Libya’s Oil Production Set To Halve In Next Few Years
Libya’s oil production that has dropped sharply in recent months is set to nearly halve in the coming years thanks to an oil blockade that has been in force since Continue Reading
Libya’s NOC warns of irreparable damage to oil sector from blockade
Libya’s state-owned National Oil Corp. warned July 7 the country’s crude oil output could halve in the coming years unless the ongoing blockade on its eastern terminals is lifted soon. Continue Reading
Latest deadly Mozambique attack raises stakes further for LNG projects
Highlights Militants kill eight contract workers close to LNG developments Home to more than 30 million mt/year of planned LNG capacity Developers could look to private military contractors: analyst London Continue Reading
Libya’s NOC ready to lift force majeure from Es Sider to allow tanker loading
Highlights Delta Ocean tanker en route to load crude from storage NOC demands removal of mercenaries, armed groups from terminal Deal to restart output still to be agreed London — Continue Reading
FUJAIRAH DATA: Stockpiles slump to two-month low, light distillates down 9%
Stockpiles of light, middle and heavy distillates at the oil trading and bunkering hub of Fujairah declined to a two-month low July 6, extending declines from the record set in Continue Reading
Libya Warns Impact of Oil Blockade Could Reverberate for Years
Repeated shutdowns of Libya’s oil facilities amid a civil war could leave the country producing at just half its total capacity in the coming years, the National Oil Corp. said. The OPEC Continue Reading
Tensions rise on the Nile over Africa’s largest dam
Egypt, Ethiopia, and Sudan are engaged in last-ditch talks to resolve a dispute over Addis Ababa’s construction of a giant dam on the river Nile that Cairo fears could lead Continue Reading
Venezuela’s Oil Riches Are Quietly Falling Under Russian Control
For decades during the Cold War, Latin America was a focal point of conflict between the two superpowers, the U.S. and Soviet Union. While the U.S. emerged victorious after the Continue Reading
Debt-Stricken Mexican Oil Major Asks For Payment Deferrals
Mexico’s state oil firm Pemex is asking some of its contractors if they would agree to be paid for their services next year, people familiar with the payment situation at Continue Reading
World’s Biggest Oil Importer Is Running Out Of Storage
When the bottom fell out of international crude oil markets earlier this year, global oil storage was at a premium. In the United States, finding sufficient crude oil storage became Continue Reading
China to impose visa restrictions on U.S. citizens over Tibet
China said on Wednesday it will impose visa restrictions on U.S. citizens who have engaged in what it called egregious behavior over Tibet, in apparent retaliation against U.S restrictions on Continue Reading
China Car Sales Fall in June, Showing Rebound Is on Shaky Ground
Car sales in China retreated in June following a rare increase the previous month, signaling the world’s biggest auto market is facing a bumpy recovery from a two-year slump worsened Continue Reading
US voters more pessimistic on chances of economic rebound
Americans have become more pessimistic about the prospects for a quick pandemic recovery, especially in the states of the US South and west where coronavirus cases have spiked, according to a Continue Reading
Pipeline Setbacks in U.S. Rattle Oil-Sands Producers in Canada
This week’s escalation of American pipeline setbacks is heightening concerns among Canadian oil producers who export almost all of their crude to the U.S. Alex Pourbaix, the chief executive officer of Cenovus Continue Reading
Short-Term Energy Outlook
The July Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease (COVID-19) continue to evolve. Reduced economic activity related to Continue Reading
Huge Debt Payments Come At Worst Time Possible For Canadian Drillers
The collapse in oil prices has significantly deteriorated Canada’s oil companies’ finances and has made repaying their debt more challenging. Over the past decade, Canadian firms have borrowed money to Continue Reading
US 2020 coal production expected to fall 28.9% on year to 57-year low: EIA
The US is estimated to produce 501.3 million st of coal in 2020, the US Energy Information Administration said July 7, lowering its estimate from a month ago by 28.7 Continue Reading
Pending Dakota Access oil pipe shutdown could mean extended well shut-ins
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
US EIA trims gas production forecasts once again on lower prices, curtailments
The US Energy Information Administration July 7 again lowered its estimates for natural gas marketed production for the rest of 2020, pointing to low gas and oil prices and production Continue Reading
Federal judge denies emergency stay to prevent Dakota Access Pipeline shutdown
A federal judge on July 7 denied Energy Transfer’s emergency request for a stay to avoid the ordered shutdown of the controversial Dakota Access Pipeline in August. Receive daily email Continue Reading
US EIA boosts crude price outlook for H2 2020 by $4/b on rising demand, OPEC+ cuts
The US Energy Information Administration boosted its outlook for crude futures by about $4/b in the second half of 2020 and by $2/b for 2021 on OPEC+ supply cuts and Continue Reading
Atlantic Hurricane Forecast Gets Update
Colorado State University has raised its annual forecast to call for 20 named storms, up from its outlook issued in June calling for 19. (Bloomberg) — After a frenzied start, Continue Reading
Oil-Sands Explorers Restore Some 20% of Shut-in Crude Production
At least 20% of shut-in Canadian production is being restored, just months after the price crash forced producers in Alberta’s oil sands to slash up to 1 million barrels a day Continue Reading
Trump’s Grid Order Baffles Utilities Over What They Can Buy
U.S. utilities are scrutinizing their suppliers of transformers and other power-grid equipment for ties to China as they await details on President Donald Trump’s order to crack down on imports Continue Reading
Home-Solar Companies Merge as Coronavirus Dims Growth
The two largest U.S. rooftop solar companies are merging as the coronavirus pandemic casts a cloud over the market to install panels on homes. Sunrun Inc. RUN 22.63% is acquiring Vivint Solar Inc. VSLR 38.19% in an all-stock deal, the companies Continue Reading
US offshore wind power spending has oil in its sights
US investment in offshore wind power is predicted to rise from nothing 10 years ago to a level that nearly matches spending on offshore oil drilling, as an energy source Continue Reading
Why The Bakken May Not Come Back
The Bakken shale is already declining because of financial struggles and the oil market downturn, but the potential shuttering of the Dakota Access pipeline could close off the possibility of Continue Reading
US gasoline demand recovery slows as top-consuming states face coronavirus outbreaks
While US gasoline demand continues to recover from April lockdowns, driving fell last week in three states hit hard by rising coronavirus cases, highlighting the ongoing risks to oil demand Continue Reading
NYMEX prompt natural gas hits two-month high as force majeure cuts Appalachian production
NYMEX prompt contract settles at $1.88/MMBtu Columbia Gas’ MXP line cuts flows near Leach, Kentucky Appalachian gas production falls 2.2 Bcf on the day NYMEX Henry Hub prompt-month prices surged Continue Reading
Pending Dakota Access oil pipe shutdown could mean extended well shut-ins
A recent US appeals court judge’s order to shut the 570,000 b/d Dakota Access oil pipeline for a year starting next month could result in extended curtailments of shut-in wells Continue Reading
NREL researchers use adversarial training to super-resolve climate data; up to 50X higher resolution data
Researchers at the US Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) have developed a novel machine learning approach quickly to enhance the resolution of wind velocity data by Continue Reading
ET Confident Dakota Access Pipeline Will Not Shut
Energy Transfer is confident that once the law and full record are fully considered the Dakota Access Pipeline will not be shut down. Energy Transfer has stated that it is Continue Reading
Hydrogen at Heart of EU’s Plan to Fuel Industry
Europe is pinning its green hopes on hydrogen in a plan that sees hundreds of billions euros in investment flowing into the clean technology and fueling a climate-friendly economic recovery. The Continue Reading
COVID-19 Set To Hasten UK Ban On Sales Of Gasoline And Diesel Cars
The pandemic is hitting hard economies worldwide, but it is also an opportunity to jumpstart an economic recovery to achieve the net-zero emission ambition of the United Kingdom, according to Continue Reading
European Oil Giant Slashes Oil Price Forecast To $48 Per Barrel In 2021
Italy’s Eni lowered its long-term oil price assumptions on Tuesday, saying that the coronavirus pandemic would have “an enduring impact” on the global economy and energy industry. Weeks after BP Continue Reading
Groningen monthly gas output drops below 500 mil cu m for first time
Output at Europe’s largest onshore L-cal gas field, Groningen in the Netherlands, registered a new record low in June, falling below 500 million cu m for the first time, NAM Continue Reading
Russia’s Nornickel asked to pay $2.1 billion for May diesel spill in Arctic
Russia’s environmental regulator has asked Nornickel to pay Rb148 billion ($2.1 billion) compensation for the damage caused by the May 29 diesel spill at an Arctic power plant. Receive daily Continue Reading
Russia, Germany mull hydrogen partnership to fight climate change
Russian and German businesses have proposed an expansion of energy ties and the construction of a hydrogen production plant, the German-Russian Chamber of Commerce said July 7. Receive daily email Continue Reading
Some 83% of German firms with foreign exposure complain of collapsing revenues
Around four-fifths of German firms with foreign exposure have experienced a collapse in revenues as a result of the coronavirus crisis, and 93% expect global economic conditions to improve only Continue Reading
Total to Build $17 Million Battery to Help Balance French Grid
Total SA will invest about 15 million euros ($17 million) to build France’s biggest battery, helping the country guard against blackouts when power demand peaks. The oil and gas company, Continue Reading
Sweden Has Become the World’s Cautionary Tale
Ever since the coronavirus emerged in Europe, Sweden has captured international attention by conducting an unorthodox, open-air experiment. It has allowed the world to examine what happens in a pandemic Continue Reading
Crude oil futures slip as COVID-19 cases rise
Crude oil futures were trading lower mid-morning July 7 in Asia as the rising number of new infections in the US continued to dampen market sentiment, overturning overnight gains. However, Continue Reading
Oil Prices for July 7, 2020: Brent Crude, WTI
Oil dropped to trade near $40 a barrel before U.S. government data that’s forecast to show gasoline stockpiles increased, while rising virus infections raised concern stricter controls will be extended. Continue Reading
OIL FUTURES: Crude rises as economic optimism trumps US concerns
Crude oil prices made ground during the European morning trading session on July 6, taking their cue from rising Asian indexes rather than from bad news about coronavirus in the Continue Reading
Oil Demand To Rebound Despite Spike In COVID-19 Cases
US Oil inventories declined by 7.20 million barrels w/w OPEC+ compliance is said to have exceeded 100% in June Angola is said to be unable to compensate for its missed Continue Reading
Oil markets are gaining a sense of stability.
Oil markets are gaining a sense of stability. A recovery is underway as drivers return to roads–and even if the upturn in fuel demand slows, some traders are confident that Continue Reading
Unemployment Expected to Reach Highest Level Since Great Depression
Congress is eager to pass the next phase of coronavirus stimulus legislation, but the bipartisan spirit that was present months ago may be frayed. Unemployment rates in the world’s advanced Continue Reading
The High Tech Treasure Map That Could Uncover Countless Commodities
Researchers from the United States and Australia have discovered previously unrecognized structural lines 100 miles or more down in the Earth that appear to signal the locations of giant deposits Continue Reading
Global oil demand unlikely to have peaked due to pandemic: IEA’s Birol
Global oil demand will likely to recover to above pre-pandemic levels in the future despite some predictions that the crisis may have already triggered a structural decline in world oil Continue Reading
Governments Eye a Green Economic Recovery. Some Industries Aren’t Convinced.
Governments around the world are spending like never before to kick-start their economies in the wake of Covid-19 lockdowns, in many cases tying green initiatives to rescue packages, even as Continue Reading