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News

China Scooped Up Record Volumes of Russian Oil In March

China Scooped Up Record Volumes of Russian Oil In March

Apr 18, 2024 at 10:58 | Charles Kennedy

China scooped up record volumes of crude oil imports from Russia in March, adding 790,000 barrels per day to its stockpiles, up from 570,000 bpd in January and February, Reuters’…

Petrobras’ Amazon Drilling Plan Faces Growing Opposition From Locals

Petrobras’ Amazon Drilling Plan Faces Growing Opposition From Locals

Apr 18, 2024 at 09:00 | Charles Kennedy

While Petrobras is touting a potential start to drilling in an environmentally sensitive area offshore the mouth of the Amazon River, indigenous communities are increasingly opposing the exploration plans of…

Kazakhstan to Consider Building Oil Pipeline in the Caspian Sea

Kazakhstan to Consider Building Oil Pipeline in the Caspian Sea

Apr 18, 2024 at 08:24 | Charles Kennedy

Kazakhstan, a non-OPEC oil producer part of the OPEC+ agreement, will consider building an oil pipeline in the Caspian Sea, Russian news agency Interfax reported on Thursday, quoting Kazakhstan’s…

High Interest Rates Could Slow Down the Energy Transition

High Interest Rates Could Slow Down the Energy Transition

Apr 18, 2024 at 07:47 | Tsvetana Paraskova

Renewable energy projects and emerging low-carbon technologies are more exposed to the current high interest rate environment globally, which could slow the pace of transition to clean energy, Wood Mackenzie…

Scotland Set to Abandon Interim 2030 Emissions Reduction Goal

Scotland Set to Abandon Interim 2030 Emissions Reduction Goal

Apr 18, 2024 at 07:04 | Tsvetana Paraskova

Scotland is expected to abandon a key interim target on its road to 2045 net zero as the government is expected to scrap a goal for reducing emissions by 75%…

Weak EV Market Dragged Down European Car Sales in March

Weak EV Market Dragged Down European Car Sales in March

Apr 18, 2024 at 06:00 | Tsvetana Paraskova

Europe’s new car sales fell in March for the first time this year, dragged down by a decline in electric vehicle (EV) registrations and the timing of the Easter holidays,…

India Paid 16% Less for the Same Amount of Oil in FY 2023-24

India Paid 16% Less for the Same Amount of Oil in FY 2023-24

Apr 18, 2024 at 05:05 | Tsvetana Paraskova

India’s crude oil imports remained flat in the fiscal year 2023/2024 ended March 31, but the import bill of the world’s third-largest oil importer fell by almost 16%…

Iran’s Oil Exports Climb to the Highest Level in 6 Years

Iran’s Oil Exports Climb to the Highest Level in 6 Years

Apr 18, 2024 at 03:41 | Irina Slav

Crude oil exports from Iran hit the highest level in six years during the first quarter of the year, data from Vortexa cited by the Financial Times has shown.…

Oil Prices Remain Depressed Despite the Return of Venezuela Sanctions

Oil Prices Remain Depressed Despite the Return of Venezuela Sanctions

Apr 18, 2024 at 02:34 | Irina Slav

Crude oil prices remained under pressure today despite the news that the U.S. will reimpose oil sanctions on Venezuela after a six-month pause. Countering this development, the EIA on Wednesday…

Kinder Morgan Sees Strong Natural Gas Demand Over the Next Six Years

Kinder Morgan Sees Strong Natural Gas Demand Over the Next Six Years

Apr 18, 2024 at 01:33 | Irina Slav

Kinder Morgan expects demand for natural gas to increase palpably over the next six years the company said at the release of its first-quarter financial results. In it, the company 

Red Sea Could be Where Israel Strikes Next

Red Sea Could be Where Israel Strikes Next

Apr 17, 2024 at 17:10 | Cyril Widdershoven

While the whole world is watching the Arabian/Persian Gulf arena at present, amid lingering fears of an imminent Israeli attack on Iran, a new crisis could be unfolding. According to…

Washington Preparing to Reimpose Venezuela Oil Sanctions Thursday

Washington Preparing to Reimpose Venezuela Oil Sanctions Thursday

Apr 17, 2024 at 12:46 | Charles Kennedy

The Biden administration is potentially gearing up to reimpose oil sanctions on Venezuela, as President Nicolas Maduro violates the conditions of the existing temporary sanctions relief in his attempt to…

Oil Plummets over 3% as Stockpiles Override Iran-Israel Conflict

Oil Plummets over 3% as Stockpiles Override Iran-Israel Conflict

Apr 17, 2024 at 11:47 | Tom Kool

Only two days ago analysts were predicting oil over $100 a barrel, but by Wednesday midday, crude prices were nose-diving by close to 3% as demand concerns heavily outweighed the…

World Oil Demand Jumped To 5-Year Seasonal High in February

World Oil Demand Jumped To 5-Year Seasonal High in February

Apr 17, 2024 at 10:28 | Charles Kennedy

Global oil demand jumped by 1.2 million barrels per day (bpd) in February from January, hitting a five-year seasonal high, with seasonal-high demand for gasoline and an all-time high oil…

The European Commission Is Preparing to Sue Germany Over Its Gas Tariffs

The European Commission Is Preparing to Sue Germany Over Its Gas Tariffs

Apr 17, 2024 at 09:28 | Charles Kennedy

Unnamed Reuters sources said on Wednesday that the European Commission is preparing to sue Germany over its fees for purchasing gas from German storage in contravention of the European Union’s…

Global Oil Production Dropped by 1.2 Million Bpd in February

Global Oil Production Dropped by 1.2 Million Bpd in February

Apr 17, 2024 at 09:22 | Charles Kennedy

The world’s crude oil production fell by 1.2 million barrels per day (bpd) in February compared to the same month last year as steep output declines in Saudi Arabia and…

Kazakhstan’s Compensation Claim Against Big Oil Climbs to $150 Billion

Kazakhstan’s Compensation Claim Against Big Oil Climbs to $150 Billion

Apr 17, 2024 at 08:10 | Tsvetana Paraskova

Kazakhstan is seeking more than $150 billion in compensation from the oil majors developing its huge Kashagan oilfield, after adding a $138 billion claim for lost revenue to a previous…

Japanese Refiners Are Ready to Tap Reserves if Oil Supply Is Disrupted

Japanese Refiners Are Ready to Tap Reserves if Oil Supply Is Disrupted

Apr 17, 2024 at 07:14 | Tsvetana Paraskova

Japan’s refiners are prepared to tap reserves in case of a major escalation of the conflict in the Middle East and a possible disruption to oil supply, but they do…

Caspian Oil Exports to Drop as Giant Oilfield Undergoes Maintenance

Caspian Oil Exports to Drop as Giant Oilfield Undergoes Maintenance

Apr 17, 2024 at 06:46 | Tsvetana Paraskova

Exports of the CPC blend from the Black Sea via the network of the Caspian Pipeline Consortium (CPC) are expected to drop by 12% in May compared to the scheduled…

Asian LNG Prices Soar on Fears of Wider Middle East Conflict

Asian LNG Prices Soar on Fears of Wider Middle East Conflict

Apr 17, 2024 at 03:42 | Tsvetana Paraskova

Spot LNG prices in Asia jumped to the highest level since the beginning of January amid concerns that the conflict in the Middle East could further escalate.   After lingering…

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