Saudi Arabia Remains Top Oil Supplier to China

Saudi Arabia Remains Top Oil Supplier to China Saudi Arabia remained the largest supplier of crude oil to China for the ninth consecutive month in July, but its shipments of crude fell 10% on a monthly basis, while shipments from Russia fell only 4%. According to data from the General Administration of Customs in China, […]

U.S. Petroleum Demand Holds Strong Even as Delta Variant Raises New Worries

Consumption of U.S. petroleum climbed last week, driven by demand for jet and distillate fuels, while production ticked up and inventories dropped, the U.S. Energy Information Administration (EIA) said Wednesday. The boost in consumption extended a summer-long trend — a few weekly interruptions aside — despite mounting coronavirus cases that forced downward revisions to oil […]

The Oil & Gas Inflation Trap That No One Wants To Talk About

President Joe Biden has lately sought to soothe fears that rising inflation could hurt the U.S. recovery and undermine his $4-trillion spending plans. This comes after U.S. inflation for the month of June accelerated to the fastest clip since 2008, as the economy continues to recover following the Covid-19 related lockdowns. According to the Labor […]

U.S. Coal Consumption Falls To 60-Year Low

The is the fifth article in a series on BP’s recently-released Statistical Review of World Energy 2021. Previous articles provided an overview of this year’s Review, an examination of the data on carbon emissions, a look at oil supply and demand trends, and an examination of natural gas trends. Today I delve into the data on […]

EIA Reveals New Oil Price Forecast

The United States Energy Information Administration (EIA) kept its Brent spot average prices for 2021 and 2022 flat month on month, the organization’s latest Short Term Energy Outlook (STEO) has revealed. According to its August STEO, the EIA now sees the Brent spot price averaging $68.71 per barrel this year and $66.04 per barrel next […]

China is Redrawing the World’s Energy Map

China’s outsize energy needs and its reliance on overseas suppliers have underpinned its foreign policy for decades. Now those needs are changing. The planet’s largest oil and coal importer wants to become greener and more self-reliant and has already taken strides toward those goals. The rest of the world needs to pay attention.By 2060 the world’s second-largest […]

Peak Oil Demand With Morse (Podcast)

Ed Morse, Citi Head of Commodities Research, says we haven’t reached peak oil demand yet, but it’s coming. William Lee, Milken Institute Chief Economist, Fed is concerned with maximum extent of employment. Brian Levitt, Invesco Global Market Strategist, says the U.S. wll stabilize to a more modest growth rate. Claudia Sahm, Jain Family Institute Senior […]

The global supply chain was not built for this

  Wayne Kaylor knew his shipping container was parked somewhere in a Chicago rail yard. He just did not know where, and for 78 days, no one could tell him. Thanks to roaring consumer demand, US rail yards, ports and warehouses are choked with freight, with too few people to move it quickly, causing delays […]

What’s Missing from Oil Prices?

The world’s two leading oil price benchmarks are omitting some important considerations, the head of a privately held Dallas-based oil and gas operator told Rigzone last week. “The recent Saudi Arabia and UAE deal kept the OPEC and OPEC+ organizations at the forefront of supply discussions,” remarked Jay Young, founder and CEO of King Operating Corp. “The […]

On Degrowth

What is degrowth? Degrowth is an ambiguous label used by different currents that have emerged or have been reconsidered as such since the 1960s when the contemporary environmentalist movement got underway.  The bulk of these movements identify as Greens although it includes eco-anarchists (e.g. Trainer 2010; Australian Simplicity Institute) and others.  The ambiguity of what degrowth stands for […]

Energy expert warns of ‘serious oil crisis’ within next five years

Maglan Capital President David Tawil argued on “Mornings with Maria” on Thursday that “with respect to oil supply, the rush for the exit doors is getting really serious” amid “strong demand” with the reopening of economies, which could soon lead to “a serious oil crisis in this world.” The energy expert has been bullish on […]

Pump prices to go down in coming days

Gas prices are expected to go down in the coming days. That’s due, in part, to OPEC coming to an agreement on oil production over the weekend and a rise in coronavirus cases throughout the country. “OPEC’s plan is to raise oil production by 400,000 bpd each month until 2022, at which time OPEC’s oil […]

“Peak Oil?” Columbia University Says “Think Again”

The COVID-19 pandemic resulted in a rollercoaster effect on global oil demand and some uncertainty surrounding future global demand. But has the world reached peak oil? The answer is no, according to a new report from researchers at Columbia University’s Center on Global Energy Policy, Rice University, the University of California – Davis, Tufts University and S&P […]

The Bears Will Play Until Saudi Arabia, UAE Find An OPEC Compromise

Oil producers beware. Far from being bullish for prices as initially thought, the rift at the heart of OPEC and the information vacuum it has created risks sending them into a tailspin. When the 23-nation OPEC+ oil producer alliance repeatedly failed to reach an agreement to raise production earlier this month, the concern in the […]

Oil Could Jump Towards $80 in Days

Unless a compliance rebellion rocks OPEC+’s cohesion, the lack of a new policy from August could continue to hike prices towards $80 in the coming days and weeks. That’s according to Rystad Energy’s oil markets analyst Louise Dickson, who expressed the view in a statement sent to Rigzone on Wednesday. In the statement, Dickson outlined […]

BP Study: Peak Oil Demand and Long-Run Oil Prices

The point at which oil demand will peak has long been a focus of debate. bp chief economist Spencer Dale and Bassam Fattouh, director of The Oxford Institute for Energy Studies, argue that this focus seems misplaced. The significance of peak oil is that it signals a shift from an age of perceived scarcity to […]

There Isn’t Enough Natural Gas

Natural gas markets around the globe are rallying as the world’s importers have come to a stark realization: there isn’t enough supply to go around. A long, frigid winter drained gas stockpiles from Louisiana to Germany, and utilities are struggling to build them back up. But unforeseen supply disruptions and a rebounding global economy are […]

The Return Of Oil

BARELY 14 months ago, oil traders were paying almost $40 to anyone willing to accept delivery of a barrel of crude by the end of May 2020. Such had been the pandemic’s impact in the demand for the black gold, that storage reached full capacity and those who, acting as middlemen, had secured large quantities of oil, […]

Oil Prices Could Peak to $100 in 2022

According to Bank of America Corp (NYSE:BAC)’s analyst Francisco Blanch, oil prices could peak to $100 next year if the high demand continues. The limited supply and ineffectiveness of shale in the U.S. have sent oil to the highest since 2013. Q1 2021 hedge fund letters, conferences and more Brent surpassed the October 2018 high by reaching $75 […]

Oil prices soar even as consumption remains below trend

Global oil consumption is set to return to pre-pandemic levels by the first quarter of 2022, driven by a strong expansion in global manufacturing and freight transport as well as the gradual re-opening of major economies. Booming consumption from miners, manufacturers, shipping and trucking firms, as well as private motorists, is expected to offset the […]

Brace for huge oil volatility

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said. “You could see spikes to even higher than $100 a barrel, even $130, and you could also see it go […]

$100 Oil Is Now A Distinct Possibility

Although oil may not be headed to a new supercycle, prices still have room to rise from current levels because of a strong demand rebound and expected tightness in supply, some of the world’s largest commodity trading groups say. There is a chance for $100 oil, Jeremy Weir, chief executive officer at commodity trader Trafigura, […]

Energy consumption rises as recovery continues

Crude oil closed at $70 per barrel for West Texas Intermediate (WTI) on the New York Stock Exchange (NYMEX) on June 8. Brent crude oil, which is traded on the international exchange, has closed at more than $70 for several days. EIA estimates the price of Brent oil will remain strong amid expectations of global […]

Peak Oil Demand May Be Ten Years Away

The world is past peak coal consumption and may reach peak oil consumption within the next ten years, Alexei Kudrin, the head of the Russian Accounts Chamber, told media this week. The official noted Russia will need to learn to rely less on oil export revenues over these next ten years. Otherwise, Kudrin added, this […]

The pandemic has proved peak oil demand wrong

While the world is not yet back to pre-pandemic travel levels and there is still ongoing disruption to ground transportation and air traffic, the world now consumes more than 95 million barrels of oil per day (bpd) and is forecast to reach an average of 97.7 million bpd during 2021, according to the latest US […]

Oil Prices Rally to Highest Settlements in Years

Oil resumed its advance, reaching the highest settlement in over two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air. West Texas Intermediate crude rose 2.1%, while global benchmark Brent settled above $70 a barrel for the first time since 2019. Prices […]

Is This The First Truly Global Gas Price Benchmark?

In the world of energy, size matters. Therefore, large producers and consumers can influence global markets while smaller players have to acquiesce to developments. One outlier has been the Netherlands, which historically is a ‘natural gas country’ due to its sizeable reserves. The medium-sized European country’s virtual trading hub Titel Transfer Facility, or TTF, is […]

Gas Is Going To $5 Per Gallon: First In California, Then Across The Country

Get ready for $5 per gallon gasoline – especially if you live in California. At least, that was the contention of a new WSJ op-ed that claims higher taxes and environmental regulations are both driving up the price of gas. Author Allysia Finley notes that the average cost at the pump in California is now $4.18 […]

US Crude Oil, Fuel Consumption Surges Ahead Of Summer Driving Season

US crude oil and fuel stockpiles fell sharply last week on accelerated demand from refiners ahead of the start of the peak summer driving in an economy rebounding rapidly from COVID-19 suppression, data from the Energy Information Administration (EIA) showed Wednesday WASHINGTON (UrduPoint News / Sputnik – 26th May, 2021) US crude oil and fuel […]

Expect to pay more for gasoline, electricity, natural gas this summer

It’s not just cars, houses and lumber that are getting more expensive this summer. Be ready to shell out more money for energy this summer, too, the Michigan Public Service Commission said in its May 26 report. Gasoline, electricity and natural gas are all expected to keep getting pricier. Gasoline may be the most noticeable, […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy