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Oil Prices Set To Head Even Higher As Market Tightens
Oil Prices Set To Head Even Higher As Market Tightens Solid oil demand is driving up the spot crude prices in every part of the world. This is a clear indication that the physical oil market is finally catching up with the recent rally in the paper market. The strengthening appetite for crude in Asia […]
Depleted Gas Stocks Force Europe To Use More Coal
Depleted Gas Stocks Force Europe To Use More Coal With power demand recovering from the pandemic, European utilities are using more coal as natural gas inventories are unusually low for this time of the year due to a cold snap in late winter and early spring. This year, despite the record-high carbon price in Europe, […]
Leak Reported At Chinese Nuclear Power Plant
Leak Reported At Chinese Nuclear Power Plant A nuclear power plant in southeastern China could turn into an “imminent radiological threat,” the part owner of the facility, a French company, has told the United States, CNN reported on Monday, citing U.S. officials and a letter of the French firm it had obtained. The U.S. has been assessing […]
Saudi Arabia And Russia Warn Of Major Oil Supply Crunch
Saudi Arabia And Russia Warn Of Major Oil Supply Crunch The debate about emissions reduction and the path forward for oil companies moved to a whole new level since the International Energy Agency (IEA) dropped last month the bombshell report suggesting no new investment in oil and gas would be needed if the world is to reach […]
Extreme Drought Puts California’s Power Supply At Risk
Extreme Drought Puts California’s Power Supply At Risk A more severe than usual drought in California has depleted reservoirs and lakes, including the ones feeding some of the largest hydropower facilities, putting the state again at risk of power outages during heat waves this summer. Last year, residents in California went through rolling outages as there was […]
U.S. Oil Bankruptcies Shoot Up In Q1 2021
U.S. Oil Bankruptcies Shoot Up In Q1 2021 The number of North American producers that filed for bankruptcy protection in the first quarter of 2021 reached the highest number for a first quarter since 2016, yet the wave of bankruptcies has significantly slowed since the peaks in the second and third quarter of 2020, law […]
Shell To Exhaust Dwindling Oil & Gas Reserves By 2040
Shell To Exhaust Dwindling Oil & Gas Reserves By 2040 Shell expects to have produced 75 percent of its current proved oil and gas reserves by 2030, and only around 3 percent after 2040, the supermajor said in its Energy Transition Strategy that it will put to a non-binding shareholder vote next month. Discussing the […]
Oil Major Total Sees 10 Million Bpd Supply Gap In 2025
Oil Major Total Sees 10 Million Bpd Supply Gap In 2025 France’s supermajor Total is warning that the world could find itself with a shortfall of supply of 10 million barrels per day (bpd) between now and 2025, due to continued underinvestment in the industry, the OPEC+ pact, and cracks in the U.S. shale business […]
IHS Markit: Oil Demand Won’t Fully Recover Until 2022
IHS Markit: Oil Demand Won’t Fully Recover Until 2022 Global oil demand will likely take another year or so to return to pre-pandemic levels—by late 2021 or early 2022, energy expert and IHS Markit vice chairman Daniel Yergin told Al Arabiya English in a video interview on Monday. Yergin’s expectations for oil demand are roughly […]
Middle East Oil Producers Are Drowning In Debt
Middle East Oil Producers Are Drowning In Debt Arab Gulf oil producers are losing billions of U.S. dollars from oil revenues this year due to the pandemic that crippled oil demand and oil prices. Because of predominantly oil-dependent government incomes, budget deficits across the region are soaring. Middle East’s oil exporters rushed to raise taxes and […]
Oil Price Crash Costs Saudi Arabia $27.5 Billion In Revenue In 2020
Oil Price Crash Costs Saudi Arabia $27.5 Billion In Revenue In 2020 The oil price collapse is depriving Saudi Arabia of US$27.5 billion in oil revenues this year, Saudi Crown Prince Mohammed bin Salman said on Friday, admitting that the current oil income is not enough to cover the Kingdom’s salaries bill. Saudi Arabia had […]
Shell’s Largest Refinery Reduces Crude Processing Capacity By 50%
Shell’s Largest Refinery Reduces Crude Processing Capacity By 50% Shell will halve the crude oil processing capacity of its largest wholly owned refinery in the world, Pulau Bukom in Singapore, as part of its ambition to be a net-zero emissions business by 2050 or sooner, the supermajor said on Tuesday. Pulau Bukom hosts the largest wholly-owned Shell refinery globally […]
$65 Oil And $5000 Gold: Traders Expect Volatility In Key Commodities
$65 Oil And $5000 Gold: Traders Expect Volatility In Key Commodities The year of the pandemic put two commodities under the spotlight, but for different reasons. Gold prices hit an all-time high in August, while crude oil slipped into negative for a day in April, when demand crashed and inventories soared. Both oil and gold […]
California’s Renewable Energy Conundrum
California’s Renewable Energy Conundrum Amid a heatwave in the West, the largest U.S. solar state, California, is grappling with power issues and with keeping its electricity grid stable as demand exceeds supply. And in a looming renewable future, those power disruptions just might be a sign of things to come. California energy consumers were warned of rolling […]
Huge Debt Payments Come At Worst Time Possible For Canadian Drillers
Huge Debt Payments Come At Worst Time Possible For Canadian Drillers The collapse in oil prices has significantly deteriorated Canada’s oil companies’ finances and has made repaying their debt more challenging. Over the past decade, Canadian firms have borrowed money to survive the previous oil crisis of 2015-2016 and boost production post-crisis. But now the second […]
