OPEC+ will take a more hands-on approach to global oil markets now that it plans to meet more frequently, Bloomberg has reported, citing the leaders of the group, Saudi Arabia and Russia. “We are meeting monthly because we believe that the market is still not recovered and is still extremely volatile,” Russian Deputy Prime Minister and former Energy Minister Alexander…
Read More
PetroChina discovered a natural gas field with reserves in excess of 100 billion cubic meters, Chinese states news agency Xinhua reported this weekend. The agency cited a company official who said the field could produce 610,000 cubic meters of gas plus 106.3 cubic meters of crude oil daily. “The discovery marks a major breakthrough in gas exploration in the southern…
Read More
Coal consumption is set for a rebound of 2.6 percent next year as the world’s heavy industry emerges from the pandemic crisis, the International Energy Agency said in its latest report on the fossil fuel. The forecast is, of course, based on the assumption that the global economy will begin to recover next year, which is far from certain. China’s and India’s…
Read More
Trans Mountain is halting construction work on the expansion of the oil pipeline in a voluntary safety stand-down of more than two weeks until January 4, the company said on Thursday, days after a worker was seriously injured. On Tuesday, an employee of a contractor working on the Trans Mountain Expansion Project at the Burnaby Terminal was seriously injured and…
Read More
As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by about 25% by the end of 2021, or by about 200,000 barrels per day (bpd) compared to current output levels, a Rystad Energy analysis shows. The loss puts the projected…
Read More
Commodity trading giant Trafigura expects a strong rebound in oil demand next year thanks to mass vaccinations, which will push crude oil prices to $55-60 a barrel, Argus Media reported, citing the company’s chief economist Saad Rahim. “You have already seen a strong recovery in many places — certainly in China, but also in Europe and Japan, for example. The…
Read More
Iranian authorities seem confident they could be able to sell as much as 2.3 million barrels per day (bpd) of oil in the next Iranian year that begins in March 2021, according to Iran’s budget bill. The bill, which has been recently submitted for discussion and approval at the Iranian Parliament, assumes that Iran will get revenues from the sale…
Read More
China is looking to attract investments in shale gas developments by easing restrictions on foreign entities and subsidizing costs in a bid to boost its natural gas production while its demand continues to grow. China has shale gas reserves but the geology to extract those resources is challenging, so it is not clear if the incentives will attract major international…
Read More
The U.K. government will target an emissions cut of at least 68% by the year 2030, compared to 1990 levels, under plans announced Thursday. The new goal to reduce greenhouse gas emissions comes before a Climate Ambition Summit on Dec. 12 which the U.K. will co-host. In a statement, the U.K.’s Prime Minister Boris Johnson described the new target as…
Read More
Italian energy firm Eni is taking a 20% stake in what is set to be the world’s largest offshore wind farm. The energy firms Equinor and SSE are both selling 10% stakes in the first two phases of the project, which is situated off the U.K. coast. Eni will now take a share of Dogger Bank A & B, which…
Read More
