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Month: April 2021

Category:
  • Prices

Oil Extends Losing Run on Demand Concerns, U.S. Stockpile Gain

Oil fell for a third day after data showed a rise in U.S. stockpiles and investors fretted over an uneven recovery in global demand, with India reporting a record one-day Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

Oil Futures Continue Slide

Oil fell for a second day with an increase in USA crude inventories compounding concerns. (Bloomberg) — Oil fell for a second day with an increase in U.S. crude inventories Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Oil Supply

Rystad Energy Sees Oil Demand Peaking In 2026

The accelerating adoption of electric vehicles (EVs) and electrification in other oil-consuming sectors is set to bring peak oil demand as early as 2026 at 101.6 million barrels per day Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Oil Supply

Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them.

For all the talk of a transition away from fossil fuels, players in the energy sector are still willing to bet there is more money to be made in oil Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Oil Supply

Why Is Most Oil Found In Deserts And The Arctic?

The short-term energy outlook has improved considerably over the past few months, thanks mainly to the ongoing Covid-19 vaccine rollout. A cross-section of analysts now expects oil demand to bounce Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Oil Supply

Fuel for Thought: Energy security omens returning to haunt oil market

Energy security concerns are bubbling beneath the surface as the global oil market seems to be entering into the early stages of recovery from the pandemic. While OPEC+ can provide Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate
  • USA

Biden’s Climate Credibility May Hinge on Whether He Makes Good on U.S. Financial Commitments to Developing Nations

President Joe Biden speaks in the Oval Office at the White House April 19, 2021 in Washington, D.C. Credit: Doug Mills-Pool/Getty Images For poor nations that contributed little to greenhouse Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Brazil
  • Climate

Climate Summit ‘Last Chance’ for Brazil to Show Leadership on Global Warming

President Joe Biden’s climate summit of 40 world leaders this week will be Brazilian President Jair Bolsonaro’s “ last chance ” to restore Washington’s confidence in Brazil’s commitment to taking Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate
  • Russia
  • USA

At Biden’s Earth Day climate summit, some rare common ground with Putin

The stress points keep piling up between President Biden and Vladimir Putin. Biden agreed that the Russian president is a “killer,” the United States leveled more sanctions, diplomats have been expelled on both Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate

Putin, Xi, Pope Join 40 Leaders at Biden’s Climate Summit

President Joe Biden is bringing together dozens of foreign leaders along with corporate executives, union heads and Pope Francis in a two-day virtual summit meant to invigorate the global fight Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Australia
  • Climate

U.S. Rejects Australia’s Climate Strategy Ahead of Global Summit

The U.S. has called out Australia’s lack of climate ambition ahead of President Joe Biden’s summit of global leaders. “Our colleagues in Australia recognize that there’s going to have to be Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate
  • USA

US to propose emissions cut of up to 50% by end of decade

US President Joe Biden is set to announce the country’s steepest ever emissions cuts, as he hosts 40 world leaders on Thursday for a summit on climate change that will Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Iraq

Iraq Aims to Clinch Exxon Oil Sale by June Even as Chevron Balks

Iraq aims to finalize the sale of Exxon’s stake in the West Qurna-1 oil field by the end of June even after rival U.S. supermajor Chevron Corp. rejected overtures to buy the Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • OPEC

OPEC+ Unlikely To Drastically Change Oil Pact Next Week

The OPEC+ group is unlikely to make any material changes next week to the plans to ease the production cuts over the next three months, Russia’s Deputy Prime Minister Alexander Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Iran

Iran needs three-plus months to return oil to 2015 JCPOA-level market level: Ghasemi

 Iran needs at least three months to flow back its crude in the global oil market as much as it was under the 2015 nuclear deal, former oil minister Rostam Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Israel
  • Syria

Israel intensifying air war in Syria against Iranian encroachment

Israel has dramatically expanded air strikes on suspected Iranian missile and weapons production centres in Syria to repel what it sees as a stealthy military encroachment by its regional arch-enemy, Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Libya

Another Libyan Oil Firm Cuts Output as Funding Row Worsens

One of Libya’s state oil producers said it would have to cut as much as 100,000 barrels a day of output this week, a further sign that a budgetary crisis Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Iran
  • USA

U.S. provides Iran with examples of sanctions it will and will not lift

The United States has provided Iran with examples of three categories of existing sanctions — those it would need to lift to return to compliance with the Iran nuclear deal, Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Iraq

Could Iraq Really Become OPEC’s Largest Oil Producer?

Iraq’s Oil Minister, Ihsan Abdul-Jabbar, announced last week that the country plans to increase its oil production capacity to 8 million barrels per day (bpd) by 2029, compared to current Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • OPEC

Lower Gulf fiscal oil breakeven prices seen supporting easing of OPEC+ cuts

Lower fiscal oil breakeven prices needed to balance Gulf budgets are expected to help support the easing of OPEC+ cuts as regional members of the alliance reap the benefits of Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Chad

Chad President Idriss Déby Death Threatens Headache for Glencore

The sudden death of Chadian President Idriss Déby in a desert battlefield is threatening more headaches for its biggest private creditor: commodities trader Glencore Plc. Trading firms like Glencore have over the Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Angola

Angola May Privatize State-Owned Oil Firm To Boost Production

OPEC member Angola was Africa’s top oil producer six years ago when oil prices crashed in 2015-2016, slashing oil-producing countries’ revenues and forcing international oil companies to reconsider their exorbitant Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Mozambique

Can Mozambique Defend Its Crucial Gas Assets?

Mozambique has been rightly considered one of the most promising new frontiers of gas production in the world, the Rovuma Basin that is located along the border of Tanzania and Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria Naira (NGN USD): Citizens Hoard Foreign Currencies to Protect Wealth

Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Guyana

Guyana Poised To Become A Leading Offshore Producer Within Years

The tiny South American nation of Guyana is poised to become one of the leading offshore drilling jurisdictions in South America. Global energy supermajor Exxon, has established a dominant foothold Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • India

‘It is much worse this time’: India’s devastating second wave

Every night funeral pyres blaze on the banks of the Ganges, a grim symbol of the ferocious Covid-19 wave sparking a health crisis and human tragedy in India that is Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • India

Reinstated Lockdowns Threaten India’s Oil Demand Recovery

Amid record daily new COVID cases and reinstated lockdowns in populous cities, Indian refiners have started to cut oil processing rates as fuel demand in the world’s third-largest crude importer Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Australia
  • China

China’s Belt and Road: Australia Cancels Victoria State’s Deals

China has slammed Australia’s decision to cancel agreements between the Belt and Road Initiative and the Victoria state government, signaling a worsening of ties between the nations. The Australian federal government Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • India

India records world’s biggest single-day rise in coronavirus cases

India recordedthe world’s highest daily tally of 314,835 COVID-19 infections on Thursday as a second wave of the pandemic raised new fears about the ability of crumbling health services to Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • USA

U.S. adds about 100 countries to its ‘Do Not Travel’ advisory list

U.S. State Department has added about 100 countries this week to its “Level Four: Do Not Travel” advisory list, putting the United Kingdom, Canada, France, Mexico, Germany and others on Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate
  • USA

Biden Administration Moves to Unwind Trump Auto-Emissions Policy

The Biden administration is moving to end a legal battle with California over the state’s authority to regulate motor-vehicle emissions, setting the stage for stricter regulations on the auto industry, Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • USA

Ford Prolongs Shutdowns at Several U.S. Plants Due to Chip Shortage

Ford F 2.45% Motor Co. is planning more downtime at five North American factories due to a global semiconductor shortage, further disrupting output of a popular sport-utility vehicle and the F-150 pickup truck, Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate
  • USA

Trump administration sidelined experts in writing car pollution rules, EPA watchdog finds

The Trump administration sidelined career staffers at the Environmental Protection Agency when weakening pollution rules for new passenger vehicles, according to a federal watchdog report. The EPA’s inspector general found top Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Carbon Capture

Will Big Oil’s Huge Carbon Capture Bet Pay Off?

“We’re sending carbon back where it came from,” Norway’s energy giant Equinor says , describing its efforts to make carbon capture and storage (CCS) commercially viable in a future decarbonized Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • USA

US ends oil, gas lease sales from public land through June

 The U.S. Interior Department is cancelling oil and gas lease sales from public lands through June amid an ongoing review of how the program contributes to climate change, officials said Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Shale Oil

Oilfield Services Giants Optimistic About Drilling Recovery

Two of the world’s largest oilfield services providers, Baker Hughes and Halliburton, reported on Wednesday profits beating expectations and expressed optimism that oil demand and oil drilling activity will grow Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Natural Gas Supply

Waha narrows its spread to Henry Hub as West Texas gas supply tightens

Cash basis at Waha is trading near historic highs this month as production weakness in the Permian Basin and strong demand from neighboring markets tighten the supply balance in West Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Shale Oil

Diesel Frac Glut Hinders Lower-Carbon Fleet Adoption

Billionaire Alejandro Bulgheroni’s dream of making fracking more environmentally friendly is running up against the reality of shale-patch economics. The Argentine oil tycoon has pumped about $250 million into developing Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Russia

Putin warns West of harsh response if it crosses Russia’s ‘red lines’

President Vladimir Putin warned the West on Wednesday not to cross Russia’s “red lines”, saying Moscow would respond swiftly and harshly to any provocations and those responsible would regret it. Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • OPEC

Russia Sees Calm OPEC+ Meeting Ahead With Balanced Market

Next week’s OPEC+ meeting will most likely focus on assessing the current oil environment rather than on revising production targets as the market looks balanced so far, according to Russia, a Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Germany

German lawmakers approve ‘emergency brake’ virus rules

German lawmakers on Wednesday approved a proposal by Chancellor Angela Merkel’s government to mandate uniform restrictions in areas where the coronavirus is spreading too quickly, among them closures and a Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate

2020 was Europe’s hottest year on record

Power-generating windmill turbines are seen during sunset in Bourlon, France, February 23, 2021. REUTERS/Pascal Rossignol Europe experienced its hottest year on record last year, while the Arctic suffered a summer Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate

Europe clinches deal on wide-ranging climate law to speed emissions cuts

The European Union clinched a deal in the early hours of Wednesday on a landmark climate change law that puts new, tougher greenhouse gas emissions targets at the heart of Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Climate
  • Europe

Europe’s Changing Climate Viewed From Orbit Shows Rising Danger

Climate change whipsawed through Europe last year, alternately baking locked-up economies beneath record heat before inundating them with unprecedented floods, underscoring the rising levels of uncertainty faced by the continent’s 500 million Continue Reading

Posted On : 22 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

Surprise Crude Build Pushes Oil Prices Down

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16. Analysts had predicted a draw of 2.860 Continue Reading

Posted On : 21 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

Oil Drops Toward $62 Amid Resurgent Virus, Retreat in Equities

Oil fell amid concern that a resurgent virus will hurt demand in some economies, while industry data showed a slight build in U.S. inventories. West Texas Intermediate retreated 1.1%, extending Tuesday’s Continue Reading

Posted On : 21 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

Oil Prices Drop Amid Broader Selloff

Oil slumped the most in two weeks alongside a broader market rout as a resurgent virus in some of the world’s top oil importers highlighted the uneven road to recovery. Continue Reading

Posted On : 21 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

Yergin: Oil Prices Could Go As High As $75 In 2022

The global oil demand recovery and a lot of spare capacity that OPEC+ has yet to bring back to the market suggest it is reasonable to expect that oil prices Continue Reading

Posted On : 21 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

A World Of Difference: One Year After Oil Prices Went Negative

What a difference a year makes! It might sound like a cliché, but the oil market that was turned on its head last April by a confluence of unexpected Black Continue Reading

Posted On : 21 Apr 2021 Published By : Tom Whipple
Category:
  • Prices

Oil Demand Predicted to Jump 6 Percent in 2021

Rystad Energy has revealed that its latest forecast projects a six percent year on year increase in oil demand in 2021. Rystad Energy has revealed that its latest forecast projects Continue Reading

Posted On : 21 Apr 2021 Published By : Tom Whipple

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