OPEC+ meeting June 1 to discuss current output policy Oil market will tighten without a faster easing of production cuts: Birol Oil prices approach three-month high despite potential deal with Continue Reading
Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but Continue Reading
$71 Oil Won’t Bring Demand Destruction, BofA’s Blanch Says OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as Continue Reading
The OPEC oil cartel and allied producing countries have confirmed plans to restore 2.1 million barrels per day of crude production, balancing fears that continuing COVID-19 outbreaks in some countries Continue Reading
Highlights ‘Jury still out’ on Iran nuclear deal talks: Saudi Prince ABS OPEC to meet again June 24, OPEC+ on July 1 IEA warns market may overheat without more OPEC+ Continue Reading
Libya generated total revenues from oil sales worth US$1.31 billion in April, the country’s National Oil Corporation (NOC) said on Tuesday in its regular update, which showed a 36-percent drop Continue Reading
Since the fall of Saddam Hussein in 2003, Iraq has played the main powers in the Middle East off against each other – the U.S. axis focused on Saudi Arabia Continue Reading
Highlights Cabinet calls on oil ministry to conduct ‘appropriate’ study Some politicians have called for changes in financial terms of contracts Oil majors operate some of Iraq’s biggest fields Iraq Continue Reading
Exxon is leaving a deepwater prospect in Ghana after seismic work failed to produce good enough results. Bloomberg reports that the supermajor relinquished its whole stake in the Deepwater Cape Continue Reading
Nigeria’s crude oil export revenues slumped by as much as 98 percent from March to April this year because of movements in the price of gasoline, the Nigerian National Petroleum Continue Reading
The Nigerian National Petroleum Corporation (NNPC) has bemoaned the recent spate of attacks on the country’s rail lines, especially from Warri in Delta state to Itakpe in Kogi state, which Continue Reading
Citizens of Mumbai now pay twice as much for gasoline as a citizen of New York City, Bloomberg has reported , with prices at the pump up 11 percent since Continue Reading
Oil demand in India has been clouding the outlook of global crude consumption since a devastating second COVID wave resurged in the world’s third-largest oil importer three months ago. India’s Continue Reading
The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo Chevron Continue Reading
Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews Continue Reading
Nicolas Maduro Chevron Corp. and top American oil-service companies won an extension to keep a limited presence in Venezuela despite U.S. sanctions intended to starve President Nicolas Maduro’s regime of Continue Reading
Highlights Platts Analytics expects output of 500,000 b/d through September China tax, Biden sanctions could sway Venezuelan outlook The Biden administration has given Chevron and four other US oil service Continue Reading
Electric-vehicle makers and suppliers rallied on Tuesday after a string of positive news for the industry, with Chinese companies clocking in the biggest gains. U.S.-traded shares of Nio Inc. and Continue Reading
Asian refiners are struggling with a major slump in profit margins because of the resurgence in Covid-19 infections in the region, Bloomberg has reported , citing the latest trends in Continue Reading
A prolonged shutdown at global meat supplier JBS SA could hit China the hardest as the country is the world’s biggest beef buyer and accounts for almost a third of Continue Reading
China’s runaway economic recovery has been so successful that it has caused power shortages across dozens of its manufacturing and industrial hubs in the south of the country. Factories across cities Continue Reading
China’s independent refineries — actively looking for fuel oil to feed their distillation units — are struggling to secure adequate feedstock barrels for the coming months due to tight regional Continue Reading
Small U.S. oilfield service companies are selling equipment and shutting their doors as business activity shrank last year and contract prices have remained below profitable levels despite oil-price gains. The Continue Reading
Tiny Activist Investor Wins Two Exxon Board Seats The tiny activist fund that recently won at least two seats on Exxon Mobil Corp .’s board is setting its sights on Continue Reading
An Exxon Mobil refinery in Baton Rouge, Louisiana Last week’s shakeup of Exxon Mobil Corp.’s board of directors is by most accounts a clear signal to corporate America that ambivalence Continue Reading
The Biden administration on Tuesday suspended oil leases in the Arctic National Wildlife Refuge in Alaska, blocking plans for the first-ever drilling program in the pristine 19-million-acre wilderness. The Interior Continue Reading
Through the marshlands along the Oregon-California border, the federal government a century ago carved a whole new landscape, draining lakes and channeling rivers to build a farming economy that now Continue Reading
Meteorological summer (June through August) began at 12 a.m. Tuesday, and already heat and wildfire concerns in the Golden State are ramping upward. Much of California’s Central Valley from Bakersfield Continue Reading
As divestment from emissions-heavy fossil fuels and boycotting of the oil sector gain traction in both the public and private sector, a major backlash is brewing around the United States. Continue Reading
Highlights 400-MW Bridgeport Harbor plant closed Coal supplied 23% of US generation in 2021 Coal to supply 15% to 16% of US power by 2026 Public Service Enterprise Group said Continue Reading
Osmotic energy—also known as blue energy—capitalizes on the energy naturally released when two solutions of different salinities mix—conditions that occur in countless locations around the world where fresh and salt Continue Reading
A Dominion Energy Inc. ship being built to install offshore wind farms will be the first to comply with a U.S. domestic transport mandate, with the power company expecting the Continue Reading
In the United States, life is returning to normal. Restaurants and bars are filling up again, vacations are being booked and flights are selling out. At sporting events, maskless fans Continue Reading
Highlights Weatherizing gas, power sites required Load-shedding rules to be publicized PUC, ERCOT board face revamp In a flurry of last-minute activity, Texas lawmakers approved eight power-sector-related bills in time Continue Reading
BP revealed that it has reached an agreement to purchase nine gigawatts (GW) of solar development projects in the U.S. from 7X Energy. BP, which expects the deal to complete Continue Reading
Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and Continue Reading
The United Kingdom will start work to create a regulatory framework for supporting research and development of nuclear fusion technology to enable the delivery of clean and safe energy, the Continue Reading
Highlights Gas pipeline project ‘not business driven,’ says former ambassador Petition submitted to German parliament calling to halt project The German national security adviser Jan Hecker will meet his US Continue Reading
If there is one thing everyone knows about the tiny northern nation of Iceland, it is that it has plentiful geothermal resources. Europe’s northernmost independent state satisfies a solid portion Continue Reading
U.S. crude futures climbed to the highest in more than two and a half years after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting. Continue Reading
Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of Continue Reading
Oil climbed for a second month as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its plan. Futures rose 0.9% on Continue Reading
In the year 2000, the International Energy Agency made a prediction that would come back to haunt it: by 2020, the world would have installed a grand total of 18 Continue Reading
A strengthening world recovery from the Covid-19 pandemic risks leaving behind many regions, fueling inequalities across and within borders, the Organization for Economic Cooperation and Development said Monday. As the Continue Reading
OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery Continue Reading
Oil climbed for a second month as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its plan. Futures rose 0.9% on Continue Reading
A year after shuttering unprecedented volumes of crude, the OPEC+ alliance is expecting world oil markets to get acutely tight. The coalition led by Saudi Arabia and Russia believes that Continue Reading
The Joint Technical Committee (JTC) of the OPEC+ group maintained at a meeting on Monday its outlook for global oil demand growth at around 6 million barrels per day (bpd) Continue Reading
OPEC+ to meet virtually June 1 No changes to production quotas on agenda so far Iran targets 6.5 mil b/d output once sanctions lifted OPEC expects the anticipated increase of Continue Reading
Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and Continue Reading
