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Oil Prices Gain 2% on Tightening Supply

News

Oil Prices Gain 2% on Tightening Supply

Oil Prices Gain 2% on Tightening Supply

Mar 28, 2024 at 15:37 | Charles Hugh Smith

U.S. benchmark crude gained over $2 on Thursday as U.S. crude inventories tightened and OPEC+ vowed to keep the output cut status quo as tensions continued to flare in the…

Citigroup Says 42% of Clients Have No Energy Transition Plan

Citigroup Says 42% of Clients Have No Energy Transition Plan

Mar 28, 2024 at 11:36 | Julianne Geiger

More than 40% of Citigroup’s clients lack a “substantive plan” for cutting their emissions to align with net-zero ambitions or are unlikely to transition at all, the bank’s latest climate…

Asian Imports of Russian Crude Oil to Hit a 10-Month High in March

Asian Imports of Russian Crude Oil to Hit a 10-Month High in March

Mar 28, 2024 at 09:18 | Charles Kennedy

Rising crude imports from Russia in Asia’s top importers, China and India, are estimated to push total Asian oil imports to a 10-month high in March, per data from LSEG…

Rosneft Refinery Offline Following Ukrainian Drone Attack

Rosneft Refinery Offline Following Ukrainian Drone Attack

Mar 28, 2024 at 08:05 | Tsvetana Paraskova

A refinery in southwestern Russia owned and operated by state oil giant Rosneft has been taken offline and all production stopped, due to damage following a drone attack from Ukraine…

Kenya and Uganda End Oil Imports Dispute

Kenya and Uganda End Oil Imports Dispute

Mar 28, 2024 at 07:16 | Tsvetana Paraskova

East African neighbors Kenya and Uganda have reached an agreement to end a bitter dispute about oil imports via the Kenyan port of Mombasa to landlocked Uganda. For years, Uganda…

India Looks to Buy Lithium and Copper Assets in Top Producer Chile

India Looks to Buy Lithium and Copper Assets in Top Producer Chile

Mar 28, 2024 at 06:42 | Tsvetana Paraskova

To boost its energy transition efforts, India is betting on acquiring lithium and copper assets overseas and is sending a delegation to search for such resources in Chile, a top…

U.S. Hydrogen Developers Seek to Expand IRA Tax Credit Rules

U.S. Hydrogen Developers Seek to Expand IRA Tax Credit Rules

Mar 28, 2024 at 05:51 | Tsvetana Paraskova

Developers of hydrogen projects and industry associations are seeking expanded tax credits under the Inflation Reduction Act, saying in hearings this week that the rules on clean energy for hydrogen…

Oil Prices Set to Post a Strong Quarterly Gain

Oil Prices Set to Post a Strong Quarterly Gain

Mar 28, 2024 at 04:18 | Irina Slav

The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the OPEC+ output cuts. WTI, according to Bloomberg,…

More Canadian Oil Heads to California Ahead of Trans Mountain Pipeline Launch

More Canadian Oil Heads to California Ahead of Trans Mountain Pipeline Launch

Mar 28, 2024 at 03:08 | Irina Slav

Canadian oil shipments to Los Angeles hit the highest in four years this month ahead of the formal launch of the expanded Trans Mountain pipeline that is expected to boost…

The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR

The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR

Mar 28, 2024 at 02:32 | Irina Slav

The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding…

Argentina-Venezuela Tensions Escalate After Diplomatic Spat

Argentina-Venezuela Tensions Escalate After Diplomatic Spat

Mar 27, 2024 at 13:00 | Alex Kimani

Tensions between Argentina and Venezuela have worsened after a diplomatic spat between the two South American nations.  Argentina has accused Venezuela of cutting the power supply to its embassy…

Investigators To Examine Whether Dirty Fuel Caused Baltimore Bridge Crash

Investigators To Examine Whether Dirty Fuel Caused Baltimore Bridge Crash

Mar 27, 2024 at 12:50 | Alex Kimani

A safety probe into a Baltimore bridge collapse will determine whether contaminated fuel played a part in the accident whereby a giant ship lost power and crashed into the…

Netherlands’ $900 Billion Pension Funds Ready to Invest Big in Renewables

Netherlands’ $900 Billion Pension Funds Ready to Invest Big in Renewables

Mar 27, 2024 at 11:26 | Alex Kimani

The Netherlands' five largest pension funds have said they are willing to invest billions in the country’s renewable energy sector and the electricity grid. The funds, with a combined…

PetroChina Aims to Power All Its Output With Clean Energy by 2033

PetroChina Aims to Power All Its Output With Clean Energy by 2033

Mar 27, 2024 at 09:38 | Charles Kennedy

Chinese state oil and gas giant PetroChina plans to power all its drilling and refining activities with clean power by 2033 and to install massive renewable energy capacity this year.…

Russia Boosts Shelf Exploration for Oil and Gas Resources

Russia Boosts Shelf Exploration for Oil and Gas Resources

Mar 27, 2024 at 09:30 | Charles Kennedy

Russia is boosting exploration for oil, gas, and minerals on its continental shelf as it has launched the first comprehensive geological and drilling studies in 30 years, according…

Baltimore Coal Exports Blocked After Bridge Collapse

Baltimore Coal Exports Blocked After Bridge Collapse

Mar 27, 2024 at 08:03 | Tsvetana Paraskova

Baltimore Port’s coal exports are likely to be blocked for weeks after the collapse of the Francis Scott Key Bridge on Tuesday, according to a Pennsylvania coal trading firm.  …

Western Sanctions Delay Payments for Russia’s Oil Exports

Western Sanctions Delay Payments for Russia’s Oil Exports

Mar 27, 2024 at 07:08 | Tsvetana Paraskova

Russia is seeing months of delays in payments for its oil exports as banks in its major trader partners, including China, the UAE, and Turkey, are now scrutinizing transactions wary…

Ithaca Energy in Exclusive Talks to Buy Eni’s UK Upstream Assets

Ithaca Energy in Exclusive Talks to Buy Eni’s UK Upstream Assets

Mar 27, 2024 at 06:42 | Tsvetana Paraskova

North Sea oil and gas producer Ithaca Energy has entered into an exclusivity agreement to discuss buying all of the UK upstream business of Italy’s energy major Eni. A…

UK Could Block New Oil Projects if Operators Fail to Cut Emissions

UK Could Block New Oil Projects if Operators Fail to Cut Emissions

Mar 27, 2024 at 04:59 | Tsvetana Paraskova

North Sea oil and gas operators should make all reasonable efforts to cut emissions to ensure continued energy production with the lowest possible emissions, or risk not being given consent…

Phillips 66 Eyes $1-Billion Pipeline Stake Divestment

Phillips 66 Eyes $1-Billion Pipeline Stake Divestment

Mar 27, 2024 at 04:54 | Charles Kennedy

Phillips 66 is considering the sale of its 25% stake in a gas pipeline that runs between Wyoming and Ohio, which could fetch over $1 billion. Citing unnamed sources in…

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