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The Novel Material Revolutionizing Energy Storage

The Novel Material Revolutionizing Energy Storage

Washington University in St. Louis…

Lower Natural Gas Prices Squeeze Big Oil's Profits in Q1 2024

Lower Natural Gas Prices Squeeze Big Oil's Profits in Q1 2024

U.S. supermajors ExxonMobil and Chevron,…

Why Chinese Exports to Russia Are Declining

Why Chinese Exports to Russia Are Declining

China, facing US threats of…

News

Venezuela Can't Afford To Tackle Its Gas Flaring Problem

Venezuela Can't Afford To Tackle Its Gas Flaring Problem

Mar 05, 2020 at 17:37 | Tsvetana Paraskova

An energy consultant who had worked for Shell for decades has started talks with Venezuela’s state oil firm PDVSA to help it reduce gas flaring at oil sites, but the…

Glencore Managers Bail To Form Own Energy Trading Startup

Glencore Managers Bail To Form Own Energy Trading Startup

Mar 05, 2020 at 16:13 | Tsvetana Paraskova

Two senior Moscow managers at Glencore have left the commodity trader for their own start-up that will trade energy resources and supply equipment in Russia, sources in the industry told…

Analysts Continue To Slash Oil Demand Growth Estimates

Analysts Continue To Slash Oil Demand Growth Estimates

Mar 05, 2020 at 15:33 | Tsvetana Paraskova

As the coronavirus spreads fast outside China, dampening consumer and business sentiment, analysts continue cutting their forecasts of oil demand growth this year. In one of the latest downward revisions,…

PetroChina Declares Force Majeure On Gas Imports

PetroChina Declares Force Majeure On Gas Imports

Mar 05, 2020 at 10:34 | Irina Slav

PetroChina, the largest importer of natural gas, has declared a force majeure on all imports, including of liquefied natural gas, unnamed sources told Reuters, without providing any details except…

Chinese Teapots’ Oil Imports Tumble To 6-Month Low In February

Chinese Teapots’ Oil Imports Tumble To 6-Month Low In February

Mar 05, 2020 at 09:43 | Irina Slav

Crude oil imports by China’s independent refineries, or teapots, fell to the lowest in six months, at 2.76 million bpd last month, down by almost a fifth from the record-high…

Venezuela Seizes Assets From Six Shipping Companies

Venezuela Seizes Assets From Six Shipping Companies

Mar 04, 2020 at 17:27 | Irina Slav

Venezuela has moved to seize assets of six shipping companies claiming they have unpaid debt to state oil company PDVSA, Reuters reported, quoting a document it had seen and…

Europe Looks To Pass 2050 Net Zero Carbon Goal Into Law

Europe Looks To Pass 2050 Net Zero Carbon Goal Into Law

Mar 04, 2020 at 14:53 | Tsvetana Paraskova

The European Commission proposed on Wednesday enshrining the European Green Deal’s commitment for carbon neutrality by 2050 into legislation, as part of the European Union’s heightened focus on climate…

OPEC Source: No Wednesday Deal

OPEC Source: No Wednesday Deal

Mar 04, 2020 at 13:39 | Julianne Geiger

The OPEC meeting of ministers from OPEC, Russia, and other non-OPEC producers ended its meeting day without agreeing on a solution to the coronavirus problem, with Russia holding out, an…

Saudi-Led Coalition Thwarted Oil Tanker Attack

Saudi-Led Coalition Thwarted Oil Tanker Attack

Mar 04, 2020 at 12:18 | Julianne Geiger

A spokesman for the Saudi-led coalition in Yemen announced on Wednesday that it had staved off an attack on an oil tanker in the Arabian Sea, Saudi news agency SPA…

Morgan Stanley Expects Near-Zero Oil Demand Growth In China In 2020

Morgan Stanley Expects Near-Zero Oil Demand Growth In China In 2020

Mar 04, 2020 at 11:47 | Irina Slav

Morgan Stanley updated its oil demand forecast for this year, saying it expected it to be close to zero in China after the devastating coronavirus epidemic. “We now expect China’s…

OPEC Divided As Saudi Arabia Pushes For Deeper Cuts

OPEC Divided As Saudi Arabia Pushes For Deeper Cuts

Mar 04, 2020 at 09:30 | Tsvetana Paraskova

As top officials from OPEC countries start to arrive in Vienna for this week’s OPEC+ meeting, OPEC’s top producer Saudi Arabia is pushing for a huge cut of more than…

Smaller Than Expected Crude Build Fuels Oil Rally

Smaller Than Expected Crude Build Fuels Oil Rally

Mar 03, 2020 at 15:53 | Julianne Geiger

The American Petroleum Institute (API) estimated on Tuesday a smaller than anticipated crude oil inventory build of 1.7 million barrels for the week ending February 28, compared to analyst expectations…

UN: South Sudan’s Oil Patch Is Living On Borrowed Time

UN: South Sudan’s Oil Patch Is Living On Borrowed Time

Mar 03, 2020 at 15:10 | Tsvetana Paraskova

South Sudan continues to spend oil revenues in advance and its oil sector continues to lack transparency, according to a UN report that was made public recently. One of the 

Kuwait Expects OPEC+ To Agree To Deal This Week

Kuwait Expects OPEC+ To Agree To Deal This Week

Mar 03, 2020 at 13:39 | Tsvetana Paraskova

Kuwait expects OPEC and its non-OPEC partners led by Russia to reach an agreement this week on how to react to the oil price and demand slump due to…

Wells Fargo Joins U.S. Banks Declining To Fund New Arctic Oil Projects

Wells Fargo Joins U.S. Banks Declining To Fund New Arctic Oil Projects

Mar 03, 2020 at 13:34 | Tsvetana Paraskova

Wells Fargo has become the third major U.S. bank to stop financing new oil and gas projects in the Arctic, joining the likes of Goldman Sachs and JPMorgan in a…

Overcapacity Pushes Chinese Refiners’ Profits Down 42% In 2019

Overcapacity Pushes Chinese Refiners’ Profits Down 42% In 2019

Mar 03, 2020 at 11:49 | Irina Slav

New refining capacity depressed margins for Chinese refiners, with profits down 42 percent on the year in 2019, Reuters reports, citing the China Petroleum and Chemical Industry Federation. Capacity increased…

Oil Major Looks To Return $80 Billion To Shareholders By 2024

Oil Major Looks To Return $80 Billion To Shareholders By 2024

Mar 03, 2020 at 09:51 | Tsvetana Paraskova

Thanks to careful spending in lower-risk projects with solid returns, U.S. oil supermajor Chevron has the capacity to distribute US$75 billion-US$80 billion in cash to shareholders over the next five…

Google’s Self-Driving Car Unit Raises $2.25 Billion

Google’s Self-Driving Car Unit Raises $2.25 Billion

Mar 03, 2020 at 09:18 | Irina Slav

Waymo, the self-driving car developer of Alphabet, has raised $2.25 billion in funding from external investors, led by tech investment firms including Silver Lake, Alphabet itself, Andreesen…

Sinopec Sends London Staff On Home Office On Coronavirus Scare

Sinopec Sends London Staff On Home Office On Coronavirus Scare

Mar 02, 2020 at 17:03 | Tsvetana Paraskova

Unipec, the oil trading unit of Asia’s largest refiner China Petroleum & Chemical Corporation, or Sinopec, has sent its London staff to work from home after an employee showed coronavirus-like…

The Age Of Canada’s Huge Oil Sands Projects May Be Over

The Age Of Canada’s Huge Oil Sands Projects May Be Over

Mar 02, 2020 at 15:40 | Tsvetana Paraskova

After Teck Resources canceled its oil sands project, even approved oil sands projects could be difficult for Canada’s companies to bring online in the short term until more pipeline capacity…

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