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News

Oil Prices Under Pressure As U.S. Crude Oil Inventories Climb

Oil Prices Under Pressure As U.S. Crude Oil Inventories Climb

Mar 26, 2024 at 15:49 | Julianne Geiger

Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported…

Russia’s Offline Oil Refining Capacity Reaches 14%

Russia’s Offline Oil Refining Capacity Reaches 14%

Mar 26, 2024 at 13:48 | Julianne Geiger

The amount of Russian oil refining capacity that has been taken offline due to Ukrainian drone strikes is 14% of Russia’s total refining capacity, according to Reuters calculations. Calculations show…

South Africa Won't Ditch Coal Anytime Soon

South Africa Won't Ditch Coal Anytime Soon

Mar 26, 2024 at 13:44 | Julianne Geiger

If you’re expecting South Africa will make a quick shift away from coal-fired power in favor of green energy, prepare to be disappointed. Expecting South Africa to quickly give up…

Enbridge To Bring Permian Gas To Gulf Coast To Tap LNG Demand

Enbridge To Bring Permian Gas To Gulf Coast To Tap LNG Demand

Mar 26, 2024 at 11:26 | Charles Kennedy

Enbridge is forming a joint venture to build and operate natural gas pipelines connecting gas supply from the Permian Basin to the U.S. Gulf Coast to tap into growing LNG…

OPEC: Oil Industry Needs $11.1 Trillion in Upstream Investment by 2045

OPEC: Oil Industry Needs $11.1 Trillion in Upstream Investment by 2045

Mar 26, 2024 at 10:25 | Charles Kennedy

The oil industry will need cumulative investments of $11.1 trillion in exploration and production by 2045 to keep pace with growing energy demand and ensure stable supply, OPEC Secretary General…

Subsidy Investigation Sent China’s EV Exports to the EU Plunging by 20%

Subsidy Investigation Sent China’s EV Exports to the EU Plunging by 20%

Mar 26, 2024 at 09:36 | Charles Kennedy

Chinese EV exports to the European Union slumped by 19.6% in January and February 2024 compared to the same period last year as the EU continues its investigation into whether…

The U.S. and EU Are at Odds Over Fossil Fuel Funding

The U.S. and EU Are at Odds Over Fossil Fuel Funding

Mar 26, 2024 at 08:08 | Tsvetana Paraskova

The United States and the European Union are at odds over how far a ban on fossil fuel loans and guarantees would extend and haven’t reached an agreement at the…

Russia Sells Shell Stake in Sakhalin LNG Project to Gazprom for $1 Billion

Russia Sells Shell Stake in Sakhalin LNG Project to Gazprom for $1 Billion

Mar 26, 2024 at 07:12 | Tsvetana Paraskova

The Russian government has decided to sell Shell’s minority stake in the Sakhalin LNG project to state-controlled giant Gazprom for $1 billion, reversing a previous decision to have LNG…

India Pauses Venezuela Oil Purchases Fearing U.S. Sanctions Return

India Pauses Venezuela Oil Purchases Fearing U.S. Sanctions Return

Mar 26, 2024 at 06:29 | Tsvetana Paraskova

Indian state and private refiners have suspended purchases of crude from Venezuela as the U.S. sanctions waiver on Venezuela’s oil exports expires on April 18 and could lead to complications…

Russia Delivers Oil to North Korea in Defiance of UN Sanctions

Russia Delivers Oil to North Korea in Defiance of UN Sanctions

Mar 26, 2024 at 05:59 | Tsvetana Paraskova

Russia has supplied oil directly to North Korea this year as both regimes are openly defying UN sanctions on sales of petroleum to Pyongyang in response to its nuclear weapons…

French Bank Pulls Funding for Two LNG Projects

French Bank Pulls Funding for Two LNG Projects

Mar 26, 2024 at 04:25 | Irina Slav

French lender Credit Agricole has declared it will no longer finance the Rovuma LNG project in Mozambique and the Papua LNG project in Papua New Guinea. The bank cited its…

Australia’s Energy Transition in Jeopardy Amid Natural Gas Supply Shortages

Australia’s Energy Transition in Jeopardy Amid Natural Gas Supply Shortages

Mar 26, 2024 at 03:20 | Irina Slav

Australia’s transition to net zero is being threatened by the limited availability of local natural gas supply, one of the country’s biggest energy infrastructure operators. “Without gas, we’re going to…

Pemex Makes a Massive Emissions Reduction Pledge

Pemex Makes a Massive Emissions Reduction Pledge

Mar 26, 2024 at 02:18 | Irina Slav

Mexico’s troubled state energy major Pemex has announced plans to slash its carbon dioxide emissions by 54% over the next six years—perhaps the most ambitious emission-cutting program in the oil…

Russia Demands Oil Producers Slash Output for OPEC+

Russia Demands Oil Producers Slash Output for OPEC+

Mar 25, 2024 at 14:02 | Alex Kimani

Russia's government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per…

Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell

Mar 25, 2024 at 13:56 | Alex Kimani

China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net…

Nissan Aims To Slash EV Costs to Gasoline-Car Level by 2030

Nissan Aims To Slash EV Costs to Gasoline-Car Level by 2030

Mar 25, 2024 at 11:20 | Charles Kennedy

Nissan Motor will look to slash the cost of its next-generation electric vehicles by 30% to reach cost parity between its EVs and conventional gasoline models by fiscal year 2030,…

Brent Crude Tops $87 as Geopolitics Threatens Tight Supply

Brent Crude Tops $87 as Geopolitics Threatens Tight Supply

Mar 25, 2024 at 10:03 | Charles Kennedy

Brent crude oil surged past $87 on Monday as Russia’s war on Ukraine increasingly focuses on attacks on energy installations, and as mediation in the Israel-Gaza conflict fails.  On Monday…

Tesla Cooperates With CATL on Faster-Charging Battery Technology

Tesla Cooperates With CATL on Faster-Charging Battery Technology

Mar 25, 2024 at 08:55 | Charles Kennedy

Tesla and battery manufacturer CATL are working together on the development of new battery technologies that could lead to faster-charging electric vehicle batteries, the founder of the Chinese battery manufacturer,…

Russian Refinery Halts Half Its Capacity Following a Ukrainian Drone Attack

Russian Refinery Halts Half Its Capacity Following a Ukrainian Drone Attack

Mar 25, 2024 at 07:55 | Tsvetana Paraskova

A refinery in southwestern Russia owned and operated by state oil giant Rosneft has halted roughly half of its crude processing capacity following a drone attack from Ukraine over the…

PetroChina Books Record Profit as Natural Gas and Fuel Demand Soar

PetroChina Books Record Profit as Natural Gas and Fuel Demand Soar

Mar 25, 2024 at 07:20 | Tsvetana Paraskova

A rebound in Chinese natural gas demand and rising fuel sales pushed the earnings of state oil and gas giant PetroChina to a record high in 2023, despite the drop…

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