Oil companies cautious about drilling as energy transition looms

Government policies to fight climate change are discouraging oil companies from investing heavily in new production even as they turn in record profits – a dynamic that could spell tight supply and high prices as clean energy alternatives seek to fill the void. Crude oil prices have surged above $90 a barrel and some analysts […]

‘Oil is not in its sunset phase’: Analyst rejects speedy energy transition

While many energy forecasters expect oil demand will peak within the next decade, Arjun Murti thinks they’re off the mark.   In fact, it could be a long way off, because while the world decarbonizes, it must also solve the needs of billions of people who don’t have access to energy, says the former Goldman […]

Biden Administration Offers $4.6B in Grants to Reduce Climate Pollution

The USA Environmental Protection Agency (EPA) has launched $4.6 billion in competitive grants to fund state, local, and tribal programs and policies that cut climate pollution, advance environmental justice, and deploy clean energy solutions across the country. The Climate Pollution Reduction Grants (CPRG) will be available across two implementation grant competitions, one general competition and […]

Russia imposes temporary halt on fuel exports to majority of nations

Russia has implemented an immediate ‘temporary’ suspension of gasoline and diesel exports to all countries except for four former Soviet states, with the goal of stabilizing its domestic market, as announced by the government on Sept. 21. The government clarified that the export ban does not pertain to fuel shipments under inter-governmental agreements to members […]

Is the world ready for rapid urbanization?

CGTN is funded in whole or in part by the Chinese government. More than half of the world’s population lives in urban areas and it’s expected to grow in the next few decades. Executive Director of UN Habitat, Maimunah Mohd Sharif explains the importance of building sustainable cities. #heat Watch CGTN LIVE on your computer, […]

The Case For China’s Future Oil Demand

Fears about China’s economic growth have spooked oil prices throughout the summer months. In the first seven months of the year, China’s crude oil imports rose by 12.4%, hitting 122.4 million tons. Chinese economic growth may slow down in 2024, but consumers continue to drive petroleum demand growth in Asia’s largest economy. China has been […]

Kunstler: A Theory of the Game

Hillary Clinton’s 2016 loss was a bigger shock to the Washington DC deep state Blob than Donald Trump’s victory. But the dynamics of this trauma operated at many levels. At the most superficial level was the hysterical response of Democratic Party rank-and-file women who regarded Donald Trump as the most extreme and horrifying embodiment of […]

Gail Tverberg: Fossil Fuel Imports Are Already Constrained

For many years, there has been a theory that imports of oil would become a problem before there was an overall shortage of fossil fuels. In fact, when I look at the data, it seems to be clear that oil imports are already constrained. Figure 1. Interregional trade of fossil fuels based on data of […]

A World Running On Empty: The Decline Of Fossil Fuel Supply

Analysis of 2023 Statistical Review of World Energy data shows constrained global supplies of fossil fuels like oil, coal, and natural gas, particularly in inter-regional trading. Constraints in supply are affecting energy prices, making them highly variable and less affordable for consumers, thereby affecting the global economy, including industries like manufacturing. The cost-intensive infrastructure needed […]

Peak Oil Demand Predicted by Bloomberg in 2027

According to a recent analysis by Bloomberg, the demand for gasoline and diesel has already peaked in the United States and Europe, and is expected to peak in China by 2024 and in India in the 2030s. Bloomberg predicts that global demand for road fuel will continue to grow for only four more years, reaching […]

IEA: Global Oil Demand Hits Record High

Global oil demand will hit new highs and is expected to average 102.2 million barrels per day (bpd) this year, driven by summer air travel, strong Chinese petrochemical activity, and higher oil use in power generation, the International Energy Agency (IEA) said on Friday. World oil demand is set to grow by 2.2 million bpd […]

Saudis Have No Good Reason to Drive Oil Up to $100

Saudi Arabia has no good reason to drive the oil price up to $100 per barrel. That’s according to Bjarne Schieldrop, the Chief Commodity Analyst at SEB, who made the statement in a note sent to Rigzone this week. “While they [Saudi Arabia] may choose to keep production at around 9.0 million barrels per day […]

US Crude Oil Production Nears Pre-Pandemic Record, but Growth Slows

The production of crude oil in the United States saw an increase in June, nearing the record high set before the COVID-19 pandemic. However, the pace of growth has slowed as the industry responds to falling prices since mid-2022. In June, total crude and condensates production reached 12.8 million barrels per day (bpd), up from […]

LATEST NEWS HEADLINES

• Is It Time To Abandon the Idea of Phasing Out Oil and Gas?
• More than 20% of global refining capacity at risk of closure
• Charles Hugh Smith Blog: Fire, Then Ice Our Deflationary Future
• Saudi Aramco CEO Amin Nasser says energy transition strategy ‘visibly failing’
• 100 million-degree ‘artificial sun’ sets new records in hunt for energy’s ‘Holy Grail’

• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy
• US seeks to buy up to 3 million bbls of oil for Strategic Petroleum Reserve
• Desertification: the world is losing healthy land at an astonishing rate
• US oil production will keep booming in 2024, setting up a possible showdown with Saudi Arabia
• Saudi Arabia piles pressure on UAE to shift COP28 focus away from oil and gas
• US Warship, Commercial Ships Under Attack In Red Sea