Is OPEC’s Oil Outlook Too Bullish?
OPEC didn’t surprise anyone when it said in its World Oil Outlook (WOO) 2018 that the world’s primary energy demand will surge by 33 percent from 2015 levels to 365 Continue Reading
US gives Iraq 45-day sanctions waiver to limit power shortages: State Department
The US granted Iraq a 45-day waiver to sanctions on dealing with Iran to allow Baghdad to continue to pay for natural gas and electricity imports in the face of Continue Reading
DealBook Briefing: Saudi Arabia Plans to Cut Its Oil Production
Oil production cuts may be coming After rising strongly this year on concerns about future supply shortages, oil prices have been sliding of late, recently hitting $70 a barrel. That Continue Reading
Saudi Aramco taps banks for $5 billion petrochemical project finance: sources
Saudi Aramco has approached banks to finance its $5 billion Amiral petrochemical project that the state-owned oil producer plans to develop with France’s Total, five sources familiar with the matter Continue Reading
Kuwaiti port operations partially suspended on floods: shipping sources
Loading operations at some of the berths at Kuwaiti ports had been suspended owing to rains and severe flooding, shipping sources said Thursday. Receive daily email alerts, subscriber notes & Continue Reading
Angola battles to revive oil exploration as output declines
On Saturday, nearly two decades after securing the initial rights, Total’s CEO Patrick Pouyanné was in Luanda to snip the ribbon on a $16 billion oil project. It’s not clear Continue Reading
Can Indonesia Turn Around Its Production Decline?
At the end of 2016, Indonesia—which had rejoined OPEC just several months before that—refused to take part in the production cut deal and suspended its membership in the organization. Now Continue Reading
China Refinery Throughput Keeps Close To Record
Chinese refineries processed an average of 12.43 million barrels daily last month, a little lower than the September record of 12.49 million bpd but still the second-highest monthly throughput rate Continue Reading
Natural Gas Skyrockets As China Pledges Huge Supply Boost
With an eye on last winter’s natural gas supply debacle, Chinese state-owned energy giant CNOOC has pledged a 20 percent rise in gas supply, the company said on Tuesday. The Continue Reading
China’s Oct crude throughput rises 5% on year to 12.48 mil b/d | S&P Global Platts
China’s refinery crude throughput rose 4.6% year on year to 52.78 million mt, or an average 12.48 million b/d, in October, preliminary data released by the National Bureau of Statistics Continue Reading
Scientists acknowledge key errors in study of how fast the oceans are warming
Scientists behind a major study that claimed the Earth’s oceans are warming faster than previously thought now say their work contained inadvertent errors that made their conclusions seem more certain Continue Reading
Climate and Weather Disasters Cost U.S. a Record $306 Billion in 2017
Hurricane Harvey’s flooding of Houston, with 50 inches of rain in some places, contributed to 2017’s record losses from climate and weather disasters, NOAA reports. Credit: Win McNamee/Getty Images Hurricane Continue Reading
US natural gas price rises 18% on supply fears
US natural gas prices rose 18 percent — their biggest one-day gain in eight years — as the onset of winter tests the ability of shale production to supply the Continue Reading
US Set to Export Petroleum Like It’s 1949
IHS Markit contends that the total 2017 US merchandise trade deficit was nearly $250 billion lower than it would have been otherwise had the petroleum trade deficit remained at the Continue Reading
Oversupply fears cloud outlook for U.S. crude in 2019
The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers Continue Reading
Bakken Prices Crumble On Pipeline Woes
Oil production is growing so quickly in the Bakken that the region is starting to suffer from painful pipeline constraints. U.S. shale is not new to pipeline bottlenecks. The Permian Continue Reading
Spain plans switch to 100% renewable electricity by 2050
Spain has launched an ambitious plan to switch its electricity system entirely to renewable sources by 2050 and completely decarbonise its economy soon after. By mid-century greenhouse gas emissions would Continue Reading
Oil stabilises after worst tumble since July
The international oil price stabilized on Wednesday, following its worst one-day plunge since July, as fear over a slowdown in global demand gripped the market. Brent crude was 0.2 per Continue Reading
Crude oil extends steep dive, stocks fall on growth fears
Oil prices extended a steep slide on Wednesday on the back of worries about weakening world demand and oversupply, while global shares sagged as energy sector strains heightened anxiety about Continue Reading
Oil Drops Most in 3 Years as Investors Flee Darkening Outlook
Oil was showing little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook. New York futures were little Continue Reading
Oil prices tumble more than 6% as demand concerns grow
Oil prices tumbled more than 6 percent on Tuesday to eight-month lows as global producers and traders weighed the prospect of supplies overwhelming demand amid worries about a slowdown in Continue Reading
Clean Energy Is Surging, but Not Fast Enough to Solve Global Warming
Over the next two decades, the world’s energy system will undergo a huge transformation. Wind and solar power are poised to become dominant sources of electricity. China’s once-relentless appetite for Continue Reading
Global oil market faces surplus throughout 2019 as demand slows
Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency Continue Reading
Oil majors spending ‘sweet spot’ to last to 2020: BlackRock
Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, Continue Reading
Is An Oil Supply Crunch Inevitable?
Global oil demand will peak by 2040, according to a new report, although oil supply shortages could emerge before then. The International Energy Agency (IEA) published its highly-anticipated World Energy Continue Reading
OECD Oct oil stocks likely back above five-year average; could rise by 700,000 b/d in Q4: IEA
Oil stocks in the OECD countries are likely to have moved above the five-year average in October and could rise by 700,000 b/d in the fourth quarter, largely on the Continue Reading
Oil minister wants new INOC law
Oil Minister Thamir Ghadhban, a longtime proponent of reconstituting the Iraqi National Oil Company (INOC), is pushing the Iraqi Cabinet to redraft the law that would govern the company. Iraq’s Continue Reading
OPEC, Russia Crude Production Offsets Iran Losses
Gains mostly came from the UAE and Saudi Arabia, and were supported by OPEC ally Russia’s 50,000 barrels-a-day increase last month, to average 11.6 million barrels a day—a post-Soviet record. Continue Reading
OPEC: Venezuelan, Iranian oil production down, Saudi, UAE output up
Venezuelan and Iranian oil production fell in October from September, resulting in a combined decrease of about 196,000 barrels per day, but higher output just in the United Arab Emirates Continue Reading
Saudi Aramco, Chinese researchers to pursue ultra-low emission fuels
Saudi Aramco, which has one of the biggest crude oil production operations and reserves in the world, said Friday it has teamed up with Chinese researchers, a company that builds Continue Reading
IMF: Recovering Arab Gulf Economies Vulnerable To Oil Prices
Today’s higher oil prices may have helped Arab Gulf economies to grow again, but risks remain with economies still vulnerable to sharp oil price movements, the International Monetary Fund (IMF) Continue Reading
OPEC Cuts 2018 Oil Demand Growth Forecast By 40,000 Bpd
OPEC expects global oil demand to grow at a daily rate of 1.5 million bpd this year, further slowing down to 1.29 million bpd in 2019, the organization said in Continue Reading
Iran’s Army Vows To Protect Oil Tankers From Threats
Iran’s army is ready to protect its commercial fleet, including crude oil tankers, from any threats, a senior Iranian military commander said on Monday, in an apparent response to last Continue Reading
Risking Trump ire, OPEC builds case for oil supply cut
OPEC built a case on Tuesday for cutting oil output when it meets next month, warning that a supply glut could emerge in 2019 as the world economy slows and Continue Reading
Sudan Set To Launch Oil Bidding Round In Q3 2019
Sudan expects it will be able to launch a bidding round for oil and gas blocks in the country in the third quarter of 2019 , Sudan’s Petroleum Minister Azhari Continue Reading
Nigeria: Shell Decries Frequent Sabotage of Pipeline, Spills in Bayelsa
Shell Petroleum Development Company (SPDC) on Monday decried the high rate of vandalism on its pipeline network at its oilfields in Bayelsa resulting to oil leaks and pollution of the Continue Reading
Nigeria To Lift Crude Oil Production To 1.8 Million Bpd In 2019
Nigeria will raise its crude oil production to 1.8 million bpd in 2019 from around 1.6 million bpd currently, the head of the Nigerian National Petroleum Corporation (NNPC) told Reuters Continue Reading
A New Era For Mexican Energy
At the end of this month, on November 30, the sun will set for the very last time over a PRI and PAN presidential reign that has lasted for more Continue Reading
Could Brazil’s Oil Sector Trigger An Economic Miracle?
Brazil’s new far-right President elect Jair Bolsonaro, dubbed in some circles as the “Trump of the tropics”, has huge plans in store for Brazilian crude. His energy team is planning Continue Reading
Fuel shortages the new normal in Venezuela as oil industry unravels
With chronic shortages of basic goods afflicting her native Venezuela, Veronica Perez used to drive from supermarket to supermarket in her gray Chevrolet Aveo searching for food. But the 54-year-old Continue Reading
400,000 Bpd Dalian Refining Complex Gets Greenlighted
Fujia Group and China Huayang Economic and Trade Group Co. Ltd have signed a strategic cooperation agreement to jointly establish a 20 million mt/year (400,000 bbl/day) refining-chemical complex in Dalian Continue Reading
Asia’s weakening economies, record supply threaten to create oil glut
Oil traders’ worries over record supplies arriving in Asia just as the outlook for its key growth economies weakens have pulled down global crude benchmarks by a quarter since early Continue Reading
China’s October refinery output second highest on record, gas output at seven-month high
China’s October refinery runs rose to the second highest on record for any month on a daily basis, official data showed on Wednesday, as refiners ramped up production amid strong Continue Reading
More Signs of Trouble in China’s Auto Market
But a 10% year-over-year sales decline last month showed that not even Geely can defy gravity in a sinking market. Passenger-car sales in China have fallen for the past four Continue Reading
China stimulus expected after weak economic data
China was expected to roll out more economic stimulus after credit grew at its slowest pace on record last month and property sales contracted, with Beijing seeking to stabilize flagging Continue Reading
China’s early LNG procurement freezes hopes of winter bull run
China, the world’s second largest LNG importer, has ramped up preparation for the upcoming winter through early procurement plans and a series of new gas infrastructure projects, putting a freeze Continue Reading
Temperature of China’s ‘artificial sun’ reaches new heights
The Experimental Advanced Superconducting Tokamak (EAST), dubbed China’s “artificial sun,” is under experiment at the Institute of Plasma Physics, affiliated with the Chinese Academy of Sciences. （Photo/China Central Television) China’s Continue Reading
China Is Expected to Become World’s Biggest Natural Gas Buyer by 2040
China, the driver of global demand, is forecast to become the world’s largest gas-buying country with net imports approaching the level of the European Union by 2040, according to the Continue Reading
U.S. shale oil output to hit record high 7.9 million barrels per day in December: EIA
U.S. crude oil output from seven major shale basins was expected to hit a record of 7.94 million barrels per day (bpd) in December, according to a monthly government forecast Continue Reading
EPA Targets Trucking Industry for New Air Pollution Rules
The announcement comes as California regulators are pushing for a new ultralow standard for nitrogen-oxide emissions from trucks. Many manufacturers and fleets say they prefer a national standard for emissions Continue Reading