Oil rebounded ahead of an OPEC+ meeting on Thursday at which the group will decide on output policy, with the alliance expected to maintain its cautious stance on adding supplies Continue Reading
Oil snapped a two-day streak of gains alongside a strengthening dollar as near-term risks to the demand recovery emerged ahead of a OPEC+ meeting this week to decide on output Continue Reading
Saudi Arabia has a 1 million b/d question to answer. The OPEC kingpin has been cutting its crude production by that much below its official quota the last two months, Continue Reading
The American Petroleum Institute (API) reported a build in crude oil inventories of 3.910 million barrels for the week ending March 26. Analysts had predicted a much smaller inventory build Continue Reading
At a time when highly leveraged U.S. exploration and production (E&P) companies have been struggling with dwindling valuations, shrinking credit lines, and mounting bankruptcies, Middle East state-owned oil and gas Continue Reading
The Ever Given drama in the Suez Canal momentarily turned the world’s attention to container shipping. It will require a more sustained focus to address the dangers these crucial ships Continue Reading
The world’s wind energy industry could be on track to install nearly 1 terawatt (TW) of new capacity between 2021 and 2030, driven by surging installations in China, Europe, and Continue Reading
The cumulative excess production of the OPEC+ group has risen to 3 million barrels per day (bpd) through February, up from a cumulative excess production of 2.8 million bpd in Continue Reading
OPEC had previously forecast 5.9 million b/d growth in 2021 Third COVID-19 wave, faltering economies prompt revision OPEC and allies will meet online April 1 to discuss quotas OPEC is Continue Reading
As OPEC and its allies prepare for another decision on oil output, the producers believe their defiantly cautious approach is paying off. (Bloomberg) –As OPEC and its allies prepare for Continue Reading
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021. (Bloomberg) — A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 Continue Reading
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said. The move, which was Continue Reading
Southbound and northbound traffic on the Suez Canal has recommenced a day after the stricken Ever Given container ship was freed, market sources said March 30. Not registered? Receive daily Continue Reading
Ships were again moving slowly through the Suez Canal on Tuesday, hours after engineers freed the Ever Given and cleared the waterway for global traffic. Shipowners, exporters and importers are now racing Continue Reading
Saudi Arabia is reportedly ready to extend current OPEC+ production cuts over May and June and also keep cutting 1 million bpd in oil output unilaterally, according to an unnamed Continue Reading
Saudi Arabia’s Crown Prince Mohammed bin Salman Saudi Arabia’s crown prince laid out a 27 trillion riyal ($7.2 trillion) domestic spending and investment plan that relies heavily on commitments from Continue Reading
Despite growing international pressure, India is unlikely to commit to carbon neutrality by 2050, government officials have told Reuters . Expecting strong energy demand growth in the coming decades and Continue Reading
US oil sanctions on Venezuela could reach a tipping point this summer if a dire diesel shortage further exacerbates a humanitarian crisis that continues to unfold even as President Nicolás Continue Reading
A deforested area in Mato Grosso State in Brazil in August 2020. Destruction of the world’s forests increased last year even as pandemic shutdowns curbed economic growth, adding more pressure Continue Reading
The heads of Brazil’s army, navy and air force resigned Tuesday, rocking a right-wing government that is already facing public fury over President Jair Bolsonaro’s inability to contain the fast-spreading coronavirus pandemic. Brazil’s Defense Continue Reading
China’s crude oil imports from Iran this month could reach close to 1 million bpd, Reuters reported today, citing trading and analyst sources. That would be almost half the amount Continue Reading
China’s coal-fired power generation increased last year as growing electricity demand outpaced the installations of new clean power capacity, making China the only G-20 country with rising coal generation, climate Continue Reading
Automakers and parts suppliers are prepared to spend $250 billion on boosting the use of electric vehicles in the U.S., and called on the Biden administration to urge Congress to Continue Reading
Before this week’s small decline, U.S. gasoline prices had increased for 17 consecutive weeks—the longest streak of rising national average gasoline prices since 1994, according to EIA’s surveys . As Continue Reading
Texas moved to stop the city of Austin and others from imposing a California-style ban on natural gas in new homes and buildings, the latest salvo in the gas industry’s Continue Reading
U.S. shale was among the biggest victims of the demand destruction caused by the coronavirus pandemic. But the sector has already proved resilient once, and now this resiliency is coming Continue Reading
In 1939, studies began to suggest that smoking might not be that great for you, sullying a great American pastime and a key United States economic industry. What was once Continue Reading
In January, Biden’s new administration called for a suspension of all new oil and gas leases as part of its efforts to drive forward climate change policies. But several states Continue Reading
US storage fields posted the first net injection of the year in the week ended March 27, according to a survey of analysts, which is one week earlier than normal, Continue Reading
Methane pollution from the largest oilfield in the US has soared back to pre-pandemic levels as a recovery in drilling undermines industry pledges to crack down on emissions of the Continue Reading
Russian energy behemoth Gazprom has dominated the country’s gas sector for decades. Other companies, such as Rosneft, have tried (and failed) convincing the Kremlin to provide a leveled playing field Continue Reading
The second string of the EUGAL gas pipeline in Germany — designed to be the onshore extension of the unfinished Nord Stream 2 line — is on schedule to become Continue Reading
Cranfield Aerospace Solutions (CAeS)—the UK SME leading the Project Fresson consortium—will exploit recent advances in hydrogen fuel cell technology to develop a commercially viable, retrofit powertrain solution for the nine-passenger Continue Reading
Rolls-Royce has officially started building the world’s largest aero-engine, UltraFan. Work on the first module is underway at the DemoWorks facility in Derby, UK, and the demonstrator engine, which has Continue Reading
Orsted plans to develop a 1 GW electrolyzer supplying industrial demand for renewable hydrogen in the Netherlands and Belgium by 2030, the Danish energy company said March 31. Not registered? Continue Reading
Crude oil futures edged higher during mid-morning trade in Asia March 30 as optimism over the OPEC+ coalition persisting with its supply cuts and expectations of increased downstream products demand Continue Reading
Oil held a two-day gain as investors looked ahead to this week’s OPEC+ meeting amid expectations that the group will stick with its tight production curbs for another month to Continue Reading
Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep Continue Reading
It was a bleak moment for the oil industry. U.S. shale companies were failing by the dozen. Petrostates were on the brink of bankruptcy. Texas roughnecks and Kuwaiti princes alike Continue Reading
Despite a 44 percent drop in its 2020 profits, the Saudi Arabian government has instructed majority-state-owned Saudi Aramco to stick to the US$75 billion per year dividend payout for shareholders Continue Reading
Iran will not stop its 20% uranium enrichment before the United States lifts all sanctions, Iranian state TV quoted an unnamed official as saying on Tuesday, after a U.S. media Continue Reading
Turkey has approved the development plan for the long-anticipated “Kanal Istanbul,” a ship canal that would connect the Black Sea with the Sea of Marmara, aimed at easing tanker and Continue Reading
Iraq and French oil major Total agreed to jointly work on developing four associated gas and solar power projects, the country’s oil ministry said March 29, as OPEC’s second-largest producer Continue Reading
Iran’s only operational nuclear power plant risks shutdown as the U.S. sanctions prevent the Islamic Republic from transferring money internationally to buy equipment, an executive of the Atomic Energy Organization Continue Reading
Abu Dhabi allowed trading of a futures contract linked to its flagship grade of crude for the first time on Monday in a debut that could test OPEC’s grip on Continue Reading
Supply Lines is a daily newsletter that tracks trade and supply chains disrupted by the pandemic. Sign up here . The immediate crisis of the Suez Canal blockage may have Continue Reading
India’s consumption demand and business activity looked steady in February, although chances of a strong recovery appeared doubtful after a sharp surge in virus cases and the increasing risk of Continue Reading
It was roughly a decade ago when hydraulic fracturing, known as fracking, was identified as a crucial means for boosting Colombia’s meager hydrocarbon reserves and production. A shortage of proved Continue Reading
Venezuela could pay with oil for COVID-19 vaccines, Nicolas Maduro, the President of the struggling South American nation that is home to the world’s biggest oil reserves, said on Sunday. Continue Reading
China’s ambitious plan to vaccinate 40% of its population by the end of June could pave the way for lifting the economy’s growth rate to 9.3% this year, Oxford Economics Continue Reading
