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Breaking News:

Oil Prices Set for Another Weekly Loss

Will Big Oil See Better Earnings In Q2?

Will Big Oil See Better Earnings In Q2?

The energy sector has underperformed…

News

PDVSA Reveals How Much Cash It Would Take To Fully Restore Oil Industry

PDVSA Reveals How Much Cash It Would Take To Fully Restore Oil Industry

May 11, 2021 at 09:25 | Julianne Geiger

Venezuela, in the midst of a humanitarian crisis of epic proportions, would need $58 billion to return its oil industry to its former glory and 1998 production levels, according to…

How Long Will The Colonial Pipeline Outage Last?

How Long Will The Colonial Pipeline Outage Last?

May 10, 2021 at 15:12 | Julianne Geiger

The oil and gas pipeline that is the subject of a ransomware attack will not return to service in any meaningful way until the end of the week, the pipeline…

Texas Freeze Led To Biggest Monthly Drop In U.S. Natural Gas Output   

Texas Freeze Led To Biggest Monthly Drop In U.S. Natural Gas Output   

May 10, 2021 at 14:46 | Tsvetana Paraskova

The winter storms in February triggered the largest monthly drop in U.S. natural gas production on record, primarily due to freeze-offs in Texas, the Energy Information Administration (EIA) said on…

South Africa’s Emergency LNG-To-Power Deals Land In Hot Water

South Africa’s Emergency LNG-To-Power Deals Land In Hot Water

May 10, 2021 at 13:03 | Tsvetana Paraskova

The plan of South Africa’s government to lease LNG-to-power ships to solve its electricity crisis has drawn a lot of criticism because of alleged irregularities in the bidding process and…

Traders Scramble To Buy Gasoline From Europe After U.S. Pipeline Outage

Traders Scramble To Buy Gasoline From Europe After U.S. Pipeline Outage

May 10, 2021 at 10:37 | Charles Kennedy

Commodity traders have booked at least six tankers—provisionally—to start shipping gasoline from Europe to the United States in the wake of the outage of the Colonial Pipeline network, Reuters

European Oil Imports Surge In April

European Oil Imports Surge In April

May 10, 2021 at 09:35 | Irina Slav

Crude oil imports into Europe surged by close to 1 million bpd last month, Bloomberg reports, citing a sharp rise in Brent crude prices. Nigeria, the United States, and…

Fuel Sales In The UK Surge, Adding Bullish Note To Global Oil Outlook

Fuel Sales In The UK Surge, Adding Bullish Note To Global Oil Outlook

May 07, 2021 at 15:48 | Tsvetana Paraskova

Fuel sales in the United Kingdom surged at the end of last week to their highest level since the first lockdown in March last year, according to government data cited…

UN Chief Urges Banks to Halt Fossil Fuel Infrastructure Financing

UN Chief Urges Banks to Halt Fossil Fuel Infrastructure Financing

May 07, 2021 at 15:14 | Tsvetana Paraskova

Banks should finance low-carbon climate-resilient projects, not big fossil fuel infrastructure that is not even cost-effective anymore, UN Secretary-General António Guterres’ said during a climate meeting this week. While…

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…

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