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News

Oil Prices Start the Week With a Gain as Biden Drops Out of Presidential Race

Oil Prices Start the Week With a Gain as Biden Drops Out of Presidential Race

Jul 22, 2024 at 01:09 | Irina Slav

Crude oil prices started trading with a gain this week on hopes of a rate cut, bouncing back after posting a second consecutive weekly loss on Friday. The biggest news…

Israeli Strike Sets Yemen's Oil Port Ablaze

Israeli Strike Sets Yemen's Oil Port Ablaze

Jul 20, 2024 at 20:28 | ZeroHedge

For the first time since the Israel–Hamas war erupted last October, the Israeli military has deployed fighter jets to strike Iran-backed Houthi rebels in Yemen. This action follows an incident where the…

FTC Probes Oil Executives' Texts for OPEC Collusion

FTC Probes Oil Executives' Texts for OPEC Collusion

Jul 19, 2024 at 15:48 | Julianne Geiger

The U.S. Federal Trade Commission (FTC) is intensifying its scrutiny of the oil and gas sector, focusing on communications between executives at major firms such as Hess Corp., Occidental Petroleum…

Russia Cuts Crude Exports To China And India By 17%

Russia Cuts Crude Exports To China And India By 17%

Jul 19, 2024 at 13:43 | Alex Kimani

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, 

Canadian Crude Exports From US Gulf Coast Largely Unaffected By TMX Startup

Canadian Crude Exports From US Gulf Coast Largely Unaffected By TMX Startup

Jul 19, 2024 at 09:38 | Alex Kimani

Canadian crude exported from the U.S. Gulf Coast in June clocked in at 1500,000 barrels per day, only slightly lower than average despite the commissioning of the expanded 590,000…

British Gas Owner Centrica's Tax Appeal Dismissed by Supreme Court

British Gas Owner Centrica's Tax Appeal Dismissed by Supreme Court

Jul 19, 2024 at 09:29 | City A.M

Centrica, the FTSE 100 owner of British Gas, has lost an appeal against HMRC. The Supreme Court has dismissed an appeal…

The Biggest U.S. Solar-Storage Project Launches in Nevada

The Biggest U.S. Solar-Storage Project Launches in Nevada

Jul 19, 2024 at 09:17 | Charles Kennedy

Nevada is now hosting the largest solar plus battery energy storage system project in the United States after Primergy Solar and Quinbrook Infrastructure Partners announced that the Gemini Solar…

Halliburton’s Q2 Profit Rises as Overseas Drilling Offsets Weaker U.S. Market

Halliburton’s Q2 Profit Rises as Overseas Drilling Offsets Weaker U.S. Market

Jul 19, 2024 at 08:07 | Charles Kennedy

Halliburton Company (NYSE: HAL) reported on Friday a higher net income for the second quarter compared to the first quarter and to the same period of 2023,…

Egypt’s Natural Gas Production Sinks to Six-Year Low

Egypt’s Natural Gas Production Sinks to Six-Year Low

Jul 19, 2024 at 06:29 | Charles Kennedy

Natural gas production in Egypt, which has seen a massive new gas field come on stream in the Mediterranean in recent years, has plunged to the lowest level in about…

Global Electricity Demand Is Soaring

Global Electricity Demand Is Soaring

Jul 19, 2024 at 05:28 | Charles Kennedy

Economic growth, higher demand for cooling amid heat waves, the rapid rise of data centers, and continued electrification are set to push the growth in global electricity demand to one…

Energy Trading Hit by Worldwide IT Outage

Energy Trading Hit by Worldwide IT Outage

Jul 19, 2024 at 04:11 | Tsvetana Paraskova

Energy trading in London and Singapore was affected on Friday morning by a massive worldwide outage, which also affected banks, airlines, airports, and media organizations. The news services platform of…

Two Oil Tankers Are on Fire After Colliding in International Waters

Two Oil Tankers Are on Fire After Colliding in International Waters

Jul 19, 2024 at 03:23 | Tsvetana Paraskova

Two large oil tankers, including one known to have carried oil from Iran and Venezuela, were on fire near Singapore early on Friday, according to Singaporean authorities which said that…

Most Americans Are Concerned About Rising Energy Bills

Most Americans Are Concerned About Rising Energy Bills

Jul 19, 2024 at 02:18 | Tsvetana Paraskova

A total of 78% of Americans are concerned about their rising energy bills, an exclusive CNET Money survey has shown. Around 80% of U.S. adults in all regions, including…

Trinidad's Court Upholds ConocoPhillips' Claim Against Venezuela

Trinidad's Court Upholds ConocoPhillips' Claim Against Venezuela

Jul 18, 2024 at 15:34 | Julianne Geiger

Trinidad and Tobago's High Court has reaffirmed its decision to recognize U.S. oil giant ConocoPhillips' arbitration claim against Venezuela. This ruling, which could potentially freeze Trinidad's payments to Venezuela for…

SunPower Shares Crash Nearly 40% On Work Stoppage

SunPower Shares Crash Nearly 40% On Work Stoppage

Jul 18, 2024 at 14:37 | Julianne Geiger

SunPower Corp. has suspended new solar installations and halted shipments, causing its stock to plunge by nearly 40% in afternoon trading. The solar company informed dealers that starting September 17,…

China Pulls out of Cyprus’ First LNG Import Terminal Under Cash Crunch

China Pulls out of Cyprus’ First LNG Import Terminal Under Cash Crunch

Jul 18, 2024 at 13:10 | Alex Kimani

China-based CPP-Metron Consortium has pulled out of a contract with the government of Cyprus for the construction of what was to be the island’s first natural gas import terminal, claiming…

Hurricane Beryl Aftermath Sees 10 Cargoes Canceled at Freeport LNG

Hurricane Beryl Aftermath Sees 10 Cargoes Canceled at Freeport LNG

Jul 18, 2024 at 12:24 | Alex Kimani

Unnamed trading sources told Bloomberg on Thursday that loading through August had been canceled for at least 10 cargoes at Freeport LNG’s gas export terminal in Texas after the facility…

First Major Windfarm in U.S. Shut After Incident

First Major Windfarm in U.S. Shut After Incident

Jul 18, 2024 at 10:20 | Julianne Geiger

The Vineyard Wind offshore project has been temporarily shut down following a turbine blade failure that resulted in debris washing ashore on Nantucket Island. The U.S. Bureau of Safety and…

OPEC+ Panel Not Expected to Propose Changes to Oil Output Policy

OPEC+ Panel Not Expected to Propose Changes to Oil Output Policy

Jul 18, 2024 at 08:23 | Charles Kennedy

The Joint Ministerial Monitoring Committee (JMMC), the OPEC+ panel monitoring the oil market, is not expected to recommend in August any changes to the current production policy plan of the…

Is It Time for National Oil Companies to Renter the M&A Game?

Is It Time for National Oil Companies to Renter the M&A Game?

Jul 18, 2024 at 08:03 | Charles Kennedy

National oil companies (NOCs) have been sitting on the sidelines of the latest merger frenzy in the industry, but the time may be right for these state-owned giants to return…

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