As highlighted repeatedly by OilPrice.com there are two extremely powerful reasons why the oil price has been effectively capped around US$75-80 per barrel of Brent since the end of the Continue Reading
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to Continue Reading
The OPEC Monthly Oil Market Report for August 2021 was published this past week. The last month reported in each of the charts that follow is July 2021 and output Continue Reading
An attack with an explosive device on an oil field in the northern Iraqi region of Kirkuk was blamed on Islamic State militants, according to an unnamed source who spoke Continue Reading
A pipeline run by Oil Pipelines Co. in Iraq leaked liquefied petroleum gas on July 20, close to where a large plume of the super-potent greenhouse gas methane was detected. Continue Reading
Nigerian President Muhammadu Buhari on Monday signed the country’s newly passed petroleum bill into law, marking the end of 20 years of efforts at Africa’s top oil producer to overhaul Continue Reading
The president’s signing means he accepts the three per cent allocation that dimmed the passage of the bill in July after over a decade. President Muhammadu Buhari has signed the Continue Reading
President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) into law. Buhari assented to the bill on Monday, according to Femi Adesina, his spokesman. In statement, Adesina said Buhari Continue Reading
With evidence of an active petroleum system now confirmed after two test wells in Namibia’s 6.3-million-acre Kavango Basin, the game is afoot with 2D seismic and a 6-well exploration drilling Continue Reading
Negotiations for Venezuela’s November 2021 regional elections, which are being brokered by Norway, kicked off this week in Mexico. The talks between the authoritarian regime of Nicolas Maduro and opposition Continue Reading
As apocalyptic wildfires raged in Greece, California and Turkey last week, the latest report from the Intergovernmental Panel on Climate Change (IPCC) offered a sobering assessment of the damage inflicted Continue Reading
New refining capacity in Q4 could help throughput to rebound China’s crude throughput in July took a breather after hitting record highs in the previous month, with analysts saying high Continue Reading
China’s oil refining slumped to the lowest level in 14-months as private processors scaled back operations amid a crackdown by authorities. Daily crude processing fell below 14 million barrels a Continue Reading
BHP Group unveiled the most sweeping change to its business since the world’s biggest miner was created two decades ago, as it plans an escape away from fossil fuels to Continue Reading
The partial closure of the world’s third-busiest container port is worsening congestion at other major Chinese ports, as ships divert away from Ningbo amid uncertainty over how long virus control Continue Reading
Highlights Refining margins fall on rocketing crude prices Monthly throughput forecast to fall below 10 million mt Bitumen blend, fuel oil remain in demand Feedstock throughput at China’s independent refineries Continue Reading
Major U.S. oil industry groups on Monday sued the Biden administration for halting drilling auctions on federal lands and waters this year, arguing the government is required by law to Continue Reading
U.S. shale oil output is expected to rise to 8.1 million barrels per day (bpd) in September, the highest since May 2020, according to the Energy Information Administration’s monthly drilling Continue Reading
The U.S. Treasury Department issued new energy financing guidance to multilateral development banks on Monday, saying the United States would oppose their involvement in fossil fuel projects except for some Continue Reading
With climate change and long-term drought continuing to take a toll on the Colorado River, the federal government on Monday for the first time declared a water shortage at Lake Continue Reading
The Drilling Productivity Report (DPR) rig productivity metric new-well oil/natural gas production per rig can become unstable during periods of rapid decreases or increases in the number of active rigs Continue Reading
The mining sector has been one of the biggest beneficiaries in the COVID-19 recovery. Several countries’ recovery packages have ignited demand for commodities like copper, iron ore and lithium. Given Continue Reading
Oil markets started off the week under pressure as continued speculative “long” liquidation amid delta variant demand concerns weighed on prices. However, in an ironic twist, the oil market got Continue Reading
As if we weren’t throwing enough trillions of dollars away (or, should we say, printing enough trillions away) incentivizing ill conceived “green energy” subsidies, the Biden administration is now set Continue Reading
The largest oil companies have significantly raised their share of crude oil production in the U.S. Gulf of Mexico in recent years, while smaller firms have been weighed down by Continue Reading
Tankers in path of Fred, Grace could see delays Chevron moves some workers from platforms Back-to-back storms passing through the Gulf of Mexico could delay LNG tankers reaching US terminals Continue Reading
Both renewable fuel processors and oil refiners are trying to profit off the growing market for sustainable aviation fuel and renewable diesel, but high prices for feedstocks like soybean oil Continue Reading
The Biden administration on Monday challenged a federal judge’s decision in June to block the Interior Department’s pause on oil and gas leasing on public lands and waters – a Continue Reading
Researchers at the Department of Energy’s Oak Ridge National Laboratory have developed a robotic disassembly system for spent electric vehicle battery packs to recycle and reuse critical materials safely and Continue Reading
Gazprom Neft, the oil arm of Russian gas giant Gazprom, will be able to swiftly raise its crude oil production in line with the OPEC+ deal for unwinding the collective Continue Reading
Winter preparation work ‘cannot be paused’: Gazprom August deliveries comparable to normal winter demand Gazprom production up by 18.1% in year to date Russia’s Gazprom said Aug. 16 that high Continue Reading
Electric car and van startups racing to become the next Tesla Inc (TSLA.O) all want to avoid Elon Musk’s journey through “manufacturing hell.” But electric vehicle firms such as UK Continue Reading
The UK government has launched a Hydrogen Strategy intended to create a thriving low-carbon hydrogen sector—blue and green—in the UK over the next decade and beyond. The UK’s first Hydrogen Continue Reading
Crude oil futures were lower during mid-morning Asian trade Aug. 16 as investor concerns over the fast-spreading delta variant resurfaced amid restrictive movement curbs in oil-consuming giant China and a Continue Reading
Oil sank for a third consecutive day as Chinese economic data disappointed and the spread of the delta coronavirus variant hurt prospects for global demand. West Texas Intermediate slumped as Continue Reading
Oil prices fell more than 1% on Monday, dropping for a third session after official data showed that refining throughput and economic activity slowed in China in an indicator that Continue Reading
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd. ’s oil refining and chemicals business, people with knowledge of the matter Continue Reading
Indian fuel consumption recovery largely held up in the first half of August, a rare positive for oil demand as the delta virus variant led to curbs on movement in Continue Reading
The world’s biggest mining company is plotting a new future. It wants to focus solely on mining. BHP Group Ltd. said it is considering selling its oil-and-gas business in what Continue Reading
Post-FARC peace treaty violence is at an all-time high with 2021 on track to be the most violent year in Colombia in a decade. Massacres and violent crimes, including the Continue Reading
The green energy revolution is redrawing the lines of the global geopolitical map and China is fighting to come out on top. While other energy superpowers such as the United Continue Reading
Industrial output +6.4% y/y vs June’s +8.3%, Reuters poll +7.8% Retail sales +8.5% y/y vs June’s +12.1%, Reuters poll +11.5% Fixed asset investment +10.3% in Jan-July, Reuters poll +11.3% Analysts Continue Reading
Australia’s biggest city of Sydney recorded its deadliest day of the COVID-19 pandemic on Monday as troops and police set up roadblocks to limit the movement of people, while Melbourne Continue Reading
China’s daily crude throuhgput last month fell to the lowest since May 2020 as independent plants slashed production amid a tighter quotas, high inventories and weakening profits. Last month’s processing Continue Reading
China’s economy sharply underperformed in July, with widespread flooding and an outbreak of the coronavirus Delta variant exacerbating concerns that the country’s growth trajectory would continue to lose momentum. Official Continue Reading
One of the U.S. shale pioneers, Chesapeake Energy, is back in business six months after emerging from bankruptcy with a major acquisition— marking its return to the shale gas basin Continue Reading
Highlights Throughput could retreat to 14.6 mil b/d in Q3: Platts Analytics Pandemic-related restrictions could keep demand under check New refining capacity in Q4 could help throughput to rebound China’s Continue Reading
Several years ago, a major US electric utility, wrote in its 10-K , a document filed annually with federal securities regulators, that it could not “currently estimate the financial impact Continue Reading
America’s appetite for fossil fuels has come roaring back as the economy cranks into gear, providing a boost to energy groups but flying in the face of Washington’s drive to Continue Reading
Skyrocketing carbon prices and a “ code red ” warning about the threat posed by climate change are giving fresh momentum to a technology that captures and removes greenhouse gas Continue Reading
