UK to uphold climate goals despite outperforming targets
The UK government said May 21 that it will hold firm on its climate goals despite outperforming on its recent emission targets. The Department for Energy Security and Net Zero said it will not carry...
View ArticleOdfjell Drilling Ltd. Reports for the First Quarter of 2024
Kjetil Gjersdal, Chief Executive Officer of Odfjell Drilling AS commented: “Q1 has been a positive start to the year for our Company, with all units operating well throughout the period despite the...
View ArticleUS Steel, Cleveland Cliffs spar over Nippon deal, misinformation allegations
US Steel’s board of directors issued a public letter May 21 defending the merits of its proposed transaction with Japan’s Nippon Steel against ongoing criticism from fellow US-based steelmaker...
View ArticleOil slips for third day on prospect of US rates staying high
Oil prices fell nearly 1% on Wednesday, retreating for a third straight day on expectations that U.S. interest rate cuts might be deferred due to sustained inflation, a move that could weaken oil...
View ArticleUS crude stockpiles rise unexpectedly, gasoline draws down as demand grows -EIA
U.S. crude oil inventories rose unexpectedly last week due to a big adjustment for unaccounted barrels, while gasoline stockpiles fell as demand grew ahead of the summer driving season, the Energy...
View ArticleUS congressional committee to probe whether oil industry colluded to...
A US congressional committee will investigate whether oil and gas companies colluded to artificially inflate gas prices, US Representative Frank Pallone, the ranking Democrat on the House Energy &...
View ArticleOil creeps back up after three days of losses
Oil prices crept up on Thursday, clawing back some of the previous three days’ losses despite the U.S. Federal Reserve entertaining a further tightening of interest rates if inflation remains sticky, a...
View ArticleOPEC+ to discuss situation on oil market at June meeting, Russia’s Novak says
OPEC+ countries will be discussing the current situation on the global oil market at the alliance’s meeting scheduled for June 1, Russian Deputy Prime Minister Alexander Novak said on Wednesday,...
View ArticleOil and gas contracts market sees 37% decline in value during Q1 2024,...
The oil and gas contracts market faced turbulence, with a notable quarter-on-quarter (QoQ) decline of 37% in disclosed contract value, dropping from $50.2 billion in Q4 2023 to $31.4 billion in Q1...
View ArticleOil falls for fourth straight session, US demand in focus
Oil prices fell on Thursday for the fourth session in a row, as the prospect of higher-for-longer U.S. interest rates raised worries around demand growth in the world’s biggest oil market. Brent crude...
View ArticleEU in talks with Germany after criticising gas tariff
The European Commission is continuing talks with Germany over a gas tariff Brussels and other countries have said undermines Europe’s energy market, the Commission said on Thursday. Germany’s gas levy,...
View ArticleAsia Distillates-Margins hit one-year low as ample supplies weigh
Asia’s middle distillates markets remained soft, with refining margins GO10SGCKMc1 hitting below the $14 a barrel level for the first time in slightly more than a year as ample supplies remained a key...
View ArticleCanada’s TMX pipeline expansion to boost Asian crude oil trade
Canada’s Trans Mountain pipeline expansion (TMX) commenced partial operations on 1 May, a milestone in the global energy market. The pipeline will ship 590 kbpd to Canada’s Pacific Coast from Alberta...
View ArticleInvesting to maintain high gas production at Troll
Equinor and the Troll partners have decided to invest just over NOK 12 billion to further develop the gas infrastructure in the Troll West gas province. This will accelerate production from the...
View ArticleRussia’s idle oil refining capacity revised up 19% for May, Reuters...
Russia’s offline primary oil refining capacity has been revised up by 19.2% for May from the previous plan to 3.392 million metric tons, which is about 12% of the total capacity of Russia’s primary...
View ArticleMEXICO DATA: Pemex crude output falls below 1.5 mil b/d in April for first...
Crude production by Mexico’s state-owned oil and gas company Pemex fell below 1.5 million b/d in April, data from the national upstream regulator showed May 23. The figure, the lowest in over 40 years,...
View ArticleWhat OPEC+ oil output cuts are currently in place?
OPEC+ oil producers are scheduled to meet on June 2 to decide their next output policy steps, including whether to extend voluntary production cuts totalling about 2.2 million barrels per day (bpd),...
View ArticleOil heads for weekly loss as inflation, interest rates spur fuel demand concerns
Oil prices rose 1% on Friday, but looked set for a weekly loss after strong U.S. economic data reinforced expectations that interest rates might remain elevated for an extended period and curb fuel...
View ArticleUAE ramps up oil drilling, to hit capacity target ahead of schedule
The UAE is ramping up drilling new wells and is on course to produce 5 million barrels a day before 2027, achieving its capacity goal ahead of schedule, Bloomberg reported on Friday. The state-owned...
View ArticleChina’s CNOOC signs oil exploration, production contracts with Mozambique
State-run China National Offshore Oil Co said on Friday it had signed oil exploration and production concession contracts with Mozambique’s energy ministry and national energy company ENH. The contract...
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