Saudi Arabia’s Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world’s biggest hydrocarbon producer “even” in 2050. “I can assure that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use … It will […]
Norway is looking to offer 136 blocks for oil and gas exploration in the licensing round for less explored areas on its shelf, including 125 blocks in the Arctic Barents Sea that are currently not available for drilling, the Ministry of Petroleum and Energy said on Wednesday. The so-called 25th numbered licensing round – expected […]
UAE’s ADNOC announced a $20.7-billion deal with six international companies for the acquisition of a minority stake in Adnoc Gas Pipeline Assets. Under the terms of the deal, Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund, the Ontario Teachers’ Pension Plan Board, Snam, and NH Investment and Securities will acquire a 49-percent interest […]
Since oil demand started crashing amid lockdowns to contain the coronavirus, analysts have been trying to predict when demand will return to the pre-crisis levels, throwing in V, U, or L shaped forecasts. There is a growing consensus among major international forecasting agencies that a ‘return to normal’ oil demand will take longer than anticipated—probably […]
The U.S. Supreme Court sided with the developers of a natural gas pipeline project, clearing some of the obstacles to the completion of the Atlantic Coast Pipeline by ruling this week that the U.S. Forest Service had the authority to grant the right-of-way to the pipeline to pass through the Appalachian Trail in Virginia. Atlantic […]
Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy. West Texas Intermediate crude rose 86 cents, or 2.37%, to settle at $37.12 per barrel. Brent crude rose 96 cents, or 2.5%, […]
WTI Crude prices may be set for a 90-percent jump to $70 a barrel by the fall as U.S. oil producers may have “over-cut” production, Dan Eberhart, chief executive of Canary Drilling Services, told Markets Insider this week. According to the manager of the drilling firm, U.S. oil companies have curtailed production too much too […]
The death of coal has run hand-in-hand with the rise of renewable energy, though the real credit for killing king coal might just go to U.S. shale. Even if the renewable revolution is growing too big to ignore. There are plenty of environmental and ideological reasons that many academics and pundits are pushing for placing […]
U.S. crude ended slightly higher on Tuesday, as U.S. Treasury Secretary Steven Mnuchin said he supported extending certain measures intended to bolster the economy, while Brent ended lower on concerns that output cuts might not be sufficient. Oil has rallied for several days following numerous output cuts from major producers to curb supplies, and as […]
It has just been an amazing week for crude oil! We haven’t seen upward movement in WTI like we’ve seen this week in…forever, on a percentage basis. Buoyed by a dramatic shift in sentiment following an avalanche of good news generally, over a very short time span oil has rocketed higher. Key among this data […]
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