Russian Oil Exports Under Fire As Iraq Slashes Prices
The price of Russia’s flagship Urals grade slumped this week as Russian supply and exports are set to grow and as Iraq cuts the price of its crude for Europe. Continue Reading
Nord Stream 2 Comes Just As European Gas Prices Reach 13-Year High
The sooner Nord Stream 2 is commissioned and launched, the better chance the Russia-led gas pipeline to Germany will have to balance surging gas prices in Europe, including on the Continue Reading
Kremlin Spokesman Assures Markets Nord Stream 2 Will Stabilize Natural Gas Price
The Kremlin today said that a rapid start-up of the controversial Nord Stream 2 pipeline would help to correct sky-high gas prices across Europe amid a squeeze in supply. Spokesman Continue Reading
Europe’s Energy Crunch Is Forcing U.K. Factories to Shut Down
WATCH: Natural gas and energy prices in Europe have been continuing their record-breaking run. Europe’s energy crunch has forced a major fertilizer maker to shut down two U.K. plants, the Continue Reading
Italy working on measures to curb power prices – minister
Italy will introduce short-term measures to offset the expected rise in retail power prices and is working on a longer-term reform of power bills, energy transition minister Roberto Cingolani said Continue Reading
British Among Hardest Hit as Living Costs Rise During Pandemic
Montagne Says Economy Needs to Plan Ahead Central bankers worldwide are weighing the probability of higher inflation. Consumers around the world say they are already feeling the pinch. About 40% Continue Reading
UK power prices soar after key cable hit by blaze
The fire at the National Grid site broke out just after midnight on Wednesday A key electricity cable between Britain and France has been shut down, sending wholesale energy prices Continue Reading
Netherlands rules out change to Groningen gas field policy despite high prices
Highlights Output hike would lead to higher earthquake risk: ministry Field set to close in mid-2022, back-up role to remain European gas prices on run to record highs The Dutch Continue Reading
Oil Extends Rally as Industry Report Shows Slump in Inventories
Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline, signaling a tightening market. Global benchmark Brent rose above $74, while West Texas Intermediate Continue Reading
Oil prices climb after drawdown in stocks, positive demand outlook
Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations Continue Reading
Oil Steady In Wake of Hurricane Nicholas
Oil settled with minimal change as threats to crude supply from the Gulf of Mexico fizzled in the wake of hurricane Nicholas. Oil ended the session little changed as investors Continue Reading
Despite green talk, pre-COVID oil demand seen returning soon
World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major Continue Reading
COVID-19 cases climbing, wiping out months of progress
COVID-19 deaths and cases in the U.S. have climbed back to where they were over the winter, wiping out months of progress and potentially bolstering President Joe Biden’s case for Continue Reading
IEA Sees Robust Oil Demand In October
After three consecutive months of declines due to the Delta variant, global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end Continue Reading
Oil Glut That Covid Built All But Gone
Global crude inventories that ballooned during the pandemic have shrunk to the lowest level in 20 months as an economic rebound in top consumers China and the U.S. drive a Continue Reading
U.S. and EU Vow Steep Methane Cuts Ahead of Climate Summit
The U.S. and European Union have agreed to a plan to cut emissions of methane by about a third by the end of the decade as part of a diplomatic Continue Reading
Pew research survey finds people around the world see climate change as a major threat
Nearly three-quarters of residents of countries with some of the world’s most advanced economies worry that climate change will one day create suffering in their own lives, according to a Continue Reading
Investor group sets tough climate blueprint for Big Oil
Investors managing more than $10 trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding Continue Reading
Global Warming Set to Pass 1.5° C as Pollution Plans Fall Short
Almost every government in the world isn’t doing enough to cut greenhouse gas emissions, making it likely global temperatures will rise beyond the tipping point of 1.5 degrees Celsius in Continue Reading
Saudi Arabia May Open Up Massive Gas Field To Foreign Investment
Saudi Arabia’s state-owned oil giant Aramco may soon open up a massive upstream asset to foreign investment. It would be a rare move for OPEC’s top oil producer and the Continue Reading
Nigeria: 451 Leaks, 11 Fire Incidents Reported in NNPC’s 5,000km Pipelines in One Year
The pipelines operated by a subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Pipelines and Storage Company (NPSC) Limited, experienced a total of 451 breaks and 11 fire Continue Reading
The Next South American Oil Giant
The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard. During 2020 the Continue Reading
China’s Historic Decision To Stop Hoarding Oil
For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the Continue Reading
China’s daily oil refinery output hits 15-month low in August
China’s crude oil throughput continued to fall in August, with daily runs hitting the lowest since May 2020, as a resurgence in coronavirus cases and a drastic cut in fuel Continue Reading
Delta Hits China Growth; HIV Stymies South Africa: Virus Update
China’s economy weakened further last month after government measures to contain the virus curbed consumer spending. Singapore said the treatment plan for most people with breakthrough infections will be home Continue Reading
China’s Move to Curb Oil Prices Has Market Wary of More to Come
China’s first auction of oil from its strategic reserves looks relatively paltry, but the possibility of further releases is still likely to exert a powerful influence on global crude prices. Continue Reading
China’s Economic Recovery Is Looking Gloomier
Nearly three-quarters of residents of countries with some of the world’s most advanced economies worry that climate change will one day create suffering in their own lives, according to a Continue Reading
China slowdown worsens as Covid outbreak exposes consumer weakness
China’s economic slowdown worsened in August as coronavirus outbreaks exposed lingering weakness in consumer spending and cast greater doubts over the country’s growth prospects. Retail sales rose just 2.5 percent Continue Reading
China’s Oil Sale Is A Clear Message To OPEC+
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg Continue Reading
Colonial Pipeline partially resumes as Nicholas brings rains, wind
The largest U.S. fuel line resumed partial operations Tuesday as oil and gas facilities weathered hurricane Nicholas’ landfall in Texas, suffering less damage than in Hurricane Ida two weeks earlier. Continue Reading
Chevron triples low-carbon investment, but avoids 2050 net-zero goals
Chevron Corp (CVX.N) on Tuesday pledged to triple to $10 billion its investments to reduce its carbon emissions footprint through 2028, while saying it was not yet ready to commit Continue Reading
Power outages from Nicholas disrupt energy production, vessel activity
Hurricane Nicholas on Tuesday took another swipe at U.S. Gulf Coast energy facilities, cutting offshore oil and gas output gradually recovering from the last storm and disrupting power to onshore Continue Reading
Gulf of Mexico Oil Output at 60% More Than Two Weeks After Ida
The slow-but-steady restoration of oil production in the Gulf of Mexico is continuing, with about 60% of output now back online. The latest data from the Bureau of Safety and Continue Reading
IEA: Oil Supply Losses From Hurricane Ida Reach 30 Million Barrels
Hurricane Ida, which stormed through Louisiana at the end of August, has led to oil supply losses of 30 million barrels so far, driving the first decline in global oil Continue Reading
Port Houston terminals closed amid Hurricane Nicholas power outages
All Port Houston terminals will remain closed Sept. 14 due to the continued effects of Hurricane Nicholas, including widespread power outages, the country’s largest port for steel imports said in Continue Reading
Texas Oil Body Makes It a Little Harder for Wells to Flare Gas
Getting a permit to burn excess natural gas at Texas oil wells is getting a little bit harder. Texas Railroad Commissioners limited an oil driller to flaring gas for just Continue Reading
Barclays to Deutsche Bank Dubbed Climate-Change Hypocrites
Barclays Plc and Deutsche Bank AG are among 17 banks accused by climate law activists of “hypocrisy” over work related to a controversial North Sea oil field. ClientEarth, a London-based Continue Reading
British government to start booster shots for 30 million people next week
The British government on Tuesday announced a Plan A and a Plan B for getting through the challenging autumn and winter months in the face of a stubborn pandemic driven Continue Reading
Fire at Key U.K. Power Converter Knocks Out Link to France
A large fire at a key electricity converter station in the U.K. has shut down a major cable that brings power from France, worsening Britain’s energy crunch. Gas and power Continue Reading
Crude Oil Rallies Above $70 as Another Hurricane Menaces Texas
Oil rose for a third day as another storm menaced a key U.S. energy hub just weeks after Hurricane Ida hammered local output. Crude futures gained 0.6% in New York Continue Reading
Oil hits 6-week high as U.S. Gulf braces for another hurricane
Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as Continue Reading
Vaccines set to unleash pent-up oil demand -IEA
After a three-month slide in global oil demand due to the spread of the Delta variant of COVID-19 and pandemic restrictions especially in Asia, vaccine roll-outs are set to power Continue Reading
Natural Gas Prices Can Still Double From Here
Natural gas prices have hit their highest levels since 2014, outpacing oil and many other commodities. On Monday, natural gas futures were trading up 2.6% to $5.09 per million British Continue Reading
World Must Wait for Extra Oil as Ida Offsets OPEC Hike, IEA Says
The world will have to wait until October for additional oil supplies as output losses from Hurricane Ida wipe out increases from OPEC+, the International Energy Agency said. Consumers should Continue Reading
Shipping Lines Think Spot Rates Have Peaked
One of the world’s biggest shipping lines has decided to stop increasing spot freight rates on routes out of Asia to Europe and the U.S. as it sees an end Continue Reading
World’s Oil Supply Pressured by Hurricane Ida, Other Outages
The impact of Hurricane Ida and other oil supply outages will take a sizable chunk out of global oil production this year, the International Energy Agency said Tuesday. In its Continue Reading
Is Oil Really Doomed?
Two recent reports warned that oil and gas production needs to be significantly reduced if the world is to meet the Paris Agreement goals and curb the effects of climate Continue Reading
Fuel for Thought: Energy transition, like oil, needs strategic reserves
A military coup in West Africa has underscored the potential benefits of stockpiling critical and strategic metals essential for the energy transition . The detention of Guinea’s president, Alpha Condé, Continue Reading
Report: Climate change could see 200 million move by 2050
Climate change could push more than 200 million people to leave their homes in the next three decades and create migration hot spots unless urgent action is taken to reduce Continue Reading
Study shows extreme flooding will worsen due to climate change
The intense rains that fell across western and southern Germany in July were both devastating and historic. Up to eight inches of rain fell in less than 24 hours, flooding Continue Reading