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(Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint oil production policy. Below are key facts about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC was founded in 1960 in Baghdad by Iraq, …
What is OPEC+ And How Does it Affect Oil Prices? Read More »
A 63% spike in U.S. natural gas futures prices over the past three weeks was enough to push some drillers to start pulling more fuel out of the ground, according to energy analysts and data from financial firm LSEG. To be sure, gas production was still down around 8% so far this year after several …
U.S. Natgas Price Spike Prompts Drillers to Return to Wellpad in May Read More »
An Exxon Mobil-led oil consortium may need to decide by October whether it will go ahead and develop a large natural gas find off the coast of Guyana, the country’s vice president said on Thursday. The government has been pressing for a bonanza from mostly untapped gas reserves found by the Exxon-led group. The consortium, which …
Guyana May Reallocate Gas Areas if Exxon Does Not Move Project Forward Read More »
U.S. natural gas futures climbed about 2% to a four-month high on Thursday on expectations utilities injected less gas into storage than usual for this time of year for a fourth week in a row. Analysts forecast U.S. utilities added 85 billion cubic feet (bcf) of gas into storage during the week ended May 17. …
U.S. Natgas Prices up 2% to Four-Month High Ahead of Federal Storage Report Read More »
U.S. natural gas pipeline venture Mountain Valley Pipeline pushed back the target in-service date of its long-delayed pipe from West Virginia to Virginia to early June from the prior target of “prior to June 1”. The company told federal energy regulators in a filing late Tuesday that the small delay was “due to the extended …
U.S. Mountain Valley Sees WV-VA Natgas Pipe in Service in Early June Read More »
(Reuters) – Shell expects its Australian supplies of liquefied natural gas (LNG) to help meet demand from emerging markets in south and southeast Asia, which are tipped to absorb some of the pick up in global supplies towards the end of this decade. Asian spot LNG prices rose last week to the highest levels since …
Shell Sees Emerging Asian Markets Taking More of World’s Growing LNG Supply Read More »
(Reuters) – U.S. crude oil and distillate inventories rose while gasoline inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.8 million barrels to 458.8 million barrels in the week ending May 17, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.5 million-barrel draw. …
U.S. Crude, Distillate Inventories Rise, Gasoline Draws Down – EIA Read More »
(Reuters) – Australia’s natural gas producers are increasingly confident that their fuel is vital to the energy transition and will play a role across Asia up to and beyond the 2050 net-zero emissions targets of companies and countries. This optimism was on full display at the industry’s annual gathering in the capital city of Western …
Australia’s LNG Sector is Long-Term Bullish, but Needs a Carbon Price Read More »
Summary API reports crude and gasoline stocks rise, sources say UK inflation falls less than expected Fed minutes, EIA inventory report awaited LONDON, May 22 (Reuters) – Oil prices fell on Wednesday, retreating for a third straight day on expectations that the Federal Reserve might keep U.S. interest rates higher for longer due to sustained …
Oil Slips for Third Day on Likely ‘Higher for Longer’ U.S. Rates Read More »
(Reuters) – Rising sea levels could severely disrupt crude oil shipments and erode energy security in import-dependent countries like China, South Korea and Japan, with many of the world’s biggest terminals vulnerable to flooding, researchers said on Tuesday. Melting ice and swelling seas caused by rising temperatures could “unleash unstoppable multi-metre (sea level rise) which …
Oil Shipments at Risk From Rising Sea Levels, Think Tank Warns Read More »
