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Global Solar Generation Overtakes Wind for Longest Ever Stretch

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By Gavin Maguire LITTLETON, Colorado, Aug 29 (Reuters) – Global electricity generation from solar farms has exceeded generation from wind farms since May, marking the longest ever stretch when solar power has been the top source of utility-scale renewable electricity worldwide. Solar electricity generation exceeded wind generation in May by 1.65 terawatt hours (TWh), and …

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Oil Falls 2% to End Volatile Week, Focus on China Demand Concerns

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Summary Brent futures fall by $1.36/bbl, WTI drops $1.51 Benchmarks broadly unchanged on the week after volatile trade Data from China showed economy losing momentum, weak oil demand Gaza ceasefire talks paused, set to resume next week (Reuters) – Oil prices settled down nearly 2% on Friday, little changed on the week with Brent crude …

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Layoffs Begin – Exxon Reports 59 Layoffs to Texas Agency Post-Pioneer Acquisition

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HOUSTON, Aug 12 (Reuters) – Exxon Mobil issued a layoff notice to 59 employees as part of its workforce reshuffle following its $60 billion acquisition of Pioneer Natural Resources, according to a filing with the Texas Workforce Commission. Exxon said more than 1,500 Pioneer employees were offered jobs as part of the merger. Pioneer had roughly …

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OPEC Cuts Oil Demand Growth Forecast, Highlighting Dilemma Over Oct Hike

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Summary Cuts 2024 oil demand growth forecast to 2.11 mbpd Report sees Q4 OPEC+ crude demand 2.9 mbpd above July output IEA to publish updated forecasts on Tuesday LONDON, Aug 12 (Reuters) – OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights …

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Oil Prices Steady After Two Days of Gains

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(Reuters) – Oil prices held steady on Thursday after two sessions of gains, with growing supply risks in the Middle East offsetting demand concerns that had pushed prices to their lowest since early 2024 at the start of the week. Brent crude futures fell 8 cents, or 0.1%, to $78.25 a barrel by 1100 GMT. …

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Trump Says Venezuela is Being Run by a Dictator

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Venezuela is being run by a dictator, U.S. Republican presidential candidate Donald Trump said on Monday, without mentioning Venezuelan leader Nicolas Maduro by name. “I know it very well, and Venezuela is right now being run by a dictator,” Trump said in an interview on the Kick livestreaming platform. Following a July 28 election, Venezuela’s …

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Woodside Goes All-In on LNG With Brave Tellurian Buy: Russell

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Australia’s Woodside Energy wants to become one of the world’s largest independent producers of liquefied natural gas (LNG). In itself this is not a bad ambition. But choosing to do so by taking over a troubled U.S. LNG project is certainly a brave way of going about it. Woodside said on Monday it has agreed …

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Oil Prices Steady as U.S. Rate-Cut Hopes Contend with Economic Slowdown Signals

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(Reuters) – Oil prices steadied on Thursday as investors wrestled with mixed signals about crude demand, with concerns about an economic slowdown in the U.S. contending with rising expectations the Federal Reserve would soon cut interest rates. Brent futures settled at $85.11 a barrel, rising 3 cents, while U.S. West Texas Intermediate (WTI) crude fell …

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Judge Pauses Wyoming Oil and Gas Drilling Leases Pending Review

Conventional Energy, Energy Topics & Technology, EnergyNow News and Press Releases, Exploration & Production, Latest, Oil, US News / By

A federal judge has ordered the U.S. Bureau of Land Management to pause approving new permits to drill for oil and gas on nearly 120,000 acres of federal land in Wyoming until it finishes reevaluating the environmental impacts of a lease sale. Tuesday’s decision by U.S. District Judge Christopher Cooper in Washington, D.C., followed his …

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U.S. Gas Surplus will be Eliminated Before End of Winter 2024/25: John Kemp

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U.S. gas inventories are near record highs for this time of year after exceptionally mild temperatures linked to the El Nino weather phenomenon slashed gas and electricity consumption for heating during the winter of 2023/24. But ultra-low prices are maximising gas combustion by power generators and forcing producers to cut back drilling, which should ensure …

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