China will modify the environmental supervision of companies to help the resumption of production disrupted by the coronavirus epidemic, giving firms more time to rectify environmental problems, but stressed it Continue Reading
Some key industries in Wuhan, the Chinese city at the epicenter of the coronavirus epidemic, were told they can resume work on Wednesday, a day after President Xi Jinping visited Continue Reading
From Indian tycoon Anil Agarwal’s metals and mining company to American shale explorers, the historic crash in oil prices has left energy companies that loaded up on debt vulnerable. With a global Continue Reading
© Greg Nash A mammoth energy policy bill hit a roadblock in the Senate on Monday night with a stalemate over amendments threatening to derail the legislation entirely. Lawmakers voted Continue Reading
Occidental Petroleum Corp ( OXY.N ) on Tuesday became the latest to join a growing list of hard-pressed North American oil producers slashing spending and drilling after crude prices slumped Continue Reading
Alaska, New Mexico and other states that benefited most from the nation’s energy boom may soon need to patch holes in their budgets due to a 45% dive in U.S. Continue Reading
Occidental Petroleum Corp. cut its dividend for the first time in 30 years as the oil producer opts to conserve cash to cover debt incurred in its $37 billion takeover of Continue Reading
Airlines detailed the growing impact of the coronavirus by cutting more flights in domestic and international markets, parking planes, freezing hiring and reducing executive pay. American Airlines Group Inc. and Continue Reading
Most shale oil wells drilled in the United States are unprofitable at current oil prices, Rystad Energy has warned. The Norwegian consultancy said, as quoted by Bloomberg, that drilling new Continue Reading
Mitsubishi Hitachi Power Systems said Tuesday it was awarded a contract for two natural-gas-fired turbines that by 2025 will run on a mixture of 30% hydrogen and 70% gas before Continue Reading
ON THE surface, the oil price war disrupting the global economy pits the world’s third-largest producer, Russia, against the second, Saudi Arabia. Make no mistake about it, however: The ultimate loser — and Continue Reading
U.S. shale growth is about to decline, becoming an immediate victim of the Saudi-Russian price war. Saudi Aramco said that it would increase oil production to 12.3 million barrels per Continue Reading
The rout in global crude oil prices this week is unlikely to show an immediate impact on US associated natural gas production, but if sustained, could keep domestic output flat Continue Reading
For more than two years, the U.S. has been the world’s No. 1 oil producer, a status often hailed proudly by President Donald Trump. Now, the crown is at risk. Continue Reading
Despite the break-up of the OPEC+ production cut agreement, “the doors aren’t closed” to future cooperation between Russia and OPEC, Russia’s Energy Minister Alexander Novak told local news channel Rossiya Continue Reading
Russia can raise its oil production by 200,000 bpd to 300,000 bpd in the short term, with a potential for up to a total increase of 500,000 bpd, Russian Energy Continue Reading
The European Union will review state aid rules and launch a project to produce clean hydrogen to replace fossil fuels to help European firms to maintain a competitive edge in Continue Reading
Suddenly staring recession in the face, European leaders are lining up an array of tax breaks, financial support for companies and likely central bank measures in the hope of preventing Continue Reading
The European Commission (EC) presented a broad new European Industrial Strategy to help Europe’s industry lead the transition towards climate neutrality and digital leadership. The Strategy sets out the key Continue Reading
Crude oil futures recovered slightly in mid-morning trade in Asia Tuesday, after prices plunged Monday, though the outlook for oil remains bleak amid concerns of weakening demand and growing supply. Continue Reading
S&P Global Ratings lowered its 2020 price assumptions for Brent to $40/b and WTI to $35/b and warned of possible rating actions for some producers, particularly in North America, in Continue Reading
Crude futures tumbled more than $10/b Monday as Saudi Arabia slashed official selling prices, extending a selloff that has largely been in place since late January. Receive daily email alerts, Continue Reading
Oil pared some of Tuesday’s rebound as Saudi Arabia and Russia announced large supply boosts, escalating the country’s price feud even as the coronavirus squeezes demand. Brent futures traded near Continue Reading
The oil market is heading into a whole different era now that Saudi Arabia and Russia are squaring off in an all-out oil price war following Friday’s failed OPEC+ agreement—and Continue Reading
The fall, which in some cases wiped off almost a fifth of some rig builders’ market value in a single trading session, came after news that Saudi Arabia would go Continue Reading
Global oil demand is set to drop this year for the first time since the financial crisis in 2009, the International Energy Agency (IEA) said on Monday, as it slashed Continue Reading
Oil majors will be under pressure to slash their investment plans and cut shareholder payouts this year as oil prices tumbled to multi-year lows Monday after Saudi Arabia launched a Continue Reading
Covid-19 (coronavirus) has spread beyond China and our 2020 base case global oil demand forecast is cut by 1.1 mb/d. For the first time since 2009, demand is expected to Continue Reading
The quickly spreading coronavirus has closed schools, constricted travel, shaken markets and infected more than 100,000 people. It is also already having impact on the environment: The buildup of climate-warming Continue Reading
As the coronavirus spreads rapidly across the world, China—where the outbreak began—is gradually shuddering back to life. After weeks of lockdowns, travel restrictions and manufacturing delays, some signs of normalcy Continue Reading
Iran has had 237 deaths from coronavirus and 7,161 infections, Health Ministry spokesman Kianush Jahanpur said on state TV on Monday. The figures included 595 new infections and 43 new Continue Reading
As the world watches an oil price war unfold between Russia, OPEC, and US shale, another major crisis is looming in the Middle East. Saudi Arabia is facing multiple existential Continue Reading
Iran is positioning itself to benefit from the fallout from Saudi Arabia’s latest disastrous handling of the global oil markets. The Kingdom’s ability to metaphorically shoot itself in the foot Continue Reading
Saudi Arabia has announced it will slash its official selling prices for crude by between $4 and $8 per barrel, Arab News reports , to be in effect from April Continue Reading
Libya’s oil output graph over the past few years mirrors the oscilloscope readings of a patient on life support. And, things could get worse. State-owned National Oil Corporation, or NOC, Continue Reading
Iraq’s oil production rose 3% in February to 4.5 million b/d, the country’s oil marketer SOMO said Monday, confirming another month of output above its OPEC+ quota of 4.46 million Continue Reading
At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according Continue Reading
Saudi Arabia escalated its oil price war with Russia on Tuesday, with its state-owned company pledging to supply a record 12.3 million barrels a day next month, a massive production Continue Reading
The sudden upheaval in the oil markets may claim victims around the world, from energy companies and their workers to governments whose budgets are pegged to the price of crude. Continue Reading
First he ordered the detention of at least four senior members of his own royal family . The next day he plunged Saudi Arabia into a price war with Russia Continue Reading
The oil price war that Saudi Arabia and Russia started will hurt the fiscal revenues of the oil producers in the Persian Gulf, including the Saudis, OPEC’s top producer and Continue Reading
Washington has plans to issue warnings to oil shippers , insurers, and port authorities that storing Iranian crude oil will bring the wrath of US sanctions, a US State Department Continue Reading
Iraq has closed five land borders with Iran, Iran’s Irna news agency reported. However, the Islamic Republic of Iran Customs Administration (IRICA) announced Sunday that this is a temporary closure Continue Reading
Libya’s oil output graph over the past few years mirrors the oscilloscope readings of a patient on life support. And, things could get worse. State-owned National Oil Corporation, or NOC, Continue Reading
One of China’s top oil and petrochemical companies, Sinopec, has launched two production lines for N95 respirators and surgical masks in response to a shortage created by the coronavirus epidemic, Continue Reading
Coal has few friends around the world, but China isn’t giving up on the world’s most polluting power-plant fuel just yet. European nations from the U.K. to the Netherlands and Germany Continue Reading
Beijing will extend its winter heating season by a week until March 22 as part of efforts to contain the coronavirus epidemic, an official from the municipal government said on Continue Reading
Chinese President Xi Jinping visited Wuhan, the epicenter of the coronavirus outbreak, on Tuesday, the first time he has done so since the epidemic began and a sign that Beijing Continue Reading
Falling prices for industrial wholesale goods combined with consumer food inflation at a decade high present Chinese policy makers with a worsening dilemma as the coronavirus continues to freeze economic Continue Reading
Cheaper LNG contracts, after this week’s oil meltdown, are unlikely to accelerate China’s LNG demand recovery, as the world’s second largest importer continues to struggle with the coronavirus disruption and Continue Reading
