Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending June 7, 2019 U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending June 7, 2019, Continue Reading
U.S. Wind Farm Developers Brace For Trade War Fallout
U.S. wind farm project developers continue to announce new wind power capacity in an industry that grew eight percent last year and contributes more than US$1 billion in state and Continue Reading
Shell Sells California Refinery for $1 Billion
Shell has struck a deal with refiner PBF Energy to sell it its refinery in Martinez, California, for up to US$1 billion, depending on the closing date, the buyer said Continue Reading
EIA: Oil price forecast lower for 2019 on demand concerns
Brent crude oil spot prices are expected to average $67/bbl this year, which is $3/bbl lower than forecast last month in the US Energy Information Administration’s Short-Term Energy Outlook. In this Continue Reading
U.S. commodities regulator sees market risk from climate change, urges action
A top U.S. commodities regulator said on Wednesday climate change poses a major market risk and urged federal government action to address it, putting him at odds with the Trump Continue Reading
The new plan to remove a trillion tons of carbon dioxide from the atmosphere: Bury it.
Last month, carbon dioxide levels in the atmosphere surpassed 415 parts per million , the highest in human history. Environmental experts say the world is increasingly on a path toward Continue Reading
Norway’s Sovereign-Wealth Fund Boosts Renewable Energy, Divests Fossil Fuels
Norway’s sovereign-wealth fund is embracing renewable energy and winding down fossil-fuel investments. The Scandinavian nation’s parliament voted on Wednesday to instruct its $1 trillion fund to pull an estimated more Continue Reading
EV revolution could stall due to mineral shortages
More planning is required to ensure adequate supply, researchers say A potential shortage of minerals needed to produce the billions of batteries required to power electric vehicles (EVs) risks slowing Continue Reading
Trump considering sanctions over Russia’s Nord Stream 2 natgas pipeline
President Donald Trump said on Wednesday he was considering sanctions over Russia’s Nord Stream 2 natural gas pipeline project — which the United States has told European companies to avoid Continue Reading
Crude oil futures fall on bearish API data, demand concerns
Crude oil futures were lower during mid-morning trade in Asia Wednesday, amid a build reported in US crude stocks last week while demand and supply concerns continued to exert downward Continue Reading
Oil Falls After API Reports Surprise Crude Build
The American Petroleum Institute (API) reported another large, surprise build in crude oil inventories of 4.852 million barrels for the week ending June 6, coming in over analyst expectations of Continue Reading
Oil prices fall on weaker demand growth, surprise gain in US crude stocks
Oil prices fell nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Brent Continue Reading
Oil demand growth grinding to lowest in years as global economy stalls
World oil markets have undergone a U-turn, switching from supply-side risks like OPEC’s production cuts or U.S. sanctions against producers Iran and Venezuela, analysts said, to concerns of slowing consumption Continue Reading
Oil steadies as demand concerns counter OPEC cuts
Oil prices were steady on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend Continue Reading
OPEC crude oil output shrinks in May, as Saudis cut further: S&P Global Platts survey
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran Continue Reading
Saudi Arabia Vows To Prevent Oil Crash
The deadline for signing up to Global Energy Alert at a discount is looming. This is the service that EVERY energy investor and expert needs – a fact that we Continue Reading
Iran scrambles to lift petrochemical sales as sanctions hammer oil
Iran has been racing to step up exports of petrochemicals and tap new markets to compensate for sliding oil sales, Iranian and international industry sources said, but now risks losing Continue Reading
Yemen war: Houthi missile attack on Saudi airport ‘injures 26’
At least 26 civilians have been injured in a missile attack by Yemen’s rebel Houthi movement on an airport in south-western Saudi Arabia, state media say. Three women and two Continue Reading
How The Sahara Desert Can Power The Entire World
The vast Sahara Desert in Africa is inhospitable to plants and animals, but quite suitable for movie sets such as Luke Skywalker’s desert home planet of Tatooine in Star Wars. Continue Reading
IHS Markit: China Is Iran’s Last Hope To Continue Exporting Oil
Iran’s oil exports will greatly depend on how China will proceed with its crude oil imports from the Islamic Republic, if at all, after the U.S. removed all sanction waivers Continue Reading
Libyan Oilfield Fire Adds To Oil Outages In Iran, Venezuela
The Sarir oilfield in Libya’s Sirte basin has seen its oil production drop by 30,000 bpd since June 9 when a fire broke out in a power generator due to Continue Reading
Iraq hikes production in May
Despite an OPEC quota, output is rising. Iraq increased crude output in May by about 234,000 barrels per day (bpd), reversing a months-long trend of production cuts to meet OPEC Continue Reading
Saudi Arabia’s oil reserves jump 30 billion barrels after data review: BP
Saudi Arabia’s proved oil reserves are 11% higher than previously thought at close to 300 billion barrels, according to the latest estimates by BP, after the world’s top oil exporter Continue Reading
Angola bets on renewable energy to cut reliance on oil
Angola plans to launch a renewable energy auction that could help reduce reliance on oil, after one of its worst fuel shortages in May, energy secretary Antonio Costa said on Continue Reading
Nigeria’s Refineries Operate At 5.55 Percent Capacity, Record N16 Billion Deficit in March
Nigeria’s four refineries operated at just 5.55 percent of their combined nameplate capacity of 445,000 barrels daily (b/d), according to latest data released by Nigerian National Petroleum Corporation (NNPC), underlining Continue Reading
Nigeria: Forcados Shutdown Drags Nigeria’s Production As OPEC’s May Output Shrinks
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, Continue Reading
Cubans facing food rationing as Venezuelan oil cash dries up
Residents queue to buy yoghurt in Havana. Essential ingredients have begun to dry up throughout Cuba Cubans are experiencing chronic food shortages after imports of fuel from Venezuela dried up, Continue Reading
Escalating Trade War Signals More Pain For Oil
Trump backed off his proposed trade war with Mexico in the face of intense pressure from business groups and even his own party, but his faith in tariffs remains unbowed. Continue Reading
Trump defends tariff strategy, China says ‘not afraid’ of trade war
U.S. President Donald Trump on Tuesday defended the use of tariffs as part of his trade strategy while China vowed a tough response if the United States insists on escalating Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels Brent crude oil spot prices averaged $71 per barrel (b) in May, largely unchanged from April 2019 and almost $6/b lower than the price in Continue Reading
U.S. oil output to rise less in 2019 than previously expected: EIA
U.S. crude oil production will rise 1.36 million barrels per day to 12.32 million bpd in 2019, 140,000 bpd less than previously forecast, according to a monthly Energy Department report Continue Reading
U.S. Oil, Gas Hit Record Production Levels in 2018
The shale revolution powered U.S. oil and gas production in 2018 to the largest annual increases ever recorded by any country, according to energy giant BP PLC. Surging global energy Continue Reading
US 2018 Oil, Gas Output Surges Outpaced All Countries
U.S. natural gas and crude oil production increased last year at the fastest pace ever for a single country. (Bloomberg) — U.S. natural gas and crude oil production increased last Continue Reading
U.S. House committee to hold hearing on proposed fuel efficiency freeze
The House of Representatives Energy and Commerce Committee said on Tuesday it planned a June 20 hearing on the Trump administration’s proposal to freeze fuel efficiency standards at 2020 levels Continue Reading
Have Canadian Oil Prices Hit The Sweet Spot?
When Alberta’s previous government, led by Rachel Notley, instituted obligatory oil production cuts to arrest a serious discount in prices to WTI, some in the industry weren’t happy. Others, however, Continue Reading
Southern Europe Faces LNG Curse
My previous article addressed the merger between PEG-Nord and PEG-TRS, and the potential implications for gas security within Southern Europe. This article revisits the topic of gas security in Southern Continue Reading
Norway fund may have to offload $1 billion stake in Glencore in shift away from coal
Norway’s $1 trillion sovereign wealth fund may have to sell its $1 billion stake in commodities giant Glencore, among other companies that derive more than 30 percent of their revenue Continue Reading
Climate change: UK government to commit to 2050 target
Greenhouse gas emissions in the UK will be cut to almost zero by 2050, under the terms of a new government plan to tackle climate change. Prime Minister Theresa May Continue Reading
Crude oil futures rise on supply woes, but US-China dispute still weighs
Crude oil futures were higher in mid-morning trade in Asia Tuesday on prospects of tightening supplies by OPEC, but ongoing trade disputes between the US and China could cap prices, Continue Reading
Oil rises with financial markets, as longer supply cuts expected
Oil prices rose on Tuesday in line with firmer financial markets and bolstered by expectations that producer group OPEC and its allies will keep withholding supply. Front-month Brent crude futures Continue Reading
Oil falls 1% amid U.S.-China trade dispute, uncertainty on supply cuts
Oil prices fell more than 1% on Monday as U.S.-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russia had yet to agree Continue Reading
Oil price could fall to $30 if global deal not extended: Novak
Russian Energy Minister Alexander Novak said on Monday he could not rule out a scenario in which oil prices could fall to $30 per barrel if the global oil deal Continue Reading
OPEC crude oil output shrinks in May, as Saudis cut further: S&P Global Platts survey
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran Continue Reading
OPEC’s Struggle To Avoid $40 Oil
A few weeks ago, OPEC+ was mulling the possibility of exiting the production cut agreement because the oil market was at risk of over-tightening. Now Saudi Arabia is scrambling to Continue Reading
Iran has increased production of enriched uranium – IAEA
Iran said last month that it would quadruple its production of low-enriched uranium The head of the global nuclear watchdog has confirmed Iran is increasing its production of enriched uranium. Continue Reading
OPEC’s No.2 Steps In To Replace Lost Iranian Oil
U.S. sanctions on Iran’s oil industry were bound to be good news for fellow OPEC producers in the Middle East even if it wouldn’t have been good manners to acknowledge Continue Reading
Iran Won’t Leave OPEC
Iran has no intention of leaving OPEC despite its being treated like an enemy by some members, Oil Minister Bijan Zanganeh told a parliamentary news site as quoted by Reuters. Zanganeh did, Continue Reading
Can Trump Rely On The Saudis As Oil Prices Crash?
A month or so ago U.S. President Donald Trump extracted a promise from Saudi Arabia that it would pump more oil to mitigate the risk of oil price spikes resulting Continue Reading
Nigeria: Forcados Shutdown Drags Nigeria’s Production As OPEC’s May Output Shrinks
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, Continue Reading
India Looking For Better Oil Deal With United States
India is holding a series of telephone conversations with US Secretary of Energy Rick Perry on Monday to discuss the oil price volatility created in part by the perception of Continue Reading