Oil falls 7% after Trump surprises with travel curbs
Brent crude slid 7% on Thursday after President Donald Trump restricted travel to the United States from Europe as part of measures to try to halt the spread of coronavirus Continue Reading
Oil Markets Point to a Lasting Glut of Crude
Energy markets are flashing a warning: The world is swimming in crude oil, and the glut won’t drain away any time soon. Twin shocks—the coronavirus pandemic and the breakdown of Continue Reading
Global Recession Risk Spikes as World Powers Down, Markets Slump
A pandemic-driven global recession is becoming more likely by the day as the flow of goods, services and people face ever-increasing restrictions and financial markets slump. In just the past Continue Reading
Economists See Rising Risks of Recession World-Wide
The U.S. and world economies look increasingly likely to slip into recession as expanding swaths of commerce shut down and the Dow Jones Industrial Average suffered its worst day since Continue Reading
Eight days that shook the oil market — and the world
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, summoned his counterparts in Opec to the Park Hyatt hotel in Vienna for crisis talks last Thursday evening. Earlier that day, the oil Continue Reading
The Real Oil Demand Shock Is Yet To Come
Oil demand has been revised downward several times since the start of the year by nearly every analyst or banking institution thanks to the devastating impact of the coronavirus. With Continue Reading
How Long Will The Oil Price War Actually Last?
The last few weeks have been humbling for those of us who make prognostications about the direction the oil markets may take. Especially so for the bulls, folks who think Continue Reading
Climate Change Is Turning Water Into a Weapon
It’s well below freezing as Renoj Thayyen climbs to the weather station high up in India’s Karakoram mountains, his Koflach boots crunching shin-deep into the snow. The 50-year-old hydrologist has Continue Reading
OPEC+ Panel Cancels Next Week’s Meeting
The March 18 meeting of the OPEC+ panel monitoring the oil market and producers’ compliance with quotas has been canceled, a source in one delegation told Russia’s news agency TASS Continue Reading
Trump authorizes U.S. military to respond after Iran-backed militia kills troops
U.S. President Donald Trump has authorized the U.S. military to respond to Wednesday’s rocket attack by Iran-backed militia in Iraq that killed two American troops and a British service member, Continue Reading
Saudi Arabia Strikes Back At Russia In Key Oil Market
The world’s top oil exporter Saudi Arabia is going after Russia’s oil market share in Europe with deeply discounted Arab Light crude at up to three times the usual volumes, Continue Reading
Iranians devastated by prospect of new year under quarantine As coronavirus strikes, people prepa
The run-up to Persian new year should be one of the busiest periods for shopkeepers in the vaulted streets of Tehran’s grand bazaar, the centre of commerce in the Iranian Continue Reading
Algerian protest movement faces new threat: coronavirus
Algerians are watching to see whether a global epidemic will do what the ruling authorities they describe as le pouvoir – the powers that be – have failed to achieve, Continue Reading
Xi Ordered China’s Oil Industry to Drill, Then the Crash Came
Oil’s historic price crash is presenting an uncomfortable dilemma to China’s energy majors: follow market signals to cut drilling, or heed President Xi Jinping’s orders to boost output. While China’s main Continue Reading
China’s coronavirus epicenter of Wuhan sees single-digit new cases for second day
China’s Wuhan city, ground zero of the new coronavirus outbreak, reported five new cases on Friday, the second day in a row the tally has been less than 10, while Continue Reading
Top China Oil Trader Is Looking to Back Out of Some Crude Deals
China’s top oil trader is trying to get out of loading some cargoes from the Middle East next month in the latest twist to the drama engulfing global crude markets. Unipec, Continue Reading
Sinopec lifts Mar throughput by 473,000 b/d on month to store cheap crudes
Refineries along the coast lift crude runs Sinopec cuts oil product outsourcing from independent refineries China’s Sinopec has gradually lifted its throughput by more than 2 million mt, or 473,000 Continue Reading
Exclusive: Sinclair Oil weighs offers for company sale: sources
Sinclair Oil Corp, which operates two Wyoming refineries and has licensed more than 1,000 branded gasoline stations, is reviewing offers to buy the company, according to three people familiar with Continue Reading
Canadian firm starts US prep work for Keystone XL pipeline
A Canadian company said Wednesday it has started preliminary work along the route of the proposed Keystone XL oil sands pipeline through the U.S. in anticipation of starting construction next Continue Reading
The U.S. Is Ramping Up Its Wind Power Production
We already know that in order to meet the international greenhouse emissions standards set by the Paris climate agreement, we are going to have to do a lot more to Continue Reading
US Crude Oil Exports Surge To 3 Million Bpd In 2019
Surging shale production and growing global demand for light low-sulfur oil helped U.S. crude exports to soar by 45 percent year on year in 2019, reaching an average of 2.98 Continue Reading
US Big Oil Employees Risk Savings As Share Prices Slide
Employees at U.S. oil supermajors have lost $5 billion in savings since the end of 2018 as more than a third of these savings were in company stocks, which have Continue Reading
Tesla Plans To Ditch Cobalt In New Batteries
Reuters recently reported on Tesla’s announcement that it is in advanced talks to use batteries from China’s Contemporary Amperex Technology Co Ltd (CATL) that contain no cobalt specifically for use Continue Reading
Oil price war increases power utilities’ uncertainty over EV infrastructure plans
Infrastructure plans help EV adoption Views differ on price war’s EV sales impacts Houston — As states such as Florida adopt electric vehicle infrastructure legislation, electric utilities face uncertainty about Continue Reading
Weekly US coal production reaches new low in 2020: EIA
Weekly US coal production was estimated at 10.6 million st in the week that ended March 7, down 6.1% from the previous week, US Energy Information Administration data said Thursday. Continue Reading
Exclusive: U.S. shale urges service firms offer ‘at least’ 25% price cuts – executives, letter
U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the Continue Reading
The Great U.S. Shale Decline Has Already Begun
U.S. shale companies are moving quickly to ax their budgets, hoping to staunch the bleeding as the oil market continues to melt down. It has only been a few days Continue Reading
UCR researchers find commercial fast-charging damages EV batteries, propose new internal-resistance-based technique
Commercial fast-charging stations subject electric car batteries to high temperatures and high resistance that can cause them to crack, leak, and lose their storage capacity, according to researchers at the Continue Reading
Crude oil futures slump on further signs of increasing supply
Crude oil futures tumbled in mid-morning trade in Asia Thursday as signs of a further increase in supply emerged from OPEC producing countries. At 11:10 am Singapore time (0110 GMT), Continue Reading
Oil falls 4% as coronavirus pandemic prompts Trump travel ban
Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization’s Continue Reading
Greenland and Antarctica ice loss accelerating
Why is Antarctica’s mighty Thwaites Glacier melting? Earth’s great ice sheets, Greenland and Antarctica, are now losing mass six times faster than they were in the 1990s thanks to warming Continue Reading
The Latest: Iran reports 62 more deaths from virus
The Latest on the coronavirus outbreak sweeping the globe: Iran’s information and communications technology minister has tweeted a map of Iran that shows the virus affecting almost the entire country. Continue Reading
Saudi Arabia’s Crown Prince Tanked Oil Markets. Here’s the Back Story.
In just 24 hours, Saudi Arabia’s crown prince launched an oil-price war with Russia and sidelined a domestic rival to cement his power at home. But his surprise actions on Continue Reading
Saudis Plan for Record Oil Production Capacity in Price War With Russia
Saudi Arabia on Wednesday unveiled plans to boost its oil-production capacity to help fight a price war with Russia, as other producers launched attempts to mediate a truce. The capacity Continue Reading
Saudi Arabia Looks To Slash Government Spending Amid Oil Price Crash
Even before the collapse of the OPEC+ talks last Friday, Saudi Arabia’s finance ministry had asked government agencies to propose a 20-30 percent cut in their budgets due to the Continue Reading
Iran says it has asked IMF for $5 billion emergency funding to fight coronavirus
Iran has asked the International Monetary Fund (IMF) for emergency funding to help it fight the coronavirus outbreak, which has hit the Islamic Republic hard, Foreign Minister Mohammad Javad Zarif Continue Reading
U.S. and coalition troops killed in rocket attack in Iraq, potentially spiking tensions with Iran
Two Americans and one other coalition member were killed in a rocket attack on a base in Iraq on Wednesday night, a U.S. military spokesman said, potentially spiking tensions with Continue Reading
Iraq seen ‘collateral damage’ to Saudi-led oil price war and it couldn’t be at worst time
Iraq will suffer more than most Middle East oil producers amid a Saudi-led price war that is flooding the market with cheap crude as OPEC’s second largest producer is already Continue Reading
Mexico’s Oil Hedge Just Saved Its Economy
Petroleos Mexicanos has been in an unrelenting downward spiral for decades. Pemex, Mexico’s state-owned oil company, has seen a vast and speedy decline of its production rates for the last Continue Reading
After Fukushima, Japan Can’t Quit Its Dirty Dependence on Coal
When the people of Tomioka were finally allowed short visits back to their homes after the 2011 Fukushima Daiichi disaster, one of the first things they did was to prune Continue Reading
China’s Industrial Reboot Runs Into the Global Coronavirus Shock
Across China, factories that produce everything from smartphones to sneakers have been dormant since the Lunar New Year holiday in late January as the nation battled to contain the spread Continue Reading
China says ‘immoral and irresponsible’ U.S. officials shift coronavirus blame
China criticized U.S. officials for “immoral and irresponsible” comments that blamed Beijing’s response to the coronavirus for worsening the global impact of the pandemic. On Wednesday, U.S. national security advisor Continue Reading
China says coronavirus peak has passed as epicenter logs single-digit new cases
China’s coronavirus epidemic has passed its peak, its top health commission said on Thursday, as it logged just eight new infections in Hubei province, the first time the epicenter of Continue Reading
Global supply chain disruptions from coronavirus will pressure China’s trade
China said on Thursday that the impact of the coronavirus pandemic on global supply chains will pressure Chinese exporters and importers as they look to pick up the pace of Continue Reading
Coronavirus Crushes China Car Sales
Auto sales in China collapsed in February, as the coronavirus epidemic shut factories and dealerships, and forced consumers to stay home. Sales fell 79.1% last month from the same period Continue Reading
US Oil Output to Dip for the First Time Since 2016
US oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year. (Bloomberg) — The world’s biggest oil producer will see Continue Reading
U.S. Discusses Buying Oil For SPR To Help Shale Drillers
Oil industry representatives have pitched for discussion to the U.S. Administration the idea that Washington buy cheap crude oil to replenish the Strategic Petroleum Reserve, which would also remove millions Continue Reading
Why Fracking Will Never Be Banned In The U.S.
Several democratic presidential candidates have proposed fracking bans, but oil companies have room to breathe easily knowing that killing off fracking in the US is a bit too big of Continue Reading
Will Trump Bail U.S. Shale Out?
The White House is considering a rescue package for the U.S. shale industry, although the idea is getting pushback from so many sides that it faces challenging odds of passing Continue Reading
Trump’s coronavirus travel ban slams global markets; Americans face widening restrictions
In a statement from the Interior Ministry carried by the official press agency, travel for its citizens and expatriate residents was suspended to the European Union, Switzerland, India, Pakistan, Sri Continue Reading