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Oil Ticks Higher on Inventory Draw

Oil Ticks Higher on Inventory Draw

Crude oil prices moved higher…

Inflation Fears Keep Oil Prices Suppressed

Inflation Fears Keep Oil Prices Suppressed

The week began positively with…

The Panama Canal is Key to American LNG

The Panama Canal is Key to American LNG

The Panama Canal is currently…

News

New Social Distancing App Scores 500,000 Downloads In One Month

New Social Distancing App Scores 500,000 Downloads In One Month

Jul 24, 2020 at 10:10 | Christian Moore

As coronavirus infections reach new heights, with the United States leading the pack with a record 4 million cases, a Canadian social distancing app aimed at keeping people connected…

Chinese Oil Giants Sell $56 Billion Worth Of Pipelines

Chinese Oil Giants Sell $56 Billion Worth Of Pipelines

Jul 24, 2020 at 09:32 | Irina Slav

Chinese state-owned oil and gas majors have sold pipeline networks worth a total $56 billion as part of a government plan to restructure the nation's energy industry by setting up…

Canada’s Crude-By-Rail Exports Plunge To Lowest In Four Years

Canada’s Crude-By-Rail Exports Plunge To Lowest In Four Years

Jul 23, 2020 at 16:15 | Tsvetana Paraskova

Reduced oil demand and enough space on typically congested pipelines sent Canada’s crude-by-rail exports plummeting to their lowest levels in four years in May, data from Canada Energy Regulator

Banks Shun Loans To U.S. Shale Drillers

Banks Shun Loans To U.S. Shale Drillers

Jul 23, 2020 at 14:51 | Tsvetana Paraskova

A growing number of banks are restricting access to funding to the U.S. shale industry in the wake of the oil price crash, although the aversion to lending more capital…

Saudi Oil Revenues Continue To Slide After Ending Price War

Saudi Oil Revenues Continue To Slide After Ending Price War

Jul 23, 2020 at 14:01 | Charles Kennedy

Oil revenues for the world’s largest oil exporter, Saudi Arabia, continued to slide in May after the Kingdom ended its oil price war with Russia, with the income from oil…

1 In 10 Gas Flares In Permian Malfunction

1 In 10 Gas Flares In Permian Malfunction

Jul 23, 2020 at 12:45 | Irina Slav

More a tenth of gas flares in the Permian play tend to malfunction and release unlit methane into the atmosphere, the Environmental Defense Fund has reported, based on a new…

Beaten Down LNG Giant Tellurian Gets Much-Needed Lifeline

Beaten Down LNG Giant Tellurian Gets Much-Needed Lifeline

Jul 23, 2020 at 10:47 | Charles Kennedy

LNG producer Tellurian sold $35 million worth of new stock to a group of institutional investors to prop up its finances as the outlook for LNG remains pessimistic. The…

Tesla Beats Estimates To Post Fourth Straight Quarterly Profit

Tesla Beats Estimates To Post Fourth Straight Quarterly Profit

Jul 23, 2020 at 09:31 | Tsvetana Paraskova

Despite factory shutdowns due to the pandemic, Tesla posted on Wednesday a surprise net profit for the second quarter, beating analyst expectations and reporting its fourth consecutive quarter of net…

Turkey Moves To Reduce Reliance On Russian Gas

Turkey Moves To Reduce Reliance On Russian Gas

Jul 22, 2020 at 16:58 | Julianne Geiger

Turkey is looking to reduce further its reliance on Russian gas, and for the first time in almost two decades, Turkey may not receive gas at all from Russian gas…

Abu Dhabi's Energy Sector Gears Up For The Fourth Industrial Revolution

Abu Dhabi's Energy Sector Gears Up For The Fourth Industrial Revolution

Jul 22, 2020 at 13:36 | Oxford Business Group

While the emirate continues to look for ways to increase the value of its onshore and offshore deposits, Abu Dhabi National Oil Company (ADNOC) is also reassessing its role…

Low Oil Prices Force Saudi Arabia To Consider Privatizing State-Held Assets

Low Oil Prices Force Saudi Arabia To Consider Privatizing State-Held Assets

Jul 22, 2020 at 13:09 | Tsvetana Paraskova

The world’s largest oil exporter, Saudi Arabia, plans to put up for privatization state-held assets in the healthcare, education, and water utility sectors in order to raise money…

The Permian Creates Task Force To Protect US Shale From Market Manipulation

The Permian Creates Task Force To Protect US Shale From Market Manipulation

Jul 22, 2020 at 12:36 | Tsvetana Paraskova

The Odessa Development Corporation (ODC) launched this week ‘The Permian Fuels America’ task force to protect the U.S. industry from oil market manipulation initiated by other countries, convince refiners…

U.S. To Launch First Ever Emissions Rules For Commercial Aircrafts

U.S. To Launch First Ever Emissions Rules For Commercial Aircrafts

Jul 22, 2020 at 11:41 | Tsvetana Paraskova

The U.S. Environmental Protection Agency (EPA) is expected to propose on Wednesday a first-ever rulemaking for emission standards for commercial aircraft, Reuters reported, citing officials. Earlier this week, Bloomberg…

China Initiates A $457 Million Pipeline Restructuring Plan

China Initiates A $457 Million Pipeline Restructuring Plan

Jul 22, 2020 at 11:32 | Charles Kennedy

China Oil & Gas Pipeline Network (PipeChina), the company Beijing created in December 2019 to combine the infrastructure assets of the state-owned energy majors, has signed a deal to buy…

Canadian Drillers Are In No Rush To Bring Back Oil Production

Canadian Drillers Are In No Rush To Bring Back Oil Production

Jul 22, 2020 at 10:35 | Michael Kern

Despite the fact that some Canadian oil producers have started to restore the production they had curtailed earlier this year, the pipelines carrying heavy oil to the market are not…

UK Oil Industry Slams Government For Poor COVID-19 Testing

UK Oil Industry Slams Government For Poor COVID-19 Testing

Jul 22, 2020 at 09:22 | Charles Kennedy

The UK oil industry has slammed the government for refusing to provide it with the means for blanket testing for Covid-19, Bloomberg reports, noting that, according to the government,…

Large And Unexpected Crude Build Halts Oil Rally

Large And Unexpected Crude Build Halts Oil Rally

Jul 21, 2020 at 15:57 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 7.544 million barrels for the week ending July 17. Bulls were disappointed with the news,…

EU Presents $572 Billion Green Stimulus Package

EU Presents $572 Billion Green Stimulus Package

Jul 21, 2020 at 15:33 | Tsvetana Paraskova

European Union leaders agreed on Tuesday to allocate more than US$572 billion (500 billion euro), or 30 percent of the massive stimulus package, for investments in policies to fight…

Saudi Arabia Set To Burn Record Crude Oil Volumes For Electricity

Saudi Arabia Set To Burn Record Crude Oil Volumes For Electricity

Jul 21, 2020 at 14:50 | Tsvetana Paraskova

Saudi Arabia could use this summer record amounts of crude oil for producing electricity as more Saudis would stay at home rather than travel on vacation abroad because of the…

Russia Mulls Military Spending Cuts As Low Oil Prices Weigh On Economy

Russia Mulls Military Spending Cuts As Low Oil Prices Weigh On Economy

Jul 21, 2020 at 13:40 | Charles Kennedy

Struggling with a recession amid low oil prices and measures to curb the pandemic, Russia is mulling over cutting its military budget by 5 percent between 2021 and 2023, recommendations…

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