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How Saudi Arabia Caused The Worst Oil Price Crash In History
How Saudi Arabia Caused The Worst Oil Price Crash In History Saudi Arabia made good on its promise to flood the market with oil after the collapse of the previous OPEC+ deal in early March. The Kingdom’s oil exports jumped by 3.15 million bpd to 11.34 million bpd in April. Saudi Arabia made good on […]
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy
The Unique Ways Oil Companies Are Looking To Avoid Bankruptcy Many U.S. shale firms have cruised through the past couple of years by borrowing money and drilling new wells, making the United States the world’s top crude oil producer. The strategy worked for a while, especially when oil prices were around $60 a barrel. But […]
Oil Market Heading For Months Of Deficit
Oil Market Heading For Months Of Deficit The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts that are up for a tentative extension through July, Rystad Energy analysts said on Friday. Assuming that global demand recovery continues in the coming months, the oil market will still […]
The Shale Suffering Has Only Just Begun
The Shale Suffering Has Only Just Begun A few weeks before the summer driving season begins, U.S. gasoline consumption has plummeted to levels last seen in the late 1960s, due to the lockdowns to contain the spreading of the coronavirus. With demand for motor fuel plunging, refiners are cutting crude processing, and crude oil storage […]
Unprecedented Demand Destruction Marks The Return Of The Super Contango
Unprecedented Demand Destruction Marks The Return Of The Super Contango These days, every corner of the oil market is “unprecedented”—from the demand destruction to the supply surge and the resulting glut. The oil futures curve is no exception and is also in a state never seen before. This is the super contango, the market situation in […]
The Race For Arctic Oil Is Heating Up
The Race For Arctic Oil Is Heating Up Despite climate concerns and environmentalist backlash against exploration for oil and gas in pristine sensitive regions of the Arctic, companies continue to explore for hydrocarbon resources in the Arctic Circle, in Russia and Norway in particular. The largest Russian energy companies are looking to explore more Arctic […]
UK’s Guardian Bans Ads From Oil, Gas Firms In World’s Media First
UK’s Guardian Bans Ads From Oil, Gas Firms In World’s Media First UK newspaper Guardian will not accept advertising money from the fossil fuel industry, even if this means a financial hit for the media, making it the world’s first large news organization to ban oil and gas adds. The Guardian has been active in recent years […]
Germany Aims To Close All Nuclear Plants By 2022
Germany Aims To Close All Nuclear Plants By 2022 Germany is going forward with its plan to phase out nuclear reactors by 2022 as another nuclear power plant is going offline on December 31. Power company EnBW has said that it would take the Philippsburg 2 reactor off the grid at 7 p.m. local time on New […]
Trump Follows Up On His Promise To Protect Syrian Oil
Trump Follows Up On His Promise To Protect Syrian Oil The United States has moved more equipment from Iraq into Syria to boost the protection of the oil and gas fields in eastern Syria currently under the control of Kurdish militia, Turkish media reports. A logistics convoy of pick-up trucks, minibusses, ambulances, and 100 rigs […]
IEA: An Oil Glut Is Looming
IEA: An Oil Glut Is Looming If global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year, according to the International Energy Agency (IEA). “Unless other things change, we will see a surplus probably, unless there is […]
Yergin: Expect Extreme Volatility In Oil Markets
Yergin: Expect Extreme Volatility In Oil Markets Rising pipeline takeaway capacity in the Permian and global oil demand growth at its weakest in a decade are set to lead to more volatility in oil prices in the near term, a prominent energy expert said, joining a growing number of analysts who see prices further depressed […]
ExxonMobil Looks To Exit UK North Sea Oil & Gas
ExxonMobil Looks To Exit UK North Sea Oil & Gas ExxonMobil has recently discussed with operators selling part or all of its assets in the UK North Sea in a move that could raise up to US$2 billion for Exxon and mark another major U.S. exit from the area, Reuters reported on Tuesday, quoting three industry sources […]
OPEC’s Fight To End The Oil Glut Is Far From Over
OPEC’s Fight To End The Oil Glut Is Far From Over OPEC and its Russia-led non-OPEC allies are in their third year of managing supply to the market, hoping to draw down high inventories and push up oil prices. Early this month, the so-called OPEC+ coalition of partners rolled over their production cuts of a combined 1.8 […]
‘’Biofuels Haven’t Cut Gasoline Prices Or Emissions’’
‘’Biofuels Haven’t Cut Gasoline Prices Or Emissions’’ Since its introduction more than a decade ago, the Renewable Fuel Standard (RFS) hasn’t cut gasoline prices outside the Midwest and has even led to a slight rise in pump prices in states far from ethanol production, while the standard has had a limited effect, if any, on […]
Tainted Russian Oil Crisis May Drag On For Months
Tainted Russian Oil Crisis May Drag On For Months It’s been a month since Russian oil flows through the Druzhba pipeline were suspended due to contamination, and despite Russia’s assurances that clean oil will resume flowing through the pipeline westward to Europe in the second half of May, analysts and traders say the progress is […]
