading
President Joe Biden and G7 leaders are ramping up efforts to counter China’s Belt and Road initiative. The leaders have pledged $600 billion to a new global infrastructure project for Continue Reading
Power consumption in several Chinese regions rose to record highs over the weekend, as persisting heatwaves spurred the use of air conditioners to help people cool off. Monitoring data from Continue Reading
– U.S. crude inventory in the Strategic Petroleum Reserve (SPR) fell by 6.9 million barrels in the week to June 24, according to data from the Department of Energy. Stockpiles Continue Reading
Pain at the gas pump goes beyond the high prices : Gas stations are also putting bigger holds of up to $175 on customers’ cards when they swipe. When drivers Continue Reading
Oil exports from the US Gulf Coast are set to hit an all-time high of 3.3 million barrels per day (bpd) in the second quarter of 2022, as refining capacity Continue Reading
Highlights differentials Urals shipments to China, India, upend traditional crude flows Canadian heavy crude increasingly is flowing more to the US Gulf Coast since new pipeline capacity recently came online, Continue Reading
A drop in the global price of oil helped the national average for a gallon of gas to fall for a second week to land at $4.89. Economic fears of Continue Reading
Jobs in the U.S. energy business rose 4% last year, at a faster clip than the country’s overall private sector, led by work in low-carbon vehicles, while positions in fossil Continue Reading
– U.S. farmers have cut back on using common weedkillers, hunted for substitutes to popular fungicides and changed planting plans over persistent shortages of agricultural chemicals that threaten to trim Continue Reading
The White House said on Tuesday that companies are planning to invest more than $700 million to boost U.S. manufacturing capacity for electric vehicle (EV) chargers – actions set to Continue Reading
Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 million barrels per day (bpd) this quarter, analysts said on Monday, as Europe chases U.S. crude Continue Reading
The international community should explore all options to alleviate a Russian squeeze of energy supplies that has spiked prices, including talks with producing nations like Iran and Venezuela, a French Continue Reading
A “serious disruption” to the European Union’s gas supplies from Russia is likely, the bloc’s energy chief said on Monday as she urged countries to update their contingency plans for Continue Reading
The Group of Seven club of wealthy nations on Monday vowed to stand with Ukraine “for as long as it takes”, promising to tighten the squeeze on Russia’s finances with Continue Reading
Norway and the European Union will closely cooperate on battery value chains and raw material supply as part of efforts to tackle climate change, they announced during a Norway visit Continue Reading
European natural gas prices rose as Russia’s deep supply cuts are slowing the pace of refilling storage sites, threatening to fall short of the levels required to keep homes warm Continue Reading
Russia’s seaborne crude exports plunged last week, but the drop probably doesn’t indicate that sanctions are starting to bite. Flows from Russian ports were down week-on-week by 20%, falling to Continue Reading
Russia has improved the quality of its flagship Urals crude grade in the past two months, making it lighter and sweeter, and even more attractive for buyers in Asia who Continue Reading
Group of Seven nations are discussing a cap on the price of Russian oil. Group of Seven nations are discussing a cap on the price of Russian oil that would Continue Reading
Russia’s reliance on foreign software to run its factories, farms and oil fields is turning into one of the biggest headaches for domestic industry as more IT providers pull out Continue Reading
Oil prices edged down on Monday in a volatile session as investors stood on guard for any moves against Russian oil and gas exports that might come out of a Continue Reading
Oil fluctuated above $107 a barrel as investors monitored developments from the gathering of Group of Seven leaders, while fears of a demand-sapping recession continued to hang over the market. Continue Reading
Growing uncertainty over economic growth is beginning to weigh on the oil price rally. Slowing demand and the historic strategic petroleum reserve release have been major factors in the selloff. Continue Reading
Signs of an economic slowdown are emerging in different parts of the world. Kemp: demand destruction is about to become pronounced in diesel fuel demand. Goldman Sachs: it may take Continue Reading
A worker arranges freshly baked bread for sale at the Al-Monira market in Cairo, Egypt. Sign up for our Middle East newsletter and follow us @middleeast for news on the Continue Reading
Highlights Eyes around 500,000 b/d in increase in next two months OPEC may not raise output quotas at August meeting Nigeria is increasing crude oil production and has set a Continue Reading
India’s flood-hit areas are forecast to receive heavy rains this week, with 532 people losing their lives so far across the nation during the monsoon season and hundreds of thousands Continue Reading
Ecuador will likely suspend oil production completely within 48 hours if road blocks and vandalising of oil wells continue, Bloomberg News reported on Sunday, citing an emailed statement from the Continue Reading
Delivered cargo assessments for Latin America gasoline were sharply lower June 24 than record highs set weeks earlier, but ultra low sulfur diesel prices remained close to record highs set Continue Reading
WATCH: China’s economy showed some improvement although there are still a lot of questions about the recovery. Enda Curran reports. Bloomberg News Sign up for the New Economy Daily newsletter, Continue Reading
Japan is asking Tokyo residents to conserve power, with unusually hot weather stretching the city’s grid as fears increase that the heat could last for longer. Electricity supply in the Continue Reading
For decades, China’s expanding middle class had but one option to get ahead:neijuan, or joining the rat race of relentless competition. Then, a surprising strain of resistance sprouted among the Continue Reading
Leaders of the G7, including US President Joe Biden (L) and UK Prime Minister Boris Johnson (R), proposed a plan geared towards competing with China’s Belt and Road Initiative G7 Continue Reading
Chinese imports of LNG from the U.S. plunged by 95% between February and April. Most U.S. LNG spot cargoes were headed to Europe at the beginning of 2022. Russia could Continue Reading
Asia-Pacific economies are facing an energy crisis that threatens to worsen in coming months and reach historic proportions if the Russia-Ukraine war continues. The magnitude of the crisis varies in Continue Reading
