Saudi Arabia and the United Arab Emirates as part of the OPEC+ pact led to a 790,000-barrel-per-day rise in global oil production in August, the International Energy Agency (IEA) said Continue Reading
Crude oil prices inched higher today after the Energy Information Administration reported an inventory increase of 2.4 million barrels for the week to September 9. This compared with a sizeable Continue Reading
A Palestinian vendor selling cold juice, in a region where dry soil and little tree cover are amplifying rising temperatures. A populous region encompassing the Middle East and the Eastern Continue Reading
Iraq’s nationwide oil production edged up slightly in August to 4.74 million barrels per day (bpd) from 4.72 million bpd in July, according to field-by-field data compiled by Iraq Oil Report. Continue Reading
Harish Pullanoor spent his weekends in the late 1980s tramping around the marshes and ponds of Yemalur, an area then on the eastern edge of the Indian metropolis of Bengaluru, Continue Reading
Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from Continue Reading
Japan shutdown its nuclear plants following the 2011 Fukushima disaster. Nuclear energy is beginning to gain political and public support in Japan. The country’s prime minister recently announced the restart Continue Reading
China’s Policymakers Are Facing a Few Constrains: S&P Says Bloomberg News Six months after China’s government set ambitious economic targets for the year, growth has slowed so sharply that several Continue Reading
Asia’s crude oil imports are on track for another soft month in September, as the world’s top-importing region battles uncertain demand amid high retail fuel prices. Asia’s imports are estimated Continue Reading
China’s biggest banks lowered their benchmark deposit rates across the board for the first time since 2015, a move designed to help them boost lending to shore up growth in Continue Reading
Shanghai gradually started returning to normal on Thursday after Typhoon Muifa brought strong winds and heavy rain to the financial and shipping hub overnight. The region’s ports began to reopen, Continue Reading
The White House on Thursday morning announced it had reached a “tentative” agreement to avert a national rail strike that had threatened the nation’s economy. President Biden said in a Continue Reading
The U.S. Bureau of Labor Statistics has released a report showing the second consecutive monthly drop in producer prices, prompted by steadily declining gasoline prices. The Producer Price Index (PPI) Continue Reading
Despite soaring global demand for natural gas, Canadian producers are struggling with volatile prices and deep discounts at Alberta’s AECO hub, one of the largest storage facilities in North America Continue Reading
Natural gas futures surged the most among major US-traded commodities as hot weather forecasts and a looming rail strike added to concern about tight supplies ahead of winter. Gas for Continue Reading
The Biden administration on Wednesday issued oil and natural gas leases to companies that nabbed the Gulf of Mexico drilling rights in a government auction later invalidated by a federal Continue Reading
A Shell station in Houston. An internal email in 2020 said the company’s announcement of a pathway to net zero emissions had “nothing to do with” its business plans.Credit…Brandon Bell/Getty Continue Reading
The Mosquito fire, which has been tearing through the Sierra Nevada foothills since last week, became California’s largest blaze of the year on Wednesday. The fire formed on Sept. 6 Continue Reading
European Union lawmakers voted on Wednesday to raise the bloc’s targets to expand renewable power and save energy, backing proposals that had been made more ambitious in a bid to Continue Reading
The European Union’s executive outlined plans on Wednesday to raise more than $140 billion from energy firms to help shield households and businesses from soaring prices that threaten economic recession Continue Reading
The US shale industry has warned it cannot rescue Europe with increased oil and gas supplies this winter amid fears that a plunge in Russian exports will send crude prices Continue Reading
Ongoing coronavirus lockdowns impacting Chinese demand China also diversifying crude imports from other suppliers Further expanding energy cooperation is set to be high up the agenda when Russian President Vladimir Continue Reading
One-off tax to target ‘surplus’ oil, gas, coal profits in 2022 Minimum excess tax rate of 33% proposed EU oil industry flags concern over tax calculation The European Commission proposed Continue Reading
As the EU ban on Russian oil and fuels looms, demand for tankers – particularly ice tankers – has been climbing. In early August, the average profit for an oil Continue Reading
IEA: EU ban on Russian seaborne crude may take 2.4 million bpd off the market. IEA: Total Russian oil production will decline to 9.5 million bpd. European countries are importing Continue Reading
Oil prices inched lower on Wednesday on concerns of another U.S. Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust Continue Reading
Oil fluctuated as traders assessed a mass of conflicting signals, from speculation that the Federal Reserve will be forced to tighten policy much more aggressively as inflation flares to shifting Continue Reading
Growth in global oil demand is set to grind to a halt in the fourth quarter of this year as an economic slowdown deepens, the International Energy Agency (IEA) said Continue Reading
The American Petroleum Institute (API) reported a build this week for crude oil of 6.035 million barrels, while analysts predicted a draw of 200,000 barrels. The build comes as the Continue Reading
The ongoing La Nina climate phenomenon may extend into its third year in a rare event to become what is called a triple-dip La Nina. This is likely to extend Continue Reading
Nigeria has continued to waste the rare opportunity presented by the global rise in oil prices to grow its economy like other oil-producing countries, London-based The Economist has stated. While Continue Reading
South Africa’s state-owned power utility has implemented power cuts on 100 days in 2022, with more to come. Eskom Holdings SOC Ltd. ramped up outages to so-called stage-4 load shedding, Continue Reading
India is fast catching up with China in its thermal coal imports, as the world’s two biggest overseas buyers of the power generation fuel adjust purchases to align them with Continue Reading
Scientists who detected a massive methane leak at an offshore platform run by Mexico’s Pemex said Tuesday there was “no way” they had made a mistake, roundly rebutting claims by Continue Reading
China faces its biggest annual drop in oil demand in more than three decades as Covid-19 lockdowns and a property crisis weigh on growth in the world’s No. 2 consumer, Continue Reading
Residents of a city in China’s far west Xinjiang region say they are experiencing hunger, forced quarantines and dwindling supplies of medicine and daily necessities after more than 40 days Continue Reading
Residents of China’s west, frustrated by monthslong Covid-19 restrictions that failed to extinguish outbreaks, are increasingly taking to social media to air their grievances, marking a potentially embarrassing backdrop for Continue Reading
Russia and China are making moves to dethrone the U.S. dollar in global oil markets. Russian and Chinese hydrocarbon giants, Gazprom and China National Petroleum Corporation, have agreed to switched Continue Reading
Korea Superconducting Tokamak Advanced Research, or KSTAR, scientists have succeeded in sustaining a plasma gas at 100 million kelvin for up to 20 seconds without experiencing significant instabilities. This result Continue Reading
But other energy costs are rising, offsetting relief at the pump. The index for electricity in August climbed 15.8% over the same month a year ago, the biggest such 12-month Continue Reading
Analysts had hoped that oil production at the Permian Basin would hit record highs in October, with the EIA forecasting a 66,000-bpd increase. As the active rig count drops in Continue Reading
Bloomberg survey: Equity strategists, portfolio managers, and retail investors have grown increasingly bullish on energy stocks. A shortage of critical fuels such as natural gas and diesel could boost the Continue Reading
New York Fed survey: U.S. inflation is expected to average 5.7% for the whole of 2023 and contract to 2.8% three years out thanks to falling gas prices. AAA: the Continue Reading
The Biden administration is making preparations for a complete shutdown of the railway system amid failing talks between trade unions and railways. The negotiations have been going on for more Continue Reading
Highlights 70% of US ethanol shipped by rail Strike would interrupt coal deliveries Coal shortage could boost gas demand Commodity markets were closely watching negotiations between US railroads and unions Continue Reading
The Inflation Reduction Act’s name may become a misnomer. The Inflation Reduction Act’s (IRA) name may become a misnomer if investment surges while supply chains remain constrained – fueling inflation. Continue Reading
Lower fuel prices caused an unexpected fall in British inflation in August, official figures showed on Wednesday, offering some respite to households and the Bank of England after inflation hit Continue Reading
The European Commission on Wednesday unveiled a series of proposals to curb the energy price spike that has rocked Europe in the wake of Russia’s invasion of Ukraine, while stressing Continue Reading
Norway’s Equinor became the first Western oil major to fully exit Russia this month, avoiding the high-profile clashes with Moscow experienced by some rivals – but it also paid a Continue Reading
The European Union will propose measures to cap revenues from low-cost electricity generators and force fossil fuel firms to share the profits they make from soaring energy prices, European Commission Continue Reading
