Emergency Oil Meeting Discusses Potential For Diesel Outages

The European Union held an emergency meeting on Friday to discuss the potential for diesel supply shocks stemming from the conflict between Israel and Hamas. The EU Commissioner for Energy Kadri Simson called an emergency meeting on Friday to discuss the potential issues should there be a diesel supply outage, like strikes and long truck […]

Shale Consolidation Could Put A Permanent Lid On Oil Output

Back in April, the Wall Street Journal reported Exxon was interested in acquiring Pioneer Natural Resources. The company is the biggest independent producer in the Permian and an acquisition was the most logical path to growth there after the record year that Exxon, like the rest of the industry, had in 2022. The information re-emerged this month […]

Urban Futures: In Conversation with James Howard Kunstler

In this episode of ON CITIES, host Carie Penabad embarks on a conversation with best-selling author and social critic, James Howard Kunstler. Kunstler’s global recognition is grounded in his unapologetic scrutiny of modern American society, particularly within the realms of urban planning, architecture, energy and sustainability. A steadfast critic of suburban sprawl and unchecked urban […]

US oil production at record high, crude stocks up 10.2M barrels last week

US crude stockpiles jumped more than 10 million barrels last week, their most in eight months, as exports tumbled and refineries slowed processing of oil amid maintenance, while output from the world’s largest producer of the commodity hit a new record high of 13.2 million barrels per day, government data showed on Thursday. The US […]

OPEC, IEA diverge further in 2024 oil demand forecasts

The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) diverged further on Thursday in their predictions of global oil demand growth in 2024 as they hold contrasting views on next year’s economic outlook. In its monthly oil market report published on Thursday, the oil producer group OPEC stuck to its […]

USA Imposes First Sanctions Over Russia Oil Cap as Impact Fades

The US imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at […]

Oil up 7% on week after swinging on Mideast, US crude build and Russia

“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 […]

Huge Build In Crude Inventories Is A Red Flag For Oil Markets

December West Texas Intermediate (WTI) crude oil futures experienced a volatile week, with prices swaying due to geopolitical tensions and shifts in supply and demand metrics. The market started the week strong, driven by concerns of supply disruptions following the terrorist attacks by Hamas on Israel. However, the bullish sentiment quickly faded. Israel-Hamas Conflict and […]

OPEC Says Oil Industry Needs $14 Trillion Of Investment By 2045

The world needs $14 trillion in cumulative investments in the oil sector by 2045 to ensure market stability and avoid energy and economic chaos, OPEC said in its annual World Oil Outlook on Monday. The annual investments need to be around $610 billion on average, the bulk of which should go to the upstream segment, the cartel […]

The Peak Oil Demand Debate: A Major Focus at COP 28

The upcoming COP 28 climate conference, scheduled from November 30th to December 12th, is expected to be dominated by discussions surrounding peak oil demand. The International Energy Agency (IEA) predicts that global oil demand will reach its peak by the end of the current decade, while OPEC and oil majors strongly disagree and plan to […]

Oil Prices Soar After Attacks on Israel

Oil prices surged after a shock attack on Israel by Hamas brought renewed instability to the Middle East. More than 1,400 people have died since the fighting between Israel and militant group Hamas broke out over the weekend, in a conflict that has potential repercussions across the wider region. US crude futures settled above $86 […]

OPEC forecasts global oil demand to reach 116 million b/d in 2045

In its annual World Oil Outlook report released on Oct. 9, 2023, the Organization of the Petroleum Exporting Countries (OPEC) projects global oil demand to reach 110.2 million b/d in 2028, up 10.6 million b/d compared with 2022. Non-OECD oil demand is anticipated to make up 10.1 million b/d of this increase, reaching 63.7 million […]

As Israel-Hamas War Rages, Oil Traders Focus on Iran

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 […]

A world split by Middle East massacre: Western nations show support for Israel – while others desecrate its flag and applaud onslaught in solidarity with Hamas

The world has been divided once again by a bloody and brutal conflict, this time in the Middle East, as Palestine and Israel descend into a fight that has claimed the lives of hundreds of civilians in just one weekend. Nations across the world are watching violence unfold in the region, and appear to have […]

Israel strikes Gaza tower as death tolls jump after Hamas attack

Medical sources in Gaza say at least 232 Palestinians have been killed in Israeli air attacks launched after a Hamas offensive against Israel that killed at least 200. The group running the besieged enclave said its surprise, large-scale operation was in response to the desecration of Al-Aqsa Mosque and increased settler violence. Hamas says it […]

Scores dead in Gaza as shock Hamas attack unleashes war

Hamas gunmen enter Israel in unprecedented attack At least 200 Israelis reported dead, more than 1,000 wounded Hamas says it has taken many Israeli captives Israel says Hamas declares war, commits ‘grave mistake’ Barrage of rockets launched into Israel from Gaza JERUSALEM/GAZA/SDEROT Oct 7 (Reuters) – Gunmen from the Palestinian group Hamas rampaged through Israeli […]

Hezbollah Next To Attack? War Could Spiral Into Biggest In Decades

By Saturday afternoon (local time), some 200 Palestinians have been killed, with over 1600 wounded as the Israeli military begins its response to the ‘invasion’ of southern Israel launched by Hamas. After about ten hours of fighting, over 40 Israelis have been reported killed, and over 800 wounded. Hamas also has captured possibly scores of Israeli […]

Israel vows revenge after Hamas terrorists ‘open gates of hell’ in Gaza with 50 taken hostage and hundreds killed

ISRAEL has vowed to take revenge on Hamas terrorists after they “opened the gates of hell” with a surprise attack that left hundreds dead. And dozens of Israeli civilians and soldiers are being held hostage after they were dragged across the border into Gaza. 19 Terror group Hamas ‘opened the gates of hell’ in Israel […]

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