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Energy / Crude Oil

Oil Is Hot Again, But For How Long?

Feb 18, 2021 at 17:47 | Irina Slav

From the pariah of industries last year, energy has become a Wall Street darling once again. In the year to date, energy has gained 17 percent on the S&P 500.…

Texas Freeze Causes Largest Ever U.S. Oil Production Decline

Feb 18, 2021 at 09:05 | Irina Slav

U.S. crude oil production has plunged by as much as 40 percent due to the Polar Vortex that brought freezing temperatures to swathes of the United States, most notably including…

Can Venezuela Rebuild Its Crushed Downstream Sector?

Feb 17, 2021 at 13:57 | Viktor Katona

President Biden’s assumption of power has instilled a new sense of hope in Venezuela’s political leadership, with Nicolas Maduro stating that his country was willing to “walk a new path…

Biden’s Energy Plans Threaten Alaska’s Oil Ambitions

Feb 17, 2021 at 13:23 | Rystad Energy

The new energy policies brought forward by the Biden administration in the US are set to rock the country’s oil and gas industry. There has been much discussion over the…

Saudi Arabia Set To Reverse Extra 1 Million Bpd Production Cut From April

Feb 17, 2021 at 09:54 | Tsvetana Paraskova

OPEC’s largest producer Saudi Arabia looks to reverse its unilateral extra production cut of 1 million barrels per day (bpd) after March ends, in view of the recent rally in…

Is This The Beginning Of The End For Ecuador's Oil Industry?

Feb 16, 2021 at 14:06 | Matthew Smith

Major energy companies are becoming increasingly sensitive to drilling in high-risk environments such as the Arctic, Barents Sea and the Amazon Basin. A combination of highly volatile oil…

How India’s Hunger For Oil Could Transform The Middle East

Feb 15, 2021 at 17:57 | Simon Watkins

The release of a major report last week by the International Energy Agency (IEA) highlighting that India will make up the biggest share of energy demand growth from now until…

Russia: Oil Markets Have Rebalanced

Feb 15, 2021 at 13:41 | Tsvetana Paraskova

The global oil market is balanced and the current price of oil fully reflects this market situation, Russian Deputy Prime Minister Alexander Novak said in an interview with Russian…

Hedge Funds Flocked To WTI Crude Ahead Of Texas Cold Snap

Feb 15, 2021 at 11:04 | Tsvetana Paraskova

Portfolio managers further increased their long positions in the most traded petroleum contracts, with bullish bets focused almost entirely on the U.S. benchmark WTI Crude, Reuters columnist John Kemp wrote…

Can China Shake Its Dangerous Addiction To Oil?

Feb 12, 2021 at 14:47 | Haley Zaremba

In order to avoid the worst effects of global warming, the world will have to make drastic changes this decade. In a damning report released by the United…

Is The Caribbean Ready For An Oil Boom?

Feb 12, 2021 at 14:45 | Felicity Bradstock

As Trinidad and Tobago continue to explore for major oil and gas fields in the Caribbean region, the Bahamas Petroleum Co. has made a non-commercial oil discovery. 

Is This The Best Way For Offshore Producers To Raise Production?

Feb 12, 2021 at 14:42 | Rystad Energy

The saying has it that in every crisis there is opportunity, and the oil industry is no exception, with efficiencies and targeted investments being the prime focus areas…

Russian Oil Giant Rosneft Sees Profits Slide 79% In 2020

Feb 12, 2021 at 08:01 | Irina Slav

Rosneft reported a 79-percent drop in 2020 net profits to $2.2 billion (147 billion rubles), with its fourth-quarter result hitting a record high after a loss in the third…

OPEC Revises Down Global Oil Demand Forecast For 2021

Feb 11, 2021 at 11:08 | Tsvetana Paraskova

OPEC expects oil demand to rise by 5.8 million barrels per day (bpd) this year, down by around 100,000 bpd from last month’s projection due to lockdowns in major developed…

IEA: OPEC+ To Further Ease Cuts Amid Quickly Drawing Oil Stocks

Feb 11, 2021 at 10:04 | Tsvetana Paraskova

While the oil market rebalancing looks fragile in the first quarter of 2021, global oil stocks are expected to rapidly draw down in the second half of this year as…

Shell Says Its Oil Production Has Peaked

Feb 11, 2021 at 09:09 | Irina Slav

Anglo-Dutch supermajor Shell has reaffirmed its commitment to becoming a net-zero company by 2050, saying that its oil production peaked in 2019 and is set for a…

The Oil Price Slump Crippled Colombia’s Economic Recovery

Feb 10, 2021 at 10:48 | Matthew Smith

Colombia is not a country usually associated with crude oil. Low proven petroleum reserves and falling production see Colombia rank well behind many of the global oil heavyweights,…

Major Crude Draw Sends Oil Prices Higher

Feb 10, 2021 at 09:40 | Irina Slav

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 6.6 million barrels for the week to February 5. Gasoline and middle…

Russian, Saudi Oil Giants To Benefit From Biden’s Anti-Oil Agenda

Feb 09, 2021 at 09:09 | Tsvetana Paraskova

The growing number of Western countries aiming for net-zero emissions by 2050 and the U.S. Administration’s drive to limit oil and gas extraction on federal land and waters are likely…

The Oil Deal That Could Break Up Iraq

Feb 09, 2021 at 08:38 | Simon Watkins

Since the formation of the new system of governance in Iraq in 2003 immediately after the fall of Saddam Hussein there have been a slew of problems between the Federal…

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