‘This could be the one that gets me,’ says oilfield service veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co ( HAL.N ) for the fifth time in 15 years when his career came to Continue Reading
U.S. drilling industry says offshore ban would crush jobs, government revenues
A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job Continue Reading
Nuclear Fusion Project Backed by Investors to Enter Next Phase
U.S. clean-energy startup, Commonwealth Fusion Systems, raised an additional $84 million from major investors in Europe and Asia, underscoring that the appetite remains to back new technologies that could mitigate climate Continue Reading
$30 Oil Isn’t Good Enough For U.S. Shale
The rebound of WTI from below zero back into the $30s led to a wave of bullish trading, with energy stocks rallying in response. One renowned industry expert recently celebrated Continue Reading
Daimler to Forge Ahead With Plans for Electric Flagship Sedan
Daimler AG is pushing ahead with plans to produce an all-electric version of its flagship Mercedes S-Class sedan from next year even as it cuts back in other areas to weather a Continue Reading
Is Dieselgate Finally Over?
Five years after the massive Dieselgate scandal made global headlines, a German court is now ready to wrap up the case against Volkswagen, ordering the automaker to pay out as Continue Reading
Putin To Bail Out Russian Oil Industry
Russia’s President Vladimir Putin has tasked the government with implementing a set of measures aimed at supporting the oil industry for the duration of the OPEC+ production cut agreement. According Continue Reading
Russia Bans All Oil Product Imports To Protect Its Refining Industry
Russia is banning imports of refined oil products, including gasoline, diesel, and jet fuel, to protect its refining industry from cheap imports, according to a decree published on Russia’s government Continue Reading
Russia sees global oil market balancing in June or July
The Russian energy ministry expects the global oil market to balance in June or July as a result of rising consumption, as well as the drop in production in OPEC+ Continue Reading
Energy News: Latest Updates on Oil for May 25, 2020
Oil traded near $33 a barrel as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand. China warned on Continue Reading
Crude Oil, Shale News: Latest Analysis Amid Price War
Oil prices have surged more than 75% in the U.S. this month. But don’t expect a quick rebound in supply from shale explorers. The quick turnaround in oil markets is exposing the shale Continue Reading
Oil Is Unlikely To Go Much Higher
Oil prices have climbed nearly uninterrupted since late April, but the gains could be coming to an end. On Friday, oil prices fell sharply, hitting the pause button on a Continue Reading
A stealth peak in world oil production?
We who have been suggesting that a peak in world oil production was nigh almost from the beginning of this century looked like we might be right when oil prices Continue Reading
Are Non-OPEC’s Best Days in the Rear-view Mirror
While this post updates Non-OPEC production to January 2020, we are now in late May and the direction for future production for the next few years is clear, LOWER than Continue Reading
Coronavirus News: Iran’s Trade Body Says All Businesses to Resume
Businesses in Iran, including those deemed “high risk,” should resume work Tuesday, the state-run Islamic Republic News Agency reported, citing the head of the Tehran Chamber of Trade Unions. The Continue Reading
Turkey Headed For An Unexpected Victory Libya’s Oil War
The GNA’s militias and Turkish forces backed by Syrian refugee-mercenaries in Libya are no match for the combined firepower of General Haftar’s LNA, allied militias, and a host of powerful Continue Reading
India domestic flights to resume, but coronavirus cases rise
Domestic flights will resume across India on Monday after a day of “hard negotiations”, the federal civil aviation minister said on Sunday, after some states sought to limit the number Continue Reading
Iranian gasoline starts to arrive in fuel-starved Venezuela
A total of around 210,000 mt to arrive in five tankers Venezuela faces severe fuel shortages due to sanctions, coronavirus Gasoline exports help Iran ease domestic supply glut London — Continue Reading
Iranian fuel tanker has moored at Venezuela’s El Palito refinery: TV
The first of five Iranian tankers carrying fuel to Venezuela has moored at Venezuela’s El Palito refinery, Iran’s English-language Press TV reported on Monday. Iran is providing Venezuela with 1.53 Continue Reading
Chile’s hospitals under strain as coronavirus cases near 70,000, president says
Chile’s healthcare system is under strain and “very close to the limit,” President Sebastian Pinera said on Sunday, as the number of confirmed novel coronavirus infections approaches 70,000 after a Continue Reading
Xi says China could have set GDP growth goal around 6% had there been no coronavirus
Chinese President Xi Jinping said China’s annual economic growth target could have been set around 6% had the new coronavirus epidemic not happened, according to state media reports on Saturday. Continue Reading
Coronavirus ‘cover-up’ is China’s Chernobyl: White House adviser
A top White House official on Sunday likened China’s handling of the coronavirus outbreak to the Soviet Union’s cover-up of the meltdown at the Chernobyl nuclear power plant in 1986. Continue Reading
Coronavirus Threatens to Hobble the U.S. Shale-Oil Boom for Years
But before the new coronavirus sapped global demand for crude, causing shale-drilling companies to shut off wells en masse to avoid losing money, many were struggling to turn a profit Continue Reading
Oil Companies Forced To Renegotiate Deals Or Risk Losing It All
On April 20, the West Texas Intermediate crude benchmark did not just fall below zero, it plummeted to negative $37.63 a barrel . This stunning price crash was the result Continue Reading
Permian Basin, other associated gas plays lead US production to 16-month low
Output hits 85.5 Bcf/d, down 9% from record high At 357, US rig count has fallen 57% from annual peak Permian, SCOOP/STACK, Bakken lead output decline New York — US Continue Reading
Covid-19 is changing the face of the energy business
With planes grounded, cars parked, factories shuttered and offices dark, the coronavirus has carved a big hole in the energy economy and redirected its future in ways that could hardly have Continue Reading
Driving Season Won’t Save Gas Demand
Memorial Day weekend, the typical start of the summer driving season in the United States, will offer some clues about gasoline demand and driving behavior after lockdowns were eased across Continue Reading
Lufthansa to resume flights to 20 destinations from mid-June
Lufthansa ( LHAG.DE ), which is in talks with the German government over a 9 billion euro ($9.8 billion) bailout, will resume flights to 20 destinations from mid-June, including some Continue Reading
Russia reports 153 coronavirus deaths, highest daily toll yet
Russia on Sunday reported 153 coronavirus deaths over the previous 24 hours, the epidemic’s highest daily toll, raising total fatalities to 3,541, the country’s coronavirus crisis response centre said It Continue Reading
Peak Fossil Fuels Is Next Big Test for Russia’s Battered Economy
The economy of the world’s biggest energy exporter is heading for its deepest slump in more than 10 years due to the fallout from the coronavirus. A bigger crisis may Continue Reading
OPEC+, Russia Oil News: Vladimir Putin Orders Support
Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while the output is slashed under an agreement Continue Reading
Europe’s Last Dictatorship On Collision Course With Russia
As much as Russia’s dealings with its neighbors are predominantly perceived as an exercise in brandishing the good old “energy weapon”, Moscow has been having a hard time with its Continue Reading
China tension, market correction halt crude oil rally for now
A weeks-long run on climbing crude oil prices came to a halt Friday courtesy of a combination of heightened geopolitical and economic tensions involving China. Front-month NYMEX WTI crude prices Continue Reading
Oil Rally Stalls On Demand Concerns
July West Texas Intermediate crude oil futures are under pressure on Friday, but still in a position to finish higher for the week. This week’s rally has been fueled by Continue Reading
Is The Oil Rally Coming To An End?
Oil prices are continuously rising despite the uncertainty surrounding COVID-19, with WTI nearing a two-month high on Friday morning For further research, analysis and trade recommendations, make sure you read Continue Reading
Oil Posts Fourth Weekly Gain Despite Doubts Over China Growth
l fell, paring a weekly gain, as investors weighed improving supply fundamentals against doubts surrounding China’s economic growth. Futures in New York slid 2% Friday but notched a 13% increase Continue Reading
Oil falls on China-U.S. tensions, energy demand doubts
Oil prices tumbled about 2% on Friday on rising U.S.-China tensions and doubts about how quickly fuel demand would recover from the coronavirus crisis. Fuel demand plummeted in recent months Continue Reading
Oil Price Disruption Eases as Physical Crude Demand Jumps
In a sign that oil markets are returning to relative normality, the once yawning gap between the price of an actual physical barrel of oil and futures prices has narrowed Continue Reading
Goldman Sachs: OPEC To Dominate Oil Markets For The Foreseeable Future
OPEC will regain its position as a dominant force on international oil markets after the world emerges from the current crisis, Goldman Sachs analysts have forecast in a report titled Continue Reading
Back To The 90s For Oil, Says Goldman Sachs
It’s “back to the future” for oil, says Goldman Sachs, as low prices reshape the industry into how it looked in the 1990s, including a dominant position for the Organization Continue Reading
Prepare For Major Oil Market Consolidation
COVID-19 Market Update Brent crude gained over 1% Thursday, which–dull as it sounds–was its highest level since March. The bump came as US inventories lessen and OPEC cuts production, while Continue Reading
Not All Electric Vehicles Are Cars, You Know
This year is shaping up to be an awful one for the global auto sector. In its latest Long-Term Electric Vehicle Outlook, BloombergNEF expects a 23% decline in sales of Continue Reading
As Covid-19 Hits Electric Vehicles, Some Thrive, Others Die
This year is shaping up to be an awful one for the global auto sector. In its latest Long-Term Electric Vehicle Outlook, BloombergNEF expects a 23% decline in sales of Continue Reading
Haftar and Turkey Trade Threats as Libya’s War Risks Escalation
Libyan military commander Khalifa Haftar raised the prospect of a dangerous new escalation in the North African country’s war with a threat to target Turkish forces backing the internationally recognized Continue Reading
Most of India Coal Plants May Miss Emission Deadline, Study Says
A majority of India’s coal-fired power stations may miss deadlines to curb toxic emissions, hurting efforts to curb air pollution, according to non-profit group Centre for Science and Environment. As much Continue Reading
The OPEC+ Compliance Struggle
1. Rig count hits record low – The U.S. rig count has fallen to record lows, plunging to 339 rigs on May 12. Since record-keeping began by Baker Hughes back Continue Reading
Baghdad offers Kurdistan payment tied to budget talks
Letter from Iraqi finance minister to KRG prime minister offers a one-time, $338 million payment – and continuing negotiations for a new budget deal. Newly appointed Finance Minister Ali Allawi Continue Reading
UK Judge Dismisses $1B Nigeria Bribery Case Against Eni, Shell
A UK judge dismissed on Friday a lawsuit against Eni and Shell brought by the Nigerian government alleging that the oil and gas supermajors knew about US$1.1 billion in bribes Continue Reading
Venezuelans Now Lack Gas to Cook on Top of Gasoline Shortages
Venezuelans forced to queue for days to fill up their cars with gasoline are now facing a growing shortage of propane to cook after a processing plant caught fire and Continue Reading
The 5 Oil Tankers That Could Start A War
While a cold war with China is working its way towards the inevitable, another situation is developing that could lead to physical clashes between Iran and the United States over Continue Reading