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Transition to Cleaner Fuels Seen Dragging on China’s Oil Demand Growth

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – China’s shift towards lower-carbon fuels and a sluggish economy are dampening oil demand growth in the world’s largest crude importer, speakers at the APPEC conference said on Monday. China’s annual demand growth has slowed from around 500,000-600,000 barrels per day (bpd) in the five years before the COVID-19 pandemic to 200,000 bpd now, …

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Exxon Withdraws From Race to Buy Stake in Namibia Oil Block From Galp

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(Reuters) – Exxon Mobil  has pulled out of the race to buy half of Galp Energia’s  stake in a large oil discovery in Namibia that has attracted interest from top energy companies, sources with knowledge of the matter said. More than 12 oil companies including Exxon, Shell and Brazil’s national oil company Petrobras had expressed interest in Galp’s 40% stake …

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Trump, Harris Eye Pennsylvania as Main Battleground of 2024 – Fracking and Steel Big Issues

Conventional Energy, Energy Topics & Technology, Hydraulic Fracturing, Latest, Oil, Tri-Pinned, US News / By

Swing state with most Electoral College votes draws resources Tuesday debate in Philadelphia underscores state’s importance Pennsylvania is emerging as the top battleground in the White House race with Kamala Harris and Donald Trump increasingly focusing their attention and resources on the Keystone state. The most populous of the swing states, Pennsylvania — with its 19 Electoral College votes …

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Divesting From Energy Firms Counterproductive, Could Increase Emissions: Yale Professor

Conventional Energy, Energy Commentary, Energy Topics & Technology, Latest, LNG, Natural Gas, Oil, US News / By

Study finds that when high-polluting firms have easy access to public investor money, emissions go down By Deborah Jaremko Follow CEC on LinkedIn  CEC LinkedIn Follow CEC on Facebook CEC Facebook Follow CEC on Twitter CEC Twitter Kelly Shue is a professor of finance at the Yale School of Management. Photo courtesy Yale School of Management A finance …

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Oil Field Jobs and Pay Drop as U.S. Shale Consolidation Takes Hold

Conventional Energy, Energy Topics & Technology, Latest, OFS-Oilfield Services, Oil, Tri-Pinned, US News / By

The number of workers in US oil fields and the amount they’re paid have now fallen for two straight months to their lowest levels this year, indicating the wave of mergers and acquisitions in the sector are taking a toll on employment. The overall number of front-line US oil and gas workers fell 1.2% on a month-over-month …

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Goldman Sachs Expects OPEC+ Production Increases to Start in December

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

(Reuters) – Goldman Sachs adjusted its expectations for OPEC+ oil production saying it now expects three months of production increases starting from December instead of October, the bank said in a note on Friday. OPEC+ has agreed to delay a planned oil output increase for October and November, the producers group said on Thursday after crude prices …

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Oil Settles Down 2%, Big Weekly Drop After U.S. Jobs Data

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Brent settles at lowest since Dec 2021 US employment increased less than expected in August US active oil rig count held at 483 this week (Reuters) – Oil prices settled 2% lower on Friday, with a big weekly loss after data U.S. jobs data was weaker than expected in August, which outweighed price support …

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OPEC’s Quick Fix Means Oil Glut Awaits Next Year

Conventional Energy, Latest, Oil, US News / By

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 …

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US Drillers Cut Oil and Gas Rigs for Fourth Week in a Row, Baker Hughes Says

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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 …

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BofA Lowers 2025 Brent Forecast by $5/bbl on Softer Demand

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By

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 …

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