Oil Down on Limited Trading
Oil extended losses after Saudi Arabia cut crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand Continue Reading
OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says
The head of Russia’s No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were “comfortable” for consumers and that the OPEC+ group of leading oil-producing nations was Continue Reading
Saudi Arabia slashes crude prices to Asia; US, Europe prices steady
Saudi Arabia, the world’s top oil exporter, slashed prices of all crude grades to Asian customers in October versus September, but left prices to northwestern Europe and the United States Continue Reading
Libya Oil Minister Says NOC Head’s Suspension Still Valid
Libya ’s oil ministry said Monday the decision to suspend the head of the state-run national oil company was still valid, potentially setting the stage for renewed tensions hours after Continue Reading
Libya’s Oil Industry May Be On The Verge Of Another Breakdown
With its crude oil production already the subject of various ongoing political divisions since the onset of civil war in 2011, another rift has opened up, this time between Libya’s Continue Reading
Ecuador Looks To Double Its Oil Production
The oil-dependent South American country Ecuador, which left OPEC in January 2020 to avoid production quotas, has embarked on an ambitious plan to double its oil output. The tiny Andean Continue Reading
BP, Macquarie study green hydrogen hub concept in Western Australia
BP Plc (BP.L) said on Tuesday it was conducting a joint feasibility study with Australian lender Macquarie Group (MQG.AX) to produce green hydrogen at the oil giant’s former refinery site Continue Reading
Toyota Spending $13.7 Billion to Secure EV Battery Supplies
Toyota Motor Corp. plans to spend 1.5 trillion yen ($13.7 billion) on the supply and development of batteries for hybrid and electric vehicles by 2030, joining other global automakers boosting Continue Reading
Hyundai targets hydrogen fuel cells in all commercial vehicles by 2028
Hyundai Motor Group is aiming to become the world’s first automaker to power all its commercial vehicle models with fuel cell systems by 2028 as it seeks to popularise hydrogen Continue Reading
Over 80% of oil output in Gulf of Mexico still offline a week after Ida
Oil rigs are seen in the Gulf of Mexico after Hurricane Ida made landfall in Louisiana, in Grand Isle, Louisiana, U.S. August 31, 2021. REUTERS/Marco Bello/File Photo NEW YORK, Sept Continue Reading
Goldman Cuts U.S. Growth Forecast as Consumer Sees ‘Harder Path’
Goldman Sachs Group Inc. economists revised down their forecast for growth in the U.S. economy this year, pointing to a “harder path” ahead for the American consumer than previously anticipated. Continue Reading
Covid-19 Resurgence Clouds Business Travel Rebound
Companies are delaying sending employees back on the road this fall amid another surge in coronavirus cases. Airlines and hotels had hoped that business travel—one of the most lucrative pillars Continue Reading
Oil Spill in the Gulf of Mexico: What We Know
Divers searching for the origin of a substantial oil spill in the Gulf of Mexico — one of several spotted off Louisiana’s coast after Hurricane Ida — have discovered three Continue Reading
Hurricane Ida Continues To Weigh On Gulf Oil Production
More than a week after Hurricane Ida made landfall in Louisiana, nearly 90 percent, or some 1,6 million bpd of U.S. Gulf oil production remains shut-in, more than 80 percent Continue Reading
Hurricane Ida Has Led To Largest Ever Initial Oil Output Loss In Gulf
Hurricane Ida has led to the largest-ever initial loss of crude oil production in the U.S. Gulf of Mexico from a hurricane in the ten days since the first platforms Continue Reading
Shell Returning Workers To GOM Oil Platform
Shell redeploying workers evacuated due to Hurricane Ida to the Enchilada/Salsa asset but around 80 percent of its production in the Gulf of Mexico is still offline. Supermajor Shell has Continue Reading
The U.S. surpasses 40 million known coronavirus cases.
More than 40 million cases of the coronavirus have been recorded in the United States, according to a New York Times database. The total number of known infections, more than Continue Reading
Biden’s Electric Car Plans Hinge on Having Enough Chargers
In President Biden’s vision of a green future, half of all new cars sold in 2030 will be electric. But something really basic is standing in the way of that Continue Reading
Europe Needs Nord Stream 2 More Than It Likes To Admit
When construction began on the second Nord Stream pipeline that was going to double the volume of natural gas ships to Europe—most of it to Germany—the European Union wasted no Continue Reading
Europe’s High Energy Prices Are Just The Beginning
European energy prices might be at record levels, but there is still room for prices to run, according to a Bloomberg analysis. Of course, natural gas prices are soaring everywhere—not Continue Reading
Russia Says Nord Stream 2 To Become Operational In Days
The Nord Stream 2 natural gas pipeline from Russia to Germany is set to be completed within days and come on stream, Russia’s Foreign Minister Sergey Lavrov said on Monday. Continue Reading
Gazprom Neft Switches To Yuan Payments In China
Gazprom Neft, the oil arm of Russian gas giant Gazprom, is starting to settle payments for the jet fuel it supplies in China in yuan, instead of in U.S. dollars, Continue Reading
Unrelenting Supply Squeeze Darkens Germany’s Economic Outlook
Investor confidence in the German economy declined for a fourth month in September after global supply disruptions worsened and infection rates surged, threatening to disrupt Europe’s strong recovery. The ZEW Continue Reading
Coal Plants in Southeast Europe Killing Thousands, Report Says
Pollution from coal-fired power stations on the European Union’s southeastern border are estimated to have caused thousands of deaths in the region due to breaches of legally-binding limits on harmful Continue Reading
Siemens Gamesa claims first recyclable wind turbine blade
Siemens Gamesa says it has developed the first offshore wind turbine blades that can be fully recycled, potentially saving hundreds of thousands of bulky objects from landfills and resolving an Continue Reading
Europe’s High Energy Prices Are Just The Beginning
European energy prices might be at record levels, but there is still room for prices to run, according to a Bloomberg analysis. Of course, natural gas prices are soaring everywhere—not Continue Reading
Oil Down as Saudis Slash Crude Prices
Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand Continue Reading
Crude oil futures extend retreat in wake of weak US job report
Crude oil futures extended a decline in mid-morning trade in Asia on Sept. 6 after a weaker-than-expected US employment report heightened near-term demand concerns. At 10:49 am Singapore time (0249 Continue Reading
3 Bullish Catalysts For Oil This Fall
After a dreary stretch that saw oil markets record the worst monthly loss this year, the markets have kicked off trading in September on a brighter note. Both WTI and Continue Reading
Economic losses from extreme weather hit £3.6tn over five decades
Developed nations have incurred the bulk of $3.6tn in economic losses from severe weather events over the past five decades, while high death tolls endured by poorer nations have been Continue Reading
Iraq and Total sign $27 bln energy projects deal
France’s Total (TTEF.PA) will build four giant energy projects in southern Iraq under a $27 billion deal signed in Baghdad on Sunday, the country’s oil minister said. The company will Continue Reading
Saudi Non-Oil Economy Grows at Slower Pace Amid Lower Exports
Business activity in Saudi Arabia last month grew at the weakest pace in 10 months as lower export demand weighed on the kingdom’s non-oil economy. A Purchasing Managers’ Index compiled Continue Reading
INOC launches, aiming to restructure Iraq’s oil sector
he Iraqi National Oil Company (INOC) has taken two significant administrative steps to become operational, signaling a potential sea change in the structure of Iraq’s oil sector. In an Aug. Continue Reading
$14 Billion ‘Ill-Spent’ On Development Projects In Nigeria’s Oil Region
Nigeria has failed to adequately implement and deliver thousands of projects—funded with $14 billion—to help the social, economic, and infrastructure development of the oil-rich but impoverished Niger Delta region, Nigeria’s Continue Reading
Nigeria: India, Netherlands, Spain Emerge Top Export Destinations for Nigeria’s Crude Oil
Abuja — India, Netherlands and Spain have now filled the vacuum left by the United States as top buyers of Nigeria’s crude oil, according to a document obtained from the Continue Reading
Weaponizing Carbon Dioxide In The 21st Century
In the 20th century, oil became a major geopolitical weapon, most notably during OPEC’s 1973 oil embargo which caused a cataclysm shift in global power relations. OPEC continues to utilize Continue Reading
Climate Czar Kerry Fails To Clinch Climate Deal With China
China and the US have failed to reach a climate agreement after Biden’s climate envoy John Kerry pushed Beijing to make more public pledges before a UN climate summit in Continue Reading
Sydney COVID cases seen topping 2,000 a day; Australia ramps up vaccinations
Sydney, the epicentre of Australia’s biggest coronavirus outbreak, is expected to see daily infections peak next week, authorities said on Monday, as they look to speed up immunisations before easing Continue Reading
Japanese automakers’ China car sales tumbled in August
Japanese automakers Honda Motor (7267.T) , Nissan Motor (7201.T) and Toyota Motor (7203.T) saw their sales in China tumble in August as a chip shortage hit vehicle production in the Continue Reading
Australia sees strong future for coal beyond 2030 despite U.N. call
Coal will be a major contributor to Australia’s economy well beyond 2030 given growth in global demand, the country’s resources minister said on Monday, a day after a United Nations Continue Reading
U.S. offshore oil output lags as Louisiana refiners restart after Ida
Damages to oil production facilities in the U.S. Gulf of Mexico on Sunday kept output largely halted a week after Hurricane Ida made landfall, according to offshore regulator the Bureau Continue Reading
Until 2023? Parts shortage will keep auto prices sky-high
Back in the spring, a shortage of computer chips that had sent auto prices soaring appeared, finally, to be easing. Some relief for consumers seemed to be in sight. That Continue Reading
U.S. Ports See Shipping Logjams Likely Extending Far Into 2022
Leaders of some of the busiest U.S. ports expect congestion snarling maritime gateways to continue deep into next year, as the crush of goods from manufacturers and retailers looking to Continue Reading
Who’s To Blame For High Gas Prices?
Earlier this year, as oil prices recovered from their pandemic lows and oil-producing companies miraculously stuck to their pledged production cuts, headlines were flooded with semi-alarmist speculation about painfully high Continue Reading
Chevron Braces For Activist Investor Fight
Chevron has recently met with representatives of activist investor hedge fund Engine No. 1 to talk about plans for emissions reductions, as the U.S. supermajor is getting ready for a Continue Reading
The U.S. Power Grid Is At Risk Of Catastrophic Failure
Future electricity systems must be made more resilient Prolonged blackouts in Louisiana following Hurricane Ida are a reminder the power grid needs to become more resilient as well as reliable Continue Reading
Car Sales Slump As Chip Shortage Continues
The Automotive Monthly Metals Index (MMI) fell by 1.4% for August’s MMI reading. US auto sales Ford Motor Co. reported its August retail sales increased by 6.5% from the previous Continue Reading
1.607 million b/d of oil production offline in US Gulf of Mexico: BSEE
Highlights 88% of oil, 83% of gas still offline: BSEE Port Fourchon tenants given access to facilities Marathon, ExxonMobil restarting plants A week after Hurricane Ida made landfall, 1.607 million Continue Reading
Talos Energy says oil leaking into in U.S. Gulf of Mexico has slowed
U.S. offshore oil producer Talos Energy said on Sunday that the rate of oil flowing from a spill of unknown origin in the U.S. Gulf of Mexico following Hurricane Ida Continue Reading
What Are Biden’s Real Priorities For U.S. Oil?
Americans are paying the most expensive Labor Day weekend gasoline prices since 2014 amid constrained stock levels and high benchmark crude oil prices. The end of the U.S. driving season Continue Reading