Crude oil futures inched higher in mid-morning trade in Asia May 12 after the American Petroleum Institute reported a large draw in US crude inventories, with positive demand outlooks from Continue Reading
The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.533 million barrels for the week ending May 7. Analysts had predicted a draw of Continue Reading
Oil rose as a weaker dollar lent support and offset a burgeoning pile up of crude in the USA Gulf Coast. (Bloomberg) — Oil rose as a weaker dollar lent Continue Reading
Forecast Highlights Global liquid fuels The May Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Economic activity has increased significantly after reaching Continue Reading
Solar and wind power generation capacity additions last year jumped by as much as 45 percent from 2019 to close to 280 GW, the International Energy Agency said in a Continue Reading
Jet fuel demand is slowly recovering from the slump last year, and although the rise in passenger numbers nearly everywhere is encouraging, the meaningful recovery of aviation fuel consumption will Continue Reading
Progress in vaccinating the world against COVID-19 means the world’s economic recovery and demand for oil will outpace the output of top producers, the International Energy Agency (IEA) said on Continue Reading
More cities than ever are implementing measures to fight climate change and mitigate the impact of extreme weather events on their communities, but there’s still a large gap between what’s Continue Reading
An Iranian flag flutters in front of the International Atomic Energy Agency (IAEA) headquarters in Vienna, Austria, September 9, 2019. REUTERS/Leonhard Foeger “Fluctuations” at Iran’s Natanz plant pushed the purity Continue Reading
Egypt on Tuesday announced plans to widen and deepen the southern part of the Suez Canal where a hulking vessel ran aground and closed off the crucial waterway in March. Continue Reading
The creation of Libya’s interim government has instilled the international community with tacit hopes of a decade-long conflict finally coming to an end. As it is oftentimes the case with Continue Reading
OPEC is optimistic that accelerating vaccination programs and rising fuel demand will raise global oil demand by 5.95 million barrel per day (bpd) this year despite the current COVID crisis Continue Reading
Highlights US production outlook downgraded on Texas freeze Call on OPEC crude raised to 27.65 mil b/d OPEC upgrades global GDP growth to 5.5% London — The February deep freeze Continue Reading
Libya pumped 1.168 million b/d of crude in April, the North African producer revealed to OPEC in the producer group’s latest monthly oil market report. Not registered? Receive daily email Continue Reading
Israel carried out hundreds of air strikes in Gaza into Wednesday morning as the Islamist group Hamas and other Palestinian militants fired multiple rocket barrages over the border at Tel Continue Reading
Iran’s hardline former president Mahmoud Ahmadinejad on Wednesday registered to run again in an election in June which is being seen as a test of the legitimacy of the country’s Continue Reading
Following talks in Vienna this month, the U.S. could announce a deal with Iran as early as the end of May, which could lead to the lifting of oil and Continue Reading
In an apparent reflection of the measures taken to achieve stability in the global market by the Organisation of Petroleum Exporting Countries, OPEC, pipeline vandalism and oil theft in the Continue Reading
India’s coronavirus deaths crossed a quarter million on Wednesday in the deadliest 24 hours since the pandemic began, as the disease rampaged through the countryside, overloading a fragile rural healthcare Continue Reading
The head of the main Indian health agency responding to the coronavirus has said districts reporting a high number of infections should remain locked down for another six to eight Continue Reading
The International Energy Agency said the supply glut created by the global pandemic has cleared, even as demand suffers a blow from a resurgence of the virus in India. Surplus oil Continue Reading
Dozens of bodies washed up on the banks of the Ganges this week, most likely the remains of people who perished from Covid-19. States in southern India have threatened to Continue Reading
Russian authorities have been having so many problems producing second doses of their Sputnik V coronavirus vaccine that Russia probably will be unable to supply enough to people who already Continue Reading
Venezuela, in the midst of a humanitarian crisis of epic proportions, would need $58 billion to return its oil industry to its former glory and 1998 production levels, according to Continue Reading
A Mexican court has issued an injunction against new legislation that sought to change the rules of competition on the country’s fuel market, The Associated Press reports . The legislation, Continue Reading
The U.S reduced its forecast for oil output through 2022 as drillers across the prolific shale patch pledge austerity over the allure of increasing prices. Oil explorers throughout the country will produce 20,000 Continue Reading
Once Colonial Pipeline’s sprawling system is back in full operation, it will take nearly 15 days to move gasoline sitting in the Houston refining hub to the fuel-starved U.S. East Coast. Transit Continue Reading
WASHINGTON (AP) — U.S. employers posted a record number of available jobs in March, illustrating starkly the desperation of businesses trying to find new workers as the country emerges from Continue Reading
U.S. highways will be far busier over the Memorial Day holiday weekend than last year, but traffic still won’t reach pre-pandemic levels, according to a forecast by the AAA auto Continue Reading
Michigan Gov. Gretchen Whitmer threatened Tuesday to go after Enbridge’s profits from a Great Lakes oil pipeline if the company defies her order to shut it down. The Democratic governor Continue Reading
The average price of a gallon of gasoline in the United States has jumped on the Colonial Pipeline ransomware attack and subsequent outage. The overall average price of retail gasoline Continue Reading
The US Energy Information Administration May 11 raised its outlook for US gasoline demand by 100,000 b/d to 8.7 million b/d for 2021 on a recent uptick in driving activity Continue Reading
German industry will need to swiftly implement a “massive” reduction in greenhouse-gas emissions to conform with targets in the ruling coalition’s new climate protection law. According to a draft seen by Continue Reading
Sensors have detected increased levels of neutrons in an inaccessible chamber at the Chernobyl site, signaling that nuclear fission reactions are taking place in the entombed reactor hall, Science reports Continue Reading
Green hydrogen company Everfuel is planning a 300-MW electrolyzer project adjacent to the Fredericia refinery in Denmark to supply renewable hydrogen to the plant and for local zero-emission transport by Continue Reading
Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up here . The euro-area economy will Continue Reading
The European Union economy is set to bounce back strongly this year after the deep coronavirus recession and member states are forecast to have recouped the ground lost by the Continue Reading
Crude oil and refined product prices slumped during mid-morning trade in Asia May 11, as fears of a shortage in supply of refined products in the US East Coast eased Continue Reading
Oil fell with global equities after a recent rally that has taken some commodities to record high levels brought on concerns over inflation. U.S. crude futures were down 1.2%. Gasoline and heating-oil markets were Continue Reading
Colonial Pipeline now sees service mostly restored by the end of this week. (Bloomberg) — Gasoline’s rally dissipated after the operator of the largest U.S. oil-products pipeline system said it’s Continue Reading
The cyberattack that forced the closure of the top U.S. fuel pipeline threatens to disrupt gasoline supplies for millions, as the conduit’s owner estimated Monday that restoring service would take at Continue Reading
Renewable power capacity grew at its fastest pace this century in 2020, the International Energy Agency said Tuesday, raising its growth forecast for wind and solar power for this year Continue Reading
A difficult quarter for the world’s biggest wind companies has taken the shine off several renewables darlings amid an accelerating selloff in clean energy shares. Many have suffered stock declines over Continue Reading
The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks and a shift towards renewable energy, experts warned that nearly Continue Reading
As major oil companies released their first-quarter earnings, profits from their petrochemical units hit record highs and demand for petrochemicals is only set to grow. According to Bloomberg, this trend Continue Reading
OPEC’s crude oil production is estimated to have increased to a three-month high of 24.96 million barrels per day (bpd) in April, thanks to a major jump in Iran’s output, Continue Reading
A resurgent Iran pumped its largest volume of crude in almost two years in April, while an increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by Continue Reading
Candidates began signing up on Tuesday for Iran’s June 18 presidential polls with the clerical establishment hoping for a high turnout in a vote seen as a referendum on the Continue Reading
The Biden administration has named a new envoy for Libya ahead of the country’s planned elections later this year, signaling an intent to elevate American efforts to end foreign military Continue Reading
The U.S. Navy has shared photographs of an illicit arms shipment that it said it found aboard an intercepted ship in the Arabian Sea. The images, taken Saturday, showed thousands Continue Reading
