The Crisis
We’re eight weeks into the new decade, and, so far, we’ve had the warmest January ever recorded. (Indeed, researchers at the National Oceanic and Atmospheric Administration said that 2020 is Continue Reading
Climate Change is Pushing Giant Ocean Currents Poleward
Wind-driven ocean currents are changing in a warming climate, which will affect sea level rise and fisheries. Credit: Fred Tanneau/AFP via Getty Images The world’s major wind-driven ocean currents are Continue Reading
Climate change could add around $100 billion to costs of extreme weather
Climate change could add around $100 billion, or more than 20%, to the global cost of extreme weather events such as floods, heatwaves, and droughts by 2040, research from Cambridge Continue Reading
The World’s Best Natural Defense Against Climate Change May Soon Make Things Worse
In 1916, Antarctic explorer Ernest Shackleton was forced to make a treacherous voyage across the open waters of the Southern Ocean after his ship Endurance was crushed by pack ice and Continue Reading
Saudis Slash March Crude Oil Exports To China As Demand Slumps
China’s top oil supplier and the world’s largest oil exporter, Saudi Arabia, will be cutting its crude exports to the world’s top oil importer by at least 500,000 bpd in Continue Reading
Aramco Begins Preparing For International Listing
Aramco has reportedly started the preparation process for the international leg of its listing, which most expected to be years away. According to unnamed sources that spoke to Bloomberg, the Continue Reading
Saudi Arabia seeks bigger oil cut as coronavirus slashes demand
Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus Continue Reading
Running out of time: East Africa faces new locust threat
Countries in East Africa are racing against time to prevent new swarms of locusts wreaking havoc with crops and livelihoods after the worst infestation in generations. A lack of expertise Continue Reading
Nigeria: House Pledges to Pass PIGB in June
House of Representatives Wednesday said it would pass the Petroleum Industry Governance Bill (PIGB) before the end of June. The Speaker of the House, Hon. Femi Gbajabiamila, said though PIGB Continue Reading
Africa, Latin American Countries Have Massive Oil-Backed Debt To China
African and Latin American countries have accumulated at least $152 billion in debt to Chinese banks, backed by oil and other mineral resources, a study from non-profit the Natural Resource Continue Reading
Vista bets on Vaca Muerta for 20% oil, gas production growth in 2020
Goal to reach 36,000-38,000 boe/d in December Vista’s wells are performing among best in the play Flexibility is key for handling volatility in Argentina Buenos Aires — Vista Oil & Continue Reading
Mexico’s Pemex Widens Q4 Net Loss To $9 Billion
Mexican state-owned oil firm Petróleos Mexicanos (Pemex) reported on Thursday a net loss of US$8.77 billion (169.8 billion Mexican pesos) for the fourth quarter of 2019, widened from a loss Continue Reading
Mystery deepens over animal source of coronavirus
Scientists are racing to identify the source of the coronavirus that is causing havoc around the world. Three weeks ago, Chinese scientists suggested, on the basis of genetic analyses, that Continue Reading
Officials: Chinese industry recovering, more aid coming
Small, mostly private companies that are the engine of China’s economy are back to operating at one-third of normal levels after anti-virus controls shut factories, shops, and restaurants, regulators said Continue Reading
Oil Product Demand Growth In Asia Crashes
Oil product demand in Asia will grow by about 380,000 bpd this year, S&P Global Platts Analytics said this week. This is the lowest demand growth rate since 2009, the Continue Reading
China’s Crude Oil Imports Set To Plunge By 20% In February
China’s crude oil imports could drop by as much as 15 to 20 percent on the year in February, due to the coronavirus outbreak and the slump in domestic fuel Continue Reading
China’s Emissions Are Plunging, But It Might Not Last
The coronavirus that has killed more than 2,500 people since the outbreak started in December last year has also slashed China’s CO2 emissions by as much as a quarter, according Continue Reading
Crude floating storage on VLCCs rises as China demand falls
The sharp slump in global crude demand, China in particular, due to the coronavirus outbreak has compelled several trading companies and cargo-holders to resort to floating storage, mainly on VLCCs, Continue Reading
Coronavirus is already disrupting the economy. Look at West Coast ports.
Joe Brusuelas, chief economist for the consultancy RSM, was landing in Seattle about noon last Thursday when he noticed something odd from his plane window: There was only one ship Continue Reading
Cities are starting to ban gas in buildings. Arizona’s not having it.
Like many cities around the country, Phoenix, Arizona, has a plan to achieve an 80 percent reduction in greenhouse gas emissions by 2050. But a new state law that was Continue Reading
Political appointees urged rollback of Deepwater Horizon-inspired safety regs over staff objections: report
Political appointees at the Department of the Interior overruled staff objections to a rule that eased offshore drilling regulations, according to a report from The Wall Street Journal on Wednesday. Continue Reading
Trump administration resuming coal leasing on public lands
Trump administration resuming coal leasing on public lands The Trump administration announced on Wednesday that it will be resuming coal leasing on public lands, angering conservationists. The Bureau of Land Continue Reading
Democratic candidates’ drilling ban would cost U.S. economy $7 trillion: oil group
Banning hydraulic fracturing and halting new drilling on federal land would cost the U.S. economy $7 trillion in the next decade and kill millions of jobs, the U.S. oil industry’s Continue Reading
The Holy Grail Of Clean Energy Is Closer Than Ever
Nuclear fusion has been seen as the unattainable holy grail of clean energy for decades, but just in the last year it’s been seeming more and more within reach. As Continue Reading
API warns battleground voters of economic impact of fracking ban
The American Petroleum Institute launched an ad campaign Thursday to warn voters in US battleground states that Democratic presidential candidates’ proposals to ban fracking could trigger a recession and job Continue Reading
US coal-fired power generation in December falls 25.1% on year: EIA
US coal-fired power generation totaled 72.6 TWh in December, down 4.1% from November, US Energy Information Administration data said late Wednesday. The generation declined 25.1% from the year-ago month, the Continue Reading
Peak Permian Oil Production May Arrive Much Sooner Than Expected
In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play Continue Reading
Investment advisors worry U.S. response to coronavirus is too little too late
Investment-advisors are increasingly worried that U.S. authorities are not be doing enough to prevent a widespread outbreak of coronavirus in the country, potentially adding further downside to already-battered markets. Their Continue Reading
California regulator proposes record $2.14 billion fine on PG&E over wildfires
California’s utilities regulator has proposed an increased $2.14 billion fine on PG&E Corp for its role in causing the devastating 2017 and 2018 wildfires in Northern California. FThe decision raises Continue Reading
The Perfect Storm Sends Natural Gas Crashing
If you’re waiting for natural gas prices to recover, you might be in for a considerable wait, as inventories are expected to hover well above their five year average for Continue Reading
Chesapeake Shares Plummet Over Debt Worries
Once a vanguard of the US shale revolution, Chesapeake has fallen headlong toward collapse as it and rival drillers flooded the US with excess gas. (Bloomberg) — Chesapeake Energy Corp.’s Continue Reading
European companies face coronavirus hit to supply chains
Four of world’s biggest carmakers will be forced to shut down European production, one of the sector’s key suppliers has warned, after an electronics factory in Lombardy was forced to Continue Reading
Russia: Coronavirus Impact On Oil Is Worse Than Expected
Russia continues to refuse to announce its position regarding deeper cuts by the OPEC+ coalition, but admitted that the coronavirus outbreak could lead to additional downward revisions to the global Continue Reading
Eni says Italian plants unaffected by coronavirus after staff sent home
Italian oil major Eni continues to operate its domestic refineries and power plants in northern Italy normally, a company spokesman said Thursday, despite sending home staff at its headquarters in Continue Reading
Powered by hydrogen, Hyundai’s trucks aim to conquer the Swiss Alps
Hyundai’s hydrogen-powered 18-tonne trucks are set to hit the roads in Switzerland next month as the South Korean automaker looks to establish a case for its zero-emissions technology in a Continue Reading
French consumer pulls back even before coronavirus outbreak
French consumer spending fell unexpectedly sharply in January, official data showed on Friday, flagging a weak start to the year even before the coronavirus outbreak began taking its toll. The Continue Reading
German jobless total unexpectedly falls by 10,000 in February
German unemployment dropped unexpectedly in February, the Federal Labour Office said on Friday, suggesting that the strong job market will continue to propel growth in Europe’s largest economy. Data from Continue Reading
Oil prices fall for fifth day to lowest in a year
Oil prices fell 2% on Thursday, plunging for fifth day to their lowest since January 2019 as a rise in new coronavirus cases outside China fuelled fears of a pandemic Continue Reading
Crude oil futures slump by more than 1% on weaker demand prospects
Crude oil futures fell by more than 1% in mid-morning trade in Asia Thursday as prospects of weaker demand continues to grip energy markets. At 10:30 am in Singapore (0230 Continue Reading
Major Bank Sees Abysmal Demand Growth For Oil
Oil prices could bounce around between $50 and $70 through 2025, with both demand growth and supply growth slowing, according to a new report. The oil market faces a steep Continue Reading
Virus-hit stocks shed $3 trillion; safe havens thrive
Stocks resumed their plunge, wiping out more than $3 trillion in value this week alone, and U.S. Treasuries yields hit record lows on Thursday as the coronavirus spread faster outside Continue Reading
Energy prices retreat as coronavirus outbreak accelerates beyond China
Commodity prices moved sharply lower this week amid a renewed focus on demand destruction following a flurry of new coronavirus outside of China. ICE front-month Brent futures settled at $54.95/b Continue Reading
Coronavirus spreads faster outside China as fears of U.S. impact hit markets
The number of new coronavirus infections inside China – the source of the outbreak – was for the first time overtaken by fresh cases elsewhere on Wednesday, as U.S. markets Continue Reading
Coronavirus Live Updates: Cases Rise in Italy and Iran, and Spread to Other Countries
President Trump named Vice President Mike Pence his point person to coordinate the government’s response to the coronavirus, expressing confidence that the United States would prevent a widespread domestic outbreak. Mr. Trump’s Continue Reading
The World’s Largest Oil Companies Are At A Crossroads
The global oil and gas market was once dominated by a select group of Western energy companies called “The Seven Sisters” . The unparalleled influence of these International Oil Companies Continue Reading
The Rise Of Resource Nationalism
It wasn’t supposed to be this way. The fall of the Berlin Wall was to bring about one, integrated world market where goods and services freely traversed borders without the Continue Reading
Coronavirus Creates Dilemma for Europe’s Public Gatherings, Open Borders
The threat of coronavirus spreading across Europe’s open borders has put local authorities and others in a bind over whether to call off fashion shows, soccer games and other major Continue Reading
Coronavirus Live Updates: Japan to Shutter All Schools in Effort to Contain Virus
From the Austrian Alps to an island off the coast of Africa. From an evangelical church in South Korea to a holy Shiite city in Iran. Governments and health workers Continue Reading
More Than A Dozen Saudi Oil Firms Book Hefty Losses In 2019
A total of 14 Saudi companies in the energy sector booked hefty losses last year, Middle East Monitor reported on Wednesday, quoting analysts who had spoken to local media. One Continue Reading
Kuwait Excludes Oil Tankers From Ship Ban Over Coronavirus
OPEC producer Kuwait has excluded oil tankers from a ban on ships departing or arriving from several countries in a bid to reduce the risk of coronavirus spreading, Reuters reported Continue Reading