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Even if OPEC+ continues to constrain production throughout 2025, a surplus will still emerge Bloomberg News OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025. The group led by Saudi Arabia and …
OPEC’s Quick Fix Means Oil Glut Awaits Next Year Read More »
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fourth week in a row for the first time since late June, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell …
US Drillers Cut Oil and Gas Rigs for Fourth Week in a Row, Baker Hughes Says Read More »
Sept 6 (Reuters) – Bank of America Global Research on Friday downgraded its 2025 Brent price forecast by $5 to $75 per barrel, citing weaker demand, particularly from China, and significant inventory builds. According to the bank’s analysts, subdued global oil demand growth of 1.1 million barrels per day (bpd) year-on-year in 2025, combined with …
BofA Lowers 2025 Brent Forecast by $5/bbl on Softer Demand Read More »
(Reuters) – U.S. natural gas futures edged up about 1% to an eight-week high on Friday as the amount of gas flowing to liquefied natural gas (LNG) export plants rises and producers continue to curtail output. That small price gain occurred despite bearish forecasts for cooler weather over the next two weeks than previously expected, …
US Natural Gas Prices Rise 1% to 8-Week High on Higher LNG Feedgas, Lower Output Read More »
Norway’s annual offshore exploration licensing round in mature areas attracted bids from 21 petroleum firms, including Shell, Aker BP and Equinor, the country’s oil and energy ministry said on Friday. “We need further exploration to make new discoveries which in turn pave the way for investments to maintain production,” Energy Minister Terje Aasland said in a …
Norway Oil and Gas Exploration Round Attracts Bids From 21 Firms Read More »
Sharp declines in gasoline prices tend to come with economic downturns or other nasty market shocks, not by presidential decree. By Liam Denning Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column. Former President …
(Reuters) – The U.S. on Thursday imposed sanctions on two companies and two vessels linked to Russia’s Arctic LNG 2 project, Washington’s latest step to add costs on Moscow for its invasion of Ukraine. The Arctic 2 project, 60% owned by Russia’s Novatek had been due to become Russia’s largest liquefied natural gas plant with eventual output …
U.S. Imposes Sanctions on Companies, Vessels Linked to Arctic LNG 2 Read More »
(Reuters) – Fossil fuels continue to rule the roost in the United States’ power sector, despite clean energy sources being rolled out at the fastest pace in history. For the past decade, U.S. power generators have prioritized clean power sources over fossil fuels, and since 2014 they have lifted clean electricity generation capacity by over …
High Fossil Fuel Use Highlights U.S. Power Transition Challenge Read More »
(Reuters) – The Canadian Association of Petroleum Producers (CAPP) on Thursday urged the country’s Competition Bureau to make changes to anti-greenwashing legislation passed earlier this year, and repeated calls for recent amendments to the law to be scrapped entirely. CONTEXT The Competition Bureau is developing guidance on how companies should interpret recent changes to Canada’s Competition …
Canada Oil Industry Group Calls for Changes to Anti-Greenwashing Laws Read More »
JPMorgan expects OPEC+ to maintain its current production levels for at least another year, leading to an average price of $75 for Brent crude in 2025, JP Morgan said in a note on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, on Thursday said they agreed to delay a …
JPMorgan Sees OPEC+ Holding Output Steady for Another Year Read More »
