Oil edged lower toward $52 a barrel as a resurgent Covid-19 outbreak in some regions and a slow roll-out of vaccinations weighed on the demand outlook, offsetting tightening global supply. Futures Continue Reading
Oil prices dropped on Tuesday as the prospects for the rapid approval of new U.S. economic stimulus waned while increasing new coronavirus infections raised questions over the pace of any Continue Reading
Oil prices have good reason to start the week with gains, according to Rystad Energy. Even though the pandemic is not yet slowing down, oil prices have good reason to Continue Reading
Oil gained the most in about a week with expectations for tighter global supply offsetting concerns that a bumpy Covid-19 vaccine rollout will further blunt demand. Futures closed nearly 1% Continue Reading
Global ice loss has increased rapidly over the past two decades, and scientists are still underestimating just how much sea levels could rise, according to alarming new research published this month. From Continue Reading
Since its discovery in 1859, oil has been the main source of energy and main source of income for many countries. The finite resource was subject to major hits in Continue Reading
Melting on the ice sheets has accelerated so much over the past three decades that it’s now in line with the worst-case climate warming scenarios outlined by scientists. A total Continue Reading
From Antarctica to the Arctic, the world’s ice is melting faster than ever, according to a new global satellite survey that calculated the amount of ice lost from a generation Continue Reading
Many large global companies have now set a target for getting to net-zero greenhouse gas emissions. But with most of those deadlines decades away, it can be difficult to tell Continue Reading
Iraq will pump less oil this month and next to make up for excess production last year, the deputy chief of SOMO, the oil marketing company of Baghdad. For both Continue Reading
Saudi Arabia is working to replace the use of petroleum liquids for power generation with solar energy and gas-fired capacity, Argaam reported on Monday, citing Saudi Arabia’s Energy Minister, Prince Continue Reading
The Petroleum Facilities Guard has shut down the Hariga oil port in eastern Libya after the National Oil Corporation delayed the payment of salaries for its members, the Libya Observer Continue Reading
Kuwait on Jan. 25 unveiled a budget for its coming fiscal year with a breakeven crude price of $90/b and significant deficit spending, with higher expenditures eating up a significant Continue Reading
Production from Libya’s Waha oil fields has “gradually resumed” after repairs were completed on a key pipeline, state-owned National Oil Corporation said Jan. 25. Not registered? Around 200,000 b/d of Continue Reading
The Iranian and Panamanian-flagged vessels seized by Indonesian authorities for suspected illegal oil transfers are making their way to dock at Batam island in the country’s Riau Islands Province for Continue Reading
When earlier this month Saudi Arabia served “a wonderful surprise” to oil markets in the words of its energy minister, oil prices jumped up. After all, the Kingdom said it Continue Reading
In the four months since China’s President Xi Jinping pledged that the country would be carbon neutral by 2060, its climate researchers have been busy making road maps. A long-awaited carbon market is finally about to kick Continue Reading
Proterra, a leading innovator in commercial vehicle electrification technology, and Komatsu, a global leader in construction equipment, are partnering to leverage Proterra’s battery technology for the development of Komatsu’s first Continue Reading
Delays in Covid-19 vaccine deliveries and uncertainties about the prospects of yet-to-be-approved shots mean Europe is unlikely to have inoculated a substantial portion of its population by the summer, raising Continue Reading
US shale producers, suddenly enjoying a rare period of profitability thanks to rising oil prices, are starting to worry that “bad actors” in the sector will spoil the rally with Continue Reading
Federal officials, showing how rapidly the Biden administration is overhauling climate policy after years of denial under former President Donald J. Trump, aim to free up as much as $10 Continue Reading
President Biden is poised to impose a moratorium on new federal oil and gas leasing Wednesday, according to three individuals briefed on the matter who spoke on the condition of anonymity because the Continue Reading
When you think of giant oil fields you probably conjure up an image of vast areas of land or sea suitable for digging. However, Los Angeles demonstrates that oil extraction Continue Reading
The number of drilled but uncompleted wells (DUCs) that accumulated at the height of the pandemic has already subsided to pre-Covid-19 levels in the US, a Rystad Energy analysis shows. Continue Reading
The Trans Mountain expansion project has just become the most important oil pipeline project in Canada after U.S. President Joe Biden stopped the U.S.-Canada cross-border link Keystone XL. The expansion Continue Reading
The U.S. national average gasoline prices are expected to rise to average $2.42 per gallon in 2021, from the lowest since 2016 of $2.17/gal in 2020, due to strengthening economy Continue Reading
US crude oil inventory draws likely resumed during the week ended Jan. 22 as refinery runs continued to normalize, an S&P Global Platts analysis showed Jan. 25. Not registered? Receive Continue Reading
Senate Majority Leader Chuck Schumer called for President Joe Biden to declare a climate emergency, a controversial move that would give the new administration sweeping authority to circumvent Congress to Continue Reading
President Biden on Wednesday will direct federal agencies to determine how expansive a ban on new oil and gas leasing on federal land should be, part of a suite of Continue Reading
German Chancellor Angela Merkel told party colleagues the potential threat from faster-spreading variants means the country is “sitting on a powder keg,” according to Bild newspaper. Ireland is set to extend Continue Reading
Total SE has had the fastest start in the race between oil supermajors to achieve net-zero carbon emissions. Europe’s three largest oil and gas companies — Total, BP Plc and Continue Reading
The European Union plans to use its diplomatic and economic muscle to accelerate global energy transition away from fossil fuels, as the bloc aligns its foreign and security policy with Continue Reading
Soaring natural gas prices in European markets could be seen as a boon for Russian giant Gazprom to increase its gas exports towards the Old Continent. But instead, somewhat surprising, Continue Reading
As part of its ambition to reduce oil and gas production and raise investments in clean energy, BP has been cutting staffing levels at its oil and gas exploration division Continue Reading
The British public should not book any overseas summer vacation yet, the minister responsible for the country’s COVID vaccination programme said on Tuesday, ahead of an expected announcement on tougher Continue Reading
Oil in New York inched higher as the dollar weakened, with investors assessing the impact of supply curbs from Iraq and Libya on the near-term demand outlook. Futures rose 0.6% toward Continue Reading
Oil prices edged up on Monday as a weaker dollar offset fresh concerns about the hit to global fuel demand from renewed lockdowns to curb the spike in COVID-19 infections. Continue Reading
Advanced economies face a significant hit to their economic recovery from the coronavirus pandemic unless they help developing countries speed up their vaccination programs, according to a report that will Continue Reading
Hydrogen as a fuel of the future is the talk of the town in energy markets. Pros and cons of green versus blue hydrogen, capacity building plans, new production technologies, Continue Reading
In the American West, the drought that paved the way for 2020’s hellscape of wildfires is poised to be even worse this year. Fanning the flames: La Niña. The weather pattern Continue Reading
Saudi Arabia’s Public Investment Fund plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make Continue Reading
Indonesian authorities said that they seized an Iranian tanker and Panamanian tanker suspected of carrying out the illegal transfer of oil in their country’s waters Sunday. The tankers — the Iranian-flagged Continue Reading
Saudi Arabia’s exports fell by more than a quarter in November compared with a year ago, driven by another drop in oil demand. Total revenue was 58.2 billion riyals ($15.5 billion), Continue Reading
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude. OPEC’s Continue Reading
Israel’s cabinet approved restrictions that will bar foreign flights from entering the country in order to limit the country’s exposure to mutated strains of Covid-19. The closure takes effect at midnight Monday and Continue Reading
Libya’s resurgent crude exports could face a massive blow, as a militia controlling three key eastern terminals is threatening to shut down shipments in a long-festering salary dispute. Receive daily Continue Reading
In Moscow last week, President Vladimir Putin hosted the prime minister of Armenia and the president of Azerbaijan. It was the first meeting of the three leaders since the end Continue Reading
Indonesia said its coast guard seized the Iranian-flagged MT Horse and the Panamanian-flagged MT Freya vessels over suspected illegal oil transfer in the country’s waters on Sunday. Coast guard spokesman Wisnu Continue Reading
Iran had barely started to reap the economic benefits of its 2015 nuclear deal with world powers when Donald Trump withdrew and imposed sanctions so tight they plunged the country Continue Reading
January 2021 is still far from over yet the pages of Oilprice already boast 6 articles about Guyana being the hottest drilling spot in the world. This is hardly surprising, Continue Reading
