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News

HSBC Sets A Deadline For Its Asian Clients To Quit Coal

HSBC Sets A Deadline For Its Asian Clients To Quit Coal

Dec 14, 2021 at 09:35 | Irina Slav

HSBC will stop providing services to corporate clients that have involvement in coal as it seeks to phase out all financing for the coal industry by 2040 globally and by…

Permian Merger Mania Heats Up With The Birth Of A $4 Billion Shale Oil Giant

Permian Merger Mania Heats Up With The Birth Of A $4 Billion Shale Oil Giant

Dec 14, 2021 at 09:08 | Charles Kennedy

Investment firm EnCap has merged two of its portfolio companies to create a shale oil producer in the Permian worth $4 billion, Reuters has reported, citing unnamed sources familiar…

Average Production Per U.S. Oil Rig Has Soared 81% Since 2019

Average Production Per U.S. Oil Rig Has Soared 81% Since 2019

Dec 13, 2021 at 17:02 | Julianne Geiger

New-well oil production per rig has gained some serious ground over the last three years, increasing nearly 85% since the start of 2019, EIA data compiled by Oilprice shows. According…

Iran Changes Oil Pricing Formula In Sign It Prepares For Oil Export Return

Iran Changes Oil Pricing Formula In Sign It Prepares For Oil Export Return

Dec 13, 2021 at 14:47 | Charles Kennedy

The National Iranian Oil Company (NIOC) will change from January 1 the benchmark against which it prices its crude for Europe and the Mediterranean—a move which traders tell Argus…

S&P Global Platts: Energy Supply Will Catch Up With Demand In 2022

S&P Global Platts: Energy Supply Will Catch Up With Demand In 2022

Dec 13, 2021 at 13:44 | Charles Kennedy

Oil and gas supply will grow faster in 2022 than it did in 2021 to the point of catching up and even surpassing energy demand growth, S&P Global Platts Analytics…

EU Could Start Joint Gas Buying To Avoid Future Supply And Price Crises

EU Could Start Joint Gas Buying To Avoid Future Supply And Price Crises

Dec 13, 2021 at 12:02 | Tsvetana Paraskova

The leaders of the European Union member states are expected to discuss this week a new system to jointly buy natural gas in order to create strategic reserves to protect…

Germany Threatens To Shutter Nord Stream In Case of Ukraine “Escalation”

Germany Threatens To Shutter Nord Stream In Case of Ukraine “Escalation”

Dec 13, 2021 at 10:17 | Irina Slav

Germany will freeze the Nord Stream 2 gas pipeline in case of any “escalation” between Russia and Ukraine, the new German foreign minister said, citing an agreement between her country…

UK Doubles Down On Wind And Solar With More Than $370 Million In Funding

UK Doubles Down On Wind And Solar With More Than $370 Million In Funding

Dec 13, 2021 at 09:38 | Charles Kennedy

The UK is launching today what it calls the biggest ever round of its renewable energy support scheme, worth some $377 million (285 million pounds). The British government launched…

OPEC+ Undershoots Oil Production Target Again

OPEC+ Undershoots Oil Production Target Again

Dec 13, 2021 at 08:58 | Tsvetana Paraskova

The OPEC+ group delivered the 400,000-bpd production increase in November, but it was still more than half a million barrels per day short of its overall oil production quota last…

UK’s Cambo Oilfield Project Put On Hold After Shell’s Withdrawal

UK’s Cambo Oilfield Project Put On Hold After Shell’s Withdrawal

Dec 10, 2021 at 13:59 | Charles Kennedy

The Cambo oilfield project in the UK North Sea, which has caused controversy in recent months and saw Shell exiting the plan for development last week, is now paused, the…

Russia Says OPEC+ Deal Brings Investment Back To Oil Industry

Russia Says OPEC+ Deal Brings Investment Back To Oil Industry

Dec 10, 2021 at 13:18 | Tsvetana Paraskova

The OPEC+ interventions on the market in recent years have helped the oil industry to see the beginning of the return of confidence and investments, Russian Deputy Prime Minister Alexander…

Meme-Coins Are Exploding As Bitcoin Stumbles

Meme-Coins Are Exploding As Bitcoin Stumbles

Dec 10, 2021 at 09:45 | Michael Kern

Seasoned cryptocurrency traders are, perhaps, no stranger to the excessive volatility that comes with the territory. But events in cryptoland sometimes seem to push their limits. For instance,…

Travel Stocks Take A Hit As UK Enacts New Measures To Curb Omicron

Travel Stocks Take A Hit As UK Enacts New Measures To Curb Omicron

Dec 10, 2021 at 08:55 | City A.M

Travel stocks led London markets lower yesterday as investors took flight from the sector after the UK government launched tougher Covid-19 restrictions this week. The capital’s…

Saudi Arabia Will Supply Full Volumes To Asia

Saudi Arabia Will Supply Full Volumes To Asia

Dec 10, 2021 at 08:47 | Charles Kennedy

Saudi Arabia will supply full contracted oil volumes to most of its buyers in Asia, Reuters has reported, citing unnamed sources familiar with the Kingdom’s moves. This will be the…

Pemex Plans Cut In Oil Exports In 2022

Pemex Plans Cut In Oil Exports In 2022

Dec 10, 2021 at 08:17 | Irina Slav

Mexico’s Pemex plans to reduce the amount of oil it exports next year and use it domestically instead, Bloomberg has reported, as the country seeks to reduce its dependence…

Oil Prices Slide Ahead Of Key Inflation Report

Oil Prices Slide Ahead Of Key Inflation Report

Dec 09, 2021 at 15:55 | Julianne Geiger

Oil prices slid more than 2% on Thursday ahead of higher risk events that are expected to headline on Friday. Brent had rallied above $75…

Another Iranian Pipeline Explosion As Aging Infrastructure Fails

Another Iranian Pipeline Explosion As Aging Infrastructure Fails

Dec 09, 2021 at 12:23 | Julianne Geiger

Reports are emerging of a pipeline explosion at Iran’s Parsian refinery in the country’s southwest, where an excavator reportedly hit a 10-inch gas condensate pipeline today.  While the story is…

Russia’s Gazprom Neft Expects Record Oil, Gas Production In 2021

Russia’s Gazprom Neft Expects Record Oil, Gas Production In 2021

Dec 09, 2021 at 10:11 | Tsvetana Paraskova

Gazprom Neft, the oil arm of Russian gas giant Gazprom, expects a record high oil and gas production this year, as demand recovers and OPEC+ eases the production cuts, the…

Biden Sets 2050 Net-Zero Target For The Federal Government

Biden Sets 2050 Net-Zero Target For The Federal Government

Dec 09, 2021 at 09:20 | Irina Slav

President Biden has signed an executive order seeking to make the federal government—and the U.S. economy as a whole—climate neutral by 2050 by supporting low-carbon electricity and EVs, as well…

Are Worker Bonuses Coming Back To The U.S. Oil Industry?

Are Worker Bonuses Coming Back To The U.S. Oil Industry?

Dec 08, 2021 at 17:34 | Julianne Geiger

The price of WTI has recovered 60% to $72.60 from just $45.52 a year ago. And such gains in oil prices could spark a resurgence in oil…

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