Month: February 2023

As the sound of climate protesters reverberated through the conference room, BP Plc Chief Executive Officer Bernard Looney made the case that investment in more oil and gas is crucial for the transition away from those very fuels. “Reducing supply without also reducing demand inevitably leads to price spikes, price spikes lead to economic volatility, … Read more

Oil headed for a fourth consecutive monthly decline as concerns over tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in China. West Texas Intermediate ticked above $76 a barrel, but is still down about 3% this month. Crude has been under pressure in February as persistent inflation in the … Read more

Strong pick-up in fuel demand in China and flattish supply from other producers will push the oil market into deficit in the second half of this year, leading OPEC to reverse its production cut at the June meeting, analysts at Goldman Sachs said. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies … Read more

Feb 27 (Reuters) – Russia’s crude oil exports to the European Union in January fell to around 600,000 barrels per day (bpd) from 1 million bpd in December as seaborne volumes dried up except to Bulgaria, International Energy Agency (IEA) data showed. The EU imposed a ban on seaborne Russian crude oil imports from Dec. … Read more

Summary Climate action cannot be at expense of indigenous -Thunberg Wind farms violate indigenous rights, supreme court ruled Demonstration marks 500 days since supreme court ruling Energy ministry says needs time to find compromise OSLO, Feb 27 (Reuters) – Environmental campaigner Greta Thunberg and dozens of other activists on Monday blocked entrances to Norway’s energy … Read more

Vitol Group said oil prices could return to triple digits later this year as consumption climbs and the market tightens. “Demand is expected to hit record levels in the second half of the year,” Chief Executive Officer Russell Hardy said in a Bloomberg Television interview. “The prospect of higher prices in the second half of … Read more

Oil steadied as traders weighed the prospects for tighter US monetary policy against optimism for a demand recovery in China and supply disruption in Europe. West Texas Intermediate held above $76 a barrel, after earlier dropping as much as 1%. Poland’s largest oil company, PKN Orlen SA, unexpectedly stopped receiving crude via the Druzhba pipeline from Russia. … Read more

U.S. energy firms in February cut the most oil and natural gas rigs in a month since June 2020, with the gas rig count falling to the lowest since April, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future … Read more

Most climate scientists agree that we have some climate impact. This does not at all justify the rapid elimination of fossil fuels. Myth: 97% of climate scientists agree that we face a climate crisis that requires the rapid elimination of fossil fuels. Truth: Most climate scientists agree that we have some climate impact. This does not at all justify the … Read more

NEW YORK, Feb 24 (Reuters) – Oil edged higher in volatile trade on Friday, and was flat on the week, with prices supported by the prospect of lower Russian exports but pressured by rising inventories in the United States and concerns over global economic activity. Brent crude futures settled at $83.16 a barrel, up 95 … Read more

By Irina Slav More From Irina Slav When Emmanuel Macron complained to Biden that the Inflation Reduction Act will hurt European businesses I made fun of him. I made fun of all the European politicians who complained about the IRA because, really, it has always been pathetic to assume someone other than yourself should take … Read more

Oil rose for a second session ahead of US data that will help shape the debate over monetary policy. West Texas Intermediate climbed above $76 a barrel after closing almost 2% higher in the previous session. Investors will be watching personal spending data later Friday for clues on the path forward for interest rates. Minutes … Read more

Oil held near $74 — after the longest run of losses this year — as prices swung with a fluctuating dollar and traders looked toward US inventory figures due later. West Texas Intermediate was little changed, paring earlier gains as the dollar trimmed losses. The greenback’s fortunes have driven crude in recent days, with gains … Read more

Feb 23 – One year after Russia invaded Ukraine and sent commodities into turmoil, it’s clear that the main takeaway is that markets are remarkably resilient and adapt quickly to changing circumstances. While the attack on Feb. 24 last year initially sent prices for commodities such as crude oil, liquefied natural gas (LNG) and coal … Read more

Even as solar power grows into one of the world’s largest sources of new energy, the industry behind it is facing unprecedented volatility as a battle for profits intensifies. The roller-coaster ride is best seen through the lens of polysilicon, the key material in solar panels. Prices fell more than 40% over the course of a … Read more

Oil extended its longest run of losses this year ahead of the release of Federal Reserve minutes that may provide further clues on the path forward for monetary tightening in the US. West Texas Intermediate fell near $75 a barrel after declining for a fifth session on Tuesday. The prospect of more aggressive interest-rate hikes from the … Read more

Courtesy of ENERGYminute See more articles and infographics from ENERGYminute HERE There’s nothing quite like the feeling of your soul leaving your body as you crest a wave at top speed in an inner-tube behind your uncle’s speedboat. As electric vehicles gain in popularity, it could be electric boats that create those panicked core memories for future generations. … Read more

BERLIN, Feb 21 (Reuters) – We need all colours of hydrogen, German Finance Minister Christian Lindner told Reuters in an interview, referring to a dispute in Brussels around hydrogen produced from nuclear or renewable energy. As European Union countries debate the potential role of hydrogen in decarbonising the economy and reducing dependence on imported fossil fuel, they … Read more

Many oil and gas companies are ignoring one of the fastest and cheapest ways to cool the planet, data released by the International Energy Agency in its annual methane tracking report show. Fossil fuel companies emitted more than 120 million metric tons of methane in 2022, just short of a record set in 2019. While … Read more

Oil pared an earlier drop as investors weighed the prospect for further US monetary tightening against signs of improving demand from China following the end of Covid Zero. Brent futures traded near $84 a barrel, after being down as much as 1.7% at one point. Prices have bounced within a relatively tight range this year, … Read more

Saudi Arabia’s energy minister said production cuts announced last year by OPEC+ show the group’s readiness to be flexible. The kingdom and other members of the OPEC+ coalition have already signaled the group will stick to its current production targets for the rest of the year. Prince Abdulaziz bin Salman said Monday that past policies … Read more

Formula 1 “will never switch to electric,” Stefano Domenicali, president and chief executive officer of the motor sport group, said in an interview published by Italian newspaper Il Sole 24 Ore on Sunday. To help lower emissions, F1 is developing a zero-emission petrol that “could be used by planes and vessels” as well, Domenicali said. … Read more

RIYADH, Feb 20 (Reuters) – Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed. Prince Abdulaziz was speaking at a media forum in the capital Riyadh … Read more

Oil rose after a weekly loss on hopes that a Chinese demand rebound is picking up pace following the end of Covid Zero, outweighing hawkish signals from the Federal Reserve. Brent climbed toward $84 a barrel, while US futures snapped the longest run of daily declines this year. Signs are emerging of a recovery in … Read more

Feb 17 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the second time in three weeks, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one … Read more

Dec 14 (Reuters) – Russian oil exports to the European Union fell by 430,000 barrels per day to 1.4 million bpd in November from the previous month, according to the International Energy Agency (IEA). Russian seaborne crude volumes dropped by 330,000 bpd to 500,000 bpd, below Druzhba pipeline deliveries of 590,000 bpd for the first … Read more

Summary U.S. crude falls more than 4% during the week Russia to keep current level of oil exports in March – Vedomosti U.S. crude inventories soared in weekly supply report OPEC+ deal to continue to end of year-Saudi energy minister Feb 17 (Reuters) – Oil settled down $2 a barrel on Friday and ended the … Read more

MADRID, Feb 17 (Reuters) – Spain’s High Court on Friday rejected a request from Spanish oil company Repsol (REP.MC) to impose an injunction against the country’s windfall tax on energy companies pending a legal challenge. Granting the request would have lead to a suspension of the levy that Spain imposed on large energy firms and banks … Read more

NEW YORK, Feb 16 (Reuters) – At least three proposed U.S. liquefied natural gas (LNG) export plants have likely found enough customers to receive financial approvals this year, according to Reuters calculations, developments that would make the country the world’s largest LNG exporter for years to come. After a dearth of plant approvals last decade, … Read more

Feb 17 (Reuters) – Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, J.P.Morgan analysts said in a note on Friday. OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries … Read more

Saudi Arabia’s pledge that OPEC+ will hold oil supplies steady is setting up global oil markets for a year of two contrasting halves. Saudi Energy Minister Prince Abdulaziz bin Salman, speaking in Riyadh this week, vowed that the producer group will stick firmly to current output quotas. “The agreement that we struck in October is here to … Read more

Oil headed for a weekly decline, with a risk-off mood across markets hampering prices Friday. West Texas Intermediate slipped below $77 a barrel, dropping for a fourth day in the longest run of losses since early December. The dollar rose, reducing the appeal of commodities priced in the currency, while equity markets slid. The US crude benchmark … Read more

The United States should try to prove it was not behind the destruction of the Nord Stream gas pipelines that connected Russia to Western Europe, the Russian embassy to the United States said on Thursday. Moscow considers the destruction of Nord Stream 1 and Nord Stream 2 pipelines last September “an act of international terrorism” … Read more

The OPEC+ alliance plans to stick with an oil deal agreed in late 2022 for the rest of the year, Saudi Arabia’s energy minister said, reinforcing earlier signals from the group. In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have indicated … Read more

Oil fluctuated, remaining within a recent narrow range, as investors assessed more evidence of higher energy demand in China and a large build in US crude stockpiles. West Texas Intermediate turned higher after earlier shedding 0.7% in a session that lacked meaningful price direction. Passenger loads at China’s top three airlines are rebounding as travel picks up … Read more

Summary Rise in global demand growth forecast is OPEC’s first in months Sees higher Chinese demand growth, ups global econ growth view Raises forecast of 2023 Russian output drop by 50,000 bpd Says Fed most likely to manage soft landing for U.S. economy LONDON, Feb 14 (Reuters) – OPEC has raised its 2023 global oil … Read more

SINGAPORE, Feb 16 (Reuters) – China is expected to add 95 to 120 gigawatts (GW) of solar power in 2023, or as much as 30%, a solar manufacturing association said on Thursday, in what would be a record annual rise in capacity. The world’s biggest solar products maker and solar power generator brought 87.41 GW … Read more