Given that China’s oil demand has now recovered from the COVID-19 outbreak to even higher levels than before , Iran is operating at full tilt to optimise the oil available Continue Reading
Saudi Arabia and several other members of OPEC are discussing the possibility of extending the current level of OPEC+ production cuts to the end of the year to support the Continue Reading
A frigate of the French Navy has prevented a tanker from loading refined oil products at a Libyan port as part of a sale to an UAE-registered company, Bloomberg reported Continue Reading
Libya’s crude oil exports have shrunk by 92 percent and the National Oil Corporation has lost some $5 billion since the start of the oil blockade early this year, the Continue Reading
Venezuela has grown increasingly dependent on one little-known trading firm in Mexico to help sell its crude abroad as the country faces U.S. sanctions starving it of oil profits in Continue Reading
As coronavirus deaths top 100,000 in the U.S., Brazil reaches its own grim milestone; Amazon plans to convert 125,000 temporary jobs to full-time; House lawmakers cast proxy vote for the Continue Reading
It is one of the many mysteries of the coronavirus pandemic: Why has the death toll from covid-19 apparently been lower in Asia than in Western Europe and North America? Continue Reading
Through three years of economic conflict, the United States and China have erected tariffs that squeezed trade. They have clashed over the telecommunications firm Huawei and the flow of strategic semiconductor Continue Reading
The submersion of East Asian markets into coronavirus-induced recession has pulled down several major oil producers, most notably Nigeria whose breakeven price is well above $100 per barrel (Fitch puts Continue Reading
Volkswagen AG is investing €1 billion ($1.11 billion) in a Chinese auto maker and a further €1.1 billion in a local battery producer, the company said Friday, in the latest Continue Reading
ina is already lagging behind its promise to buy $52 billion worth of U.S. oil, gas and other energy products, and analysts warn that rising tensions between Washington and Beijing jeopardize additional Continue Reading
The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in Continue Reading
April had a record collapse in Americans signing contracts to buy homes, a reflection of the broader shutdown of economic activity in response to the coronavirus outbreak. The National Association Continue Reading
The U.S. consumed more renewable energy than coal last year for the first time since 1885, according to the Energy Information Administration. The inflection point mainly reflects a steep drop Continue Reading
Oil companies including Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and Total SA are scrambling to cope with coronavirus outbreaks among their workers that could threaten the profitability Continue Reading
US oil imports surged last week, with almost half of the extra crude arriving from Saudi Arabia, as foreign producers took market share from the struggling American shale patch. The federal Continue Reading
The multitrillion-dollar patchwork of federal and state relief programs has not kept bills from piling up or prevented long lines at food banks. But it has mitigated the damage. Now Continue Reading
The bitterly cold Arctic winter typically snuffs out the seasonal wildfires that erupt in this region. But every once in a while, a wildfire comes along that refuses to die. Continue Reading
U.S. crude oil refinery inputs averaged 13.0 million barrels per day during the week ending May 22, 2020 which was 87,000 barrels per day more than the previous week’s average. Continue Reading
Hydrogen might have a way to break through one of the barriers that keeps it from reaching mass-scale adoption for fuel cell electric cars and trucks. French fuel company Air Continue Reading
It could take a year before U.S. shale production starts to rise again, the chief executive of Precision Drilling Kevin Neveu told Bloomberg. This could happen even if a hypothetical Continue Reading
Alberta has cut oil production by 1 million bpd so far, the province’s Energy Minister, Sonya Savage, has told OPEC, according to Reuters. “The Minister stated there is currently no Continue Reading
With Illinois Basin thermal coal output expected to decline by up to 30% on an annualized basin in order to better meet 2020 demand, it will require adjustments and restructuring Continue Reading
The amount of natural gas in US storage facilities increased by 109 Bcf to 2.612 Tcf in the week that ended May 22, according to US Energy Information Administration data Continue Reading
Highlights Permian Basin sheds 14 rigs this week to fall to 171 Decline in rig totals slowing Operators eye more gas drilling in H2 2020 Houston — The US oil Continue Reading
US crude storage quickly became a major issue at the crux of the coronavirus pandemic lockdowns, as global markets struggled to find enough places to stash oil amid the oversupply Continue Reading
Driving activity in Germany, Europe’s biggest economy, has rebounded to pre-COVID levels as lockdowns ease but remains below year-ago levels and questions still hang over the pace of oil demand Continue Reading
The latest data from the Federal Highway Administration on the amount of driving in the United States indicate that vehicle miles traveled (VMT) in March of this year decreased by Continue Reading
Potential leasing and drilling bans threaten the GOM oil and gas industry, NOIA-commissioned study finds. Potential leasing and drilling bans threaten the Gulf of Mexico (GOM) oil and natural gas Continue Reading
The temporary shutting in of wells is the one thing that oil companies are trying to avoid at all costs. That’s because restarting production is expensive and wells are not Continue Reading
By one oil consultancy’s estimate, Peak Oil will be here by 2028, or two years sooner than it previously had predicted, according to Reuters . That ceiling would be somewhere Continue Reading
Automakers in the U.K. produced the fewest number of vehicles in any month since the World War II era in April after the coronavirus pandemic led to lockdowns that shuttered Continue Reading
Memorial Day weekend, the typical start of the U.S. summer driving season, has come and gone. Data on just how much driving Americans did is trickling in, and it’s a Continue Reading
The White House has taken the unusual step of deciding not to release an updated economic forecast as planned this year, a fresh sign of the administration’s anxiety about how Continue Reading
Moscow has been the epicentre of the epidemic in Russia for many weeks Moscow’s authorities have more than doubled the official death toll from Covid-19 in the Russian capital for Continue Reading
Global investment in energy will fall by $400 billion in 2020, the largest single-year decline in history. U.S. shale will be hit particularly hard, with capex set to fall in Continue Reading
US crude inventories moved higher last week after a surge of imports pushed US Gulf Coast stockpiles to fresh all-time highs, US Energy Information Administration data showed Thursday. US commercial Continue Reading
NYMEX crude futures have risen above the $30/b level that represents breakeven for many US upstream operators, which could result in some restoration of shut-in wells soon as the economic Continue Reading
Russia’s largest oil producer, Rosneft, is struggling to supply its long-term buyers with crude oil as it has to cut output due to the OPEC+ deal and will find it Continue Reading
magniX, a company developing electric propulsion systems for aircraft, and AeroTEC, a leading independent company focused on aerospace testing, engineering and certification, announced the successful flight of an all-electric Cessna Continue Reading
British Airways raised $750 million in secured loans through a credit facility arranged by Citibank and backed by 48 aircraft as collateral. The unit of IAG SA pledged 40 Airbus SE narrow-body jets and eight Boeing Co. wide-bodies as part Continue Reading
Oil extended declines after a industry report showed U.S. crude inventories swelled for the first time in three weeks. Futures fell 1.4% in New York, following Wednesday’s 4.5% decrease. The American Continue Reading
Crude oil futures traded lower in mid-morning trade in Asia Thursday as mixed supply-side signals from OPEC+ emerged. At 09:55 am Singapore time (0135 GMT), ICE Brent July crude futures Continue Reading
Crude futures fell Wednesday as the focus turned to a lack of consensus among OPEC+ members ahead of the group’s next meeting on June 8-10. Receive daily email alerts, subscriber Continue Reading
The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build, of 8.731 million barrels for the week ending May 22. Analysts had predicted an inventory draw Continue Reading
Oil extended losses after an industry report showed a surprise jump in U.S. crude stockpiles last week. West Texas Intermediate crude futures fell as much as 3.2% after the close in Continue Reading
Oil prices are back at levels last seen in mid-March, and while fundamentals for crude have improved somewhat, markets have become too optimistic Market euphoria continues to push financial markets Continue Reading
Two months ago, Russia said no to Saudi Arabia’s proposal for deeper oil production cuts. It was enough to start a price war that, coinciding with the Covid-19 pandemic, wiped Continue Reading
Concerted production cuts by OPEC+ and IOCs have largely been canceled out by a sharp fall in global oil demand from a record peak of >100 mbd to a recent Continue Reading
The COVID-19 pandemic will result in the biggest annual drop in energy investments on record—nearly US$400 billion, the International Energy Agency (IEA) said in its new World Energy Investment 2020 Continue Reading
