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Soaring Petrochemical Demand Sparks Major Profits

Soaring Petrochemical Demand Sparks Major Profits

Petrochemical companies are going from…

News

New Mexico Proposes Tougher Emission Rules For Oil & Gas

New Mexico Proposes Tougher Emission Rules For Oil & Gas

May 07, 2021 at 12:35 | Michael Kern

Oil and gas companies in New Mexico may be in for a rude awakening, with a new law that would disallow any oil and gas company exemptions for reducing emissions.…

Grid Operator Unwittingly Shut Down Natural Gas During Texas Freeze

Grid Operator Unwittingly Shut Down Natural Gas During Texas Freeze

May 07, 2021 at 12:27 | Tsvetana Paraskova

The Electric Reliability Council of Texas (ERCOT) tried to prevent blackouts during the winter storm by paying large industrial users to cut power consumption, but the program to save electricity…

China’s Natural Gas Imports Surge As Economy Recovers

China’s Natural Gas Imports Surge As Economy Recovers

May 07, 2021 at 12:23 | Irina Slav

Natural gas imports into China rose 22.4 percent on the year in the first four months of this year to 39.45 million metric tons, Natural Gas World reports, citing…

India Ramps Up Oil Imports From Saudi Arabia After Price Cut

India Ramps Up Oil Imports From Saudi Arabia After Price Cut

May 07, 2021 at 11:18 | Irina Slav

India's state-owned refiners are ordering their regular volumes of Saudi crude oil for June after the Kingdom reduced its prices for the world's third-largest importer, Reuters has reported, citing…

ERCOT Expects Record Power Demand In Texas This Summer

ERCOT Expects Record Power Demand In Texas This Summer

May 06, 2021 at 15:02 | Charles Kennedy

The Electric Reliability Council of Texas (ERCOT) expects record demand for electricity this summer, but sees a low risk of emergency conditions, the manager of the Texas power grid

U.S. Energy Production Saw Steepest Drop On Record In 2020

U.S. Energy Production Saw Steepest Drop On Record In 2020

May 06, 2021 at 13:46 | Charles Kennedy

Due to economic responses to the pandemic, U.S. energy production dropped by 5 percent last year, marking the steepest annual decline on record, the U.S. Energy Information Administration (EIA)

U.S. And Iran Make Progress On Nuclear Deal Talks

U.S. And Iran Make Progress On Nuclear Deal Talks

May 06, 2021 at 11:57 | Tsvetana Paraskova

As the indirect talks between the United States and Iran are making some progress but not major breakthroughs, diplomatic shuttles of U.S. officials and senators in the Middle East in…

Norway's Oil Industry Averts Strike With New Wage Deal

Norway's Oil Industry Averts Strike With New Wage Deal

May 06, 2021 at 10:27 | Charles Kennedy

Norway’s oil companies and industry trade unions struck a wage deal this week, averting another strike that could have cost many millions in lost oil revenue. Reuters reported that…

Higher Oil Prices Spur Brazil To Sell More Assets

Higher Oil Prices Spur Brazil To Sell More Assets

May 06, 2021 at 09:37 | Julianne Geiger

Brazil’s state-run oil company has reopened the bidding of its legacy oilfield clusters, according to Reuters sources. The reopening announcement coincides with the higher price of oil, which would…

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.…

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