Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook. Continue Reading
Greenland has ended its 50-year ambition to become an oil-producing nation after announcing it would suspend a strategy of searching for oil and would stop granting exploration licenses. Oil exploration Continue Reading
Kuwait was downgraded by S&P Global Ratings for a second time in less than two years after a fall in oil revenue and increased spending pressured the Persian Gulf nation’s Continue Reading
U.S. energy firms added oil and natural gas rigs for a third week in a row for the first time since May even though oil prices eased for a second Continue Reading
Pipeline operator Kinder Morgan Inc (KMI.N) said it would buy renewable natural gas developer Kinetrex Energy from an affiliate of Parallel49 Equity for $310 million, to expand into green energy Continue Reading
“The only pandemic we have is among the unvaccinated,” President Joe Biden said, with cases swelling in 49 U.S. states and hospitalizations on the rise. He said that social media Continue Reading
The left-leaning government of Greenland has decided to suspend all oil exploration off the world’s largest island, calling it is “a natural step” because the Arctic government “takes the climate Continue Reading
General Motors will pause production at four of its North American automobile assembly plants for two weeks as the industry continues to be affected by the global shortage of semiconductor Continue Reading
The Delta variant of COVID-19 is now the dominant strain worldwide, accompanied by a surge of deaths around the United States almost entirely among unvaccinated people, U.S. officials said on Continue Reading
German officials feared more deaths on Friday after “catastrophic” floods swept through western regions, demolishing streets and houses, killing more than 100 people and leaving hundreds more missing and homeless. Continue Reading
Exxon Mobil (XOM.N) has signed a memorandum of understanding to participate in a carbon capture and storage (CCS) project in Scotland, the U.S. oil and gas producer said on Friday. Continue Reading
Renewable firms, oil majors, and investors said they would bid into Scotland’s offshore wind leasing round which closed on Friday, signaling the huge demand globally for the rights to build Continue Reading
Deadly floods that devastated parts of western Germany have left thousands in the dark as utilities were forced to curb electricity supplies. Germany utility giant EON SE cut power to Continue Reading
The EU’s sweeping proposals to curb greenhouse emissions are likely to upend the continent’s oil demand over the years and decades to come. Here’s a run through the plans — Continue Reading
Crude oil futures were steady during mid-morning Asian trade July 16, as increased certainty over the OPEC+ supply accord and robust demand projections from OPEC analysts arrested the plunge in Continue Reading
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an OPEC+ deal to increase supply clouded the short-term outlook. Continue Reading
Oil prices fell on Friday, heading for their biggest weekly drop since at least May as expectations of more supplies spooked investors, with OPEC likely to add output to meet Continue Reading
Saudi, UAE reach compromise to unlock more oil supply U.S. crude stockpiles fall for eighth week in a row – EIA U.S. fuel stocks rose despite reduced refinery output – Continue Reading
OPEC pumped 26.03 million barrels per day (bpd) of oil in June—up by 590,000 bpd from May, the cartel said on Thursday as it predicts demand for its crude at Continue Reading
OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and Continue Reading
Despite legislative delays to full implementation, Iraq’s government has approved the next steps to a new national oil company. Thamir Ghadhban, then-Deputy Prime Minister for Energy Affairs and Oil Minister Continue Reading
No beds, medicines running low and hospital wards prone to fire — Iraq’s doctors say they are losing the battle against the coronavirus. And they say that was true even Continue Reading
The House of Representatives at the plenary, Thursday stepped down the report of the conference committee on Petroleum Industry Bill (PIB), following a shouting match by Niger Delta lawmakers, who Continue Reading
Apparently in a bid to comply with the output quota of the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped 11.47 per cent year-on-year, YoY, in the second Continue Reading
China is set to release another 10 million tons of coal from its reserves to prevent shortages amid soaring coal prices and tight supplies in the fifth such release this Continue Reading
SYDNEY, July 16 (Reuters) – Australian Prime Minister Scott Morrison and state premiers were under increasing public pressure on Friday to get on top of a fast-growing Delta variant COVID-19 Continue Reading
U.S. Jobless Claims Fall to Fresh Pandemic Low Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast . Applications for U.S. state unemployment Continue Reading
Energy companies are raising money again from Wall Street at superlow borrowing costs, thanks in part to higher oil prices. The one thing most investors don’t want them to do Continue Reading
It is not a great time to be an oil pipeline developer or operator in North America these days. Policymakers are canceling projects and threatening to close operational pipelines. Environmental Continue Reading
New Mexico, the Land of Enchantment, was concerned when Biden’s pause on oil and gas drilling leases took hold, but six months into the new administration the state’s oil industry Continue Reading
Consolidation is a troubled industry’s best friend—and last year’s crisis in oil and gas brought about by the pandemic was no exception. Mergers and acquisitions started later than they normally Continue Reading
Highlights Rockies, PNW at 50%-60% risk for hotter temperatures Southwest power burn averages record 5.1 Bcf/d in H1 July SoCal city-gate cash price tops $8/MMBtu this summer More record gas-fired Continue Reading
General Motors and BrightDrop, a new business created and wholly owned by GM focused on electric commercial delivery and logistics, announced the Ultium Charge 360 fleet charging service, a comprehensive Continue Reading
Firefighters scrambled on Friday to control a raging inferno in southeastern Oregon that’s spreading miles a day in windy conditions, one of numerous conflagrations across the U.S. West that are Continue Reading
The number of new coronavirus cases is increasing in every state, setting off a growing sense of concern from health officials who are warning that the pandemic in the United Continue Reading
The death toll from the freezing winter weather that battered Texas and caused widespread power outages this year has risen by 59, bringing the total to 210, officials said. The Continue Reading
Chevron USA, through its Chevron Products Company division, and Cummins announced a memorandum of understanding (MOU) to explore a strategic alliance to develop commercially viable business opportunities in hydrogen and Continue Reading
Electric utilities emphasize the importance of natural gas-fired power plants to meeting demand. (Bloomberg) — Senate Democrats are proposing to penalize utilities that don’t meet clean-energy targets, while rewarding those Continue Reading
What allows any type of energy to be sustainable? I would argue that one of the requirements for sustainability is adequate production of taxable revenue . Company managements depend upon Continue Reading
Russian President Vladimir Putin told U.S. climate change envoy John Kerry that the two former Cold War rivals have a chance to cooperate in combating greenhouse gas emissions amid efforts Continue Reading
The Court of Justice of the European Union upheld on Thursday a lower tribunal’s ruling which had said that Russia’s access to the OPAL gas pipeline should be limited. The Continue Reading
President Joe Biden and German Chancellor Angela Merkel failed on Thursday to settle their dispute over Russia’s Nord Stream 2 natural gas pipeline but said they agreed that Moscow must Continue Reading
The death toll from devastating floods across parts of western Germany and Belgium rose above 90 on Friday, as the search continued for hundreds of people still unaccounted for and Continue Reading
Following a day of frantic rescue efforts and orders to evacuate towns rapidly filling with water unloosed by violent storms, the German authorities said late Thursday that after confirming scores Continue Reading
Rising commodity prices have strengthened the economic outlook of resource-rich countries. Russia is taking advantage of this in a major way, with a particular focus on crude oil and natural Continue Reading
Multiple bids submitted to ScotWind Leasing Crown Estate to award capacity early 2022 Carbon Trust details ‘significant challenges’ ScottishPower and Shell have jointly bid to develop the world’s first large-scale Continue Reading
Crude oil futures were lower during mid-morning trade in Asia July 15 after the impasse between Saudi Arabia and the UAE on OPEC+’s oil production quotas for August showed signs Continue Reading
Oil prices fell more than 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising Continue Reading
Oil prices declined on Wednesday after data showed a drop in China’s half-year crude imports while expectations for a further tightening of U.S. inventories offered support. Brent crude was down Continue Reading
Global electricity demand is growing faster than renewable energy capacity can be rolled out and will require more power to be generated from the burning of fossil fuels, the International Continue Reading
