As the world faces unprecedented destruction in oil demand brought about by the coronavirus pandemic, China has in recent weeks emerged to be the only respite for crude sellers seeking Continue Reading
Rystad Energy had been projecting an increase in US shale production of 650,000 bpd by the end of this year, but recent developments have caused it to take a more Continue Reading
A drought, equal to the worst to have hit the western US in recorded history, is already under way, say scientists. Researchers say the megadrought is a naturally occurring event Continue Reading
Water levels at the Ward Creek Reservoir in Grand Mesa, Colo., have gone down in recent years because of persistent drought conditions. (Carolyn Van Houten/The Washington Post) The study, on Continue Reading
The furlough program and part-time work status actions impacted more than 30 percent of the company’s US workforce. Noble Energy Inc. Chairman and CEO David L. Stover says the company’s Continue Reading
No one is feeling the pain of an oil collapse more than the shale producers. Except, perhaps, their suppliers. Take Stacy Locke, chief executive officer for Pioneer Energy Services Corp. Continue Reading
The governors of five oil-refining states have asked the US Environmental Protection Agency to waive biofuel blending mandates while refiners confront plunging fuel demand as a result of the coronavirus Continue Reading
High volumes of US gas in storage combined with weakening demand due to preventative coronavirus measures look to test the limits of injection capacity this summer. Receive daily email alerts, Continue Reading
ConocoPhillips said Thursday it will cut back its 2020 spending and production volumes more dramatically, slicing its capital spending by 35% and removing a total of 225,000 boe/d from its Continue Reading
As stay-at-home orders keep businesses shuttered across much of the United States, electricity demand has fallen to a near 17-year low, according to analysts at the Edison Electric Institute (EEI) Continue Reading
American energy independence was a hot topic towards the tail-end of 2019 before the global coronavirus pandemic, but the oil price war threw a monkey wrench in the works. Depending Continue Reading
Even as political leaders wrangle over how and when to restart the American economy, the coronavirus pandemic’s devastation became more evident Thursday with more than 5.2 million workers added to Continue Reading
U.S. home-building activity collapsed in March as the coronavirus spread, with housing starts tumbling 22.3% from a month ago. The Commerce Department said Thursday that groundbreakings occurred last month at Continue Reading
The ranks of America’s unemployed swelled toward Great Depression-era levels Thursday in an unprecedented collapse that intensified the push-pull from the White House on down over how and when to Continue Reading
A U.S. judge canceled a key permit Wednesday for the Keystone XL oil pipeline that’s expected to stretch from Canada to Nebraska, another setback for the disputed project that got Continue Reading
HIGHLIGHTS In the next 10-20 years, Russian oil will become more expensive as extraction from less accessible basins becomes necessary to maintain current export levels. Internal inefficiencies within Russia’s oil Continue Reading
Due to the oil price crash and the nature of Russia’s tax system, the budget of the Russian Federation is set to suffer from low oil revenues despite Sunday’s OPEC+ Continue Reading
As the coronavirus spread in Russia, a group of 500 Chinese residents of Khabarovsk city in the Far East decided to lock themselves inside an apartment block, imposing a regime Continue Reading
Crude oil futures rebounded in mid-morning trade in Asia Thursday, after front-month WTI sank overnight to settle at an 18-year low on Wednesday. Nevertheless, the outlook remains bearish amid a Continue Reading
Oil was anchored near $20 a barrel as concerns over virus-led demand destruction outweighed an agreement by the world’s biggest producers to curb supply. Futures rose Thursday but remained near their lowest Continue Reading
Oil prices were broadly stable on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in U.S. inventories may mean producers have little option Continue Reading
Front-month WTI settled at an 18-year low Wednesday after US Energy Information Administration data showed US crude stocks posted their largest-ever weekly build last week. NYMEX May WTI settled down Continue Reading
Just days after the largest production cut in history, WTI fell below $20 per barrel. The oil world was hyper-focused on what OPEC+ might do over the past week, and Continue Reading
Just days after OPEC and its allies announced their big deal to rescue the global oil industry, it’s becoming brutally clear that all they’ve done is limit the worst of Continue Reading
The oil market has spent the past few days sniffing around an Opec deal that promised the biggest cuts to production in history – and has decided it was undercooked. Continue Reading
The International Energy Agency said Wednesday that it expects global refinery throughput to decline by 7.6 million b/d this year to 74.3 million b/d “on sharply reduced demand for fuels.” Continue Reading
Demand for transport fuels such as jet fuel and gasoline in 2020 will dive by 26% and 11% respectively exacerbated by heavy containment measures caused by the coronavirus pandemic, the Continue Reading
The rapid shutdown of much of the U.S. economy delivered unprecedented shocks to the largely separate systems that supply businesses and consumers. Both rely on vetted networks of producers and Continue Reading
Clear skies and more sunlight over Greenland last summer resulted in the biggest drop in the ice sheet’s mass ever recorded, new research shows. The phenomenon was linked to an exceptional Continue Reading
For at least the last decade, renewable energy seems to have been accelerating at a ferocious pace. Every other day you can read about a new technological breakthrough or another Continue Reading
Global oil production cuts could end up rising to 20 million bpd, including forced reduction of output such as already underway in the United States, the Saudi Energy Minister, Abdulaziz Continue Reading
Unidentified armed men have boarded a Hong Kong-flagged oil tanker off the coast of Iran near the strategic Strait of Hormuz, a British monitoring organization and a private intelligence firm Continue Reading
Some refineries in Africa are halting production or considering reducing throughput due to reduced demand on the coronavirus pandemic and soaring inventories. Chad’s Ndjamena refinery in Djarmaya temporarily suspended processing Continue Reading
India has laid out plans for the gradual reopening of its economy, which will permit some manufacturing, agricultural work and other activities to resume on a limited basis after April Continue Reading
India’s move to extend a countrywide lockdown in its battle against the coronavirus pandemic will not only create more hurdles for trade flows, but also would prompt refiners to cut Continue Reading
Brazil has suspended its 17th licensing round which would have seen the state oil regulator ANP offering 128 offshore exploration blocks throughout the country, fearing that the plummeting oil prices Continue Reading
While Mexico’s leftist President Andrés Manuel López Obrador wants to make state oil firm Pemex the pillar of a turnaround in the country’s declining oil production, hundreds of Pemex workers Continue Reading
The scale of the recovery task facing China’s policy makers will be laid bare Friday when first quarter gross domestic product data is expected to show an historic slump. The Continue Reading
China reported on Thursday fewer new coronavirus cases involving travellers arriving from overseas, but locally transmitted infections rose, with the Chinese capital seeing new local cases for the first time Continue Reading
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented” toll on the region’s service sector Continue Reading
Japan urged its citizens on Wednesday to stay home, as media reports warned that as many as 400,000 of them could die of the coronavirus without urgent action, and Prime Continue Reading
U.S. factory output dropped in March by the most since 1946 as a rolling wave of shutdowns related to the coronavirus crippled the manufacturing sector. Production slumped 6.3% from the prior Continue Reading
In Fargo, North Dakota, cheap fuel has never been so unwelcome. The Midwestern city is so awash in gasoline, the fuel last week sold for a record 12 cents a gallon Continue Reading
U.S. tariffs on oil imports haven’t been dismissed even after the latest OPEC+ supply deal, according to a senior U.S. government official. President Donald Trump previously wielded the threat of Continue Reading
The American Petroleum Institute (API) has urged the Texas Railroad Commission (RRC) to avoid intervening in oil markets. “U.S. producers in Texas and across the country have already reduced production Continue Reading
U.S. retail sales plummeted 8.7% in March, an unprecedented decline, as the viral outbreak forced an almost complete lockdown of commerce nationwide. The deterioration of sales far outpaced the previous Continue Reading
The major banks in the U.S. are anticipating a flood of loan defaults as households and business customers take a big financial hit from the coronavirus pandemic. JPMorgan Chase, Wells Continue Reading
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the global economy, the workplace and the spread Continue Reading
Large chunks of the U.S. economy froze in March as the coronavirus pandemic closed malls, restaurants, factories and mines, causing Americans to cut retail spending by a record amount and Continue Reading
Only weeks ago, scores of rating agencies sounded the alarm that the coronavirus credit crunch would set in motion a wave of corporate bankruptcies that would make the 2008 credit Continue Reading
