Oil edged lower as the resurgence of the coronavirus in the U.S. continued to dampen the prospects of a broader demand recovery. Futures in New York fell 1.3% toward $39 a Continue Reading
Oil rebounded from a weekly loss as better-than-estimated economic data countered fears that Covid-19’s resurgence will crimp fuel demand. Futures in New York and London closed higher after declining for two Continue Reading
From a super contango in April, the Brent Crude futures curve has flattened and flipped to backwardation for the nearest months, wiping out was is seen as one of the Continue Reading
When the first coronavirus cases in Chicago appeared in January, they bore the same genetic signatures as a germ that emerged in China weeks before. But as Egon Ozer, an infectious-disease specialist Continue Reading
The worst could be still to come in the Covid-19 pandemic, the World Health Organization (WHO) has warned, six months on from when the outbreak began. WHO head Tedros Adhanom Continue Reading
This week BP released its Statistical Review of World Energy 2020 . The Review covers energy data through 2019, and provides a comprehensive picture of supply and demand for major Continue Reading
The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. Continue Reading
OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led Continue Reading
Iran recorded its highest number of deaths from COVID-19 within a 24-hour period, official health ministry figures showed on Monday. The 162 deaths reported on Monday exceed the previous record Continue Reading
Russia is sending reinforcements to Libya to help military leader Khalifa Haftar, who is on the defensive after a failed effort to topple the country’s United Nations-backed government, as Moscow Continue Reading
Iraq produced more than 650,000 barrels per day (bpd) above its target output level in May and is now being asked to make up for its non-compliance in future months Continue Reading
Saudi Arabia’s plans to restrict the number of pilgrims during the annual Hajj pilgrimage to a few thousand will likely dent jet fuel demand in the Arab world’s biggest economy, Continue Reading
Government is not sincere about the much-touted clean-up of Ogoni land and beyond. The recent statement by the National Oil Spill Detection and Response Agency (NOSDRA) Director-General, Idris Musa that an Continue Reading
Fuel demand in India, the world’s third-largest oil importer and third-largest oil consumer, is set to rebound to pre-crisis levels by the end of September, Indian Oil Minister Dharmendra Pradhan Continue Reading
Pakistan’s oil marketing companies are likely to import more spot barrels of motor fuels soon as the recovery in domestic demand amid low refinery run rates threatens to draw down Continue Reading
The considerable optimism surrounding oil at the end of 2019, when Brent was trading at $68 a barrel has turned sour. The demand shock triggered by the coronavirus and subsequent Continue Reading
Argentina’s economic activity plunged 26.4% in April, the country’s official statistics agency said on Monday, the worst monthly fall on record as the country reeled from the impact of the Continue Reading
The listed arm of China National Offshore Oil Corporation (CNOOC) said on Monday that it had made a significant discovery of oil and natural gas in the eastern part of Continue Reading
A new flu virus found in Chinese pigs has become more infectious to humans and needs to be watched closely in case it becomes a potential “pandemic virus”, a study Continue Reading
Samsung Heavy Industries Co. and Bloom Energy have announced an agreement to develop cleaner power for ships by jointly designing fuel cell-powered vessels that will reduce carbon emissions and help Continue Reading
China’s manufacturing activity improved in June after anti-virus controls were eased to revive the economy but export demand was weak, a survey released Tuesday showed. A monthly purchasing managers’ index Continue Reading
China’s economic recovery picked up steam in June as exports and services benefited from government support policies and the reopening of some overseas markets, official data showed. The world’s second-largest economy Continue Reading
As the world’s largest net importer of crude oil and other liquids since September 2013, any significant variation in Chinese demand for oil resonates quickly and profoundly in global oil Continue Reading
Japan’s crude imports dropped 25% year on year to 2.28 million b/d in May, the lowest for the month in 53 years as refiners had slashed their crude throughput in Continue Reading
Air pollution kills an estimated 7 million people every year. Tiny soot and dust particles found in city air and biomass-fueled kitchens are the main culprits. Scientists call it PM2.5, meaning particulate matter Continue Reading
The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow Continue Reading
US LNG feedgas demand is rebounding from a 14-month low in late June. While additional cargo cancellations already announced for July and August are likely to keep the pressure on Continue Reading
The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest Continue Reading
The Trump administration has taken dozens of actions during the Covid-19 pandemic to benefit the oil and gas industry, such as opening new lands for leasing, watering down environmental protections, Continue Reading
House Democrats on Tuesday will issue an ambitious plan to combat climate change, a move intended to reassure their base of supporters but that’s sure to inflame opponents on the Continue Reading
Across much of the United States, the flood risk is far greater than government estimates show, new calculations suggest, exposing millions of people to a hidden threat — and one Continue Reading
SunHydrogen , the developer of a technology to produce renewable hydrogen using sunlight and water, has extended its sponsored research agreement with the University of Iowa through 31 August 2020. Continue Reading
LONDON—Energy giant BP PLC has agreed to sell its petrochemicals business to a British chemicals company for $5 billion, marking the largest deal by an oil major since the coronavirus Continue Reading
Despairing of finding enough beds for patients stricken with the coronavirus, a nurse in the Siberian city of Irkutsk has been forced to begin taking people to a village hospital Continue Reading
Royal Dutch Shell ( RDSa.L ) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened Continue Reading
The European Union is set to make public Tuesday a list of countries whose citizens will be allowed to enter 31 European countries, but most Americans are likely to be Continue Reading
Low-cost carrier Norwegian Air Shuttle said Tuesday it has cancelled its 97 outstanding orders for planes from U.S. manufacturer Boeing. Norwegian said in a statement it had terminated the purchase Continue Reading
The energy industry’s earnings are under pressure and some companies are having to borrow to pay dividends. In April, Shell cut its dividend for the first time since World War Continue Reading
There was a sharp fall in consumer spending at the end of March, the ONS said The UK economy shrank more than first thought between January and March, contracting 2.2% Continue Reading
Crude oil futures were trading lower in mid-morning trade in Asia June 29 after a surge in new coronavirus cases across the US clouded the demand outlook. Receive daily email Continue Reading
Oil kept falling after just its second weekly drop since April as coronavirus infections and fatalities surpassed grim milestones in a reminder the outbreak is far from under control in Continue Reading
Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could Continue Reading
Fuel demand in the United States has been gradually increasing in recent weeks, clawing back over half of the consumption lost during the first couple of weeks of lockdowns. Gasoline Continue Reading
An oil trade that made its way into Donald Trump’s press briefings — and earned big profits for commodity merchants and tanker owners alike — is fading away with every Continue Reading
Saudi Arabia’s net foreign assets rose in May, reversing three months of declines. The stockpile climbed by 0.2%, or about 3 billion riyals ($800 million), to reach $445 billion, according to Continue Reading
Libya’s Arabian Gulf Oil Co. will restart production at the eastern field of Messla this week, according to a person familiar with the matter. Agoco, as the company is known, will Continue Reading
From March through May, around 10 million migrant workers fled India’s megacities, afraid to be unemployed, hungry, and far from family during the world’s biggest anti-Covid lockdown. Now, as Asia’s third-largest Continue Reading
Indian stocks dropped on concern that increasing coronavirus infections and the extension of restrictive measures in some states will hinder a recovery in Asia’s third-biggest economy, which has just begun Continue Reading
Iran has exported gasoline to Venezuela under a “commercial deal” and none of the trades was for free, news agency IRNA reported on June 28, citing Iranian Oil Minister Bijan Continue Reading
Japanese automakers’ global sales declined 38% in May, in the third straight month of big falls as most automotive factories and dealerships remained closed due to coronavirus lockdowns. The country’s Continue Reading
