2020 Ties for Hottest Year in the Hottest Decade Ever
The decade ending in 2020 was the hottest in recorded history, with temperatures higher than any other period in at least two millennia and possibly much longer. The main culprit Continue Reading
Where 2020’s Record Heat Was Felt the Most
2020 was effectively tied with 2016 for the hottest year on record, as global warming linked to greenhouse gas emissions showed no signs of letting up. Siberia and the Arctic Continue Reading
OPEC keeps oil demand forecast little changed as it takes aim at shrinking stocks
Global oil stockpiles fell to a seven-month low in November but OPEC, which kept its 2021 demand outlook little changed from last month’s forecast, has signaled it is still trying Continue Reading
Iran Expands Its Sphere Of Influence With Iraqi Energy Deals
Iraq announced two deals with countries that Iran hopes can be gradually moved further into its sphere of influence. One of the two, Lebanon, is already seen by Tehran as Continue Reading
Iraq production dips in December, capping an OPEC-constrained year
After a record-setting 2019, annual oil output fell by about 760,000 bpd as Iraq made extraordinary cuts to help support global prices. The Iraqi Drilling Company completes drilling at the Continue Reading
Iran Seeks Leverage in Nuclear Standoff With U.S.
Since President Trump withdrew the U.S. from a multilateral agreement aimed at curbing Iran’s atomic ambitions, Tehran has moved steadily to step up uranium enrichment and, most recently, said it was Continue Reading
Nigerian Oil Major Focuses On Condensates To Offset OPEC Cuts
The Nigerian National Petroleum Corporation has decided to focus its attention on condensates production to compensate for lost revenue from oil exports due to the country’s commitment to the OPEC+ Continue Reading
Is This The Hottest Oil Play Of The Year?
This is a well you don’t want to miss. In Namibia, an African venue that is being set up as the scene of the world’s next—and possibly last—major onshore oil Continue Reading
The Hottest Oil Basin In The World
What is fast becoming the world’s hottest offshore oil play, the Guyana-Suriname Basin, has entered the headlines once again. Hot on the heels of ExxonMobil and its partner Malaysian state-controlled Continue Reading
Total, Apache Make Yet Another Oil Discovery Offshore Suriname
Total and Apache Corporation have made their fourth oil and gas discovery offshore Suriname in the Guyana-Suriname basin, the French supermajor said on Thursday. The discovery adds to numerous other Continue Reading
U.S. Puts Chinese Oil Giant CNOOC On Blacklist
The U.S. Department of Commerce said on Thursday it had blacklisted China’s state-run oil company CNOOC for helping China intimidate neighbors in the South China Sea, threatening U.S. national security, Continue Reading
China’s economic comeback to add sparkle to oil demand
Singapore — China’s anticipated robust economic growth in 2021 will help to propel domestic oil demand into top gear, with analysts S&P Global Platts spoke to expecting a consumption growth Continue Reading
Trump’s China tech war backfires on automakers as chips run short
Automakers around the world are shutting assembly lines because of a global shortage of semiconductors that in some cases has been exacerbated by the Trump administration’s actions against key Chinese Continue Reading
Bitter Cold Brings Chaos as Global Energy Systems Show Strain
Freezing weather that’s sweeping the northern hemisphere is causing chaos in energy markets and damaging infrastructure with households from Japan to Pakistan and France being asked to curb their electricity Continue Reading
WHO experts arrive in Wuhan to investigate coronavirus origins
Team of 10 specialists from around the world will conduct joint research with Chinese scientists Health security expert questions to what extent authorities will seek to interfere with investigation Wuhan Continue Reading
New US jobless claims accelerate to highest since August
The pace of new US jobless claims accelerated last week to the highest level since August, as the labor market continued to struggle amid a relentless surge in coronavirus cases Continue Reading
US unemployment claims jump to 965,000 as virus takes toll
The number of people seeking unemployment aid soared last week to 965,000, the most since late August and a sign that the resurgent virus has likely escalated layoffs. The latest Continue Reading
US oil, gas rig count jumps 18 to 424; Permian sees biggest rig add since pandemic
The total US oil and gas rig count leaped by 18 to 424 in the week ending Jan. 13, rig data provider Enverus said, with the Permian seeing its largest Continue Reading
Biden Outlines $1.9 Trillion Spending Package to Combat Virus and Downturn
President-elect Joseph R. Biden Jr. on Thursday proposed a $1.9 trillion rescue package to combat the economic downturn and the Covid-19 crisis, outlining the type of sweeping aid that Democrats Continue Reading
Joe Biden adds David J. Hayes, Cecilia Martinez and Stef Feldman, among others, to climate team
President-elect Joe Biden added more than a half-dozen climate staffers to his White House team Thursday, drawing from the ranks of green groups, environmental justice advocates and former Democratic administration Continue Reading
U.S. Shale Could Be The Biggest Winner Of The Latest OPEC Cuts
OPEC, and especially OPEC+, has always seemed to be at odds with the U.S. shale industry. From the drastic oil embargos of the ‘70s to the all-out oil price war Continue Reading
Halliburton Claims Electric Frac First
Halliburton Co. reported Thursday that it has deployed the industry’s first successful electric grid-powered hydraulic fracturing operation. “Electric fracturing aligns with our goal to provide the industry with lower-carbon-intensive solutions Continue Reading
Equinor Bags Largest Ever US Offshore Wind Award
Equinor (NYSE: EQNR) has been selected to provide New York State with offshore wind power in what is being described as one of the largest renewable energy procurements in the Continue Reading
New Lockdowns In Europe Put The Brakes On The Oil Demand Rebound
Road traffic and transportation fuel demand in most of Europe at the start of 2021 is likely at its weakest since the end of the first lockdowns in the late Continue Reading
Norway eyes 19% oil production increase to 2024 on Sverdrup success, new projects
Norway expects its oil production to rise by 19% through to 2024 on the back of new developments such as Johan Sverdrup, while it is eyeing emissions reductions in the Continue Reading
Crude oil futures edge lower on weak product demand, stronger dollar
Crude oil futures edged lower during mid-morning trade in Asia Jan. 14 as any bullishness due to a draw in US crude inventories was outweighed by indications of weak fundamentals Continue Reading
Oil Pauses Near $53 With Rising Fuel Supplies Threatening Rally
Oil in New York was steady after a rally that pushed prices to the highest level in 10 months ran out of steam as a rise in U.S. fuel stockpiles Continue Reading
Oil prices edge up on strong China data, U.S. crude oil draw
Oil prices edged higher on Thursday after a drawdown in U.S. crude stocks for a fifth straight week and robust data from China showing a surge in imports, though mounting Continue Reading
Oil Poised for Longest Run of Gains in 2 Years
Oil is poised for the longest winning streak in almost two years after an industry report pointing to another decrease in U.S. crude stockpiles added impetus to a new year Continue Reading
Oil Prices Falter Amid Fuel Build
Oil’s red-hot rally took a breather as a stronger dollar and rising refined products supplies offset shrinking U.S. crude inventories, capping the price under a key technical indicator. Futures in Continue Reading
Goldman Finds Unexpected Source Of Demand For 1 Million Bpd Of Oil
Having recently turned even more bullish on the oil market, bringing forward up its year-end $65 Brent price target to the summer on Monday, overnight Goldman’s commodity team turned even Continue Reading
IEA: Pandemic Poses Huge Uncertainty About Oil Market Balance
The pandemic and the pace of economic and oil demand recovery from the coronavirus-inflicted crisis are posing a major challenge to oil producers in rebalancing the market, according to Tim Continue Reading
The Pandemic Could Lead To A Major Oil Supply Crunch
It may be counterintuitive to say that the oil demand crash and the resulting glut in 2020 could lead to an oil supply crunch in just a few years. Yet, Continue Reading
EIA Raises 2021 Oil Price Forecasts
The U.S. Energy Information Administration has raised its Brent spot average and West Texas Intermediate spot average prices for 2021. The U.S. Energy Information Administration (EIA) has raised its Brent Continue Reading
Energy Transition Threatens Oil Producers: IEA
Countries dependent on oil revenues for much of their budgets will become increasingly vulnerable to problems caused by the global energy transition, the head of the International Energy Agency, Fatih Continue Reading
EIA Lowers 2021 Global Oil Demand Growth Estimate
Global oil demand is expected to grow by 5.6 million barrels per day (bpd) in 2021 compared to the 2020 low of 92.2 million bpd, the U.S. Energy Information Administration Continue Reading
Aramco Seeks $7.5B Loan for Pipeline Investors
Saudi Aramco is lining up a loan of about $7.5 billion for potential investors in its oil pipelines, according to people familiar with the matter. (Bloomberg) — Saudi Aramco is Continue Reading
Iraq production dips in December, capping an OPEC-constrained year
After a record-setting 2019, annual oil output fell by about 760,000 bpd as Iraq made extraordinary cuts to help support global prices. The Iraqi Drilling Company completes drilling at the Continue Reading
Saudi Arabia Starts New Bull Run In Middle East Oil
Market tightness is the new byword on the global crude markets, though this given bout of supply scarcity (luckily) bears all the traits of a forethought and premeditated one. Saudi Continue Reading
Iran Is Assembling Gear Able to Produce Key Nuclear-Weapons Material
Iran has taken a significant new step toward possible atomic-weapons production, starting work on an assembly line to manufacture a key material used at the core of nuclear warheads, the Continue Reading
Iran works on uranium metal for reactor fuel in new breach of nuclear deal
Iran has started work on uranium metal-based fuel for a research reactor, the U.N. nuclear watchdog and Tehran said on Wednesday, in the latest breach of its nuclear deal with Continue Reading
Iran Tells Monitors It’s Restarting Fuel Production for Reactor
Iran said it would restart production of fuel for its Tehran Research Reactor, a facility that runs on uranium enriched to higher levels in order to produce medical isotopes. International Atomic Continue Reading
China imposes tough new curbs on 23m people after Covid outbreak
China has imposed its most widespread restrictions since the start of the coronavirus pandemic last year, placing travel restrictions on about 23m people and putting some areas into lockdown after Continue Reading
Coronavirus: Brazil finds China’s Sinovac vaccine to be less effective than previous data shows
The new rate is a result of patients who displayed ‘very light’ symptoms being included, says Brazilian research institute that conducted the clinical trials New CoronaVac ‘general efficacy’ figure from Continue Reading
U.S. Chamber expects high-level Chinese visit early in Biden administration
The U.S. Chamber of Commerce sees “every indication” that a high-ranking delegation of Chinese officials will visit Washington early in the administration of President-elect Joe Biden, a top Chamber official Continue Reading
China’s Economy Powers Ahead While the Rest of the World Reels
China ended the Year of Covid in many ways stronger than it started, accelerating its movement toward the center of a global economy long dominated by the U.S. While the U.S. Continue Reading
BMA to invest $204 mil to spur ramp up at Queensland coking coal plant
BHP Billiton Mitsubishi Alliance will invest $204 million to speed up the process of ramping up production at its new Caval Ridge coking coal processing plant in Queensland, Australia, to Continue Reading
China growth recovery seen quickening in fourth quarter on policy support:
China’s economic recovery likely accelerated in the fourth quarter, driven by stronger demand at home and abroad and policy stimulus which is expected to provide a solid boost into 2021. Continue Reading
WHO team arrives in China’s Wuhan to investigate COVID-19 origins
An international team of scientists led by the World Health Organization arrived on Thursday in China’s central city of Wuhan to investigate the origins of the novel coronavirus that sparked Continue Reading
China’s export growth beats expectations on resilient global demand
Chinese exports grew more than expected in December, customs data showed on Thursday, as coronavirus disruptions around the world fuelled demand for Chinese goods even as a stronger yuan made Continue Reading