Author: Tsvetana Paraskova
Norway’s Oil Production Dropped In January
Oil production in Norway, the biggest oil producer in Western Europe, slipped in January compared to December and was 3% below official forecasts, the Norwegian Petroleum Directorate said on Tuesday. Last month, Norway pumped 1.754 million barrels per …
Norway’s Oil Production Dropped In January
Oil production in Norway, the biggest oil producer in Western Europe, slipped in January compared to December and was 3% below official forecasts, the Norwegian Petroleum Directorate said on Tuesday. Last month, Norway pumped 1.754 million barrels per …
Putin Issues A New Nuclear Warning To The West
In his latest speech, Vladimir Putin blamed Ukraine and the West for “provoking” Russia into invading Ukraine. Putin also issued a new warning to the West by suspending Russia’s participation in a major nuclear arms control treaty with the U.S. In hi…
Saudi Arabia’s Oil Revenues Hit $326 Billion In 2022
Saudi Arabia received as much as $326 billion in oil revenues for 2022, its biggest oil sales haul in the era of Crown Prince Mohammed bin Salman, although monthly revenues have been lower in recent months after oil prices slid to around $80 per barrel…
Putin Issues A New Nuclear Warning To The West
In his latest speech, Vladimir Putin blamed Ukraine and the West for “provoking” Russia into invading Ukraine. Putin also issued a new warning to the West by suspending Russia’s participation in a major nuclear arms control treaty with the U.S. In hi…
UK Businesses Face Mounting Energy Costs
The UK government’s support to businesses to cope with the jump in energy bills is set to be slashed significantly from April, which will raise energy costs for industries by around 80% and put British businesses at an even greater disadvantage to comp…
Saudi Arabia Reiterates That OPEC+ Decisions Are Not Political
The OPEC+ alliance bases its decisions on oil market fundamentals, not on political bias, the energy minister of OPEC’s de facto leader, Saudi Arabia, said on Monday, reiterating previous comments from OPEC+ that it is looking at the markets when agree…
Australia’s Energy Market Interventions Are Worrying Its Trade Partners
Australia’s main energy trade partners and allies are increasingly concerned about the latest proposals for energy market interventions in Australia, which could also undermine new investment plans in Australian natural gas and other energy resources. …
The Impact Of Oil Theft In Nigeria Has Been Exaggerated
Metering errors account for around 40% of the crude oil losses in Nigeria’s production generally attributed to oil theft, according to the head of the Nigerian upstream watchdog. A forensic audit on the scale of crude theft, conducted by the Nigerian U…
China’s Renewable Energy Revolution Is Running Into Roadblocks
The renewable energy industry in China faces hurdles in land access and access to the grid, and despite the rapid development, it still needs policy support to overcome those issues, China’s National Energy Administration (NEA) said on Monday. Large-sc…
The Fed May Not Be Done With Interest Rate Hikes Yet
Despite an increase in output in January, the U.S. manufacturing sector has weakened in recent months due to softer consumer demand and higher borrowing costs. The slowing manufacturing activity seems to have led to stagnating demand for diesel and …
China Wants To Know How Much Russian Oil Its Independent Refiners Are Buying
The Chinese Ministry of Commerce has recently met with representatives of around ten independent refiners to inquire about how much Russian crude oil the private refiners are importing and at what prices, sources familiar with the matter told Reuters o…
China Wants To Know How Much Russian Oil Its Independent Refiners Are Buying
The Chinese Ministry of Commerce has recently met with representatives of around ten independent refiners to inquire about how much Russian crude oil the private refiners are importing and at what prices, sources familiar with the matter told Reuters o…
Road Tripping Retirees Set To Bolster U.S. Gasoline Demand
U.S. gasoline demand in the coming years may be higher than previously estimated due to a growing number of retirees hitting the road for leisure trips. Changed demographics over the past decades means that a larger portion of the U.S. population is …
TotalEnergies Doubles Profits In Its Best Year Ever
TotalEnergies (NYSE: TTE) saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wed…
TotalEnergies Doubles Profits In Its Best Year Ever
TotalEnergies (NYSE: TTE) saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wed…
TotalEnergies Doubles Profits In Its Best Year Ever
TotalEnergies (NYSE: TTE) saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wed…
Big Oil Smashes Earnings Record With $219 Billion In Profits
Each of the world’s biggest oil and gas majors reported record profits for 2022 in the past week, doubling their combined net earnings from 2021 and booking the best-ever year for Big Oil. Combined, the net profits of Exxon, Chevron, BP, Shell, Equinor…
Energy, Metals Investments To Boom In 2023
Increased efforts to accelerate the energy transition and ensure energy security are driving a new upcycle in investment in the supply of oil, natural gas, renewable power generation, and metals critical to electrification. Total investment in supply …
French Strikes Halt Fuel Shipments From Refineries And A Fuel Depot
A nationwide strike in France over a proposed pension reform interrupted on Tuesday the shipment of fuels from refineries and a fuel depot of TotalEnergies, the French supermajor told Reuters. Workers and employees in various sectors, including the ene…
UK Energy Crunch Concerns Ease As National Grid Tells Coal Plants To Stand Down
National Grid stood down its order for two coal power plant units to be warmed up yesterday evening, easing concerns of a supply crunch this week following frosty weather last weekend and a drop in wind power generation. This was the fourth time Nati…
French Strikes Halt Fuel Shipments From Refineries And A Fuel Depot
A nationwide strike in France over a proposed pension reform interrupted on Tuesday the shipment of fuels from refineries and a fuel depot of TotalEnergies, the French supermajor told Reuters. Workers and employees in various sectors, including the ene…
Will OPEC+ Abandon Its Output Cuts Amid Soaring Chinese Demand?
A strong rebound in China’s oil demand this year may lead to the OPEC+ group reconsidering its production targets and quotas, according to the International Energy Agency (IEA). China’s reopening is putting upward pressure on global oil demand, and ha…
Chevron Looks To Seal Gas Exploration Deal In Algeria
U.S. supermajor Chevron has increased efforts to reach an energy exploration agreement with Algeria and is assessing the North African country’s estimated huge shale gas resources, The Wall Street Journal reported on Monday, quoting sources with knowle…
OPEC Secretary General: OPEC+ Deserves Credit For Oil Market Stability
The OPEC+ group deserves to be given credit for the way it has handled oil market stability in recent months, OPEC Secretary General Haitham told Reuters on Monday. “Due recognition should be given for our constructive and positive role in supporting g…
The EU Needs More Diesel, But The Middle East Can’t Supply It All
Europe has raised its imports of fuels from the Middle East and the United States in preparation for the EU ban on seaborne imports of Russian refined petroleum products. Just ahead of the ban, Europe was still the biggest buyer of Russian diesel and i…
M&A In U.S. Oil And Gas: Dealmaking Slides As Buyers Get Picky
The number of mergers and acquisitions (M&A) in the U.S. upstream segment fell last year to the lowest level since 2005, with buyers increasingly picky and targeting top-tier locations in larger deals, Enverus Intelligence Research (EIR) said in a ne…
Los Angeles County Passes Ban On New Oil And Gas Drilling
Los Angeles County has voted to ban new oil and gas drilling in the country, following a similar ban enacted by the City of Los Angeles last month. The Los Angeles County Board of Supervisors on Tuesday passed unanimously the ordinance that bans new o…
Europe’s Natural Gas Prices Have Fallen 25% This Month
Europe’s benchmark gas prices extended losses early on Wednesday, falling by 3% in early trading in Amsterdam for a 25% decline so far this month, as inventories are high and milder weather is expected to return. Shortly after trade opened in the morni…
Why Gasoline Prices Are Rising Today
Refining margins in the United States hit $42.41 per barrel on Tuesday, more than double the five-year average for this time of the year, as refinery maintenance and unplanned outages reduce capacity while the global fuel market is tightening with the …
200,000 Bpd Angola Oilfield To Be Offline For More Than A Month
The Dalia offshore oilfield in Angola, which pumps 200,000 barrels per day (bpd), is set to undergo planned maintenance for more than a month beginning on February 20, a spokesperson for the operator of the field, French supermajor TotalEnergies, told …
Georgia Think Tank: Little Progress Is Being Made In EU Bid
Georgia’s government says the country has made important progress towards meeting the European Union’s conditions to become a membership candidate, but critics say Brussels’ key demands remain unmet. Last summer, while granting Ukraine and Moldova cand…
The U.S. Is Looking To Woo European Clean Energy Investors
Several U.S. states are looking to attract European clean energy and clean technology companies to invest in American production and operations as they will benefit from the clean energy provisions in the Inflation Reduction Act. Over the past months, …
EU Gas Price Cap Could Trigger Significant Changes In Markets
The upcoming price cap on the benchmark European gas contract could abruptly change the gas market and impact the functioning of other markets as well as financial stability, according to the European Securities and Markets Authority (ESMA). ESMA was…
Extremely Tight Market Could Push Copper Prices To Record Highs
Retail and professional investors expect copper to be the top-performing commodity this year, outperforming gold, corn, and crude oil, according to Bloomberg’s MLIV Pulse survey published on Monday. A total of 45% of retail investors and 36% of profess…
Russian Oil Exports Plunged By 820,000 Bpd Last Week
Russian crude oil shipments from its key export terminals slumped by 22%, or by 820,000 barrels per day (bpd), last week, compared to the previous week, according to tanker tracking data monitored by Bloomberg. Last week, total Russian seaborne crude o…
Dutch TTF Natural Gas Prices To Rise As Cold Snap Sweeps Europe
Europe’s benchmark natural gas prices rose on Monday as demand increased during a cold snap in northwestern Europe and supply from Norway was expected to slip to a two-month low. The Dutch TTF prices rose at the start of trade in Amsterdam before swing…
China Is Still The Biggest Driver Of Oil Prices
Oil prices settled on Thursday at their highest level since December 1 as the market is turning bullish on China’s oil demand this year. The Chinese reopening is set to drive oil demand growth and push oil higher if most of the developed economies man…
UK Commits $40 Million To Help Industry Cut Fossil Fuels
The UK government will support British industries—including the construction, mining, and quarrying sectors—with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding, announced on Friday, will support the devel…
UK Commits $40 Million To Help Industry Cut Fossil Fuels
The UK government will support British industries—including the construction, mining, and quarrying sectors—with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding, announced on Friday, will support the devel…
UK Commits $40 Million To Help Industry Cut Fossil Fuels
The UK government will support British industries—including the construction, mining, and quarrying sectors—with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding, announced on Friday, will support the devel…
UK Commits $40 Million To Help Industry Cut Fossil Fuels
The UK government will support British industries—including the construction, mining, and quarrying sectors—with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding, announced on Friday, will support the devel…
U.S. Gasoline Prices Climb Despite Inventory Builds
Crude oil prices are set to finish off the week in the green on hopes that China’s zero-Covid policy shedding will mean a boost in economic growth and oil demand—and it’s carrying gasoline prices right along with it. Brent crude oil was trading up 0.51…
China’s Imports Of Crude Oil From Malaysia Hit Record High
Chinese imports of crude oil from Malaysia surged in December to a record 1.3 million barrels per day (bpd), placing Malaysia – whose daily crude production is three times lower – third among China’s biggest crude oil suppliers, only behind Saudi Arabi…
China To Accelerate The Construction Of Coal-Fired Power Plants
China expects to add 70 gigawatts (GW) of coal-fired power generation this year, up from 40 GW of capacity from coal installed in 2022, a report from the power sector’s group, China Electricity Council, showed. The coal additions, however, will not be …
China’s Biggest Oil Trading Firm Goes On A Buying Spree
Unipec, the largest oil trader in China and the trading unit of state-held refiner Sinopec, has purchased 9 million barrels of Abu Dhabi’s Upper Zakum crude grade for March loadings, traders told Bloomberg, in what could be a sign that Chinese oil dema…
Russia’s Oil And Gas Revenues Are In Decline
Russia’s current account surplus hit a record last year as imports fell with the sanctions while the value of exports surged as commodity prices soared in the wake of the Russian invasion of Ukraine. However, as 2022 progressed, Russia saw its curren…
A Lesson From The Energy Crisis: We Need More American Oil & Gas
At the start of 2023, the main U.S. oil lobby resumed calls on the Biden Administration to increase access to domestic oil and gas resources, reform the permitting process, and reverse the hostile rhetoric toward the industry, which could bolster Ameri…
Kyrgyzstan Buys More Turkish Drones Following Border Conflict With Tajikistan
Kyrgyzstan has bought a fresh batch of Turkish-made military drones, bolstering an aerial fleet that already includes Bayraktar TB2 unmanned aerial vehicles. Writing in a post on Facebook on January 17, Daiyrbek Orunbekov, the press secretary for the …
IEA Sees Global Oil Demand Hitting A Record High In 2023
China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023…
Oil Prices Rally As Confidence In A Global Economic Rebound Grows
Oil prices extended Tuesday’s gains into Wednesday, rising by 1% in early European trade, as market sentiment turned bullish on hopes that China’s reopening would boost demand growth and major developed economies may avoid recessions. The U.S. benchmar…
OPEC Expands Control Of Oil Markets As Shale Growth Stalls
After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executiv…
Kazakhstan To Transport Oil To Germany Through Russian Pipeline
Kazakhstan has secured approval from Russia to use its pipeline infrastructure to transport 300,000 tons of oil to buyers in Germany in the first quarter of this year, a state-run company announced on January 13. Kaztransoil, a state-owned oil transpor…
OPEC Is ‘Cautiously Optimistic’ About Global Oil Demand In 2023
Signs of cautious optimism about a recovery in economies and oil demand have emerged, OPEC Secretary General Haitham Al-Ghais told Bloomberg Television in an interview on Tuesday. The cautious optimism stems from the easing of the Covid curbs in Chin…
Germany’s Energy Spending Could Drop If Power Prices Remain Low
Germany could end up spending less than planned on its power and gas support packages if prices don’t spike again, the German Finance Ministry told Reuters on Tuesday. Germany introduced at the end of last year so-called energy price brakes to support …
Germany’s Energy Spending Could Drop If Power Prices Remain Low
Germany could end up spending less than planned on its power and gas support packages if prices don’t spike again, the German Finance Ministry told Reuters on Tuesday. Germany introduced at the end of last year so-called energy price brakes to support …
Energy Professionals Predict $87 Oil In 2023
Oil prices are set to average slightly higher than current levels, at around $90 per barrel, from now through 2027, an annual survey of more than 1,000 energy professionals compiled by Reuters market analyst John Kemp showed. Early on Monday, Brent Cr…
Spanish Utility Says Europe’s Energy Crisis Isn’t Over Yet
The energy crisis in Europe isn’t over yet, as only the mild weather has helped the continent avoid gas shortages so far this winter, Ignacio Galan, executive chairman of Spanish energy giant Iberdrola, said on Monday. “As long as energy markets are ov…
IEA: World Needs $4.5 Trillion Investment In Clean Energy Tech By 2030
As the world enters a new industrial age, where technology manufacturing for clean energy will lead the way, total investments in clean energy technologies and infrastructure have to top $4.5 trillion in 2030 under the net-zero emissions by 2050 scenar…
TotalEnergies To Supply LNG To Germany’s Newest Import Terminal
TotalEnergies will supply LNG and is contributing a floating storage and regasification unit (FSRU) to the Deutsche Ostsee LNG import terminal in Lubmin on the German Baltic Sea coast, which will be inaugurated on Saturday, the French supermajor said o…