As the energy transition continues to accelerate, demand for each of the fossil fuels is likely to peak before 2030. Oil and gas companies must plan for an economy with falling hydrocarbon use; for most, this means setting a strategy that includes planning for declining hydrocarbon output. To ensure that transition strategies are duly executed, […]
On Friday, Jan. 26, 2024, World Oil hosted its 56th annual Forecast Breakfast at the Norris Conference Center in Houston, Texas. In an event described as a “first look” at upcoming upstream oil and gas trends, approximately 340 professionals from across the sector gathered for an early-morning meal to hear projections, data and analysis on […]
Crude futures rose slightly on Friday in thin activity on the last trading day of the year. Both benchmarks are set to end 2023 about 10% lower after two years of gains as geopolitical concerns and oil production cuts drove wild fluctuations in prices. Brent futures rose 12 cents to $77.27 a barrel at 2:22 […]
Producers of oil and gas have to drastically step up their efforts to transition to clean-energy business models and prepare to scale back fossil fuel operations as consumption peaks, according to the International Energy Agency (IEA) Only 1% of total clean energy investment globally currently comes from oil and gas producers, the IEA said in […]
“Never a dull moment in the oilfield,” oil services firm Panther says on its website. By that extension, of course, are the oil markets, which seldom go a day, or even hours, without drama. Friday was one such day. Crude prices jumped as much as 7% on the week — finishing the week with the […]
As oil traders prepare for the market to open after the sudden eruption of war in Israel, one question is key: will the conflict spread to the rest of the region? Crude traders don’t expect a massive price surge as there’s no immediate threat to supply. But all eyes are on Iran, a major oil producer […]
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 […]
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 […]
Oil bulls rejoice Goods things finally appear to be happening for energy bulls. After languishing in mediocrity over the first half of 2023, oil prices now appear to be recovering and could well be setting up for another leg higher. WTI has rallied to roughly $80/bbl in July after trading around the mid-to-high $60s for […]
The oil and gas industry has moved quickly to take advantage of the disruptions caused by Russia’s invasion of Ukraine. In 2022, a surge of shipments of liquefied natural gas (LNG) from the United States was redirected to Europe in order to replace Russian pipeline gas and secure supplies for the European winter. By taking […]
In the last year, energy security has trumped sustainability. That’s what Tom Ellacott, Wood Mackenzie’s Senior Vice President for Corporate Research, said in a statement sent to Rigzone, adding that “companies, too, have benefited from recent commodity prices and margins to deliver record cash flow”. “That is not to say that decarbonizations goals cannot be […]
European natural gas prices are down 85% from the highs of last summer, but that doesn’t mean industries are back on an even keel. BASF SE is a case in point, announcing Friday that it’s closing several gas-intensive factories in Germany and cutting thousands of jobs. Europe’s biggest chemical producer will instead serve its customers in the region from […]
As the world moves away from the U.S. dollar as a world reserve asset, dollars will be dumped globally, causing a “tsunami of inflation” in the United States as the currency returns to American shores. Interest rates will rise accordingly, followed by a “collapse” in asset prices, which would be used to usher in Central […]
Cleantech investment is ready to flow… but the pipes of progress are clogged. 2022 was a watershed year for federal climate change legislation. The Inflation Reduction Act (IRA) directed $369 billion toward clean energy technology, infrastructure, and climate mitigation. The energy-related parts of the Infrastructure Investment and Jobs Act add another $75 billion. This feels […]
ExxonMobil, Chevron, Shell, TotalEnergies, and BP reaped almost $200 billion collectively last year but fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023. The five companies are expected to report $198.7 billion in combined 2022 profit in the coming days, 50% higher […]
Tired of a too-strong and newly weaponized greenback, some of the world’s biggest economies are exploring ways to circumvent the US currency. Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. And corporates around the world are selling an unprecedented portion of their debt in local currencies, wary of further […]
The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement a humanitarian program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the agreement, the Biden administration granted Chevron CVX, -0.29% a […]
All hell will break loose for oil in 2023… but only if one event fails to take place. Can you guess what it is? Right now, it’s the ONLY thing stopping oil prices from being far higher than the $81.85 per barrel that WTI is trading for as I write this. But let’s put a […]
Workers with the water district in Wenden, Arizona, saw something remarkable last year as they slowly lowered a camera into the drought-stricken town’s well: The water was moving. But the aquifer which sits below the small desert town in the southwestern part of the state is not a river; it’s a massive, underground reservoir which […]
A crisis is once again brewing in the US for the diesel fuel that powers trucks and heats homes. Global shortages and a market phenomenon known as backwardation are frustrating Biden administration efforts to bolster dangerously low domestic inventories and keep prices from soaring as winter approaches. Officials are now considering steps like export restrictions […]
Exxon Mobil Corp. completed its exit from Russia, calling the departure an “expropriation” of its main Russian operation and potentially setting up a future legal challenge. “With two decrees, the Russian government has unilaterally terminated our interests in Sakhalin-1 and the project has been transferred to a Russian operator,” an Exxon spokesperson said in a […]
November 8, 2022, cannot come soon enough. Perhaps it’s a bit of wishful thinking, but once the midterm elections are finally behind us, there’s a small chance that the politicking will calm down for a brief while. One can only hope. Turning the global oil markets into a political game full to the brim with […]
It’s clear that we need to decarbonize our economy as quickly as possible in order to avoid the worst of climate change — but carbon isn’t the only problem we’re facing. As the world moves towards renewables and away from fossil fuels as an energy source, we can’t forget that the technology and minerals behind […]
Oil prices have drawn some respite from the US dollar’s pullback this week, even though global recession risks still weigh on the commodity’s outlook. Although Brent is now trading back closer to the psychological $90/bbl mark, such relief is of mere consolation when stacked within the downtrend that’s been in place since June. Oil’s first […]
Oil sank again as the dollar’s surge to a fresh peak and mounting recessionary concerns threatened global demand, deepening a rout. West Texas Intermediate fell below $78 a barrel, hitting the lowest intraday level since January, as a Bloomberg gauge of the US currency rallied to an all-time high. US benchmark crude collapsed more than […]
Chairman of Russia’s second-largest oil producer Lukoil Ravil Maganov died on Thursday after falling from the Central Clinical Hospital window in Moscow, media reports claimed. Some Russian media reported the death of 67-year-old Maganov who was also Lukoil’s vice president. One such media is RosBiznesConsulting (RBC), a media group headquartered in Moscow, and The Russia Times, […]
Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring. Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight quarterly record after announcing $39.5 […]
Several states have seen gasoline prices drop to three bucks or lower as crude oil prices have continued to decline. Gasoline prices continue to fall in a handful of states to $2.99 a gallon, marking the 50th consecutive day of declines and giving consumers a reprieve as high inflation rates have walloped their budgets. Gas […]
With the world consuming five times more oil than it is discovering, Peak Oil and Peak Gold have finally arrived. However, the world hasn’t figured this out yet, but it will. And, when it does, we will see much higher prices for precious metals in the future. Why? Peak oil equals peak gold and peak […]
Big Oil majors in the United States have found themselves the target of much pressure to boost production lately, as prices go wild amid a tight—and tightening—market. At the same time, the U.S. government, as well as the EU, have been looking all over the world for more supply. Wood Mackenzie just had some bad […]
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