China’s Oil Imports Soar In April
China crude oil imports increased in April to about 9.84 million bpd as demand for fuels began to rebound, Reuters reports , citing customs data. The country’s overall exports posted Continue Reading
China and U.S. Agree to Cooperate, Work to Implement Trade Deal
The top trade negotiators for China and the U.S. pledged to create favorable conditions for implementation of the bilateral trade deal and cooperate on the economy and public health. China’s Vice Continue Reading
China, U.S. stand by trade deal as coronavirus pushes relations to worst in decades
President Trump speaks before signing the trade agreement with Chinese Vice Premier Liu He at the White House on Jan. 15. (Jabin Botsford/The Washington Post) U.S. and Chinese economic officials Continue Reading
China independent refineries’ April crude imports up 8% at 13.2 mil mt from March
Crude imports for China’s independent refineries further rebounded 8.3% at 13.19 million mt in April, or 3.22 million b/d, from 12.2 million mt in March, with Shandong independent refineries booking Continue Reading
China exports rebound in April but more weakness ahead
China’s exports rebounded in April to rise 3.5% over a year earlier, but forecasters warned that strength is unlikely to last as the coronavirus pandemic depresses global consumer demand. Exports Continue Reading
A Harvard study tying coronavirus death rates to pollution is causing an uproar in Washington
An early study from Harvard University linking dirty air to the worst coronavirus outcomes has quickly become a political football in Washington. Presidential candidates, agency regulators, oil lobbyists and members of Congress Continue Reading
Turning Oil Wells Back on Is Trickier Than Shutting Them Off
With thousands of oil wells choking back or completely shutting off production, companies already are looking ahead to what may prove to be an even bigger challenge: turning wells back on. U.S. Continue Reading
The Glut Drowning the Oil Market
Lockdown measures are crippling demand, and supply isn’t falling quickly enough to keep up. Oil-storage tanks around the world are rapidly filling with crude, leaving the new production coming out of Continue Reading
Government Orders Alone Didn’t Close the Economy. They Probably Can’t Reopen It.
In the weeks before states around the country issued lockdown orders this spring, Americans were already hunkering down. They were spending less, traveling less, dining out less. Small businesses were Continue Reading
U.S. Oil Companies Are Cutting Production Much Faster Than Expected
The United States is on track to cut 1.7 million barrels of oil production per day, according to Reuters calculations of state and company data shared on Thursday. It was Continue Reading
Permian Oil Giant Suffers Large First Quarter Loss
Apache Corp became the latest oil major to report a negative net result for the first quarter, booking a loss of $4.5 billion, or $11.86 per share for the period. Continue Reading
Analysis: US oil and gas rig count falls 34 to 398 as Permian collapse extends
The US oil and gas rig count fell 34 to a total of 398 in the week ended May 6, as Permian basin drilling activity continued to decline, rig data Continue Reading
Hess expands 2020 spending cuts, reduces rigs in Bakken
Highlights Bakken output expected to decline Charters VLCCs to store Bakken Defers Payara activities in Guyana New York — Hess is expanding its 2020 spending cuts in response to low Continue Reading
U.S. Jobs Report to Offer Clearest Data Yet on Economic Toll: Live Updates
We’re about to learn more about how devastating the pandemic has been for American workers. Even by the standards of the coronavirus pandemic, Friday’s report on employment in the United Continue Reading
New Breed of Pickups Mixes Horsepower and Battery Power
The electric future, as dreamed up in the 1990s, centered on groundbreaking cars like General Motors’ EV1 : tiny, faceless transportation pods, their sci-fi bubble shapes a testament to aerodynamic Continue Reading
Some Shale Drillers Are Restarting Production At $25 Oil
U.S. oil prices slumped into negative territory less than a month ago as storage space fills up fast. And yet it appears that some producers are ready to start drilling Continue Reading
As Local Health Systems Buckle, Russia’s Oligarchs Take Charge
As the coronavirus pandemic gained pace in Russia this spring, a billionaire steel magnate, Aleksei A. Mordashov, called four regional governors and urged them to lock down the cities where Continue Reading
Why Is Russian Crude So Expensive?
One of the main reasons why the coronavirus-induced price slump feels so odd is that it is accompanied by a prolonged price war that has simultaneously dropped crude differentials, in Continue Reading
Oil Anchored Near $24 on Lingering Concerns About Global Glut
Oil was anchored near $24 a barrel as investors weigh the prospect of a demand recovery against a huge glut that’s testing global storage capacity limits. Futures were stable in New York Continue Reading
OIL FUTURES: Oil snaps upward streak as demand outlooks dim
US unemployment to likely top 20 million in April Product futures slide as demand declines US crude production slide accelerates, backstopping prices Oil futures settled lower Wednesday as renewed demand Continue Reading
Oil’s ‘Relief Rally’ Stalls After Prices Double
Energy producers are throttling back their output, drivers are returning to the road and U.S. oil prices are roughly twice what they were a week ago, raising hopes—but not confidence—that Continue Reading
Oil Snaps 5-Day Rally With Supply Glut Eclipsing Demand Recovery
Oil snapped a five-day rally as a persistent supply glut outweighed signs of recovering U.S. fuel demand. Futures in New York fell 2.3% Wednesday, after doubling in value from a week Continue Reading
Egyptian Billionaire: Buffett Is Wrong, Oil Will Hit $100 Within 18 Months
Oil could hit $100 per barrel within the next 18 months, Egyptian billionaire Naguib Sawiris told CNBC on Wednesday—a hard pill to swallow with Brent currently trading below $30 per Continue Reading
Morgan Stanley Says The Worst Is Over For Oil
The worst for oil is over, but the road to recovery will be long and windy, Bloomberg’s Javier Blas tweeted , citing Morgan Stanley analysts. According to them, April was Continue Reading
Low Crude Prices Force Another Oil Major To Slash Dividends
Suncor Energy is axing its quarterly dividend by 55 percent to reduce its cash breakeven to a WTI Crude price of US$35 a barrel, one of Canada’s biggest oil firms Continue Reading
The U.N. needs billions more to handle virus fallout.
The U.N. needs billions more to handle virus fallout. The United Nations more than tripled the size of its humanitarian aid appeal on Thursday to help the most vulnerable countries Continue Reading
Is This The End Of The LNG Boom?
The glut of natural gas could lead to more cancelled LNG exports in the next few months. “It is clear that yes we face today people talk lot about the Continue Reading
Temperatures in April Matched Warmest on Record, Satellites Show
Temperatures in April were on par with the previous warmest April on record four years ago, with extremely high temperatures in some parts of Europe, Greenland and Antarctica. Above-average global temperatures Continue Reading
The Future of Travel
A worker sprays disinfectant inside a Vietnam Airlines plane at Noi Bai International Airport in Hanoi, Vietnam. Expansive new airports, like Singapore Changi, will offer passengers more space to deal Continue Reading
The Crucial Oil Pipeline That Could Help Iran Skirt Sanctions
Construction is now fully under way of Iran’s game-changing oil pipeline that will be able to transport huge quantities of oil and petrochemicals from its major oil fields via Guriyeh Continue Reading
Iraq Gets New Government After Months of Political Deadlock
Iraq swore in a new government after months of political deadlock that has hampered the country’s ability to respond to multiple crises exacerbated by the coronavirus pandemic. Lawmakers wearing surgical Continue Reading
Iraq Chooses New Prime Minister, an Ex-Intelligence Chief Backed by U.S.
Iraq’s Parliament chose an American-backed former intelligence chief as the new prime minister early Thursday morning, giving the country its first real government in more than five months as it Continue Reading
Iraq’s new prime minister wants to amend contracts with IOCs
Iraq’s new prime minister, who was granted a vote in confidence by the country’s parliament early Thursday, wants to restore the oil market share of OPEC’s second largest oil producer Continue Reading
Iraq eases pandemic lockdown despite second spike in new cases
With some measures relaxed, the risk of further COVID-19 case growth raises concerns. Traffic police direct taxies and other vehicles in a traffic jam on May 05, 2020. (MURTADHA AL-SUDANI/Anadolu Continue Reading
Saudi Arabia Succeeds In Seizing Oil Market Share From Key Rivals
The Saudi-Russian oil price war may be officially over with the new, historic, OPEC+ deal, but Saudi Arabia has continued to aggressively pursue additional market share in Asia and managed Continue Reading
The Unnoticed Power Grab Unfolding In Libya’s Oil Crescent
Coronavirus coverage might overshadow the recent developments in Libya, yet rarely has the situation on ground been more complex and difficult to predict. Field Marshal Khalifa Haftar first announced that Continue Reading
Feature: Nigeria awaits sharp downturn from oil price crash, production cuts to intensify
Nigeria’s economy is bracing for a dramatic slump as the fallout from the oil price crash and the coronavirus pandemic will be devastating on its oil and natural gas industry. Continue Reading
Belt and Road: China Stands Alone in Backing Africa Coal Projects
For more than two decades, Zimbabwe has been trying to break ground on a giant coal-power complex by the world’s biggest man-made reservoir. China just agreed to get the $4.2 billion Continue Reading
Coronavirus Casts Deep Chill Over U.S.-China Relations
Relations between the U.S. and China, strained for years, have deteriorated at a rapid clip in recent months, leaving the two nations with fewer shared interests and a growing list Continue Reading
US looks to step up economic action against China
Washington is weighing up more aggressive economic measures against China amid rising anger over Beijing’s handling of the pandemic, threatening the commercial truce reached less than four months ago. As the Continue Reading
Korean Scientists Develop New Stretchable Lithium-Ion Battery
Researchers at the Korea Institute of Science and Technology have developed a high-capacity lithium-ion battery that is flexible enough to be stretched. Led by senior researcher Jeong Gon Son, the Continue Reading
April jobs data to show epic losses and soaring unemployment
The economic catastrophe caused by the viral outbreak likely sent the U.S. unemployment rate in April to its highest level since the Great Depression and caused a record-shattering loss of Continue Reading
The Shale Basins That Have Been Hit Hardest By The Oil Price Crash
It might sound like a headline about Canada’s oil industry or Venezuela’s, but even the most prolific basins in the U.S. shale patch are crumbling under the weight of low Continue Reading
Oil Majors Are Abandoning This Key Shale Basin
Royal Dutch Shell announced this week that it was selling its Appalachia shale gas assets for $541 million in a transaction that wouldn’t have caught much attention if it weren’t Continue Reading
US April auto sales cut in half as coronavirus dampens purchasing: consultants
US total new vehicle sales in April slid by about 50% year over year as the coronavirus pandemic limited consumer and corporate purchasing activity during a full month of shelter-in-place Continue Reading
Powder River Basin Q1 coal production totals 62.6 million st, down 13.4% on quarter: MSHA
Coal production in the Powder River Basin totaled over about 13.4 million st in the second quarter, down 13.4% from the previous quarter and down 11% from the year-ago period, Continue Reading
The Trump Administration Is Reversing Nearly 100 Environmental Rules. Here’s the Full List.
After three years in office, the Trump administration has dismantled most of the major climate and environmental policies the president promised to undo. Calling the rules unnecessary and burdensome to Continue Reading
Why Oil Is Critical To U.S. Survival
One more word on Beijing’s plans leading up to, and during, the 2020 crisis. This crisis was to be the pivotal point for the Communist Party of China. If the Continue Reading
Analysis: SCOOP-STACK production declines drive Midcontinent basis higher
The associated natural gas production declines across US plays due to the crude price collapse and the coronavirus pandemic are starting to hit the SCOOP/STACK in Oklahoma, driving basis prices Continue Reading
Louisiana Layoffs, Shut-ins Happening Faster Than Expected
Survey by Louisiana oil and gas industry group shows 23-percent layoff and 77.5-percent well shut-in figures. A recent survey of Louisiana Oil and Gas Association (LOGA) members shows the nearly Continue Reading