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News

Coronavirus Is Causing Mass Fuel Shortages In Venezuela

Coronavirus Is Causing Mass Fuel Shortages In Venezuela

Mar 23, 2020 at 10:09 | Irina Slav

Venezuela has started shutting down gasoline stations across the country as a shortage of fuels has prompted rationing, Bloomberg reports. According to an unnamed source who spoke to Bloomberg,…

Refiners Race To Reduce Rates As Fuel Demand Falls Off A Cliff

Refiners Race To Reduce Rates As Fuel Demand Falls Off A Cliff

Mar 20, 2020 at 16:20 | Tsvetana Paraskova

Refining operations in Europe and elsewhere in the world are being curtailed as gasoline and jet fuel demand is falling off a cliff due to the enormous demand destruction in…

Formula One Shuts Down… But Verstappen, Montoya & Kanaan Find An Alternative

Formula One Shuts Down… But Verstappen, Montoya & Kanaan Find An Alternative

Mar 20, 2020 at 16:17 | Charles Kennedy

For sports fanatics, these are trying times. It may seem trivial compared to the coronavirus, but we as a society have always needed sport as a…

Texas Lawmaker Calls For Oil & Gas Royalty Cuts

Texas Lawmaker Calls For Oil & Gas Royalty Cuts

Mar 20, 2020 at 16:09 | Tsvetana Paraskova

As crashing oil prices hit U.S. oil and gas companies, one Texas lawmaker is asking the Department of the Interior to reduce the royalties that firms pay for oil and…

The Unique Impact Of Social Distancing On Energy Demand

The Unique Impact Of Social Distancing On Energy Demand

Mar 20, 2020 at 14:13 | Haley Zaremba

In China, the shutdowns to contain COVID-19 have stalled so many industries and kept so many vehicles off the road that the virus has indirectly saved

Tanker Rates Explode As Markets Brace For Record Oil Glut

Tanker Rates Explode As Markets Brace For Record Oil Glut

Mar 20, 2020 at 12:59 | Rystad Energy

The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10 million…

First U.S. West Coast LNG Project Gets The Greenlight

First U.S. West Coast LNG Project Gets The Greenlight

Mar 20, 2020 at 11:29 | Irina Slav

The Federal Energy Regulatory Commissions voted overwhelmingly in favor of the Jordan Cove LNG project in Oregon but set one condition: Pembina, the company behind the project, must obtain all…

Mexico’s Budget Is Protected By Its Mega Oil Hedge

Mexico’s Budget Is Protected By Its Mega Oil Hedge

Mar 20, 2020 at 10:24 | Irina Slav

“Everything” in the Mexican budget that needs to be covered by oil revenues is covered, the country’s Finance Minister, Arturo Herrera, said as quoted by Reuters, in response to a…

The Texas Shale Patch Is Considering The Unthinkable

The Texas Shale Patch Is Considering The Unthinkable

Mar 19, 2020 at 18:26 | ZeroHedge

Following the 2014 Thanksgiving massacre, Saudi Arabia effectively broke up OPEC to try to kill the US shale sector by overproducing oil and sending prices plunging. It failed…

Green Hydrogen Is About To Go Mainstream

Green Hydrogen Is About To Go Mainstream

Mar 19, 2020 at 17:35 | Haley Zaremba

Hydrogen gets a lot of attention as a feasible, green alternative to traditional fossil fuels, and even as the potential solution to commercial nuclear fusion

COVID-19 Could Spark The Next 'Arab Spring'

COVID-19 Could Spark The Next 'Arab Spring'

Mar 19, 2020 at 17:12 | Richard Mills

The rich are getting richer, inequality is on the rise, and the middle class, the backbone of the US economy since the 1950s, is shrinking.  In 2018 the three…

Ultra Cheap Canadian Oil Dominates U.S. Markets

Ultra Cheap Canadian Oil Dominates U.S. Markets

Mar 19, 2020 at 16:14 | Tsvetana Paraskova

While U.S. crude oil imports from OPEC and Mexico have slumped over the past decade and a half, crude imports from Canada have more than doubled due to the price…

European Gas Demand Growth To Crash On 'Lockdown' Fears

European Gas Demand Growth To Crash On 'Lockdown' Fears

Mar 19, 2020 at 14:01 | Rystad Energy

European gas demand in 2020 is likely to drop by 0.7 percent compared to our pre-coronavirus forecast, according to Rystad Energy’s most likely scenario. Growth will be limited to just…

The Price War Could Kill The UK's Oil Industry

The Price War Could Kill The UK's Oil Industry

Mar 19, 2020 at 13:54 | City A.M

The UK’s oil and gas industry has called on the government to help the sector as it faces three separate challenges, that could see production plummet.

Major Credit Agency Slashes Oil Price Outlook To Reflect A Record Glut

Major Credit Agency Slashes Oil Price Outlook To Reflect A Record Glut

Mar 19, 2020 at 12:38 | Tsvetana Paraskova

Fitch Ratings has slashed its short- and medium-term oil price assumptions, expecting a record glut in 2020 that will keep the market off balance at least in the next two years.  …

The $638 Billion Cost Of Keeping Coal Alive

The $638 Billion Cost Of Keeping Coal Alive

Mar 19, 2020 at 12:02 | City A.M

An estimated $638bn (£489bn) could be wasted worldwide on using coal to generate electricity. That’s according to a report released today which advises international governments to stop using coal as…

LNG Canada Lays Off 750 Workers Amid Coronavirus Crisis

LNG Canada Lays Off 750 Workers Amid Coronavirus Crisis

Mar 19, 2020 at 10:48 | Irina Slav

LNG Canada has laid off 750 people as a preventive measure against the Covid-19 pandemic before it reaches the construction site of the liquefaction facility. CBC reports the company…

Alberta’s Oil Industry Is On Life Support

Alberta’s Oil Industry Is On Life Support

Mar 19, 2020 at 10:20 | Irina Slav

Alberta’s long-suffering oil industry is “on life support” because of the spread of the Covid-19 pandemic—and things will get worse before they get better, Premier Jason Kenney told media as 

Most Of The World’s Airlines Could Be Bankrupt By May

Most Of The World’s Airlines Could Be Bankrupt By May

Mar 18, 2020 at 18:42 | ZeroHedge

Sydney-based consultancy CAPA Centre for Aviation warned in a statement on Monday morning that most of the world's airlines will be bankrupt by the end of May. Airline carriers are suspending routes…

Russia Scrambles To Save Its Economy As Oil Prices Collapse

Russia Scrambles To Save Its Economy As Oil Prices Collapse

Mar 18, 2020 at 18:16 | RFE/RL staff

Russia, hit by falling oil prices and the coronavirus outbreak, has announced the formation of a $4 billion…

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