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Bloomberg Company asked to maintain capacity at 12 million barrels daily Surprise move will raise questions about view on oil demand Saudi Aramco abandoned a plan to boost its oil output capacity, a huge reversal that will raise questions about the kingdom’s view on future demand. The surprise move comes after the world’s biggest oil exporter …
Saudi Aramco Drops Expansion Plan, Raising Demand Questions Read More »
Saudi Arabia’s major reversal on plans to boost how much oil it can produce may spur doubts over the long-term health of demand. State giant Saudi Aramco provided no rationale when it said Tuesday it would ditch efforts to reach capacity of 13 million barrels a day by 2027 and instead hold at the current 12 million. …
Saudi Oil U-Turn Stokes Doubts Over Future Demand Read More »
The main impact from the escalating tensions in the Middle East and the threat to ships transiting the Red Sea isn’t on crude oil prices. It’s refined fuels that are most at risk. The missile attack on the product tanker Marlin Luanda on Jan. 26 by Yemen’s Iran-aligned Houthi group underscored the risks to shipments …
Red Sea Worries Cause Spike in Refined Fuel Prices, But Market Will Adjust: Russell Read More »
Summary State policies favoring clean-energy have oil companies fuming Exxon, Chevron each to take about $2.5 billion in impairments Jan 29 (Reuters) – It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. California’s oil output …
California and Big Oil Are Splitting After Century-Long Affair Read More »
Attacks on shipping vessels by Iranian-backed Houthi rebels in the crucial Red Sea shipping lane have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe. Data from S&P Global showed the Suez Canal route accounts for 14.8% of all Europe and Middle East and North Africa (MENA) imports. In response, …
Impact on Commodities Due to Chaos in the Red Sea Read More »
Trans Mountain Corp will begin line fill in February on its long-delayed Canadian oil pipeline expansion and expects it to be in service in the second quarter, a company executive said on Wednesday. The C$30.9-billion ($23.05 billion) expansion will nearly triple the flow of crude on Trans Mountain from Alberta to Canada’s Pacific Coast but …
IT’S OFFICIAL: Canada’s Trans Mountain Pipeline to Start Up in Second Quarter Read More »
(Reuters) – Asia and Africa have replaced Europe as the top destinations for Russian crude oil exports since Moscow was slapped with European sanctions on sales of energy products following its invasion of Ukraine in February 2022. Prior to the sanctions in mid-2022, Europe accounted for more than 60% of Russia’s oil exports and provided …
Oil Demand in Asia, Africa Boosted by Cheap Russian Crude Read More »
(Reuters) – Power generated from low-emissions sources, such as wind, solar and nuclear, will be adequate to meet growth in global demand for the next three years, the International Energy Agency (IEA) said, adding power sector emissions are on the decline. Following record growth, electricity generation from low-emissions sources will account for almost half of …
Growth in Low-Emissions Power Expected to Cover Demand – IEA Read More »
International Energy Agency data shows the cartel and its allies may need to restrain supplies all year. OPEC’s mission to defend oil prices this year is starting to look even harder. The cartel and its allies launched new production cuts this month to stave off a global oil surplus, and group leader Saudi Arabia said …
The Gas Exporting Countries Forum (GECF) sees tight global liquefied natural gas (LNG) markets until 2026 as demand rises 1.5% this year and by up to 22% through 2050, the group’s secretary general, Mohamed Hamel, said on Monday at a conference in Trinidad and Tobago. The GECF represents natural gas exporters including Qatar, Russia and …
Gas Exporting Group Sees Tight Global LNG Markets Until 2026 Read More »
