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Exxon Forecasts 2050 Oil Demand to Still Match today’s, 25% above BP estimate

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Exxon Mobil said on Monday it expects crude demand to stay above 100 million barrels per day (bpd) through 2050, similar to today’s levels, a forecast 25% higher than top European rival BP. The stronger demand projected by the largest U.S. oil company in its latest global oil outlook underpins Exxon’s production growth plans, the most …

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Solar Panel Maker Meyer Burger’s Shares Plummet After it Halts U.S. Plant, Delays Results

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(Reuters) – Shares in Swiss solar panel maker Meyer Burger plunged more than 50% on Monday after the company halted plans for a plant in Colorado, further delayed its financial results and said it was drawing up a restructuring plan. Meyer Burger had earlier this month already postponed publication of its 2024 half-year results until Sept. …

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U.S. Oil Dominance Hinges on Quiet Corner of New Mexico

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The key to challenging the global influence of OPEC+ is a small swath of the American Southwest where drilling costs are high and most flaring is illegal.   Bloomberg News About 100 miles east of UFO-capital Roswell, a dusty corner of New Mexico with more cattle than people is quietly buttressing the US’s world oil dominance. After …

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China ‘Firmly Opposed’ to U.S .Sanctions on Russia-Linked Entities

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Beijing urged the US to “stop its wrong practices” after Chinese companies were included on a sanctions list that’s designed to target supply chains feeding Russia and hobble its wartime economy. The Asian nation is “firmly opposed” to the sanctions and “will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese …

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Oil Climbs Over 2% After Fed’s Powell Indicates U.S. Rate Cuts

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Summary U.S. Fed Chair Powell says inflation heading down Dollar index softens ahead of Powell’s speech Despite Friday gains, oil down for the week (Reuters) – U.S. light crude oil gained more than 2% a barrel on Friday after comments by U.S. Federal Reserve Chair Jerome Powell indicated the central bank was preparing to cut …

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US Buys Nearly 2.5 Million Barrels of Oil for Strategic Petroleum Reserve

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(Reuters) – The U.S. has bought nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve after the largest sale ever from the facility in 2022, the Energy Department said on Friday. About 800,000 barrels per month of the domestically produced sour, or relatively high in sulfur, oil will be delivered to …

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U.S. Sanctions Seven ‘Dark Fleet’ Ships Linked to Russia LNG

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.Vessel move follows Arctic plant sanctions by US last year Shadow fleet vessels have opaque ownership, unknown insurers The US has imposed sanctions on seven liquefied natural gas carriers linked to Russia, including vessels believed to have loaded at its newest export facility in the Arctic region. LNG vessels included Pioneer and Asya Energy, which loaded the …

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Halliburton is Warning Oil Clients After Cybersecurity Attack

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Attack comes as oil industry increasingly relies on digital Energy Department says no sign attack has impacted services Halliburton Co., the world’s biggest provider of fracking services, said it’s alerting customers and other stakeholders after an unauthorized third party gained access to some of its systems. The Houston oilfield contractor has activated its cybersecurity response …

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Ovintiv Explores Sale of Oil Operations in Uinta Basin

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Oil, Shale, US News / By

Uinta assets could be valued at as much as $2 billion in sale Value of oil and gas deals has roughly doubled this year Ovintiv Inc. is considering a possible sale of its operations in the Uinta Basin, which could fetch as much as $2 billion, people with knowledge of the matter said. Denver-based Ovintiv is …

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California Rooftop Solar Subsidy to Cost $8.5 Billion a Year, Says Ratepayer Advocate

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(Reuters) – A California residential solar subsidy will cost ratepayers who do not have rooftop panels about $8.5 billion annually by the end of this year, contributing to higher electricity rates for consumers, according to an analysis published on Thursday by the top U.S. solar state’s ratepayer advocate. WHY IT MATTERS California’s Public Utilities Commission …

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