EIA Lowers Oil Production Expectations For 2022
U.S. crude oil production this year will average 11.1 million bpd and will rise to 11.8 million bpd in 2022, the Energy Information Administration said in its latest Short-Term Energy Continue Reading
Spread of COVID-19 Delta variant knocks oil demand outlook
Rising demand for oil abruptly reversed course in July and is set to proceed more slowly for the rest of the year due to the spread of the COVID-19 Delta Continue Reading
IEA Cuts Oil Demand Outlook on Virus, Sees New Surplus in 2022
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in Continue Reading
Why Latest Thinking on Global Warming Rings Alarms: QuickTake – Bloomberg
Wildfires, heat waves, droughts, flooding, and more are no longer “natural” disasters exclusively, because humanity has a substantial role in making many of them more extreme. That’s a key takeaway Continue Reading
Delta Variant Has Dented 2021 Recovery in Oil Demand, IEA Says
The rapidly spreading coronavirus Delta variant and its impact on the global economy mean the world will consume less oil this year than previously thought, the International Energy Agency said Continue Reading
IEA warns oil demand recovery stalls as COVID-19 impact drags
Highlights Global demand fell 120,000 b/d in July on setbacks in Asia Lowers 2021 demand growth estimate, ‘call’ on OPEC Non-OPEC+ supply growth estimate lowered for 2021 The International Energy Continue Reading
How Can Emerging Markets Capitalize On Geothermal Energy’s Potential?
While solar and wind are the dominant segments in the transition to renewables , a number of emerging markets are looking to geothermal sources as a way to meet future Continue Reading
A Major Rift Remains Within OPEC
Conflicts and major disagreements within OPEC usually go unnoticed as member states use consultation and decision-making mechanisms that prevent a public mess. The UAE’s recent decision to do the unexpected Continue Reading
Devastated by war, Yemen’s still surviving oil and gas sector needs peace to recover
Highlights Oil output has plummeted to below 100,000 b/d TotalEnergies, OMV players in Yemen Petsec Energy could restart soon Yemen’s oil and gas industry could be at a crossroads after Continue Reading
New Iran Oil Minister Selected
Iran’s new president picked the former head of the country’s natural-gas company as oil minister, at a time when the Islamic Republic is engaged in fraught negotiations with world powers Continue Reading
Kenya Aims to Double Geothermal Capacity by 2030
When Kenya opened the Olkaria power plant four decades ago, it was considered more research project than commercial venture. Located in Hell’s Gate National Park, a barren zone of volcanic Continue Reading
Nigeria: Oil Spillage – Shell Agrees to Pay N45bn Judgement Debt to Ogoni Communities
Shell Petroleum Development Company, SPDC, of Nigeria Limited, yesterday, told the Federal High Court in Abuja that it would pay about N45 billion judgement debt awarded against it over oil Continue Reading
Chinese Oil Demand To Crash By 1 Million Bpd On Covid Surge
China’s oil demand is expected to be 1 million barrels per day (bpd) lower in the next two months than previously expected due to the rising number of COVID cases Continue Reading
Asia Buys Less Saudi Crude As COVID Restrictions Return
Some Asian refiners have nominated lower than usual volumes of crude oil from Saudi Arabia in September as authorities in China and the rest of Asia have re-imposed restrictions to Continue Reading
U.S. calls on OPEC and its allies to pump more oil | Reuters
U.S. President Joe Biden’s administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global Continue Reading
Summary of Weekly Petroleum Data for the week ending August 6, 2021
Summary of Weekly Petroleum Data for the week ending August 6, 2021 U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending August 6, 2021 Continue Reading
How Tesla Is Overcoming The Global Chip Shortage
A global chip shortage is continuing to wreak havoc up and down supply chains in a diverse array of industries across the world. As unprecedented amounts of work, life, shopping, Continue Reading
U.S. Crude Meets Most Of Canada’s Oil Demand
More than half of Canada’s crude and condensate demand is being met by the United States, despite the fact that Canada pumps two and half times more oil than its Continue Reading
Exxon, Chevron look to make renewable fuels without costly refinery upgrades -sources
U.S. oil major Exxon Mobil Corp (XOM.N) , along with Chevron Corp (CVX.N) , is seeking to bulk up in the burgeoning renewable fuels space by finding ways to make Continue Reading
California Expects Power Supply Shortfall to Worsen in 2022
Even with a battery boom underway in California, the state predicts a power supply shortfall may worsen next year in extreme weather conditions like the heat waves and drought seen Continue Reading
Biden’s OPEC Plea Pits Fuel Price Fears Against Climate Push
President Joe Biden has pledged to wean the U.S. off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of Continue Reading
Frackers, Shippers Eye Natural-Gas Leaks as Climate Change Concerns Mount – WSJ
Drones darted in patterns above natural-gas wells in the hills of southwest Pennsylvania, as men atop water tanks pointed specialized cameras, and a helicopter outfitted with a laser-light detection system Continue Reading
The Dawn Of A New Era In Deepwater Drilling
A new era in deepwater drilling is about to begin. With the sanctioning of the Anchor project super-major operator, Chevron, NYSE: CVX) signaled that it was ready to risk billions Continue Reading
Blue hydrogen 20% worse for GHG emissions than natural gas in heating: study
Highlights Higher methane emissions from blue H2 production CO2 emissions only 12% less than for grey H2 Casts doubt on climate viability of blue H2 Burning low-carbon hydrogen for heating Continue Reading
US Northeast power, gas prices rise on scorching temperatures
Highlights Temperatures expected to rise to triple digits NYISO Aug. 12 demand forecast the highest in nearly three years US Northeast power, gas prices trended higher Aug. 11 as the Continue Reading
Lighter winds slow progress at offshore firms Orsted, RWE
Orsted (ORSTED.CO) and RWE (RWEG.DE) , the world’s two largest offshore wind players, both suffered from lighter winds in the first half of the year, highlighting how profits in the Continue Reading
Mediterranean Heatwave Linked to Climate Change
A dangerous heatwave is sweeping across the Mediterranean, the latest in a series of recent extreme weather events that underscore the real-world impacts of climate change. The Italian island of Sicily may have smashed continental Continue Reading
New study questions climate sense of blue hydrogen in UK strategy
Highlights Policy support for blue H2 a ‘mistake’: report author Blue hydrogen 20% worse for GHG emissions than gas UK hydrogen strategy to back both green and blue A scientific Continue Reading
Oil holds above $70 as US demand eases Delta fears
Oil held above $70 a barrel on Wednesday as signs of rising fuel demand in the United States were balanced by concerns about travel curbs in Asia caused by the Continue Reading
Oil Steadies With Report Pointing to Shrinking U.S. Inventories
Oil dropped suddenly after a report that the U.S. will urge OPEC to revive production more quickly. Futures tumbled 1.2% in New York as CNBC reported that the White House intends to Continue Reading
Oil recovers from three-week low amid surge in Delta variant in Asia
Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over Continue Reading
Iraq wants to boost its oil output to 8 million b/d by 2027: minister
Iraq’s current oil production capacity is 5 mil b/d Minister previously said the target was 7 mil b/d capacity by 2027 Iraq’s OPEC+ quota is rising as coalition easing cuts Continue Reading
Why Russian Oil Giant Lukoil Won’t Give Up On This Huge Oilfield
There was always something that did not look quite right about Lukoil’s recent announcement that it was going to withdraw from Iraq’s huge West Qurna 2 oil field, located 65 Continue Reading
In Iran, slow vaccinations fuel anger in unending pandemic
Iranians are suffering through yet another surge in the coronavirus pandemic — their country’s worst yet — and anger is growing at images of vaccinated Westerners without face masks on Continue Reading
Iran President Picks Hawkish Diplomat to Lead Nuclear Talks
Iran’s new president picked a hawkish Foreign Ministry veteran with close ties to the military elite to replace Mohammad Javad Zarif as the nation’s top diplomat, underscoring the shift in Continue Reading
Baghdad Says Iran Halted Electricity Exports To Iraq
Reduced hydropower output in Iran amid a water scarcity has prompted Tehran to suspend electricity exports to neighboring Iraq, which relies on Iranian power and gas supply, Iraq’s Electricity Minister Continue Reading
Saudi Arabia’s Oil Industry Is Staging An Impressive Comeback
Aramco sees profits up nearly 300 percent as Sadia Arabia experiences a dramatic rebound from last year’s pandemic-hit oil demand. Thanks to prices that have increased by 30 percent since the Continue Reading
Gambia says BP has agreed to pay $29.3 mln no-drill fee
The Gambian government said on Tuesday BP (BP.L) has agreed to settle a $29.3 million outstanding commitment to drill an exploration oil well in the West African country’s offshore A1 Continue Reading
India’s Stricter Emissions Rules Will Hit Car Sales, Maruti Says
India’s biggest automaker has warned that strict European-style emissions rules due to start next year will force up car prices, dealing another blow to an industry that was in a Continue Reading
Colombia’s Oil Industry Tumbles Amid Violent Protests
After being rocked by a harsh 2020 where the March 2020 oil price collapse and the coronavirus pandemic sharply impacted operations Colombia’s economically vital petroleum industry is struggling to recover. Even attempts Continue Reading
China is Redrawing the World’s Energy Map
China’s outsize energy needs and its reliance on overseas suppliers have underpinned its foreign policy for decades. Now those needs are changing. The planet’s largest oil and coal importer wants to become Continue Reading
BP sees potential for green hydrogen, ammonia plant in Australia
The production of green hydrogen and green ammonia is technically feasible at scale in Australia, but will require a major investment in port, electricity and water services, BP said on Continue Reading
Senate Democrats Pass $3.5 Trillion Blueprint for Biden’s Agenda
Senate Democrats took a major step toward the biggest expansion in decades of federal efforts to reduce poverty, care for the elderly and protect the environment, passing a $3.5 trillion Continue Reading
Can Anything Replace China As Demand Driver For Oil?
That the oil-producing world is highly reliant on China’s appetite is a fact we are reminded of from time to time. Last year, Chinese buyers dragged oil prices out of Continue Reading
High natural gas prices lead to increased coal generation, 2021 carbon emissions: EIA
Higher natural gas prices are projected to contribute to an increase in energy sector carbon dioxide emissions as coal consumption rises, the US Energy Information Administration said Aug. 10. Not Continue Reading
US EIA cuts 2022 global oil demand outlook by 100,000 b/d on slower US jet fuel recovery
US gasoline prices hit six-year high of $3.14/ gal in July Global oil demand to top pre-pandemic level in 2022 EIA trims US oil output estimate by 80,000 b/d for Continue Reading
EXCLUSIVE U.S. weighs 2050 target in bid to wean airlines off fossil fuels
U.S. President Joe Biden’s administration is quietly discussing a target date of 2050 for weaning aircraft off fossil fuels as part of the White House’s broader push to fight climate Continue Reading
Biden and Democrats push climate legislation after dire U.N. report on global warming
Hundreds of scientists assembled this week by the United Nations rang the alarm bell as loudly as they ever have on climate change, detailing the intensifying fires, floods and other catastrophes that Continue Reading
Shale Prudence Wins Over Debt Market
Shale drillers — some of them just emerging from bankruptcy — racked up a staggering $42 billion in new debt in the first half of the year. It’s not what Continue Reading
Onshore Pipeline Project Costs Set to Rise
Costs associated with onshore pipeline projects are likely to increase by between four and six percent globally by the end of 2022, according to Rystad Energy. Costs associated with onshore Continue Reading