New Estimate for an Oil Leak: A Thousand Times Worse Than Rig Owner Says
A new federal study has found that an oil leak in the Gulf of Mexico that began 14 years ago has been releasing as much as 4,500 gallons a day, Continue Reading
President Inslee: An Oil Major’s Nightmare
A prominent Democratic presidential candidate laid out a plan that offers the most direct threat yet to the oil and gas industry, entitled “Freedom from Fossil Fuels.” Washington Governor Jay Continue Reading
BMW Group accelerating e-mobility expansion: 25 electrified models by 2023
The BMW Group is accelerating its electromobility expansion program, with the 25 electrified models to be introduced by 2023, two years earlier than the initial 2025 target. With flexible vehicle Continue Reading
Exclusive: Russia to pay Kazakhstan fixed rate for contaminated oil in crisis breakthrough
Russia has agreed to pay Kazakhstan a fixed per-barrel rate of compensation for tainted oil, industry sources said on Wednesday, a breakthrough in an oil contamination crisis that disrupted Russian Continue Reading
The heat wave is Europe’s new normal.
Thibault Camus/Associated Press Temperatures were set to soar across Europe beginning on Wednesday, with authorities from Paris to Warsaw issuing heat alerts, canceling events and bracing for potentially record heat Continue Reading
Crude oil futures lower on Russia’s comments, awaits G20 meet
Crude oil futures were lower during mid-morning trade in Asia Tuesday after Russia indicated some uncertainty around OPEC and its allies extending their production cut agreement, while market participant At Continue Reading
Oil prices in balance between demand worries, U.S.-Iran tensions
Oil prices hung in the balance on Tuesday as concerns over declining crude demand were offset by risks to supply linked to new U.S. sanctions on Iran. Benchmark Brent crude Continue Reading
Study forecasts even with modest warming, global energy demand to increase by mid-century
A new study published in Nature Communications by researchers from IIASA, Boston University, and the Ca’ Foscari University of Venice found that by mid-century, climate change will increase the demand Continue Reading
The LNG Shipping Market Is Set For A Bull Run
Both demand and supply of liquefied natural gas (LNG) are expected to grow in the foreseeable future as many emerging markets turn to cleaner-burning fuel in their energy mix and Continue Reading
The Big Unknown In OPEC’s New Deal
It’s too early to say if OPEC and its Russia-led non-OPEC allies will extend next week their pact to cut oil production through the end of the year, Russia’s Energy Continue Reading
Global Population Could Peak Sooner Than We Think
Since the days of Thomas Malthus, we’ve worried that overpopulation is about to overwhelm our planet. Those fears haven’t gone away. A further two billion people will be added to Continue Reading
G20 plays down commitment to climate change action
Japan has bowed to US pressure by watering down commitments to tackling climate change in its draft G20 communique, a sign of how Tokyo is seeking to curry favor with Continue Reading
Trump imposes new U.S. sanctions on Iran’s supreme leader, other top officials
U.S. President Donald Trump targeted Iranian Supreme Leader Ayatollah Ali Khamenei and other senior Iranian officials with new U.S. sanctions on Monday, looking for a fresh blow to Iran’s economy Continue Reading
As Trump’s sanctions bite, Iran’s oil exports slide further in June
Iranian crude exports have dropped so far in June to 300,000 barrels per day (bpd) or less after the United States tightened the screw on Tehran’s main source of income, Continue Reading
IEA concerned about Middle East tensions, stands ready to act
The International Energy Agency (IEA) is very concerned about the impact that tensions in the Middle East may have on global energy security and will act if there is any Continue Reading
Trump: We Won’t Protect Foreign Oil Tankers For Free
Countries that get their crude oil via the shipping routes in the Middle East should protect their own ships along the lanes, U.S. President Donald Trump said on Monday, as Continue Reading
Iran says U.S. sanctions on Khamenei mean end of diplomacy
New U.S. sanctions against Iran’s supreme leader and foreign minister have closed off diplomacy, Iran said on Tuesday, blaming the United States for abandoning the only route to peace just Continue Reading
Saudi Aramco concerned over Gulf attacks, has capacity to meet demand: CEO
Saudi Aramco is concerned at recent actions in the Gulf but can meet its customers’ needs thanks to its experience and the availability of additional spare capacity, its chief executive Continue Reading
Iran-Allied Houthis Expose Holes in Saudi Arabia’s Missile Defense
U.S. officials and analysts say Iran has deepened its cooperation with the Houthis as the country seeks ways to harass its American and Saudi adversaries. Iran denies controlling the Houthis Continue Reading
Trump Imposes “Hard-Hitting Sanctions” On Iran’s Supreme Leader
The United States has levied new sanctions on Iran today in an effort to further squeeze the regime into compliance over the controversial nuclear deal and stave off additional hostilities Continue Reading
India Boosts U.S. Oil Imports To Offset Dwindling Iran Supply
India more than quadrupled its imports of U.S. crude oil between November last year and May this year as the U.S. sanctions on Iran significantly reduced Iranian crude purchases at Continue Reading
Filling Iran oil gap in India: U.S. supplies outshine Middle East crude
A surge in India’s oil imports from the United States outpaced growth in shipments from its traditional suppliers in the Middle East, after Washington imposed sanctions on Tehran in November, Continue Reading
China Launches World’s First Smart Oil Tanker
China unveiled the world’s first intelligent Very Large Crude Carrier, which will have a capacity of more than 2.257 million barrels, China News Service reports , adding that the vessel, Continue Reading
Q&A: How The U.S.-China Trade Dispute Could Hinder Renewables
Enter the dignitaries and diplomats. Tensions between Iran, its Middle East neighbors and the U.S. have grown since Iran’s downing of a U.S. drone and recent attacks on tankers near Continue Reading
A Leader of America’s Fracking Boom Has Second Thoughts
Like many shale companies, Pioneer was pumping a lot but making little. It was spending hundreds of millions more than budgeted as it strained to meet a goal Mr. Sheffield Continue Reading
Refinery Fire Brings High Summer Gas Prices
A fire at the largest refinery on the U.S. East Coast sent gasoline prices soaring, threatening to raise pump prices from Delaware to Maine just as American drivers get set Continue Reading
U.S. Oil Exports Rising Amid Middle Eastern Turmoil
The average day rate for modern VLCCs, used to ship crude and petroleum products, has risen 69% to $30,759 since tensions flared in the strait earlier this month, according to Continue Reading
Former Shale Gas CEO Says Fracking Revolution Has Been ‘A Disaster’ For Drillers, Investors
Steve Schlotterbeck, who led drilling company EQT as it expanded to become the nation’s largest producer of natural gas in 2017, arrived at a petrochemical industry conference in Pittsburgh Friday morning with a blunt message Continue Reading
Shale Pioneer: Fracking is an “Unmitigated Disaster”
Fracking has been an “unmitigated disaster” for shale companies themselves, according to a prominent former shale executive. “The shale gas revolution has frankly been an unmitigated disaster for any buy-and-hold Continue Reading
Czechs detect new Russian oil contamination, Slovakia finds no problem
Czech oil refiner Unipetrol has stopped taking oil from the Druzhba pipeline due to chloride contamination detected at the Ukraine-Slovakia border, Czech officials said on Monday, but the Slovak pipeline Continue Reading
Exclusive: Dirty oil crisis over for Russia, but contagion felt on high seas
In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world’s second-largest exporter of crude this spring is long over. But a closer look at Continue Reading
Potentially historic and deadly early summer heat wave to roast Europe, peaking midweek
Temperatures are likely to be 20 to 30 degrees or more above normal in the heat this week. (WeatherBell.com) An intense heat wave is set to bake Europe in coming Continue Reading
Electrified vehicles count for 7.1% of new vehicles in Europe in May; SUVs continue to dominate full market
Registrations of pure electric, plug-in hybrid and hybrid cars totalled 94,000 units in 18 European markets in May 2019, counting for 7.1% of the total volume, up from 5.3% in Continue Reading
Leading UK scientists set out resource challenge of meeting EV targets by 2050
UK Natural History Museum Head of Earth Sciences Prof Richard Herrington and fellow expert members of SoS MinErals (an interdisciplinary program of NERC-EPSRC-Newton-FAPESP funded research) recently wrote a letter to Continue Reading
Oil prices up on U.S.-Iran tensions
Oil prices rose on Monday, extending vast gains last week prompted by tensions between Iran and the United States, as Washington was set to announce new sanctions on Tehran. Brent Continue Reading
Crude oil futures higher amid escalating tensions in the Middle East
Crude oil futures were higher during mid-morning trade in Asia Monday as tensions in the Middle East heightened following an attack on a Saudi airport on Sunday. At 11:25 am Continue Reading
Two Events That Will Determine Oil Prices
Two big events over the next two weeks will determine the trajectory for oil prices in the second half of the year. One of those events will take place in Continue Reading
U.S. Plans New Iran Sanctions as Europe Tries to Defuse Tensions
Mr. Trump, in an interview on NBC, said: “We’ve done very massive sanctions. We’re increasing the sanctions now.” Mr. Trump and his aides have indicated they are prepared to wait Continue Reading
US to announce ‘major’ additional sanctions on Iran on Monday: Trump
The US will announce Monday “major” additional sanctions on Iran, President Donald Trump said Sunday, days after the US said Iran shot down an unarmed drone over the Gulf of Continue Reading
Iran, Venezuela may complicate global oil deal talks: Kazakhstan
Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran Continue Reading
Qatar Petroleum enlists Chevron for huge petrochemical project
Qatar Petroleum signed an agreement with U.S. oil major Chevron on Monday to develop a new petrochemicals complex at Ras Laffan Industrial City. Chevron will own a 30% stake in Continue Reading
Libya’s Oil Production Could Double Within 5 Years
Despite frequent oil field outages and now an open conflict between the UN-recognized government and the eastern-affiliated LNA, Libya’s oil production could double to 2 million bpd by 2023, IHS Continue Reading
Yemen’s Houthis hit Saudi airport, killing one expat, Saudi-led coalition says
Yemen’s Houthi movement launched an attack on Abha civilian airport in southern Saudi Arabia on Sunday that killed one person and wounded seven others, the Saudi-led coalition battling the group Continue Reading
Syria says sabotage damaged underwater oil pipelines
Five underwater pipelines have been damaged and put out of order after a sabotage attack off the coastal town of Banias, Syria’s oil ministry said Sunday. The damage was discovered Continue Reading
Fuel crisis weighs on upstream operations
The fuel supply gap in the country is growing as PdV has failed to replace refined products previously imported from the US Venezuela’s severe motor fuel deficit is starting to Continue Reading
Venezuela’s Oil Production Set For Another Drop
Venezuela’s oil production fell to a new low last month, as economic crisis and sanctions continue to strangle the industry. Venezuela’s output fell by 35,000 bpd in May, plunging to Continue Reading
The End Of Mexico’s Rigorous Energy Reform
Mexican President Andrés Manuel López Obrador has been a vocal critic of the energy reform of his predecessor Enrique Peña Nieto, who opened in 2013 Mexico’s oil and gas sector Continue Reading
Unit at Philadelphia refinery completely destroyed in fire: sources
The alkylation unit involved in a massive fire on Friday at Philadelphia Energy Solutions Inc’s oil refinery has been completely destroyed, which will hamper the supply of gasoline from the Continue Reading
US Tight Oil Estimate and Projection to Dec 2019
New tight oil estimates were recently released by the EIA. The chart below compares estimates from Dec 2018 to May 2019, where the Dec 2018 estimate is that estimate with Continue Reading
Eurozone Job Market Cools, Putting Economic Recovery in Peril
For the European Central Bank, a softening job market might also kill off its already distant hopes of lifting inflation to its target of just below 2%. And for the Continue Reading