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News

Surprise OPEC+ Cuts Rollover Depresses Already Weak Oil Tanker Market

Surprise OPEC+ Cuts Rollover Depresses Already Weak Oil Tanker Market

Mar 05, 2021 at 15:37 | Charles Kennedy

Oil tanker owners and shipbrokers are set to suffer longer than expected from the massive OPEC+ production cuts after the coalition surprised the oil and tanker markets on Thursday by…

Offshore Oil & Gas Projects Set For Record Recovery

Offshore Oil & Gas Projects Set For Record Recovery

Mar 05, 2021 at 13:32 | Tsvetana Paraskova

Operators are expected to commit to developing a record number of offshore oil and gas projects over the next five years, with deepwater projects set for the…

New Factory Could Reduce Green Hydrogen Costs By 20%

New Factory Could Reduce Green Hydrogen Costs By 20%

Mar 05, 2021 at 12:29 | Charles Kennedy

Danish catalyst manufacturer Haldor Topsoe plans to build a large-scale facility to manufacture electrolyzers that would be used for green hydrogen production and potentially reduce the cost of green hydrogen…

U.S. Refiners Hit With Lower Fuel Demand From Key Markets

U.S. Refiners Hit With Lower Fuel Demand From Key Markets

Mar 05, 2021 at 10:32 | Charles Kennedy

The pandemic may be receding in some parts of the world, but it is still ravaging Mexico and Brazil, presenting another challenge to U.S. refiners as the two countries are…

China To Cut Energy Intensity By 3% This Year

China To Cut Energy Intensity By 3% This Year

Mar 05, 2021 at 09:11 | Irina Slav

China will reduce the amount of energy it uses to expand its economy by 3 percent this year as part of efforts to hit emission reduction targets set earlier, Reuters…

U.S. Energy Storage Installations Up 183% In Q4 2020

U.S. Energy Storage Installations Up 183% In Q4 2020

Mar 05, 2021 at 08:16 | Tsvetana Paraskova

U.S. energy storage boomed in the last quarter of 2020, with record 2,156 megawatt-hours (MWh) of new energy storage systems brought online, up by a massive?182 percent compared to the…

Aramco CEO Sees Crude Demand Picking Up Quickly

Aramco CEO Sees Crude Demand Picking Up Quickly

Mar 04, 2021 at 16:58 | Julianne Geiger

Crude oil demand is expected to improve in just a few short months, Saudi Aramco CEO Amir Nasser said this week at IHS Markit’s CERAWeek, with oil demand from China,…

Small-Scale Solar Installations Boom In Texas And Florida

Small-Scale Solar Installations Boom In Texas And Florida

Mar 04, 2021 at 13:16 | Charles Kennedy

Small-scale solar installations in Texas and Florida have been rapidly growing in recent years, the Energy Information Administration (EIA) said on Thursday. Strong solar resources, state incentives, and some…

Chevron To Produce Carbon-Negative Energy In California

Chevron To Produce Carbon-Negative Energy In California

Mar 04, 2021 at 12:26 | Charles Kennedy

Chevron will work with a unit of oilfield services giant Schlumberger, as well as with Microsoft and private company Clean Energy Systems, to build a bioenergy plant with carbon capture…

Resource Nationalism Becomes Major Threat For Oil Companies, Miners

Resource Nationalism Becomes Major Threat For Oil Companies, Miners

Mar 04, 2021 at 11:23 | MINING.com

Resource nationalism has spiked in more than 30 countries over the last year and more…

Houthi Rebels Claim Missile Attack On Saudi Aramco Facility

Houthi Rebels Claim Missile Attack On Saudi Aramco Facility

Mar 04, 2021 at 09:18 | Irina Slav

The Houthi rebels in Yemen claimed they have struck an Aramco facility in Jeddah in a missile attack, Russia’s Sputnik reports, citing a statement by the rebel group. The…

Energy Secretary Ready To Unleash $40 Billion In Green Energy Funds

Energy Secretary Ready To Unleash $40 Billion In Green Energy Funds

Mar 03, 2021 at 16:34 | Julianne Geiger

President Biden’s new Energy Secretary Jennifer Granholm is ready to let loose $40 billion in Department of Energy loans, the former Michigan governor said on Wednesday at CERAWeek. Granholm has…

Exxon Plans Higher Earnings And Dividend Through 2025

Exxon Plans Higher Earnings And Dividend Through 2025

Mar 03, 2021 at 14:19 | Tsvetana Paraskova

ExxonMobil expects its investments to generate returns of over 30 percent as it focuses on high-return and cash-generating projects that would allow it to grow its dividend, the U.S. supermajor…

IEA Head: India’s Coal Exit Cannot Happen Without Financial Support

IEA Head: India’s Coal Exit Cannot Happen Without Financial Support

Mar 03, 2021 at 14:03 | Charles Kennedy

India and other developing nations should get international financial support, as well as strong government commitment and aid, in order to phase out coal and contribute to emissions reduction, Fatih…

Russia Considers Cutting Government Borrowing As Oil Prices Rally

Russia Considers Cutting Government Borrowing As Oil Prices Rally

Mar 03, 2021 at 12:22 | Tsvetana Paraskova

Russia could end up borrowing US$6.8 billion (500 billion Russian rubles) less than planned this year as rising oil prices help its key oil revenues to rise, Bloomberg reported…

Europe's EV Euphoria May Not Last

Europe's EV Euphoria May Not Last

Mar 03, 2021 at 10:56 | ZeroHedge

The entire EV world looks at Europe as the "holy grail" of electric vehicles - since the continent is buying EVs at a record pace. But that euphoria,…

Maduro Hints At “New Business Models” In Oil

Maduro Hints At “New Business Models” In Oil

Mar 03, 2021 at 10:27 | Irina Slav

The Venezuelan National Assembly will consider reforms to the country’s oil law that will open the door to “new business models,” President Nicolas Maduro said this week, as quoted…

Democrats Relaunch Bill To Make U.S. Carbon Neutral By 2050

Democrats Relaunch Bill To Make U.S. Carbon Neutral By 2050

Mar 03, 2021 at 09:25 | Charles Kennedy

House Democrats have reintroduced a revised version of the CLEAN Future Act that aims to set the United States on course to a carbon neutrality future by 2050. "The CLEAN…

Huge Gasoline, Distillate Draws Outweigh Crude Oil Build

Huge Gasoline, Distillate Draws Outweigh Crude Oil Build

Mar 02, 2021 at 15:46 | Julianne Geiger

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 7.356 million barrels for the week ending February 26. Analysts had predicted an inventory draw…

U.S. Gasoline Demand Jumps To Highest Since Pandemic Started

U.S. Gasoline Demand Jumps To Highest Since Pandemic Started

Mar 02, 2021 at 14:00 | Charles Kennedy

U.S. gasoline demand jumped last week to the highest level since the COVID-19 pandemic started, with demand this past Sunday up by 18.2 percent compared to the previous Sunday, according…

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