Europe’s truck manufacturers have concluded that by 2040 all new trucks sold need to be fossil free in order to reach carbon-neutrality by 2050. It will be possible to meet Continue Reading
The International Energy Agency modestly cuts its oil demand estimates for 2020 and 2021 despite a recent rally in crude futures, as the looming uncertainty over the efficacy, availability, and Continue Reading
Oil traded near a nine-month high as the IEA cautioned that a market glut will last another year. Futures had earlier fallen on concerns that more pandemic lockdowns could slow a Continue Reading
Oil inched up as the market weighed the risks of toughening restrictions in New York and London ahead of a widely available vaccine. Futures closed at a fresh nine-month high after Continue Reading
Oil prices were little changed in choppy trade on Monday as persistent oversupply in the market largely offset hopes that a rollout of coronavirus vaccines will lift global fuel demand. Continue Reading
Oil demand will rebound more slowly than initially anticipated in 2021 as the aviation sector takes longer to recover from the coronavirus hit, the International Energy Agency said on Tuesday. Global Continue Reading
We forecast that oil demand will fall by 8.8 mb/d y-o-y in 2020, a modest 50 kb/d downward revision from our previous Report. Our 2021 demand forecast was revised down Continue Reading
OPEC’s analysts on Dec. 14 painted a much gloomier view of the oil market in 2021 -– and yet indicated that the bloc and its allies can afford to be Continue Reading
OPEC has lowered its oil demand forecast for 2020 again, according to the latest version of the Monthly Oil Market Report released on Monday. OPEC now expects global oil demand Continue Reading
OPEC cut forecasts for oil demand again as the group and its allies prepare to weigh up whether they can continue gradually restoring halted supplies. The Organization of Petroleum Exporting Continue Reading
The Libyan government recognized by the UN has told Libyans not to panic and queue at gasoline stations in the country because there is enough supply of fuel, Libya Herald Continue Reading
Iraq’s oil production, including output from the semi-autonomous Kurdistan region, fell 4% month on month in November, the State Oil Marketing Organization said Dec.14, falling below its OPEC+ quota as Continue Reading
A ruptured pipeline arterial to Iran’s refining system has been repaired but yet to become operational again, the oil ministry news service reported Dec. 14. The Marun-Isfahan conduit broke Dec. Continue Reading
The street value of Iraq’s currency is dropping, as markets anticipate the likelihood the dinar will soon be revalued in response to a dire economic crisis. Money exchangers in Iraq Continue Reading
Iran has brought a fire caused by an oil pipeline spill under control, local media reported . An oil pipeline ruptured on Sunday because of a landslide in southwestern Iran, Continue Reading
An explosion rocked a Singapore-flagged oil tanker at the Saudi Red Sea port of Jeddah, according to multiple media reports. The United Kingdom Maritime Trade Operations website reported the incident Continue Reading
Iranian President Hassan Rouhani, in a direct appeal to U.S. President-elect Joe Biden, said his country was willing to return to full compliance with its nuclear deal with world powers Continue Reading
Crude loadings of Nigeria’s key crude Qua Iboe have been temporarily halted due to a fire at the terminal, traders and Nigeria-based sources said Dec. 14. Not registered? Receive daily Continue Reading
Nigeria might be under pressure to fund its N13.8 trillion 2021 budget following a significant drop of its oil output by 14.08 percent in the first 10 months of 2020, Continue Reading
The growing oil boom in the offshore Guyana-Suriname Basin continues to gain pace . After making a series of spectacular discoveries in offshore Guyana energy supermajor ExxonMobil announced that with Continue Reading
ExxonMobil said Dec. 14 it has added reductions in greenhouse gas emissions over the next five years to support Paris Agreement climate change goals. The major’s 2025 greenhouse gas (GHG) Continue Reading
Prime Minister Scott Morrison said Tuesday that a Chinese ban on Australian coal imports would breach World Trade Organization rules, as his government urged Beijing to resume dialog to ease Continue Reading
A floating solar power plant in Huainan, in eastern China.Credit…Agence France-Presse — Getty Images China on Saturday promised incremental new steps to address climate change in the next decade, but Continue Reading
US shale volumes and new well productivity per rig are both expected to fall month-over-month in January as the industry enters the winter season and the number of drilled, but Continue Reading
US LNG feedgas demand hit a new record near 11.6 Bcf/d as Asian import prices continued to soar, S&P Global Platts Analytics data show. Receive daily email alerts, subscriber notes Continue Reading
China may open up its borders to seaborne coal and set price ceiling for Chinese coal in an attempt to cool domestic coal prices, according to a meeting note seen Continue Reading
China’s crude oil throughput hit a fresh high of 14.26 million b/d in November, edging up 0.8% from the previous high of 14.14 million b/d in October, with a significant Continue Reading
Exxon Mobil Corp. entered 2020 with a multiyear growth plan projected to significantly increase its greenhouse-gas emissions. Then came Covid-19 and criticism from activist investors over its record on climate Continue Reading
A bevy of Royal Dutch Shell’s top clean energy executives picked up and resigned from the energy giant. They quit shortly before Shell was scheduled to announce its forward clean Continue Reading
The rising popularity of electric vehicles (EVs) is often praised as the road to helping the world to reduce emissions. Yet, the advocates of the electric-car future often ignore some Continue Reading
Texas, once the undisputed and seemingly infallible powerhouse of the United States’ energy sector and the world’s shale markets, is struggling to stay afloat . While the COVID-19 pandemic was Continue Reading
View full article at www.eia.gov
ExxonMobil plans to reduce the greenhouse gas emissions from its global upstream operations by 2025, in support of the Paris Agreement, the U.S. supermajor said on Monday, days after it Continue Reading
Electric vehicles are getting more advanced and more accessible all the time. As charging infrastructure proliferates and vehicle technology improves, they’re becoming more and more suitable replacements for your gas Continue Reading
Phillips 66 will cut its 2021 capital spending budget to $1.76 billion, around 40% below the $2.9 billion spent in 2020, putting the focus on projects in the process including Continue Reading
After years in the shadow of the U.S. shale boom, the Canadian oil sands are emerging from 2020’s historic market crash with a slew of upbeat outlooks from Wall Street Continue Reading
The biggest van and truck manufacturers in Europe have committed to phasing out traditional combustion engines running on diesel by 2040, ten years earlier than initially planned, the Financial Times Continue Reading
Oil climbed past $50 a barrel after another tanker explosion in the Middle East raised concerns over the region’s stability, and as the first Covid-19 vaccine was poised to be Continue Reading
Here is a look back at some of Rigzone’s most-viewed downstream-related articles from the past week. References to partying and corruption – and a new plant in Saudi Arabia – Continue Reading
When the European Union tied its pandemic relief plan to renewable energy generation and emissions reduction targets, analysts sounded an alarm for LNG as the production of the superchilled fuel Continue Reading
As the United States and Europe falter under the weight of ever-increasing coronavirus cases and a general lull in markets, the health of the Asian crude market has arguably pulled Continue Reading
Oman is moving full steam ahead with its oil production, establishing a new company for upstream oil and gas. Energy Development Oman (EDO) will have a stake in the majority Continue Reading
A major crude oil pipeline in southwest Iran has burst, setting fire to surrounding farms and lands, state news agency IRNA reported Dec. 13. The 30-inch Marun-Isfahan pipeline, with six Continue Reading
Kuwait’s emir on Monday approved a new cabinet that included new ministers of oil and finance for the OPEC member state which is mired in its worst economic crisis in Continue Reading
Saudi tankers pictured in a handout photo. An explosion hit a tanker docked in Saudi Arabia on Monday. An oil tanker docked at the Saudi port city of Jeddah was Continue Reading
An LR1 tanker owned by Hafnia suffered an explosion early Dec. 14 while discharging a gasoline cargo at Saudi Arabia’s western port of Jeddah, sources with direct knowledge of the Continue Reading
Iraq’s oil ministry has managed to put out fire at one of two oil wells in the northern Khabbaz oil field that were set ablaze on Dec. 9 by explosive Continue Reading
Iran is planning to produce 4.5 million b/d of crude oil and condensate in its next year that starts March 21 and export 2.3 million b/d of it if current Continue Reading
Oman is moving full steam ahead with its oil production, establishing a new company for upstream oil and gas. Energy Development Oman (EDO) will have a stake in the majority Continue Reading
A U.S.-funded project using satellites to track and publish water levels at Chinese dams on the Mekong river was launched on Monday, adding to the superpowers’ rivalry in Southeast Asia. Continue Reading
