Crude prices higher following OPEC+ meeting
Crude oil future prices ticked higher during the mid-morning trade in Asia Sept. 18, as the markets continued to price in a commitment from the OPEC to ensure that the Continue Reading
Oil Prices for Sep. 18, 2020: Brent Crude, WTI
Oil is poised for its biggest weekly advance since early June with Saudi Arabia ratcheting up the pressure on OPEC+ members to adhere to the group’s production cuts amid signs Continue Reading
Oil Prices Get Boost from Saudi Call for Compliance
Oil posted its largest three-day advance since May after Saudi Arabia forcefully renewed calls for OPEC+ members to adhere to their production quotas. Futures in New York climbed 2% on Continue Reading
Oil Jumps With Saudi Arabia Lambasting OPEC+ Laggards
Oil posted its largest three-day advance since May after Saudi Arabia forcefully renewed calls for OPEC+ members to adhere to their production quotas. Futures in New York climbed 2% on Continue Reading
Natural Gas Craters After Weak Demand, Glut Blindside Bulls
For all the heat waves and hurricanes that have wreaked havoc in America this year, nothing has stopped the nation’s natural gas supplies from swelling, with a massive stockpile gain Continue Reading
Oversupply Adds To Grim Oil Demand Outlook
OPEC and the International Energy Agency delivered bad news for the oil market this week. Both authorities revised their oil demand forecasts for this year, and both revised them downwards. Continue Reading
The $60 Trillion Price Tag For A World With Net-Zero Emissions
The world can achieve net-zero greenhouse gas emissions by the middle of this century for an annual investment of US$1 trillion-US$2 trillion, or up to US$60 trillion over the next Continue Reading
Growing number of airlines offer ‘flights to nowhere’ as international travel remains stalled – The Washington Post
With international travel in much of the world still disrupted by the coronavirus pandemic, some airlines are resorting to “flights to nowhere” that target passengers who long for air travel — Continue Reading
New rival to power plants: chains of electric vehicles selling into the grid
Rooftop solar generators, electric vehicle batteries and other small energy resources will be allowed to supply wholesale power markets in the US, in a challenge to top-down delivery systems controlled Continue Reading
Saudi Prince Calls for End to OPEC+ Cheating
The Saudi energy minister gave a forceful condemnation of cartel members that try to get away with pumping too much crude. (Bloomberg) — Saudi Arabia showed its determination to stop Continue Reading
Exclusive: Trump plans executive order to punish arms trade with Iran
U.S. President Donald Trump plans to issue an executive order allowing him to impose U.S. sanctions on anyone who violates a conventional arms embargo against Iran, three sources familiar with Continue Reading
Iraq Ships More Crude Oil Despite OPEC Output Cut Pledge
Iraq has shipped more crude oil abroad so far this month, tanker-tracking data compiled by Bloomberg showed, even though OPEC’s second-largest producer has promised time and again in recent months Continue Reading
Saudi Oil Exports Rose In July From Record Lows
Saudi Arabia, the world’s largest oil exporter, saw its crude oil exports rise to 5.734 million barrels per day (bpd) in July, up from a historic low of below 5 Continue Reading
Saudi energy minister presses OPEC+ members on fulfilling pledged oil cuts
Highlights Monitoring committee meets to review output cut compliance 2.375 mil b/d compensation cuts due for May-Aug excess Prince Abdulaziz calls for all compensation delivered by year-end London — Saudi Continue Reading
Shell files offshore drilling plans for Alaska’s North Slope
Shell Offshore Inc. has submitted plans to plans to drill for oil in the waters along the National Petroleum Reserve-Alaska in the coming years. The Dutch oil industry giant applied Continue Reading
U.S. Unemployment Claims Held Steady at 860,000 Last Week
The U.S. unemployment rate shot up faster than in any other developed country during the pandemic. WSJ explains how differences in government aid and labor-market structures can help predict how Continue Reading
California’s fires are putting a huge amount of carbon dioxide into the air – The Washington Post
California’s unprecedented wildfires, driven by man-made climate change, are pumping the atmosphere with tens of millions of tons of carbon dioxide that will only drive global temperatures higher. Two scientists Continue Reading
Lower Oil Production Hits Pipeline Operators Hard
Just two years ago, U.S. pipeline operators were rushing to build pipelines in Texas to move surging Permian oil and gas production to the refining and export centers on the Continue Reading
A Wave Of Consolidations Hit Canada’s Oil Patch
A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the Continue Reading
U.S Keeps Top Crude Oil Producer Status
Despite oil production curtailments earlier this year that are not fully back online, the United States maintained its global status as the leading supplier of crude oil in July, ahead Continue Reading
GM Considers Expanding Into Electric-Flying Air-Taxis
Like an elderly man wobbling into a party and trying to fit in with young kids by using “hip new lingo”, General Motors – days after seeing its partnership with Continue Reading
US oil and gas rig count up 6 at 293; Permian slightly slides: Enverus
The US oil and gas rig count climbed six in the week ended Sept. 16 to an eight-week high 293, rig data provider Enverus said Sept. 17, but drilling activity Continue Reading
More than 30% of US Gulf offshore oil still offline after Hurricane Sally
More than 30% of US Gulf of Mexico offshore oil and 25% of natural gas output remained offline Sept. 17 after Hurricane Sally made landfall the day prior, according to Continue Reading
Weekly US coal production falls to seven-week low, all basins dip: EIA
Weekly US coal production fell to a seven-week low 10.34 million st in the week ended Sept. 12, down 3.3% from a week earlier and 26.4% lower than the year-ago Continue Reading
Abandoned Gas Wells Are Left to Spew Methane for Eternity
California’s unprecedented wildfires, driven by man-made climate change, are pumping the atmosphere with tens of millions of tons of carbon dioxide that will only drive global temperatures higher. Two scientists Continue Reading
Is This The Final Nail In Coal’s Coffin?
Coal headlines this summer have been uniformly doom-and-gloom, with stories like “ Renewables surpass coal in US energy generation for first time in 130 years ” from the Guardian, “ Continue Reading
More than 485,000 without power after Sally, Laura hit the Gulf Coast
Four weeks after Hurricane Laura and one day after Hurricane Sally made landfall, almost 485,000 power customers lack service in Alabama, Florida, Georgia and Louisiana, which has weakened power demand Continue Reading
BP Sees Peak Oil, Even Without Major New Laws on Climate Change
One of the biggest international oil companies has concluded that oil consumption will peak this decade. That’s the main takeaway from BP Plc’s annual energy outlook published this week outlining a handful of scenarios Continue Reading
Coronavirus: WHO says weekly cases in Europe eclipse March peak
The Czech Republic announced a record number of daily cases New weekly coronavirus cases in Europe have exceeded the numbers reported when the pandemic first peaked in March, the World Continue Reading
Why forest fires in Siberia, Russia threaten us all
Wildfires in Siberia have been releasing record amounts of greenhouse gases, scientists say, contributing to global warming. The fires, fuelled by abnormally high temperatures, have been burning as far north Continue Reading
EC urges EU to spend billions on renewables, clean transport
The European Commission is urging EU national governments to prioritize using EU economic recovery fund money to promote renewables, energy efficiency and clean transport, it said Sept. 17. Not registered? Continue Reading
Second UK lockdown? COVID hospital admissions double every eight days
Britain’s health minister said on Friday that the novel coronavirus was accelerating across the country, with hospital admissions doubling every eight days, but refused to say if another national lockdown Continue Reading
Britain’s Health Secretary says virus is accelerating, warns of possible new nationwide lockdown
Health Secretary Matt Hancock said Friday that the coronavirus was once again “accelerating” in Britain and did not rule out the possibility of another nationwide lockdown if cases continue to Continue Reading
Crude oil futures fall ahead of OPEC+ meeting
Crude oil futures fell during mid-morning trade in Asia Sept. 17 despite the draw on US crude inventories, as the market awaited news from the impending OPEC+ meeting. Not registered? Continue Reading
Oil Drops Below $40 With Strong Dollar After Surge on Stockpiles
Oil dropped below $40 a barrel with a stronger dollar after the biggest surge since June following a surprise decline in U.S. crude stockpiles. Futures in New York slid 1.7% Continue Reading
Light Crude Surges Nearly 5%
Oil jumped the most since early June as shrinking crude stockpiles and dovish signals from the Federal Reserve buttressed hopes for an economic recovery. Futures in New York surged 4.9% Continue Reading
OIL FUTURES: NYMEX WTI surges 5% following US crude draw
Crude prices settled sharply higher Sept. 16 after US Energy Information Administration data showed US crude inventory draws resumed during the week ended Sept. 11. Not registered? Receive daily email Continue Reading
Demand Accelerates for Floating Fuels Storage
Big oil traders are rushing to book tankers with a view to storing a glut of refined petroleum like diesel and jet fuel on the world’s oceans. The interest in Continue Reading
World’s No.1 Oil Trader Sees Crude Inventories Shrinking This Year
Vitol Group, the world’s largest independent oil trader, expects global oil inventories to continue drawing down for the rest of the year, unlike its rivals and many analysts who see Continue Reading
Oil Tanker Industry Is In An Ocean Of Trouble
There has been more than enough written about the woes of various segments of the oil industry and related industries so far this year. But there is one industry that Continue Reading
OPEC+ Complied 101% With Oil Production Cuts In August
The OPEC+ coalition saw its overall compliance rate with the production cuts at around 101 percent in August, three sources in the group told Reuters on Wednesday, when OPEC+ panels Continue Reading
Officials say east Libya government resigns amid protests
Protesters angry over the area’s crippling electricity shortages, set fire to tires on Thursday, Sept. 10, 2020 in Benghazi, Libya. Libya’s east-based parliament has convened an emergency meeting to address Continue Reading
Iraq Falters in Push to Meet OPEC+ Quota as Crude Exports Rise
Iraq is exporting more crude so far in September than it shipped last month, a sign that the country is falling further behind in efforts to comply with its OPEC+ Continue Reading
U.S. Threatens Sanctions for Arms Sales to Iran
The Trump administration threatened Wednesday to impose an array of fresh sanctions to deter China and Russia from selling weapons to Iran after an arms embargo on Washington’s Middle East Continue Reading
Cash-Strapped Iraq To Finally Roll Out Refinery Megaproject
Iraq’s Ministry of Oil and Ministry of Industry and Minerals held a series of meetings over the past week to kick-start the multi-billion dollar Nebras petrochemical plant development project, originally Continue Reading
The World’s Last Great Oilfield: An Interview With Nick Steinsberger
Two and a half decades ago, Nick Steinsberger invented what is now the modern-day frack in the Barnett shale. Now, the petroleum engineer extraordinaire is tasked with proving up untold Continue Reading
BP Bombshell: India’s Oil Demand May Peak In 2025
The world’s third-largest oil importer, India, will be the biggest source of energy demand growth through 2050 in any scenario about government policies about the energy transition. However, India may Continue Reading
US watches Iranian fuel cargoes to Venezuela, keeps up pressure on other shippers
US sanctions have deterred all but Iranian tankers from delivering gasoline to fuel-starved Venezuela, and the Trump administration will keep up pressure on the global shipping industry to avoid the Continue Reading
Venezuela Prepares To Boost Oil Production With Iranian Help
Venezuela is preparing to ramp up its crude oil production using diluents imported from Iran, Reuters reports , citing unnamed sources and company documents. State-owned oil company PDVSA produced just Continue Reading
China Not Looking To Ban Gasoline Powered Cars Any Time Soon
The world’s largest automotive market, China, is dropping considerations to have a firm deadline for banning the sales of new gasoline and diesel vehicles, according to policymakers advising the government Continue Reading