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News

European Oil Industry Rushes To Consolidate

European Oil Industry Rushes To Consolidate

Feb 01, 2022 at 10:34 | Irina Slav

The European energy industry is eager to consolidate and sell assets, a survey by international law firm CMS. According to the survey, three-quarters of energy companies in Europe were…

Biden Administration Considers Hiking Royalty Rates For Oil

Biden Administration Considers Hiking Royalty Rates For Oil

Feb 01, 2022 at 09:09 | Charles Kennedy

The Biden administration seems to be considering an increase in royalty rates for oil companies operation onshore, Reuters has reported, citing an accidental release of a draft notice posted…

OPEC+ Fails To Reach Production Targets In January

OPEC+ Fails To Reach Production Targets In January

Jan 31, 2022 at 15:53 | Julianne Geiger

OPEC has again failed to meet its own production targets again in January as the group lifted production only 210,000 additional barrels per day for the month. Looking at this…

Qatar Willing To Sell More LNG To EU Under Certain Circumstances

Qatar Willing To Sell More LNG To EU Under Certain Circumstances

Jan 31, 2022 at 15:24 | Charles Kennedy

One of the world's largest LNG exporters, Qatar, wants the European Union to restrict the resale of gas cargoes outside the EU if Qatar agrees to divert emergency supply to…

U.S. Natural Gas Inventories Drop Below Five-Year Average Again

U.S. Natural Gas Inventories Drop Below Five-Year Average Again

Jan 31, 2022 at 13:58 | Charles Kennedy

Colder-than-usual weather in January and high LNG exports reduced U.S. working natural gas storage levels to below the five-year average again, after one of the warmest Decembers on record had…

Nigeria Lost Half A Billion In Oil Revenue To Force Majeure In December

Nigeria Lost Half A Billion In Oil Revenue To Force Majeure In December

Jan 31, 2022 at 11:30 | Tsvetana Paraskova

Nigeria, the largest African producer in OPEC, lost an estimated $487.5 million from oil revenues as force majeure and sabotages led to a decline of 6.596 million barrels of oil…

NATO Worries About Europe's Gas Supply Strategy

NATO Worries About Europe's Gas Supply Strategy

Jan 31, 2022 at 10:31 | Irina Slav

Amid ongoing tension between NATO and Russia around Ukraine, the head of the treaty organization Jens Stoltenberg has expressed concern about Europe's dependence on Russian gas. "We are concerned about…

Gas Stoves May Become Next Target Of Climate Activists

Gas Stoves May Become Next Target Of Climate Activists

Jan 31, 2022 at 09:31 | Charles Kennedy

Gas stoves may find themselves the next target of climate activists after a study published by the American Chemical Society highlighted methane leaks that occurred while the stoves were…

China To Set Up Unified Power Market To Avoid Energy Crises

China To Set Up Unified Power Market To Avoid Energy Crises

Jan 31, 2022 at 08:48 | Charles Kennedy

China plans to launch by 2025 a unified nationwide power market system to ensure grid flexibility and stability and avoid a repeat of the energy crisis in the autumn of…

Chevron Books Best Yearly Earnings Since 2014 

Chevron Books Best Yearly Earnings Since 2014 

Jan 28, 2022 at 19:25 | Tsvetana Paraskova

Rallying oil and gas prices and the economic rebound in 2021 helped Chevron (NYSE: CVX) to book last year a record-high free cash flow and its best annual earnings…

Japan’s Coal Imports Soar Amid Surging Natural Gas Prices

Japan’s Coal Imports Soar Amid Surging Natural Gas Prices

Jan 28, 2022 at 13:46 | Charles Kennedy

Japan is set to import the highest quantity of coal in January in just over two years, as utilities scramble to get supplies for power generation amid high spot liquefied…

Is Crypto Mining Driving Up Power Costs For U.S. Consumers?

Is Crypto Mining Driving Up Power Costs For U.S. Consumers?

Jan 28, 2022 at 10:54 | Tsvetana Paraskova

A group of Democratic lawmakers, led by Senator Elizabeth Warren, demand that six major cryptocurrency mining companies detail their high energy usage, the possible impact on the environment, and the…

China Non-Fossil Fuel Power Capacity To Hit Record This Year

China Non-Fossil Fuel Power Capacity To Hit Record This Year

Jan 28, 2022 at 09:28 | Irina Slav

China will, by the end of the year, have more renewable and low-carbon power generation capacity than fossil fuel capacity, the country’s Electricity Council has reported. Reuters reports that China…

Futures Market Shows Tight U.S. Gasoline Supply Ahead

Futures Market Shows Tight U.S. Gasoline Supply Ahead

Jan 27, 2022 at 17:24 | Tom Kool

On top of $90 oil prices, the futures market also points to further pain at the pump for American consumers. Gasoline futures at NYMEX are trading at their highest premium…

Aramco CEO: Energy Transition “Is Not Going Smoothly”

Aramco CEO: Energy Transition “Is Not Going Smoothly”

Jan 27, 2022 at 16:31 | Charles Kennedy

The energy transition “is not going smoothly,” the chief executive of Saudi Aramco, Amin Nasser, said on Thursday, calling for continued investment in oil and gas until low-carbon energy could…

U.S. Admits Finding Non-Russian Gas For Europe Is A Challenge

U.S. Admits Finding Non-Russian Gas For Europe Is A Challenge

Jan 27, 2022 at 13:51 | Tsvetana Paraskova

The White House is dealing with logistical challenges in its efforts to secure alternative natural gas supply to Europe if Russian supply is interrupted in case Russia invades Ukraine, Press…

Norway’s Oil Fund Booked Second-Best Return Ever In 2021

Norway’s Oil Fund Booked Second-Best Return Ever In 2021

Jan 27, 2022 at 11:15 | Tsvetana Paraskova

The world’s largest sovereign wealth fund, Norway’s $1.3-trillion wealth fund, enjoyed last year its second-best return in history, earning the equivalent of $176 billion, driven by technology and financials, while…

Kazakhstan Power Operator Cuts Crypto Miners Off The Grid

Kazakhstan Power Operator Cuts Crypto Miners Off The Grid

Jan 27, 2022 at 10:27 | Eurasianet

Kazakhstan’s state electricity provider has announced it is cutting power supplies to crypto miners until the end of January at the earliest. State-run broadcaster Khabar on January 25 cited KEGOC as…

UK Car Production Has Fallen To Lowest Levels Since 1956

UK Car Production Has Fallen To Lowest Levels Since 1956

Jan 27, 2022 at 10:04 | City A.M

2021 was a dismal year for the UK automotive industry, as output fell 6.7 percent to less than 860,000 units – the lowest since 1956.  Figures…

UK And U.S. To Sit Down To Resolve Trump-Era Trade Dispute

UK And U.S. To Sit Down To Resolve Trump-Era Trade Dispute

Jan 27, 2022 at 10:00 | Metal Miner

As an example of how trade disputes often have little to do with trade, the announcement this week that the US and UK would sit down for talks…

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