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News

U.S. SPR Site Suffers Negligible Damage After Direct Hit From Hurricane Laura

U.S. SPR Site Suffers Negligible Damage After Direct Hit From Hurricane Laura

Sep 11, 2020 at 10:30 | Tsvetana Paraskova

The damage from Hurricane Laura on one of the four U.S. sites holding the Strategic Petroleum Reserve (SPR) is limited to buildings and other support infrastructure, with caverns and pipes…

Iran To Link Its Power Grid To Russia, Azerbaijan

Iran To Link Its Power Grid To Russia, Azerbaijan

Sep 11, 2020 at 09:31 | Tsvetana Paraskova

Iran’s electricity grid will be connected with Russia and Azerbaijan in a few months, once grid compatibility studies are completed, Iran’s Energy Minister Reza Ardakanian said on Friday. Iran’s…

U.S. Oil Company Hess Attempts To Load Crude From Libya Port

U.S. Oil Company Hess Attempts To Load Crude From Libya Port

Sep 10, 2020 at 17:36 | Julianne Geiger

Hess may attempt to load a cargo of crude oil from Libya’s Es Sider port this week. If successful, the loading represents a glimmer of hope for oil-rich Libya who…

Oil Major BP Makes First Ever Move In Offshore Wind Energy

Oil Major BP Makes First Ever Move In Offshore Wind Energy

Sep 10, 2020 at 17:13 | Charles Kennedy

BP is making its first move into the offshore wind market with a strategic partnership in U.S. offshore wind assets with Equinor in a deal worth US$1.1 billion. Under the…

Trump Hints At Saudi  Participation In UAE,-Israel Peace Deal

Trump Hints At Saudi Participation In UAE,-Israel Peace Deal

Sep 10, 2020 at 16:00 | Tom Kool

The historic diplomatic deal between Israel and the United Arab Emirates that was announced on August 13 added yet another layer of difficulty to the geopolitical…

Colorado Regulators Want Oil Wells Much Further Away From Homes, Schools

Colorado Regulators Want Oil Wells Much Further Away From Homes, Schools

Sep 10, 2020 at 15:27 | Tsvetana Paraskova

The members of the Colorado Oil and Gas Conservation Commission (COGCC) supported four-to-one a proposal to extend the setback for oil wells from homes and schools to 2,000 feet—four…

U.S. Consumer Spending On Energy Grew Before The Pandemic

U.S. Consumer Spending On Energy Grew Before The Pandemic

Sep 10, 2020 at 13:38 | Charles Kennedy

Before the pandemic, direct U.S. energy expenditures by consumers were rising because of increased energy use and higher energy prices, the EIA said on Thursday. Between 2016 and 2018,…

Enbridge To Restart Line 5 Pipeline

Enbridge To Restart Line 5 Pipeline

Sep 10, 2020 at 12:46 | Irina Slav

Enbridge will restart the Line 5 pipeline after it won the approval of the Pipeline and Hazardous Materials Safety Administration. It also won a case at the Michigan Circuit…

Latin America's Is Emerging As A Renewable Energy Powerhouse

Latin America's Is Emerging As A Renewable Energy Powerhouse

Sep 10, 2020 at 11:32 | Rystad Energy

Latin America is emerging as a green powerhouse, with some of the strongest renewable capacity growth expected globally in the coming years. With auctions already adopted throughout Latin America, Rystad…

Nigeria Plans Giving Up Controlling Stake In All Oil Refineries

Nigeria Plans Giving Up Controlling Stake In All Oil Refineries

Sep 10, 2020 at 10:45 | Tsvetana Paraskova

Nigerian National Petroleum Corporation (NNPC) is in talks to hand over the majority stakes in Nigeria’s all four refineries, which are all in dire need of an upgrade, NNPC’s group…

BP, Major Wall Street Banks Want Carbon Pricing Policy In U.S.

BP, Major Wall Street Banks Want Carbon Pricing Policy In U.S.

Sep 10, 2020 at 09:33 | Tsvetana Paraskova

Supermajor BP, as well as many major Wall Street banks, recommends that the U.S. set a price on carbon in a report commissioned by the U.S. Commodity Futures Trading…

Surprise Crude Oil Build Thwarts Price Rally

Surprise Crude Oil Build Thwarts Price Rally

Sep 09, 2020 at 15:46 | Julianne Geiger

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 2.970 million barrels for the week ending September 4. Analysts had predicted an inventory draw…

Libya’s State Oil Firm: War Ship Treathens Vital Oil Facilities

Libya’s State Oil Firm: War Ship Treathens Vital Oil Facilities

Sep 09, 2020 at 14:02 | Tsvetana Paraskova

Libya’s National Oil Corporation (NOC) said that a warship had been staying at the Ras Lanuf oil terminal for several days, and has demanded that the military activity at…

Russia's Gazprom Boosts Natural Gas Supplies To China

Russia's Gazprom Boosts Natural Gas Supplies To China

Sep 09, 2020 at 12:41 | Michael Kern

Russia's natural gas monopoly Gazprom has increased its natural gas supply to China via the new pipeline Power of Siberia in July and August, compared to June, a senior Gazprom…

Mexico’s Pemex Slashes Oil Production Target For 2021

Mexico’s Pemex Slashes Oil Production Target For 2021

Sep 09, 2020 at 12:18 | Irina Slav

Mexico has revised down energy giant Pemex’s oil production target for next year by more than 8 percent in what was a no-surprise move to those familiar with the company’s…

Pessimism Over Economic Recovery Grows In Canada’s Oil Province

Pessimism Over Economic Recovery Grows In Canada’s Oil Province

Sep 09, 2020 at 11:13 | Tsvetana Paraskova

The majority of people in Canada's oil-producing province of Alberta saw their economic fortunes worsened after the pandemic and the oil price crash, compared to a national average of 35…

Musk Lost $16.3 Billion In Tesla’s Biggest Ever Stock Drop

Musk Lost $16.3 Billion In Tesla’s Biggest Ever Stock Drop

Sep 09, 2020 at 10:39 | Charles Kennedy

Tesla’s chief executive Elon Musk’s wealth shrunk by $16.3 billion in a single day as the company’s shares tanked, Bloomberg reports. Tesla’s stock plunged by the most in its…

Gold Prices Rise Despite Positive Employment Data

Gold Prices Rise Despite Positive Employment Data

Sep 09, 2020 at 09:34 | Arkadiusz Sieron

The U.S. labor market improved in August, although headlines paint too rosy a picture. What does it all mean for the gold market? Great news for…

Natural Gas Prices Tank, But Regional Price Differentials Narrow

Natural Gas Prices Tank, But Regional Price Differentials Narrow

Sep 08, 2020 at 17:39 | Charles Kennedy

Along with WTI and Brent crude prices, natural gas prices fell precipitously on Tuesday, but the regional differences in gas prices during the last couple of months are shrinking according…

Russian Energy Minister: Russia Should Regain Market Share As Soon As Feasible

Russian Energy Minister: Russia Should Regain Market Share As Soon As Feasible

Sep 08, 2020 at 15:33 | Tsvetana Paraskova

Russia should regain its share on the global oil market once demand returns to normal, and it can do that and even increase its market share after the drop-off in…

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