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News

80% Of U.S. Coal Plants Are Uneconomic As Renewables Costs Drop

80% Of U.S. Coal Plants Are Uneconomic As Renewables Costs Drop

May 05, 2021 at 17:40 | Charles Kennedy

As much as 80 percent of the coal-fired power plants in the United States are already uneconomic compared to new wind and solar projects, energy and climate policy think tank…

Saudi Arabia Could Slash Deficit To Below 5% Of GDP At $60 Oil

Saudi Arabia Could Slash Deficit To Below 5% Of GDP At $60 Oil

May 05, 2021 at 17:04 | Tsvetana Paraskova

The world’s largest oil exporter, Saudi Arabia, could see its budget deficit drop to below 5 percent of gross domestic product (GDP) this year if oil prices average $60 per…

Biden Could Subsidize Nuclear Power To Reach U.S. Climate Goals

Biden Could Subsidize Nuclear Power To Reach U.S. Climate Goals

May 05, 2021 at 13:13 | Charles Kennedy

The U.S. Administration has reportedly realized that America cannot reach its new ambitious emission-reduction goals without nuclear power generation. The White House has signaled it could create new subsidies to…

Environmentalists: BlackRock’s Exxon Vote Is Moment Of Truth

Environmentalists: BlackRock’s Exxon Vote Is Moment Of Truth

May 05, 2021 at 10:47 | Charles Kennedy

Environmentalists are watching closely how asset management giant BlackRock will vote on emission-related issues at Exxon’s shareholders’ meeting after it reported it had voted pro-environment at other companies where it…

New Mexico’s Oil And Gas Royalties Hit Record

New Mexico’s Oil And Gas Royalties Hit Record

May 05, 2021 at 09:35 | Julianne Geiger

New Mexico raked in its highest ever royalty amount from oil and gas leases in April, according to the NM’s State Land Office. The previous record high royalty payments from…

Iran Takes Drastic Measures To Conserve Electricity In Tehran

Iran Takes Drastic Measures To Conserve Electricity In Tehran

May 04, 2021 at 17:13 | Tsvetana Paraskova

Iran has banned the use of air conditioning at Tehran's state agencies as the country looks to save electricity consumption amid low power generation and prioritize electricity supply to homes…

Large Inventory Draws Boost Crude Prices

Large Inventory Draws Boost Crude Prices

May 04, 2021 at 16:35 | Julianne Geiger

The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30. Analysts had predicted a more…

Aramco Reports 30% Jump In Q1 Net Profit

Aramco Reports 30% Jump In Q1 Net Profit

May 04, 2021 at 15:36 | Irina Slav

Saudi energy giant Aramco reported a 30-percent increase in net income for the first quarter of the year to $21.7 billion, boasting free cash flow of $18.3 billion for…

Mining Giant BHP Warns Against Chile's Mining Tax

Mining Giant BHP Warns Against Chile's Mining Tax

May 04, 2021 at 14:10 | MINING.com

The world’s top miner BHP (ASX, LON, NYSE: BHP) said a proposed royalty on…

APICORP: Energy Investment In MENA Set To Top $800 Billion By 2025

APICORP: Energy Investment In MENA Set To Top $800 Billion By 2025

May 04, 2021 at 11:37 | Charles Kennedy

Energy investments in Europe, the Middle East, and Africa are set to exceed $805 billion over the next five years, according to Saudi Arabia’s Arab Petroleum Investments Corporation. This is…

Venezuela’s Oil Exports Hover Around 700,000 Bpd

Venezuela’s Oil Exports Hover Around 700,000 Bpd

May 04, 2021 at 10:21 | Julianne Geiger

Venezuela’s oil exports are hanging tough around 700,000 bpd, where they have been for the last three months, according to tanker tracking data and PDVSA documents cited by Reuters.…

Iraq May Buy Exxon’s Stake In Major Iraqi Oilfield

Iraq May Buy Exxon’s Stake In Major Iraqi Oilfield

May 03, 2021 at 17:15 | Charles Kennedy

Iraq could buy ExxonMobil’s 32.7-percent stake in one of the largest oilfields in OPEC’s second-largest producer, West Qurna 1, Bloomberg quoted Iraq’s oil minister Ihsan Abdul Jabbar Ismaael as…

Iran Aims To Raise Oil Exports To 2.5 Million Bpd Once U.S. Sanctions Are Lifted

Iran Aims To Raise Oil Exports To 2.5 Million Bpd Once U.S. Sanctions Are Lifted

May 03, 2021 at 15:37 | Tsvetana Paraskova

Iran will be able to raise its crude oil exports to 2.5 million barrels per day (bpd) after the U.S. sanctions on its oil industry are lifted, a top Iranian…

India’s COVID Crisis Hits LNG Demand

India’s COVID Crisis Hits LNG Demand

May 03, 2021 at 15:18 | Tsvetana Paraskova

Signs have already started to emerge that India’s COVID crisis has hit oil demand in the world’s third-largest oil importer, but now sources say that demand for liquefied natural gas…

Venezuela Releases Citgo Oil Executives From Jail To House Arrest

Venezuela Releases Citgo Oil Executives From Jail To House Arrest

May 03, 2021 at 13:28 | Charles Kennedy

Venezuela has released from jail the six U.S. executives at Citgo, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, and placed them on house arrest in what sources…

18% Of EV Drivers In California Switched Back To Gasoline Cars

18% Of EV Drivers In California Switched Back To Gasoline Cars

May 03, 2021 at 10:34 | Irina Slav

Close to a fifth of all EV drivers in California have switched back to gasoline cars because charging their electric cars was a hassle, according to a new study bound…

China Gas Demand Set To Accelerate

China Gas Demand Set To Accelerate

May 03, 2021 at 09:32 | Charles Kennedy

China’s domestic natural gas demand is set to grow faster this year, gaining 10 percent, Argus reports, citing state-owned energy majors PetroChina and Sinopec. A senior PetroChina gas executive…

Argentina’s Shale Output Set To Normalize After Roadblocks Are Lifted

Argentina’s Shale Output Set To Normalize After Roadblocks Are Lifted

May 02, 2021 at 10:42 | Charles Kennedy

Healthcare workers who had blocked for three weeks Argentina’s vast Vaca Muerta shale play in a strike to demand higher pay lifted the blockades this week and moved to…

EIA: Jet Fuel Demand Is On The Mend

EIA: Jet Fuel Demand Is On The Mend

May 02, 2021 at 10:33 | Tsvetana Paraskova

U.S jet fuel demand is rising along with an increase in domestic air travel, the Energy Information Administration (EIA) said this week. Global and U.S. jet fuel demand is…

Angola And Zambia Sign $5 Billion Oil Pipelines Deal

Angola And Zambia Sign $5 Billion Oil Pipelines Deal

Apr 30, 2021 at 15:47 | Tsvetana Paraskova

African OPEC member Angola signed this week a $5-billion memorandum of understanding with its neighbor to the east, Zambia, to study the construction of oil products and gas pipelines…

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