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Oil Moves Down on Crude Inventory Build

Oil Moves Down on Crude Inventory Build

Crude oil prices moved lower…

Energy / Crude Oil

Texas Deepwater Oil Export Projects Stall

Apr 23, 2024 at 16:48 | Tsvetana Paraskova

Slowing U.S. crude oil production growth and changed global oil flows have stalled projects by pipeline giants and oil majors to have deepwater ports built off the Texas coast to…

Why Biden is Unlikely to Enforce the New Iran Oil Sanctions

Apr 23, 2024 at 09:03 | ZeroHedge

Over the weekend, as part of the $95 billion package providing funding for aiding Ukraine, Israel and Taiwan which passed by a vote of 360-58 on Saturday, the…

Namibia Racks Up Another Major Offshore Oil Discovery

Apr 22, 2024 at 18:04 | Alex Kimani

Shares of Portuguese integrated energy operator Galp Energia (OTCPK:GLPEF) (OTCPK:GLPEY) have popped more than 20% in Monday’s early trading session after the company announced that the first phase of its exploration…

Suriname’s Resource Boom is Back on Track With First Oil Targeted for 2028

Apr 22, 2024 at 09:31 | Matthew Smith

Former Dutch colony Suriname shares the offshore Guyana Suriname Basin with the former British colony of Guyana, which is reaping a massive economic windfall from one of South America’s…

Big Oil’s Carbon Capture Conundrum

Apr 19, 2024 at 09:55 | Felicity Bradstock

Hard-to-abate industries, particularly oil and gas, are racing to increase their carbon capture capacity as they strive to decarbonise operations. Despite being some of the biggest carbon emitters, many oil…

Will Namibia Become OPEC’s Newest Member?

Apr 19, 2024 at 09:52 | Irina Slav

Namibia wants to join OPEC as it prepares to reap the benefits of its crude oil resources, with daily production capacity seen at an impressive 700,000 bpd in 2030—the first…

Nigeria To Launch Crude Trading at its Commodity Exchange

Apr 19, 2024 at 09:29 | Charles Kennedy

Africa’s biggest oil producer, Nigeria, plans to offer up to 20% of its crude oil production for trading on its commodities exchange, Akinsola Akeredolu-Ale, the chief executive of the Lagos…

U.S. Shale Oil Production Growth Is Slowing Down

Apr 18, 2024 at 10:24 | Irina Slav

At the start of this week, following Iran's missile attack on Israel, oil prices inched up. The key word here was "inched". The attack was a first; it came from…

Standard Chartered Says Peak Oil Demand Is Not Imminent

Apr 17, 2024 at 17:13 | Alex Kimani

The oil price rally has lately lost some steam, with WTI for May delivery and June Brent futures slipping more than 5% since Friday after the Energy Information Administration (EIA)…

Oil Moves Down on Crude Inventory Build

Apr 17, 2024 at 09:43 | Irina Slav

Crude oil prices moved lower today after the Energy Information Administration reported an inventory increase of 2.7 million barrels for the week to April 12. This compared with…

Zombie Fires Pose Looming Threat to Canada’s Oil and Gas Infrastructure

Apr 17, 2024 at 09:27 | Felicity Bradstock

As the world heats up, several countries experiencing greater wildfires. Last year, Canada battled record blazes and despite getting them under control, several fires continue to rage out of site.…

Should We Keep Investing in Oil and Gas? Experts Weigh In

Apr 16, 2024 at 08:30 | Felicity Bradstock

In recent months, several oil majors have emphasised the need for greater investment in oil and gas. Many fossil fuel companies have increased their oil and gas output in the…

Institutional Investors Double Down On Oil Despite Divestment Pledges

Apr 16, 2024 at 08:12 | City A.M

The campaign for institutional investors to divest from oil giants like BP and Shell hasn’t made any progress due to the way index…

Javier Blas: 10 Things Oil Traders Need to Know About Iran's Attack on Israel

Apr 15, 2024 at 08:33 | ZeroHedge

OPEC+ has sufficient spare production capacity to control a price rally, but its approach to increasing output will be crucial.Iran's direct attack on Israel on Saturday…

U.S. Oil and Gas Boom Poses Challenge to Climate Goals

Apr 12, 2024 at 10:47 | Felicity Bradstock

Over the last two years, the U.S. has significantly boosted its oil and gas production, despite also developing its renewable energy capacity. Following the Russian invasion of Ukraine and subsequent…

IEA Cuts 2024 Oil Demand Growth Forecast

Apr 12, 2024 at 10:01 | Charles Kennedy

Global oil demand growth is slowing due to “exceptionally weak” deliveries in developed economies at the start of the year, the International Energy Agency (IEA) said on Friday as…

U.S. Crude Production To Decline In 2024 As Shale Activity Stalls

Apr 11, 2024 at 19:48 | Alex Kimani

Over the past three years, the U.S. energy sector has enjoyed an oil price boom that has been accompanied by soaring crude production. According to data by the U.S. Energy…

Oil Fund Withdrawals Suggest Extended Price Rally

Apr 11, 2024 at 13:39 | Irina Slav

The world's largest crude oil exchange-traded fund has bled over $2 billion in less than a year. And it's not due to investors finding greener pastures elsewhere with other ETFs;…

M&A Fever Hits Canada's Oil and Gas Industry

Apr 11, 2024 at 10:34 | Tsvetana Paraskova

The mergers and acquisitions (M&A) wave sweeping through the U.S. oil and gas industry has reached Canada, which could see a megamerger in the coming months.    Smaller deals are…

Biden Administration's SPR Plans Derailed by Oil Price Surge

Apr 11, 2024 at 09:32 | Robert Rapier

Despite indicating they would refill the Strategic Petroleum Reserve (SPR) by the end of this year, the Department of Energy

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