OPEC may need to cut production further to keep oil prices at current levels in the face of stuttering demand growth and high U.S. output, the CEO of commodities trader Mercuria Energy Group said on Wednesday. U.S. crude production will climb to record levels over the next two years, the U.S. Energy Information Administration (EIA) …
OPEC May Need Further Supply Curbs to Balance Market, says Mercuria Chief Read More »
Global prices of gas and liquefied natural gas (LNG) are expected to remain relatively weak in 2024, with demand subdued due to high storage levels in Europe and Asia and a mild Northern Hemisphere winter, consultancy Wood Mackenzie said on Wednesday. “Wood Mackenzie has been forecasting lower 2024 prices for much of last year, especially compared …
Global Gas, LNG Prices to Remain Relatively Weak in 2024 Amid Subdued Demand – WoodMac Read More »
HOUSTON — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today provided an operational and financial update with production and sales volumes for the fourth quarter and full year of 2023 as well as its increased cash and cash equivalents balance as of December 31, 2023. Highlights and Key Items: Continued solid …
Summary Auchincloss was interim CEO Says he will continue BP’s strategy Shares have underperformed rivals since Looney’s departure (Reuters) – BP interim boss Murray Auchincloss was named permanent CEO on Wednesday, pledging to stick with energy transition plans as the board seeks to steady the company which was rocked by the sudden resignation of Bernard Looney …
BP’s Auchincloss Named CEO, Reaffirms Energy Transition Plan Read More »
Summary Nasser says Red Sea attacks may cause tanker shortage Global oil demand to grow by 1.5 mln bpd in 2024 Oil stocks getting depleted as demand grows OPEC’s spare capacity main source to meet demand DAVOS, Switzerland, Jan 17 (Reuters) – Global oil markets will cope with Red Sea disruptions in the short run, …
Aramco CEO Predicts Tighter Oil Markets, Sees Red Sea Risks Read More »
(Reuters) – Environmental campaigners are criticizing Canada’s energy regulator for approving a “variance” request on a section of the Trans Mountain Expansion pipeline project, calling new conditions around material procurement accompanying the approval too lenient. Last week the Canada Energy Regulator (CER) agreed to Trans Mountain’s request for a variance that will enable the Canadian-government-owned pipeline to …
Canada Regulators Face Activist Ire for Trans Mountain Variance Approval Read More »
Bloomberg The electric power grid in Texas, which collapsed dramatically in a 2021 winter storm, is being tested once again as the state endures an Arctic blast. Demand for electricity has broken wintertime records as the state’s population continues to grow amid a rapid change in its energy mix, with wind and solar displacing fossil fuels. That’s been stoking …
Why the Texas Power Grid Is Still Facing Challenges Read More »
Summary China Q4 GDP grows 5.2% vs poll’s 5.3% China’s 2023 refinery throughput hits record high Dollar near 1-mth high as Fed rate cut expectations ease (Reuters) – Oil fell more than $1 on Wednesday as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. …
Oil Falls as China’s Economic Recovery Disappoints, Dollar Strengthens Read More »
(Reuters) – Wind and solar are set to lead U.S. power generation growth for the next two years following new renewable energy instillations, Energy Information Administration (EIA) said on Tuesday. U.S. solar power generation is expected to grow 75% to 286 billion kilowatt hours (kWh)in 2025 from 163 billion kWh in 2023 as more generation …
Wind, Solar to Lead U.S . Power Generation Growth Over Next 2 Years, EIA Says Read More »
Summary Texas refineries report malfunctions as equipment freezes Some refineries performing overhauls planned months ago HOUSTON, Jan 16 (Reuters) – A severe winter storm shut a U.S. Gulf Coast refinery in Texas on Tuesday, triggered malfunctions at others and halved North Dakota oil production as it dumped snow and rain across a broad swath of …
Deep Freeze Hits U.S. Oil Industry From North Dakota to Texas Read More »
