Oil Prices Decline with Broader Market
Oil edged lower on Friday alongside a broader market decline as the recovery in consumption remains uncertain. The dip capped a third straight week with New York futures stuck near Continue Reading
Crude oil prices edge up as Russian crude exports could drop
Crude oil futures edged up during afternoon European trade on Jan. 29 after key Russian producers agreed to direct more of their oil into domestic refineries, which could tighten crude Continue Reading
Covid-19: how close is the light at the end of the tunnel?
Will it ever end? In November, we were celebrating the announcement that the BioNTech/Pfizer vaccine seemed to be highly effective against Covid-19, followed with bewildering speed by similar claims for Continue Reading
EIA: Global Oil Consumption Crashed By 9% In 2020
Due to the coronavirus restrictions and lockdowns, global consumption of petroleum and other liquid fuels crashed by 9 percent to 92.2 million barrels per day (bpd) in 2020, the U.S. Continue Reading
OPEC’s Oil Production Rises In January As Cartel Eases Output Cuts
OPEC’s crude oil production has increased by 160,000 barrels per day (bpd) in January as the OPEC+ alliance is easing the output cuts in the first month of 2021, the Continue Reading
In pursuit of reforms, Kurdistan drafts regional budget
Negotiating teams representing Iraq’s federal government and the semi-autonomous Kurdistan Regional Government meet in Baghdad to negotiate over energy and financial issues on April 19, 2020. Iraq’s semi-autonomous Kurdistan Regional Continue Reading
Shell Ordered to Pay Compensation Over Nigerian Oil Spills
Royal Dutch Shell RDS.A -3.53% PLC’s Nigerian subsidiary has been ordered by a Dutch court to pay compensation for oil spills in two villages, a ruling that some lawyers say could encourage further Continue Reading
Dutch Court Holds Shell Liable For Oil Spill In Nigeria
The Hague Court of Appeal ordered Shell on Friday to compensate Nigerian farmers for two oil spills in the country 13 years ago, in the first lawsuit in which a Continue Reading
A year after COVID-19’s arrival, India’s active cases fall
India reported its lowest active number of novel coronavirus cases in seven months on Saturday, a year after the virus was first confirmed in the country. A year ago, a Continue Reading
Indian economy shrinks 7.7% in fiscal 2020-21 amid pandemic
NEW DELHI (AP) — India’s economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. The government survey estimates the Continue Reading
Tesla To Boost Capacity At Shanghai Gigafactory
Tesla will increase the capacity of its gigafactory in Shanghai to 450,000 cars this year from the current 250,000 as the vehicles produced there enjoy growing popularity, the company said Continue Reading
Chevron disappoints Wall St with third straight quarterly loss
US oil company Chevron slumped to its third straight quarterly loss, disappointing Wall Street and underlining the damage inflicted on even the industry’s biggest groups by the price crash. The second-biggest Continue Reading
Johnson & Johnson’s Vaccine Offers Strong Protection but Fuels Concern About Variants
Johnson & Johnson, the only major drug maker developing a single-dose vaccine for Covid, announced on Friday that its shot provided strong protection against Covid-19, potentially offering another powerful tool in Continue Reading
Oil Prices Under Fire As Rig Count Continues To Rise
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 6 to 384. The oil and gas rig count has risen Continue Reading
The Enemy Of My Enemy: Big Oil Befriends Big Corn
It’s the oddest of odd couples, yet understandable. According to a Reuters exclusive , the U.S. oil industry is teaming up with the U.S. corn industry to defeat a common Continue Reading
Occidental Delivers World First Carbon-Neutral Oil
A unit of U.S. Occidental said this week it had delivered the world’s first shipment of carbon-neutral oil, or oil where emissions associated with the entire crude lifecycle—well head through Continue Reading
Biden Oil, Gas Drilling Ban Doesn’t Apply To Tribal Lands
A temporary ban on oil and gas drilling across federal lands and waters will exclude tribal lands, the White House said in a fact sheet released yesterday, after some Native Continue Reading
Extension of US leasing moratorium places nearly 4 Bcf/d of gas growth at risk
If the recent moratorium on the issuance of federal drilling leases holds, most US production losses would occur in New Mexico, where up to 3 Bcf/d of new natural gas Continue Reading
Chevron’s Gulf of Mexico operation may be most at risk from Biden oil and gas policy proposals
More restrictive oil and gas leasing, permitting and drilling on US federal lands and waters proposed by the Biden administration cast a wide net, but lack critical details and the Continue Reading
‘Simple is beautiful’: One-shot vaccine proves effective
The first one-shot COVID-19 vaccine provides good protection against the illness, Johnson & Johnson reported in a key study released Friday, offering the world a potentially important new tool as Continue Reading
Chevron Posts Quarterly Loss to Cap Worst Year Since 2016
Chevron Corp. CVX -4.29% posted its third consecutive quarterly loss Friday to close its worst year since 2016, as the global pandemic continues to weigh on the oil-and-gas industry and cloud hopes for renewed economic Continue Reading
G.M. Announcement Shakes Up U.S. Automakers’ Transition to Electric Cars
A new president took office this month determined to fight climate change. Wall Street investors think Tesla is worth more than General Motors, Toyota, Volkswagen and Ford put together. And Continue Reading
Biden Just Linked Climate and Security. Next Comes Military Money
With warming temperature playing a role in everything from mass migrations (see Central America and the U.S. southern border) to civil war (see Syria), climate change has been a factor Continue Reading
Biden’s Green Push Gives Detroit the Cover to Go Electric
General Motors Co. Chief Executive Officer Mary Barra just stomped on the electric-vehicle accelerator pedal. Call it the Biden effect. Six months ago the automaker backed the Trump administration in a Continue Reading
Biden Ends Keystone XL Pipeline Amid Changing Climate
In purely chronological terms, the opposite of a “Scaramucci” could arguably be called a “Keystone.” The Keystone XL pipeline expansion was first proposed almost 13 years ago. On Wednesday, newly installed President Joe Biden killed Continue Reading
With Natural Gas in Peril, Pipeline Owners Look to Hydrogen
Three million miles of natural gas pipelines criss-cross the U.S., and the fight against climate change could render them all obsolete. The last two weeks alone illustrate the stakes. President Joe Continue Reading
United Airlines warns 14,000 jobs at risk when payroll aid expires
United Airlines said on Friday it has sent warnings of potential furloughs to some 14,000 employees whose jobs are at risk once a second round of payroll support for airlines Continue Reading
Crude oil futures rangebound amid supportive policies, weak demand
Crude oil futures were rangebound during mid-morning trade in Asia Jan. 29 as the OPEC+ production cuts paring back the global supply glut cushioned the impact of depressed demand due Continue Reading
Oil Prices Decline Under Virus Variant Cloud
Oil declined the most in nearly a week with the spread of new Covid-19 variants and tighter lockdown measures weighing on nascent hopes of a demand recovery. Futures in New Continue Reading
Global Natural Gas Demand Set To Rebound After Pandemic Shock
Natural gas demand in the world saw its largest drop on record last year as COVID-19 reduced economic activity and upended all previous forecasts for continuous growth in global gas Continue Reading
OPEC Withheld 1.3 Billion Barrels Of Oil To Prop Up Prices
The Organization of Petroleum Exporting Countries withheld some 1.3 billion barrels of oil supply last year to keep prices from falling even further, the secretary-general of the cartel said. “I Continue Reading
Iraqi Oil Minister takes hardline stance as Turkey arbitration decision looms
Iraqi Oil Minister Ihsan Ismaael has set an April deadline to resolve a long-running legal action against Turkey for enabling Kurdistan’s independent oil exports — either through a negotiated deal Continue Reading
Lebanon’s caretaker prime minister condemns Tripoli violence
Lebanon’s caretaker prime minister on Friday condemned overnight violence in the city of Tripoli, where protesters angry over a strict lockdown clashed with security forces and set the municipality building Continue Reading
Why Saudi Arabia Wants To Sell More Of Its Oil Giant
Saudi Aramco, the world’s largest oil company, is about to make headlines again. In a surprise statement by Saudi Crown Prince Mohammed bin Salman during an interview at the Future Continue Reading
Argentina Struggles To Save Its Oil Boom
Argentina’s national state oil company YPF just cannot function in a stable and foreseeable manner, an apprehension that was rekindled by Guillermo Nielsen stepping down from his post of company Continue Reading
Chevron and Reliance Hold Venezuela Talks with State Department
Chevron and Reliance Industries are meeting with US State Department officials to request a rollback of some Trump-era restrictions against Venezuela’s oil industry. (Bloomberg) — Chevron Corp. and Reliance Industries Continue Reading
Asian LNG demand spike not indicator of ‘major’ global demand rebound in 2021: IEA
The spike in Asian LNG demand in January on the back of freezing regional temperatures is not an indicator a “major” global demand rebound for the remainder of 2021, a Continue Reading
Republicans prepare to fight Biden’s climate actions they call ‘divisive and illegal’
We are only one week into Joe Biden’s presidency, and Republican lawmakers are raring for a fight as his administration begins an ambitious effort to address global warming. A flurry Continue Reading
Biden’s Freeze on Drilling Leases Disrupts New Mexico
Lance Wilbanks was looking forward to a rebirth for his trucking company, which saw its business hauling drilling rigs across southeastern New Mexico drop from around two dozen a month Continue Reading
Republican bill seeks to block Biden’s federal lands oil leasing halt
Republican senators from oil-producing states introduced legislation on Thursday that would block the Biden administration’s order pausing new oil and gas leasing on federal lands. The bill, introduced by Senator Continue Reading
Pace of Biden Fossil Fuel Attack Pleases Climate Activists
Oil and gas companies knew they would face a fight with President Joe Biden, who had campaigned on tackling climate change. Nobody expected fossil fuel to come under such an Continue Reading
Texas Oil Export Hub Sees China Demand Uptick
America’s main oil-export hub sees demand picking up from China this year. (Bloomberg) — America’s main oil-export hub sees demand picking up from China this year even as a resurgence Continue Reading
Kerry, AOC and Bernie Find a New Path in Climate Change Fight
As President Joe Biden’s Special Presidential Envoy for Climate, John Kerry will play perhaps the most critical role internationally in managing a planetary crisis. To succeed, he’ll need to repair Continue Reading
Decaying Urban Gas Lines Leaking Methane Fuel Global Warming
About two hours into our drive around Utrecht, a city of 358,000 near the center of the Netherlands, the display providing a real-time readout of ambient methane levels begins to Continue Reading
US economy shrank 3.5% in 2020 after growing 4% last quarter
Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the Continue Reading
US jobless claims drop; still at 847,000 as pandemic rages
The number of Americans applying for unemployment benefits fell but remained at a historically high 847,000 last week, a sign that layoffs keep coming as the coronavirus pandemic continues to Continue Reading
U.S. Pauses Rule That Says Banks Can’t Reject Loans To Oil & Gas
The Office of the Comptroller of the Currency (OCC) is pausing the publication of a rule that would make large American banks unable to deny lending money to oil and Continue Reading
US natural gas in storage falls less than expected but massive draw looms
US working natural gas stocks dipped less than the market expected last week, leading to a dip in the Henry Hub prompt month, but a cold spell seizing most of Continue Reading
Biden order indefinitely postpones March lease sales in Gulf of Mexico, Western states
President Joe Biden’s new moratorium on oil and gas lease sales will indefinitely postpone all lease sales previously scheduled under the Trump administration for both onshore acreage and for parcels Continue Reading
Airlines Could Reduce CO2 Emissions With Better Use of Wind
Airlines could “substantially” reduce their fuel consumption if planes become more efficient at riding the wind, according to new research. Commercial flights between New York and London during the 2019-2020 winter Continue Reading