Chevron cuts 2020 Permian production, capex guidance by 20%
Chevron is cutting both its guidance for shale production from the US Permian Basin and its capital spending this year by 20% in response to the oil price collapse, it Continue Reading
Cheap Gasoline Forcing US Refiners to Throttle Back
Oil refiners across the U.S. are being forced to throttle back operations amid a historic plunge in gasoline demand and prices. Plants representing more than 10% of U.S. fuel-making capacity Continue Reading
Occidental Petroleum Cuts Pay for Staff, Executives
Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Continue Reading
How Far Will Trump Go To Save U.S. Shale
The U.S. is today showing signs of increased desperation as oil prices sink to levels that may pose a threat to the energy independence of the United States by kicking Continue Reading
What Happens If U.S. Shale Goes Bust?
This month has seen a spectacular oil price crash the likes of which we haven’t seen in decades. The last time we had since a single day oil price drop Continue Reading
Researchers move closer to faster-charging Li-ion batteries; real-time tracking of Li ions in LTO
A team of scientists led by the US Department of Energy’s (DOE) Brookhaven National Laboratory and Lawrence Berkeley National Laboratory has captured in real time how lithium ions move in Continue Reading
A Plant in Florida Emits Vast Quantities of a Greenhouse Gas Nearly 300 Times More Potent Than Carbon Dioxide
A chemical plant owned by Houston-based Ascend Performance Materials emitted 33,046 metric tons of nitrous oxide in 2018. That’s equal to the annual greenhouse gas emissions of 2.1 million automobiles. Continue Reading
Russian official questions Vladimir Putin’s coronavirus data
Russia’s official data showing a low rate of infections caused by the novel coronavirus underestimate the real scale of the disease outbreak in the country, a senior Russian official has Continue Reading
Moscow’s coronavirus outbreak much worse than it looks, Putin ally says
The mayor of Moscow told President Vladimir Putin on Tuesday that the number of coronavirus cases in the Russian capital far exceeded the official figures, as Putin donned a protective Continue Reading
Italian coronavirus cases seen “10 times higher” than official tally
The number of coronavirus cases in Italy is probably 10 times higher than the official tally, the head of the agency collating the data said on Tuesday as the government Continue Reading
Russian Railways unloads record coal volume in Vladivostok region
The Russian Far East saw the highest ever coal unloading volumes set this week at terminals in the Vladivostok region, Russian Railways said Tuesday. Receive daily email alerts, subscriber notes Continue Reading
Nord Stream 2 hits back over Polish claims on pipeline’s legal status
The developer of the 55 Bcm/year Nord Stream 2 gas pipeline from Russia to Germany continued to push its case for a derogation from new EU rules on non-EU gas Continue Reading
German Business Outlook Collapses With Economy Largely Shut Down
German business confidence collapsed the most in three decades after restrictions to slow the spread of the coronavirus forced mass closures of companies and stores across Europe’s largest economy. The slump Continue Reading
Crude climbs amid possibility of joint US-Saudi oil alliance
Crude futures were higher in mid-morning trade in Asia Tuesday as the possibility of a joint US-Saudi oil alliance to stabilize prices emerged. At 09:46 am Singapore time (0146 GMT), Continue Reading
Oil Jumps As Markets Panic
Oil prices rose slightly on Monday, but the oil markets are still in full-blown panic mode as the number of American states in complete lockdown grows, threatening demand for crude Continue Reading
Oil Slides Toward 2003 Low on Demand Shock and Fading OPEC Hopes
Oil clawed back some gains after plunging 29% last week as the U.S. signaled the possibility of a joint U.S.-Saudi Arabia alliance to stabilize prices. Futures in New York rose 3.2% Continue Reading
Crude extends fall as U.S. gasoline slumps 20% amid demand fears
Oil prices extended their decline on Monday, with record low U.S. gasoline prices leading the energy complex lower, as the coronavirus pandemic crushes demand worldwide after travel and industrial activity Continue Reading
Gasoline Futures Fall To $0.50 As Demand Plummets
Gasoline futures in New York fell as much as 13 percent to $0.50 a gallon, the lowest level since the current contract started trading in 2005. Source: Bloomberg The previous Continue Reading
What Will It Take To See $65 Oil Again This Year?
Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices Continue Reading
Oil Majors Are Preparing For $10 Oil
The wave of oil industry spending cuts continues, with the majors now announcing significant reductions to spending as oil remains stuck in the $20s. Royal Dutch Shell said on Monday Continue Reading
Oil industry faces biggest crisis in 100 years
It is no exaggeration to say the oil industry faces its gravest crisis of the past 100 years. As western economies go into hibernation, hoping to snuff out the first wave Continue Reading
Surveys show coronavirus pandemic savaging global economy
Evidence of the devastation wreaked on the global economy by the coronavirus pandemic mounted on Tuesday as activity surveys for March from Australia and Japan showed record falls, with surveys Continue Reading
Oil Majors Slash Spending Amid Price Plunge
Shell became the latest oil major to announce significant spending cuts to protect its balance sheet from crashing oil prices, joining other majors such as Exxon in the drive to Continue Reading
Coal Is World’s Most Expensive Fuel After Oil’s Brutal Collapse
Coal, the dirtiest and usually the cheapest option for energy, is now the world’s most expensive fossil fuel. Oil’s epic collapse over the past month means the global crude benchmark is Continue Reading
Scientists just discovered a massive new vulnerability in the Antarctic ice sheet
NASA’s IceBridge mission flew over the Denman Glacier region, in East Antarctica, on Oct. 30, 2019. The glacier is creeping down a slope that plunges into extreme depths, new research Continue Reading
Saudi Arabia imposes curfew to curb coronavirus, UAE halts passenger flights
Saudi Arabia will impose a nationwide curfew starting on Monday after reporting a jump of almost a quarter in coronavirus cases, while the United Arab Emirates will suspend all passenger Continue Reading
Saudi Arabia’s Deficit To Soar As Oil Price War Rages On
Saudi Arabia could book a budget deficit of as much as $61 billion this year under the double blow of the coronavirus pandemic and the global oil glut, research from Continue Reading
Middle East seen as haven for big energy projects as N. America, Arctic reel from oil price crash
The Middle East is pushing ahead with most of its top oil and gas projects planned as higher cost regions including the US, Canada and the Arctic suffer the brunt Continue Reading
UAE’s Sharjah National Oil puts LNG project on hold to focus on gas discovery
UAE’s Sharjah National Oil Corp. (SNOC) is putting its LNG project with Uniper on hold to focus on its first onshore natural gas discovery in 37 years, along with exploration Continue Reading
Locust Swarms, Some 3 Times the Size of New York City, Are Eating Their Way Across Two Continents
Climate change is worsening the largest plague of the crop-killing insects in 50 years, threatening famine in Africa, the Middle East and the Indian subcontinent. Millions of locusts swarm in Continue Reading
Indians breathe easier as lockdowns to halt coronavirus clear smog
Indians breathed easier on Monday as lockdowns ordered to combat the spread of the coronavirus in India’s megacities kept cars off the road and closed factories, improving air quality and Continue Reading
Nigeria Shuts Borders for Four Weeks to Curb Coronavirus
Nigeria, Africa’s top oil producer, announced a one-month lockdown to limit the spread of the coronavirus, banning all international flights and shutting land borders. Authorities are advising residents of the commercial Continue Reading
South Africa Orders Mines to Close in 21-Day Virus Lockdown
South Africa’s iconic mines, from the ever-deepening gold shafts on which the economy was founded to massive iron ore pits and rich platinum seams, are about to go silent. From midnight Continue Reading
Nigeria: Coronavirus – Low Crude Oil Prices May Force Nigeria to Abandon Production
Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries ( OPEC ) if crude oil prices decline further by at Continue Reading
China’s Crude Oil Imports Jumped To Record In 2019
Rising refinery capacity, strategic inventory filling, and flat domestic production resulted in China importing record volumes of crude oil last year, an average of 10.1 million bpd, up by 900,000 Continue Reading
Coronavirus Is Causing Mass Fuel Shortages In Venezuela
Venezuela has started shutting down gasoline stations across the country as a shortage of fuels has prompted rationing, Bloomberg reports . According to an unnamed source who spoke to Bloomberg, Continue Reading
Hubei relaxes restrictions as China’s new coronavirus infections double
China’s Hubei province where the coronavirus pandemic originated will lift travel restrictions on people leaving the region as the epidemic there eases, but other regions will tighten controls as new Continue Reading
China’s Hubei Province to Ease Coronavirus Lockdown This Week; Wuhan to Follow in April
Chinese authorities are planning to lift the mass quarantine on the central province of Hubei, where the coronavirus pandemic first emerged, as part of nationwide efforts to revitalize an economy Continue Reading
Not Even China Can Save Oil Markets This Time Around
Despite still sluggish oil demand, China is expected to continue to build its strategic and commercial crude oil reserves with ultra-cheap oil, but this time around the rate of filling Continue Reading
The Boldest Permian Plays To Watch As The Oil Market Circles The Drain
Over-supplied markets like the oil market take prices in only one direction, down. We are seeing indications of a historically over-supplied market right now, so we expect continued weakness on Continue Reading
Canada Braces For Oil Cuts As Storage Nears Limit
The Covid-19 virus and the ongoing oil price war have created such a large global supply surplus that Western Canada’s oil production will need to be cut from April by Continue Reading
US Oil Turns Its Back On The Permian As Prices Crash
Amid crashing oil prices, oil firms are rushing to cut budgets and exposure to the most prolific shale basin in the United States, the Permian, yet industry bodies expect the Continue Reading
Permian Still Accounts for More Than Half of US Rigs
Year on year, the North America rig count is down 251 rigs from last year’s 1,121. The North America rig count is down 97 rigs from the previous week to Continue Reading
Trump suggests he may scale back closures soon despite worsening coronavirus outbreak
President Donald Trump said on Monday he is considering how to reopen the U.S. economy when a 15-day shutdown ends next week, even as the highly contagious coronavirus is spreading Continue Reading
U.S. Domestic Passenger Flights Could Virtually Shut Down, Voluntarily or by Government Order
But amid the quickly spreading pandemic and mandatory stay-at-home orders covering some 80 million U.S. residents, airline executives, pilot-union leaders and federal transportation officials said they increasingly view as inevitable Continue Reading
PG&E to Plead Guilty to Involuntary Manslaughter Charges in Deadly California Wildfire
PG&E, a utility that supplies electricity and natural gas to 16 million people, or about one in 20 Americans, admitted that its failure to maintain its equipment was criminally negligent Continue Reading
Nearly 100 million Americans are living under stay-at-home orders as coronavirus spreads
President Trump insists he won’t issue a nationwide lockdown to halt the coronavirus. But it may be just a matter of time before virtually every American is living in an Continue Reading
Energy majors are hoping for the best but preparing for the worst.
Energy majors are hoping for the best but preparing for the worst. Oil and gas companies are among some of the world’s biggest and best capitalized businesses now scrambling for Continue Reading
British supermarkets limit customers to enforce social distancing
Britain’s supermarkets have started limiting the number of customers in stores at any one time to enforce social distancing during the coronavirus outbreak. Prime Minister Boris Johnson on Monday ordered Continue Reading
Euro-Zone Economy Crashes on Coronavirus Business Shutdowns
The euro zone is sinking into the biggest economic crisis in its history as measures to contain the coronavirus pandemic bring much of the business world to a standstill. IHS Markit’s measure Continue Reading