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(Reuters) – Oil steadied on Tuesday after the previous day’s drop as Israel-Hamas talks offered hopes of a ceasefire even as Red Sea attacks continued, while investors awaited signals on U.S. interest rates ahead of a key meeting on Wednesday. Brent crude futures rose 27 cents, or 0.3%, to $88.67 a barrel at 0830 GMT, …
Oil Steady as Investors Eye Mideast Talks, Rates Meeting 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 »
(Reuters) – Financial details of Shell’s vast oil and gas trading business are some of the company’s closest-held secrets. Documents in a lawsuit filed by a former employee, however, revealed its U.S. crude trading regularly earns around $1 billion every year. Testimony by a former head of Shell’s U.S. crude trading division filed in a Texas …
Shell Earns $1 Billion a Year From U.S. Crude Trading, Court Filing shows Read More »
Demand likely to remain above 100 million b/d as late as 2040 Firm sees criticism despite $5 billion annual low-carbon spend The world could still be using more than 100 million barrels a day of oil by 2040, making it vital to start preparing and adapting for a warmer climate, said TotalEnergies SE Chief Executive Officer Patrick Pouyanne. …
The pace at which global energy demand is growing means that alternatives cannot replace oil at the necessary scale writes OPEC Secretary General Haitham Al Ghais. Rather than calling for an end to oil, the focus should be on reducing emissions. OPEC Secretary General Haitham Al Ghais A recent report on oil demand by The …
(Reuters) – Oil prices settled higher on Friday, garnering support from tensions in the Middle East, but a strong dollar and U.S. inflation data quashed hopes that the Federal Reserve would cut interest rates soon, giving prices a ceiling. Brent crude futures settled up 49 cents, or 0.55%, to $89.50 a barrel. U.S. West Texas …
Oil Settles Higher on Supply Concerns in the Mideast, Economic Woes Subdue Gains Read More »
President Aliyev commits to boosting investments in gas Country also touts its rollout of green energies this decade Azerbaijan, host of this year’s COP29 climate summit, will continue to invest in increasing gas production in order to feed demand from Europe as its president said that its abundant fossil fuels were a “gift of the …
COP29 Host Azerbaijan Says Its Fossil Fuel Is ‘Gift of the Gods’ Read More »
Energy executives warn that it will be a long and costly journey, while activists and analysts say there are significant rewards and little time to waste. The nations of the Gulf know that the world’s shift to cleaner energy could change everything: Their economies today depend on demand for oil and gas, and their efforts …
