SPR Levels Remain Low
Despite claims, the U.S. has not significantly refilled the Strategic Petroleum Reserve due to rising oil prices and market conditions.
WTI Challenges $80 Again on Strong Economic Data
U.S. crude oil prices pushed past $80 on Friday, with the global benchmark Brent crude also enjoying its first weekly gain since mid-April on Chinese industrial output data and U.S. consumer prices, b
Europe Imports Russian Oil Products via Turkey, Skirting Sanctions
A recent report by the Centre for Research on Energy and Clean Air (CREA) and the Center for the Study of Democracy (CSD) reveals that the European Union (EU) has imported EUR 3 billion worth of oil p
Oil, Gas Activity in U.S. Holds Steady
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday.
Two Sectors Driving the Future of Oil Demand
Oil demand is expected to grow in the medium term due to the lack of readiness of low-carbon alternatives.
Saudi Aramco Signs MOUs with U.S. Firms to Advance Lower-Carbon Solutions
In a strategic move to bolster its commitment to sustainable energy, Saudi Aramco has entered into three significant memorandums of understanding with U.S. companies Aeroseal, Spiritus, and Rondo
China’s Apparent Oil Demand Dips in April for First Yearly Decline Since 2022
In April, Chinese apparent oil demand fell for the first time on an annual basis since the end of 2022.
Russia and China Expect to Sign a Deal for Power of Siberia 2 Pipeline Soon
Russia’s Deputy Prime Minister has said he expects to sign an agreement on the construction of the Power of Siberia 2 pipeline.
The EV Charging Business of Utility Giant Engie Is Bleeding Cash
The electric vehicle charging business of Utility giant Engie booked another loss for the first quarter of this year and is expected to record a loss next year too.
World’s Top Sovereign Wealth Fund Seeks More Climate Disclosure From Shell
The world’s largest sovereign wealth fund is pushing Shell to shed more light on its eased climate targets.
Trump Presidency Could Jeopardize $1 Trillion in Clean Energy Investments
If Donald Trump wins the next presidential election, the U.S. could decelerate its clean energy rollout and put $1 trillion of low-carbon investments at risk.
Suriname Oil Discoveries Hit 2.4 Billion Barrels
Wood Mackenzie analysts have estimated that discoveries in Suriname have now opened access to 2.4 billion barrels of oil and 12.5 trillion cubic feet of natural gas in reserves.
China’s Natural Gas Production Increased by 5% From January to April
China’s natural gas production increased by 5% in the first four months of the year, with imports of natural gas also climbing in that period.
Promising Economic Signals Push Oil Prices Toward a Weekly Gain
Signs that major economies are finally overcoming inflation have helped to push oil prices higher, with both WTI and Brent set to post a weekly gain.
Asian Refiners Diversify Away from Middle Eastern Oil
Asian refiners are reducing their intake of Middle Eastern oil in favor of crude from the United States and Brazil.
Banks Remain Financially Committed to Oil Despite Transition Shift
The world’s 60 largest banks have invested $6.9 trillion in the oil and gas industry since the Paris Agreement was signed in 2016.
Could Renewable Diesel Crush Oil Demand?
Diesel prices continue to fall due to weak demand and the growing role of renewable diesel.
Traders Ditch Bullish Bets on Oil
A continuously fading war risk premium and signs that regional oil markets look well supplied prompted traders to slash last week their bullish bets on crude oil at the fastest pace in over a year
Iraq Looks To Finish Phase 1 of CSSP Oil Megaproject by 2028
According to local Iraqi news sources the first phase of the delayed CSSP oil project is expected to be operational by 2028.
Oil Ticks Higher on Inventory Draw
Crude oil prices moved higher today after the Energy Information Administration reported an inventory decline of 2.5 million barrels for the week to May 10.
Citi Sees Oil Prices Falling to $70 Range in Q3 2024
Citi has forecast that oil prices will average $86 per barrel in the second quarter, slightly higher than current Brent price at $83 per barrel, but fall to $74 per barrel in the third quarter
ADNOC Eyes U.S. Trading Expansion in Strategic Global Push
Abu Dhabi National Oil Company (ADNOC) is poised to establish a trading desk in the United States, marking a significant step in its strategic global expansion.
Lula Pressures New Petrobras CEO to Accelerate Refinery and Gas Investments
Brazilian President Luiz Inacio Lula da Silva has appointed Magda Chambriard as the new CEO of Petroleo Brasileiro SA, pushing her to accelerate investments in refineries and natural gas expansion
Russia’s Shadow Oil Tanker Fleet Causes 50 Maritime Accidents
A report from Allianz SE highlights the serious environmental and safety risks posed by a burgeoning "shadow fleet" of oil tankers carrying sanctioned Russian crude
Existing Foreign Oil Producers in Venezuela May Get Licenses Despite Sanctions
The U.S. is considering issuing restricted licenses to some oil companies that are already operating in Venezuela, allowing them to bring Venezuelan oil to market despite sanctions.