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News

Nigeria's Dangote Refinery Reselling Imported Crude Oil

Nigeria's Dangote Refinery Reselling Imported Crude Oil

Jul 26, 2024 at 12:52 | Julianne Geiger

Nigeria's largest refinery, the Dangote Petroleum Refinery, is reselling crude oil cargoes from both the United States and Nigeria. Reuters sources indicate that this move, unusual for refineries, stems from…

Oil Prices Sink in Run-Up to OPEC Meet

Oil Prices Sink in Run-Up to OPEC Meet

Jul 26, 2024 at 12:01 | Julianne Geiger

Oil prices slumped on Friday, with Brent crude falling 1.57% in afternoon trading as the oil demand outlook out of China continues to weigh on market sentiment.

Technology and EVs Send China’s Power Demand Surging

Technology and EVs Send China’s Power Demand Surging

Jul 26, 2024 at 08:36 | Charles Kennedy

Chinese electricity consumption in the data services industry and for charging and battery services soared in the first half of 2024, driven by technology and electric vehicles, data from the…

Mexico Set to Import More Fuel as Mega Refinery Startup Is Delayed

Mexico Set to Import More Fuel as Mega Refinery Startup Is Delayed

Jul 26, 2024 at 07:55 | Charles Kennedy

Mexico is scouring the U.S. and Asian fuel markets for more imports of gasoline and diesel in 2024 and 2025 as the country’s newest refinery is struggling to start up,…

New Local Market Keeps Chinese Imports of Iranian Crude High

New Local Market Keeps Chinese Imports of Iranian Crude High

Jul 26, 2024 at 06:21 | Tsvetana Paraskova

Even as independent Chinese refiners have reduced the intake of Iranian crude amid low refining margins, China has continued to import near-record levels of Iranian oil this year…

China’s Sinochem Looks to Sell Its 40% Stake in Brazilian Oilfield

China’s Sinochem Looks to Sell Its 40% Stake in Brazilian Oilfield

Jul 26, 2024 at 05:52 | Tsvetana Paraskova

Chinese energy and chemicals giant Sinochem Group is in discussions to sell its 40% stake in a producing oilfield offshore Brazil, Bloomberg reported on Friday,…

Eni Beats Earnings Forecasts as Oil and Gas Production Grows

Eni Beats Earnings Forecasts as Oil and Gas Production Grows

Jul 26, 2024 at 04:48 | Tsvetana Paraskova

Eni SpA (NYSE: E) raised its oil and gas production guidance and said it would accelerate the pace of share buybacks after reporting on Friday…

Exxon Inks Another Carbon Capture Deal With CF Industries

Exxon Inks Another Carbon Capture Deal With CF Industries

Jul 26, 2024 at 04:08 | Charles Kennedy

Exxon this week sealed its fourth carbon capture and storage deal, this time with ammonia producer CF Industries. Under the deal, Exxon will capture and store half a million tons…

Baker Hughes Tops Expectations With Strong Q2 Results

Baker Hughes Tops Expectations With Strong Q2 Results

Jul 26, 2024 at 02:29 | Irina Slav

Baker Hughes reported a 13% annual increase in second-quarter revenues and a 41% annual increase in net profits, beating analyst expectations on its strong international business. Like fellow oilfield…

Oil Prices Are Set for a Third Consecutive Weekly Loss

Oil Prices Are Set for a Third Consecutive Weekly Loss

Jul 26, 2024 at 01:34 | Irina Slav

Crude oil prices looked on track for a third weekly loss in a row, pressured by the perception of weaker-than-desired Chinese demand. Even so, oil made some gains earlier in…

Valero Energy Sees Q2 Net Income Cut in Half

Valero Energy Sees Q2 Net Income Cut in Half

Jul 25, 2024 at 13:28 | Julianne Geiger

Valero Energy Corporation (NYSE: VLO) announced its financial results for the second quarter of 2024, revealing a notable decrease in net income. The company reported net income attributable to Valero…

Europe’s Power Prices Could Rise as France Curbs Electricity Exports

Europe’s Power Prices Could Rise as France Curbs Electricity Exports

Jul 25, 2024 at 11:06 | Charles Kennedy

France, the biggest net electricity exporter in Europe, plans to limit power exports to neighboring countries, which could lead to higher prices in other European power markets such as Italy,…

Russia Says There Isn’t Discord with OPEC+ over Oil Overproduction

Russia Says There Isn’t Discord with OPEC+ over Oil Overproduction

Jul 25, 2024 at 10:02 | Charles Kennedy

There is no discord between Russia and OPEC+ over Moscow’s recent poor compliance with the group’s production cuts, Russian Deputy Prime Minister Alexander Novak said on Thursday. The overproduction of…

U.S. Boosts Natural Gas Power as Wind Output Slumps to 33-Month Low

U.S. Boosts Natural Gas Power as Wind Output Slumps to 33-Month Low

Jul 25, 2024 at 08:47 | Charles Kennedy

U.S. natural gas-fired power generation jumped this week amid the lowest wind power output in 33 months seen on Monday while demand for cooling is rising in the summer. On…

Repsol Doubles Q2 Earnings on Higher Oil Prices

Repsol Doubles Q2 Earnings on Higher Oil Prices

Jul 25, 2024 at 07:57 | Tsvetana Paraskova

Spanish energy giant Repsol more than doubled its second-quarter net income from a year earlier as higher oil prices offset lower gas realizations and weak refining margins. Repsol reported…

Mexico May Need to Import Crude and Cease Exports After 2030

Mexico May Need to Import Crude and Cease Exports After 2030

Jul 25, 2024 at 06:47 | Tsvetana Paraskova

Crude oil producer and exporter Mexico could see itself in need of crude imports in 2030 as its field production is set to rapidly decline at the end of this…

TotalEnergies Misses Earnings Estimates Amid Weak LNG Sales and Refining Margins

TotalEnergies Misses Earnings Estimates Amid Weak LNG Sales and Refining Margins

Jul 25, 2024 at 05:40 | Tsvetana Paraskova

French supermajor TotalEnergies (NYSE: TTE) reported lower-than-expected net income for the second quarter of the year amid lower LNG sales and prices and weaker refining margins. TotalEnergies reported…

China’s Solar Industry Calls for Consolidation to Cope With Overcapacity 

China’s Solar Industry Calls for Consolidation to Cope With Overcapacity 

Jul 25, 2024 at 04:53 | Tsvetana Paraskova

China urgently needs consolidation in the solar manufacturing industry as overcapacity and price wars are leading local companies to a race to the bottom, a major industry group said on…

Tanker Capsizes Off Philippines Coast and Spills Fuel

Tanker Capsizes Off Philippines Coast and Spills Fuel

Jul 25, 2024 at 02:35 | Irina Slav

A tanker carrying industrial fuel capsized off the coast of the Philippines, spilling some of its cargo. The MT Terra Nova carried 1.4 million liters of fuel when it capsized…

Alberta Wildfires Spread, Threatening More Oil Production

Alberta Wildfires Spread, Threatening More Oil Production

Jul 25, 2024 at 01:54 | Irina Slav

Wildfires raging in Alberta are still spreading, jeopardizing more crude oil production and prompting evacuation alerts. For now, the amount of oil production curtailed because of the wildfires is modest…

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