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News

Kazakhstan’s Oil Production Fully Recovered After Unrest

Kazakhstan’s Oil Production Fully Recovered After Unrest

Jan 17, 2022 at 09:30 | Tsvetana Paraskova

Daily oil production in OPEC+ producer Kazakhstan rebounded strongly at the end of last week, suggesting that output has now fully recovered from the unrest earlier this month, according to…

Global Electricity Demand Surged 6% In 2021

Global Electricity Demand Surged 6% In 2021

Jan 17, 2022 at 08:01 | Tsvetana Paraskova

Rebounding economies and extreme weather last year led to a 6-percent jump in global electricity demand, the largest percentage increase since the 2010 recovery from the 2008-2009 financial crisis, the…

Germany To Become Net Power Importer For The First Time Since 2002

Germany To Become Net Power Importer For The First Time Since 2002

Jan 14, 2022 at 13:08 | Tsvetana Paraskova

Europe’s largest economy, Germany, is expected to become a net importer of electricity in 2023 for the first time since 2002 due to retiring coal plants and the nuclear phase-out,…

Oil Set For Longest Weekly Gains Streak Since October

Oil Set For Longest Weekly Gains Streak Since October

Jan 14, 2022 at 11:30 | Tsvetana Paraskova

Oil prices were slightly higher early on Friday, headed for the fourth consecutive week of gains, which would be the longest weekly gains streak since October, before the Omicron variant…

EU’s Imports Of U.S. LNG Five Times Higher Than Russian Supply

EU’s Imports Of U.S. LNG Five Times Higher Than Russian Supply

Jan 14, 2022 at 09:02 | Charles Kennedy

So far this month, the European Union has received U.S. natural gas volumes five times higher than Russia’s pipeline deliveries, according to Polish outlet rp.pl, the first time in…

Senate Votes Against Nord Stream Sanctions

Senate Votes Against Nord Stream Sanctions

Jan 14, 2022 at 08:42 | Charles Kennedy

The Senate voted 55 to 44 against a proposal for a new round of sanctions against the Nord Stream 2 natural gas project led by Russia's Gazprom. According to opponents…

Manchin Wants Nuclear Tax Credit Extended In Biden’s Build Back Better Bill

Manchin Wants Nuclear Tax Credit Extended In Biden’s Build Back Better Bill

Jan 13, 2022 at 15:13 | Charles Kennedy

West Virginia Democratic Senator Joe Manchin is seeking tax credits for nuclear power plants for 10 years instead of the six years as put in President Joe Biden’s Build Back…

Reliance Industries To Invest $76 Billion In Indian Renewables

Reliance Industries To Invest $76 Billion In Indian Renewables

Jan 13, 2022 at 12:14 | Tsvetana Paraskova

India’s oil-to-telecoms conglomerate Reliance Industries plans to invest as much as $76 billion in green energy projects in India over the next 15 years, the group chaired by Asia’s richest…

Campaign Behind Landmark Case Against Shell Targets More Energy Groups

Campaign Behind Landmark Case Against Shell Targets More Energy Groups

Jan 13, 2022 at 10:31 | Tsvetana Paraskova

Milieudefensie, the Dutch chapter of Friends of the Earth activists who won a landmark climate case against Shell in 2021, now urge more than two dozen other multinationals, including BP,…

19-Year-Old Hacks into 25 Teslas Simultaneously

19-Year-Old Hacks into 25 Teslas Simultaneously

Jan 13, 2022 at 09:14 | Charles Kennedy

A 19-year-old German IT student and hacker said in a series of tweets this week that he had managed to gain remote control over more than 25 Teslas in…

EIA Sees Oil Prices Dropping In 2022, 2023

EIA Sees Oil Prices Dropping In 2022, 2023

Jan 12, 2022 at 17:38 | Charles Kennedy

Global inventory builds due to supply growth outpacing demand increases will pressure oil prices down this year and next, the U.S. Energy Information Administration (EIA) said in its Short-Term…

Saudi Aramco Buys Stake In Refinery In Russia’s Backyard

Saudi Aramco Buys Stake In Refinery In Russia’s Backyard

Jan 12, 2022 at 13:00 | Charles Kennedy

Saudi Arabia is expanding its downstream presence and crude customers in Eastern Europe, traditionally Russia’s backyard, by buying a stake in a Polish refinery. Saudi oil giant Aramco has signed…

The U.S. Spent $1.1B On Failed Carbon Capture Projects In A Decade

The U.S. Spent $1.1B On Failed Carbon Capture Projects In A Decade

Jan 12, 2022 at 10:26 | Tsvetana Paraskova

The U.S. Department of Energy has spent $1.1 billion on 11 carbon capture projects at coal-fired power plants and industrial facilities since 2009, most of which turned out to be…

One Of Oil’s Biggest Purchasers Is Moving Up Net-Zero Targets

One Of Oil’s Biggest Purchasers Is Moving Up Net-Zero Targets

Jan 12, 2022 at 08:57 | Tsvetana Paraskova

Container shipping giant A.P. Moller-Maersk, a major consumer of oil products, pledged on Wednesday to reach net-zero greenhouse gas emissions across its entire business by 2040, a decade earlier…

Coal To Make Up 85% Of U.S. Power Capacity Retirements In 2022

Coal To Make Up 85% Of U.S. Power Capacity Retirements In 2022

Jan 12, 2022 at 07:45 | Tsvetana Paraskova

Retirements of coal-fired electric power generation capacity are set to speed up this year from a relatively low level of retirements in 2021 to the point of accounting for as…

API Shocks With Very Large Gasoline Build

API Shocks With Very Large Gasoline Build

Jan 11, 2022 at 15:47 | Julianne Geiger

This week, the American Petroleum Institute (API) estimated the inventory draw for crude oil to be 1.077 million barrels, after analysts predicted a draw of 1.95 million barrels. U.S. crude…

Libya Struggles To Restore Oil Supply Despite End Of Three-Week Blockade

Libya Struggles To Restore Oil Supply Despite End Of Three-Week Blockade

Jan 11, 2022 at 13:47 | Charles Kennedy

Libya’s National Oil Corporation (NOC) has lifted the force majeure on crude exports from its western ports after militias ended a three-week-long blockade, but supply from the country is struggling…

Saudi Aramco Is Fighting To Regain A Key European Market

Saudi Aramco Is Fighting To Regain A Key European Market

Jan 11, 2022 at 13:07 | Cyril Widdershoven

In a move to regain some of its former glory in the North West European crude oil and products market, Saudi Aramco Trading Company (ATC) has clinched a…

China Boosts Imports Of Cheap Oil From Sanctioned Iran And Venezuela

China Boosts Imports Of Cheap Oil From Sanctioned Iran And Venezuela

Jan 11, 2022 at 13:02 | Tsvetana Paraskova

Cheaper crude from Iran and Venezuela while international oil benchmarks were rallying was incentive enough for the world's top oil importer, China, to purchase in 2021 the most crude from…

Kazakhstan’s Oil Output To Return To Pre-Unrest Level Within Days

Kazakhstan’s Oil Output To Return To Pre-Unrest Level Within Days

Jan 11, 2022 at 11:33 | Tsvetana Paraskova

Kazakhstan’s daily oil production is expected to return to pre-unrest levels by the end of this week, as Chevron has started to gradually restore the curtailed output, advanced oil data…

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