U.S. crude oil refinery inputs averaged 13.0 million barrels per day during the week ending May 1, 2020 which was 216,000 barrels per day more than the previous week’s average. Continue Reading
Tesla Model 3 was the best-selling car in the United Kingdom in April, while total UK new car sales plunged by 97.3 percent year on year to the lowest level Continue Reading
U.S. oil production could decline this year by 2 million bpd-3 million bpd , due to limited storage capacity and low oil prices, Russia’s Deputy Energy Minister Pavel Sorokin told Continue Reading
A gauge of Russian services slumped the most since records began in 2001 in the latest sign that the economy of the world’s biggest energy exporter is falling into a Continue Reading
The good news for Europe is that the worst of the pandemic is beginning to ease. This week deaths in Italy hit a nearly two-month low. And the German leader Continue Reading
Crude oil futures were largely stable in mid-morning trade in Asia Wednesday amid cautious optimism after a price rally overnight. Receive daily email alerts, subscriber notes & personalize your experience. Continue Reading
Oil prices are rising as supply shut ins mount and oil demand seems to be turning a corner. Some oil market analysts even warn that a supply deficit could be Continue Reading
Oil’s rally resumed — after prices doubled over five days — amid optimism that output cuts are easing a huge supply glut and demand losses have bottomed. Futures in New York Continue Reading
The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build, of 8.440 million barrels for the week ending May 1 as the demand destruction continues and Continue Reading
Investment bank UBS became one of the first oil market watchers to scale back its forecasts for the oil demand destruction from the COVID-19 pandemicTuesday amid growing signs that global Continue Reading
If you’re a fan of oil, and I expect you are seeing as how you’re reading articles on OilPrice, get ready for a positive forecast about oil prices moving higher. Continue Reading
The current dramatic cuts in exploration and production will have a long-lasting impact on the global oil market, with oil prices spiking to above $68 a barrel in 2025, when Continue Reading
Last week the World Economic Forum published a report imploring the energy industry to use this unprecedented disruption of the status quo to consider building a “ new energy order Continue Reading
Last Friday, Warren Buffett served a new blow to an already troubled industry, shaking it to the core: The celebrity investor announced that Berkshire Hathaway had sold all its holdings Continue Reading
The executive director of the International Energy Agency (IEA), Fatih Birol, said that the turmoil in the oil sector caused by the covid-19 pandemic gives governments the perfect opportunity to Continue Reading
Highlights Bloc pumped 30.79 million b/d in April Saudi Arabia, UAE, Kuwait hit record highs OPEC+ deal imposes tough quotas in May London — OPEC turned up the taps in Continue Reading
With the U.S.’s patience wearing thin on its dealings with neighbouring Iran, endemic corruption still prevalent in both the south of the country and in the northern semi-autonomous region of Continue Reading
It is becoming increasingly clear that the ongoing oil demand destruction, COVID-19 lockdowns and financial crisis are going to significantly impact Saudi Arabia. In a dramatic appearance, Saudi Minister of Continue Reading
The volume of oil products held in storage at Fujairah jumped to the highest level on record as tumbling regional demand from the coronavirus pandemic drives more supplies into the Continue Reading
Pakistan is likely to run out of petrol and diesel in May and June to meet local demand as the government’s lack of firmness in resolving differences over lockdown compounded Continue Reading
Shell’s Philippines unit will suspend refining operations at its 110,000-bpd refinery in the country for a month starting in the middle of May, due to the dramatic plunge in fuel Continue Reading
Neoen SA will start construction on Australia’s biggest solar farm after winning a power purchase agreement with Queensland state’s renewables company. The Paris-based company will invest A$570 million ($366 million) in the Continue Reading
The numbers are in: We now know just how badly the country’s top oil drillers were hit by the coronavirus-fueled downturn. Three of the four biggest U.S. oil and gas producers posted Continue Reading
Stimulus loans meant to help small businesses hurt by the coronavirus pandemic are being doled out to coal companies, stoking criticism from environmentalists that the Trump administration is using the Continue Reading
North American fleets ordered 4,000 of the Class 8 trucks used in highway transport last month, down 73% from April 2019 and 44% from March, according to preliminary estimates from Continue Reading
Dominion Energy updated investors Tuesday on medium-term clean power generation development plans resulting from recent Virginia legislation that includes spending $3.5 billion on developing 2.6 GW of offshore wind and Continue Reading
US gas in storage looks as if it could feature a very rare triple-digit build in April for the last week of the month, but the Henry Hub prompt contract Continue Reading
Some shale producers said all they need is $30 oil to consider bringing back curtailed crude output. (Bloomberg) — A pair of prominent shale producers said all they need is Continue Reading
U.S. airlines are collectively burning more than $10 billion in cash a month and averaging fewer than two dozen passengers per domestic flight because of the coronavirus pandemic, industry trade Continue Reading
President Donald Trump launched headlong into his push to reopen the country on Tuesday, saying Americans should begin returning to their everyday lives even if it leads to more sickness Continue Reading
Standing nearly 100 feet tall on the rocky shore of the island Bjorko in southwest Sweden, a white wind tower looks indistinguishable from thousands of similar tubes that help generate Continue Reading
Texas regulators are relaxing rules about where companies can store oil underground, raising concern among environmentalists about potential groundwater contamination and other dangers. The members of the Railroad Commission of Continue Reading
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefined and refined oil products of all types. As such there is Continue Reading
MOSCOW—What was tipped to be a marque year for Russian President Vladimir Putin is morphing into one of the toughest challenges to his 20-year reign. The novel coronavirus pandemic, plummeting Continue Reading
When Russia refused two months ago to join the deeper OPEC oil cuts, it was because Moscow found them unnecessary. Two months later, Russia agreed to cut quite a bit Continue Reading
Italy and Spain, the two European countries most severely hit by the coronavirus, are suffering even deeper slumps after record contractions in the first quarter. Lockdowns that shut hotels and restaurants Continue Reading
German factories saw demand collapse in March, when measures to contain the coronavirus brought the economy to a sudden halt. Orders fell 15.6% from the previous month, the most since data Continue Reading
French supermajor Total proved more resilient than some peers in the first quarter, remaining profitable despite a 35-percent decline in net income to $1.8 billion. The company said it would Continue Reading
The European Union predicted Wednesday “a recession of historic proportions this year” due to the impact of the coronavirus with a drop in output of more than 7%, as it Continue Reading
Crude oil futures were higher in mid-morning trade in Asia Tuesday amid market expectations that demand destruction following the COVID-19 outbreak has found a floor. Receive daily email alerts, subscriber Continue Reading
Hot on the heels of Goldman’s bullish reversal on the oil sector , in which the bank’s commodity strategist Damien Courvalin said on Friday that “it now appears likely that Continue Reading
Oil was up 3% on Monday as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world’s top-producing nations and companies take hold. Continue Reading
Oil rallied for a fourth day as the pace of stockpile builds at the key U.S. storage hub slowed last week. Futures rose 3.1% in New York Monday, closing above $20, after Continue Reading
Goldman Sachs raised its estimate for WTI Crude prices in 2021 to $51.38 per barrel from $48.50, expecting a gradual recovery in global oil demand and production cuts from OPEC+ Continue Reading
Oil companies, oil refiners, and oil traders believe that the worst of the demand destruction is already behind us. But the jury is still out on how long it will Continue Reading
Time will tell if oil price stability, or even an increase, will result from actions by OPEC+ and other producers. Newly updated data on oil production from non-OPEC members, coupled Continue Reading
A fund-raising conference on Monday organized by the European Union brought pledges from countries around the world — including Japan, Canada, Australia and Norway — to fund laboratories that have Continue Reading
In the current climate, mean annual temperatures of greater than 84.2 degrees Fahrenheit (29 degrees Celsius) are restricted to the small dark areas in the Sahara region. In 2070, such Continue Reading
Crude supplies from OPEC’s Middle East exporters, excluding Iran, soared in April to their highest level since at least January 2017. The surge came as Saudi Arabia and the United Continue Reading
Time is running out for oil-dependent nations. The world is transforming quickly and climate change is accelerating oil’s demise even faster. Despite fossil fuel’s so-called imminent fall of grace with Continue Reading
