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News

Alaska Pipeline Operator Eases Oil Cuts As Demand Picks Up

Alaska Pipeline Operator Eases Oil Cuts As Demand Picks Up

May 21, 2020 at 15:49 | Tsvetana Paraskova

Alyeska Pipeline, the operator of the Trans-Alaska Pipeline System (TAPS), is allowing increased oil flows through the pipeline system, easing the production curtailments on the North Slope as demand begins…

OPEC Producer Algeria Aims To Build $3.6B Solar Power Projects

OPEC Producer Algeria Aims To Build $3.6B Solar Power Projects

May 21, 2020 at 13:45 | Tsvetana Paraskova

OPEC member Algeria plans to install up to US$3.6 billion worth of solar photovoltaic (PV) projects to produce renewable electricity for export and for meeting increasing domestic power demand. The…

Saudi Arabia Suspends Plans To Ship U.S. LNG

Saudi Arabia Suspends Plans To Ship U.S. LNG

May 21, 2020 at 11:44 | Tsvetana Paraskova

Bahri, the shipping arm of Saudi Aramco, has suspended plans to charter a dozen tankers for liquefied natural gas (LNG) for a U.S. export project in which it is a…

Tulsa Woos Tesla With Musk Statue

Tulsa Woos Tesla With Musk Statue

May 21, 2020 at 11:20 | Irina Slav

One of America’s biggest oil hotspots—Tulsa, Oklahoma—has found a novel way to advertise itself to Tesla, which is looking for a location for a new car factory. The city has…

New Mexico Oil And Gas Lease Sale Postponed Without Notice

New Mexico Oil And Gas Lease Sale Postponed Without Notice

May 21, 2020 at 09:42 | Julianne Geiger

The oil and gas lease sale that was supposed to be held on Wednesday and Thursday has been postponed without explanation and without fanfare, according to a brief notice posted…

National Oil Companies Slash Exploration Budgets As Low Price Bites

National Oil Companies Slash Exploration Budgets As Low Price Bites

May 20, 2020 at 18:10 | Tsvetana Paraskova

In response to the industry downturn, national oil companies (NOCs) are set to slash their exploration budgets by 26 percent on average this year, Wood Mackenzie said in an

Ukraine’s Port Odessa Welcomes First U.S. WTI Crude Cargo

Ukraine’s Port Odessa Welcomes First U.S. WTI Crude Cargo

May 20, 2020 at 14:17 | Tsvetana Paraskova

The Ukrainian port Odessa on the Black Sea will receive its first-ever crude oil cargo of WTI Crude from the United States, after the U.S. shipped its first oil to…

Are Oil And Gas Drillers Still Interested In Lease Sales?

Are Oil And Gas Drillers Still Interested In Lease Sales?

May 20, 2020 at 13:30 | Tsvetana Paraskova

The U.S. Administration is holding this week an oil and gas lease sale in New Mexico while American producers curtail production in response to low oil prices and environmentalists and indigenous…

Google Refuses To Assist Oil Companies Citing Ethic Concerns

Google Refuses To Assist Oil Companies Citing Ethic Concerns

May 20, 2020 at 11:28 | Julianne Geiger

Google announced on Tuesday that it would no longer build custom AI tools for oil and gas companies, according to the Associated Press, after Greenpeace, which named Google—along with…

IEA: The Renewable Energy Boom Will Restart In 2021

IEA: The Renewable Energy Boom Will Restart In 2021

May 20, 2020 at 10:30 | Irina Slav

The renewable energy industry will see a decline in growth this year but will recover and start growing again next year, the International Energy Agency has said in a new report.…

China Is Buying Up Canadian Crude Again

China Is Buying Up Canadian Crude Again

May 20, 2020 at 09:34 | Irina Slav

At least three tankers loaded with Canadian crude have headed to China since the start of the year, Bloomberg reports, citing shipping data. This is the latest sign of how…

Oil Jumps After API Reports Draw In Crude Oil Inventories

Oil Jumps After API Reports Draw In Crude Oil Inventories

May 19, 2020 at 16:03 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory draw, of 4.8 million barrels for the week ending May 15. Analysts had predicted an inventory build…

Spain Targets Net Zero Emissions By 2050

Spain Targets Net Zero Emissions By 2050

May 19, 2020 at 12:47 | Tsvetana Paraskova

Spain’s government is proposing new legislation to have the country commit to net-zero carbon emissions by 2050 at the latest, which, if approved, will ban all new oil, gas, and coal…

Saudi Aramco Shares Recover To Level Before Oil Crash

Saudi Aramco Shares Recover To Level Before Oil Crash

May 19, 2020 at 12:42 | Tsvetana Paraskova

Shares in Saudi oil giant Aramco have recovered to levels not seen since Saudi Arabia launched the oil price war in early March, becoming the first major oil firm to…

U.S. Overtakes China As Most Attractive Destination For Renewables

U.S. Overtakes China As Most Attractive Destination For Renewables

May 19, 2020 at 12:31 | Tsvetana Paraskova

The United States beat China to become the world’s most attractive country for investments in renewable energy, and the prospects for the U.S. renewables sector after the pandemic are bright…

Most Oil Companies Aren’t Returning Coronavirus Emergency Loans

Most Oil Companies Aren’t Returning Coronavirus Emergency Loans

May 19, 2020 at 10:57 | Tsvetana Paraskova

Just three out of twelve public oil and gas firms in the United States have so far said they had returned loans received under the program to help small businesses…

PetroChina’s Biggest Refinery To Restart In June

PetroChina’s Biggest Refinery To Restart In June

May 19, 2020 at 10:38 | Irina Slav

PetroChina’s biggest refinery, a 410,000-bpd facility in Dalian, will resume operations in late June after a two-month overhaul, Reuters reports, citing a statement by the oil company. This could mean…

Tesla To Raise Price On Full Self-Driving Models

Tesla To Raise Price On Full Self-Driving Models

May 19, 2020 at 09:29 | Irina Slav

Tesla will raise the price on its models that feature the company’s fully self-driving system by $1,000 from July, chief executive Elon Musk tweeted yesterday.  “The FSD price will continue to…

EIA Predicts A Record Drop In U.S. Shale Oil Production

EIA Predicts A Record Drop In U.S. Shale Oil Production

May 18, 2020 at 16:23 | Julianne Geiger

Crude oil production in the seven major US shale basins will fall by a record 197,000 barrels per day next month, the Energy Information Administration reported on Monday. Production in the…

Venezuela Could Lose Its Most-Prized Oil Asset Citgo 

Venezuela Could Lose Its Most-Prized Oil Asset Citgo 

May 18, 2020 at 16:08 | Tsvetana Paraskova

The U.S. Supreme Court justices declined on Monday to review a federal court’s ruling that had allowed Canadian miner Crystallex to take over shares of U.S. refiner Citgo in compensation for…

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