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Energy / Crude Oil

Russian Oil Minister: Global Oil Inventories Are In Decline

Sep 18, 2020 at 09:11 | Irina Slav

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview. "Reserves…

Oversupply Adds To Grim Oil Demand Outlook

Sep 17, 2020 at 17:24 | Irina Slav

OPEC and the International Energy Agency delivered bad news for the oil market this week. Both authorities revised their oil demand forecasts for this year, and both revised…

Lower Oil Production Hits Pipeline Operators Hard

Sep 17, 2020 at 15:31 | Tsvetana Paraskova

Just two years ago, U.S. pipeline operators were rushing to build pipelines in Texas to move surging Permian oil and gas production to the refining and export centers…

A Wave Of Consolidations Hit Canada’s Oil Patch

Sep 17, 2020 at 14:39 | Alex Kimani

A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the…

U.S Keeps Top Crude Oil Producer Status

Sep 17, 2020 at 12:59 | Charles Kennedy

Despite oil production curtailments earlier this year that are not fully back online, the United States maintained its global status as the leading supplier of crude oil in July, ahead…

OPEC Warns That Second Wave Of COVID Will Derail Demand Recovery

Sep 17, 2020 at 09:12 | Irina Slav

A resurgence in Covid-19 cases in some countries could further dampen oil demand and interfere with a decline in oil inventories, Reuters has reported, citing an internal document of…

What BP Got Wrong About Global Oil Demand

Sep 16, 2020 at 17:39 | Cyril Widdershoven

Environmentalists around the world are having a field day this week as international media picks up on the oil market forecasts in the recently released BP Energy Outlook…

BP Bombshell: India’s Oil Demand May Peak In 2025

Sep 16, 2020 at 14:21 | Tsvetana Paraskova

The world’s third-largest oil importer, India, will be the biggest source of energy demand growth through 2050 in any scenario about government policies about the energy transition. However, India may…

Oil Tanker Industry Is In An Ocean Of Trouble

Sep 16, 2020 at 14:04 | Irina Slav

There has been more than enough written about the woes of various segments of the oil industry and related industries so far this year. But there is one industry that…

World’s No.1 Oil Trader Sees Crude Inventories Shrinking This Year

Sep 16, 2020 at 11:08 | Tsvetana Paraskova

Vitol Group, the world’s largest independent oil trader, expects global oil inventories to continue drawing down for the rest of the year, unlike its rivals and many analysts who see…

Oil Rises After EIA Confirms Crude Inventory Draw

Sep 16, 2020 at 09:42 | Irina Slav

Crude oil prices inched up further today after the Energy Information Administration reported a crude oil inventory draw of 4.4 million barrels for the week to September 11. Fuel…

U.S. Shale Production Continues To Decline

Sep 15, 2020 at 09:07 | Irina Slav

Crude oil production in the U.S. shale patch is set to decline by 68,000 bpd next month, with every play registering declines in output except the Permian, the Energy Information…

Second Wave Of COVID Could Crush Road Fuel Recovery

Sep 14, 2020 at 16:00 | Charles Kennedy

A resurgence of coronavirus cases in many parts of the world over the next few months will be the main hurdle to global demand for gasoline and diesel recovering to…

Traders Charter Supertankers Amid Signs Of New Oil Glut

Sep 11, 2020 at 13:44 | Tsvetana Paraskova

The world’s top oil traders have been chartering dozens of supertankers for potentially storing oil at sea amid signs that demand recovery has stalled.   Trafigura has chartered 12 very…

Floating Storage Begins To Fill Up As Oil Demand Wavers

Sep 10, 2020 at 16:09 | Irina Slav

Huge floating oil storage builds earlier this year became a major cause for oil price falls as the pandemic wiped out demand. Then, as OPEC+ started cutting production and countries…

Traffic Levels In Europe And Asia Near Pre-COVID Levels

Sep 10, 2020 at 13:27 | Tsvetana Paraskova

Many major cities in Europe and Asia have started to see the return of the rush-hour congestions in recent weeks, suggesting that people are using their cars more to travel…

Is This South America’s Next Oil Drilling Hotspot?

Sep 10, 2020 at 12:04 | Viktor Katona

The oil industry in South America is in sever need of positive stimuli – the Argentinian shale wonder has just survived a near-collapse of its government only to be stalled…

Surprise Crude Build Forces Oil Prices Lower

Sep 10, 2020 at 10:11 | Irina Slav

The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day…

Trump's Drilling Ban Bombshell Rocks Oil Industry

Sep 08, 2020 at 16:44 | Julianne Geiger

U.S. President Donald Trump shocked the oil industry today with a surprise announcement that he would extend the existing moratorium on oil drilling on parts of Florida’s, South Carolina’s, and…

Global Oil Demand To Return To Pre-Crisis Levels In Three Years

Sep 08, 2020 at 10:02 | Tsvetana Paraskova

It will take three years for global oil demand to rebound to pre-pandemic levels, as jet fuel consumption continues to trend much lower than last year’s levels, according to Bank…

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