The coronavirus pandemic hit the world at a time of plentiful harvests and ample food reserves. Yet a cascade of protectionist restrictions, transport disruptions and processing breakdowns has dislocated the Continue Reading
OPEC slashed on Wednesday its global oil demand estimates for this year while cutting its forecast for non-OPEC supply as oil producers outside the OPEC+ pact accelerate production curtailments due Continue Reading
OPEC would have to nearly halve its crude oil production in the second quarter to balance the market, according to the organization’s latest analysis, as the COVID-19 outbreak continues to Continue Reading
Days after he shared images of municipal workers disinfecting the streets of Addis Ababa with high-powered hoses, Mayor Takele Uma Banti found himself struggling to explain a 72-hour water shortage. For the 4.8 million Continue Reading
Saudi Arabia announced late Tuesday that the whole country would go into 24-hour lockdown for the five-day holiday marking the end of the holy month of Ramadan in 10 days. Continue Reading
Iraq, OPEC’s second-largest oil producer, has begun negotiations with international oil companies on postponing payments to them and cutting costs as OPEC’s second largest oil producer grapples with the crude Continue Reading
Iraq, OPEC’s second largest oil producer, has cut 650,000 b/d from it southern fields to comply with OPEC+ cuts of 1.061 million b/d agreed for May and June, an official Continue Reading
Iraq is committed to the OPEC+ oil production cuts agreement, the acting oil minister said Thursday, dismissing media reports that had questioned the ability of OPEC’s second largest member to Continue Reading
Somalia is preparing for a bid round covering seven blocks in its offshore with the official opening due on August 4. The closing date is March 12, 2021, Somali Minister Continue Reading
The Federal Bureau of Investigation is looking into multiple European and Mexican oil companies that may be involved in violating U.S. sanctions surrounding Venezuela’s oil industry, according to four anonymous Continue Reading
Venezuela has imported crude oil, fuel, additives and refining components have been imported for as long as [state oil corporation] PDVSA has existed. Due to mismanagement, terrible strategies, frequent [workplace] Continue Reading
New coronavirus clusters have surfaced around the world as nations struggle to balance reopening economies and preventing a second wave of infections, while a top global health official warned Wednesday Continue Reading
ENN Energy Holdings, one of China’s largest natural gas distributors, is not ruling out the possibility that natural gas prices could follow last month’s WTI Crude move and flip to Continue Reading
An elderly woman with no travel history. An unexpected flare-up in a nightclub. A swelling cluster in towns near international borders with no discernible source. After containing their outbreaks through measures Continue Reading
Renewable energy has been on the defensive recently. Following the release of Planet of the Humans , the controversial new climate change documentary executive produced by Michael Moore, fossil fuel–backed Continue Reading
Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended Continue Reading
U.S. President Donald Trump speaks while participating in a roundtable meeting with energy sector chief executive officers in the Cabinet Room of the White House.So far, Trump’s efforts to boost Continue Reading
U.S. producer prices fell by the most since 2009 in April, leading to the largest annual decline in nearly 4-1/2 years, bolstering some economists’ predictions for a brief period of Continue Reading
Shareholder activists prodding Exxon Mobil Corp on climate-change proposals are backing calls for an independent board chairman as the oil major steps up efforts to keep climate proposals off its Continue Reading
Goldman Sachs Group Inc. economists revised their forecasts to reflect a gloomier outlook for the U.S. labor market, though also the potential for a faster recovery from the coronavirus pandemic. Analysts Continue Reading
The US commodities regulator has issued a rare warning to brokers, exchanges and clearinghouses, urging them to be ready for the risk that oil prices could again drop below zero. Continue Reading
The Trump administration is not planning additional financial relief measures to help the ailing oil and gas sector beyond continuing to push Congress to buy crude to fill the Strategic Continue Reading
US oil and gas industry officials and their allies in Congress on Wednesday discussed the sector’s ability to rebound from current demand destruction, and debated whether more help from Washington Continue Reading
Heading into the first quarter earnings season, analysts were clear. They wanted no surprises from pure play shale gas drillers — no new spending, no new debt, no mergers and Continue Reading
Businesses are going belly up, tens of millions have been laid off and, by some measures, the U.S. seems headed for another Great Depression. But Republicans surveying the wreckage aren’t Continue Reading
The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is Continue Reading
Gross U.S. production cuts could reach two million barrels per day in June, according to Rystad Energy. Gross U.S. production cuts, including liquids, could reach two million barrels per day Continue Reading
House Democrats unveiled a huge, new coronavirus relief package that would inject more than $3 trillion into state and local governments, health systems and other parts of the economy rocked Continue Reading
EU officials are seeking to finalise a plan for public stakes to be taken in key European companies to shield them from the economic fallout of the COVID-19 pandemic, three Continue Reading
Construction of the world’s most controversial natural gas pipeline is about to enter the endgame of an energy dispute that’s pitted the U.S. against Russia and some of its closest Continue Reading
Crude oil futures traded lower during mid-morning trade in Asia Wednesday as uncertainty around the extent of oil demand recovery lingers, even as more countries attempt to ease COVID-19 lockdowns. Continue Reading
Oil traded near a five-week high as investors weighed the nascent recovery of demand against concerns about a resurgence in coronavirus cases if lockdowns are relaxed too early. The head of Continue Reading
Oil climbed to the highest level since early April after the U.S. government lowered its output forecast for the year. Futures in New York gained 6.8% on Tuesday. The Energy Information Continue Reading
Oil prices climbed Tuesday, a sign that production cutbacks and easing pressure on storage facilities are lifting traders’ hopes for battered energy markets. U.S. crude futures for June delivery closed Continue Reading
The latest Global Energy Alert report on ‘How To Profit From The Oil Market Crash’ is an absolute must-read for everyone from crude oil traders to energy investors. Sign up Continue Reading
Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen. But there is a large difference between oil demand rising from Continue Reading
The coronavirus pandemic has rapidly evolved from a global health crisis to a financial one, upending industries, shuttering businesses, and sending financial markets reeling. Amid the crisis, the world’s leading Continue Reading
World trade in goods is set to slump at a rate not seen since the global financial crisis in 2009, with estimates becoming increasingly gloomy over the past weeks, the Continue Reading
Could Covid-19 take the airline industry back to the 1990s, when roomier planes flew fewer people on fewer routes at higher prices? Nostalgia should be kept in check. On Tuesday, Continue Reading
Countries that lifted restrictions are now reimposing lockdowns after seeing a spike in new coronavirus infections — and federal health officials testifying at a virtual Senate hearing Tuesday warned of a similar resurgence Continue Reading
Oil producers may need to exert more efforts to lessen the coronavirus impact on the oil market because demand is not expected to recover quickly, given the amount of surplus Continue Reading
Oil prices rose on Tuesday after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want Continue Reading
Saudi Aramco reported on Tuesday a net income of US$16.66 billion for the first quarter of 2020, down from net earnings of US$22.2 billion for Q1 2019, due to the Continue Reading
Oil product stockpiles at the Middle East’s key oil hub of Fujairah rose 6.4% in the week to Monday, climbing to a record high for a second consecutive week as Continue Reading
Deaths doubled in Lima, rivaling the worst month of the pandemic in Paris. They tripled in Manaus, a metropolis tucked deep in Brazil’s Amazon — a surge similar to what Continue Reading
EIA lowers expected Q2 gas marketed production by 2.09 Bcf/d Q2 Henry Hub forecast raised 13 cents to $1.85/MMBtu EIA lowers Q2 gas demand forecast by 3.19 Bcf/d The US Continue Reading
nChina’s latest efforts to pit renewable energy against fossil fuels, it is again betting on size. Resources such as wind and solar don’t stand much of a chance if there isn’t Continue Reading
From considering subsidies on fuel cell vehicles to finding ways to encourage consumption in new sectors, China is pushing ahead with plans to make hydrogen a key component in its Continue Reading
U.S. airlines carried 51% fewer passengers in March amid the massive coronavirus pandemic travel collapse to the lowest air travel level in nearly two decades, the U.S. Transportation Department said Continue Reading
President Donald Trump’s top energy official said the oil industry is on its way back after suffering crippling losses from an unprecedented price collapse. “We now have 23 states that are Continue Reading
