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Summary OPEC+ meets on June 1 Voluntary cuts of 2.2 mln bpd are in place until end-June ‘Good chance’ OPEC+ will extend, Energy Aspects says LONDON/MOSCOW, May 2 (Reuters) – OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but …
OPEC+ Could Extend Oil Cuts, Formal Talks Yet to Start Read More »
The Dog Ate Japan’s Plan to Phase Out Coal Power By David Fickling David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times. With blistering speed, the rich countries that built their wealth on coal-powered industrialization are turning their …
(Reuters) – After 12 years and C$34 billion ($24.7 billion), Canada’s Trans Mountain pipeline expansion project (TMX) is set to start shipping oil on Wednesday, a major milestone expected to transform access to global markets for the country’s producers. Pipeline constraints have forced Canadian oil producers to sell oil at a discount for many years, but TMX …
Canada’s Long-Delayed Trans Mountain Oil Pipeline Set to Start Operations Read More »
Norway will add a new oil and natural gas development in the North Sea, extending the life of a nearby field that has been in operation for over three decades. Okea ASA will operate the Bestla project, due to come on-stream in the first half of 2027, with total investments forecast to be about 6.3 billion …
Norway to Add Another Oil Field in North Sea With Bestla Tie-In Read More »
A group of Western insurers has said a Russian oil price cap has become unenforceable and only pushed more ships into joining a shadow fleet, delivering one of the harshest rebukes to the measure that had been meant to cut revenue to the Kremlin. The G7 group of industrialised nations approved a so-called price cap …
Western Insurers Say Russian Oil Price Cap Doesn’t Work Read More »
The global upstream industry could see dealmaking worth another $150 billion throughout the remainder of the year, with focus shifting to shale plays in U.S. other than the Permian Basin, analysts at Rystad Energy said in a report. M&A activity in the global upstream industry has already crossed the $64 billion mark this year, most …
Global Upstream Sector Set for deals Worth $150 billion Over Rest of 2024, Report Says Read More »
Demand for bank loans fell in 2022 and again in 2023 The drop occurred after two years of rising oil prices Bloomberg Last year, the demand for loans from fossil-fuel companies fell 6% year-on-year and that followed a decline of 1% in 2022. From a climate perspective, this may sound like good news because the …
Oil Producers Flush With Cash Cut Reliance on Funding Markets Read More »
Turkey is in talks with US energy giant ExxonMobil over a multibillion-dollar deal to buy liquefied natural gas, in an effort to curb its dependence on Russian energy, the Financial Times reported on Sunday. The country is seeking to build a “new supply portfolio” that will make it less reliant on any single partner, Turkey’s …
Turkey in Talks with ExxonMobil Over Multibillion-Dollar LNG Deal, FT Reports Read More »
Italy is pushing for an agreement among the Group of Seven wealthy nations to set a target date for the phase-out of coal in power generation, diplomatic sources said ahead of a meeting of G7 energy ministers in Turin. An agreement on this would be one step in the direction indicated by the COP28 United …
Italy Pushes G7 For Coal Phase-Out Date Ahead of Energy Meeting, Sources say Read More »
By John Kemp (Reuters) – China’s economy has become much less energy intensive over the last 40 years as its industries have modernised and the economy has shifted towards more service sector output. But energy intensity has flatlined for the last five years making it much harder to displace coal by renewables and meet the government’s …
China’s Transition Hampered by Flat-Lining Energy Intensity Read More »
