With global inventories steadily falling and spare capacity eroding, the oil market resembles a geological fault line in which stress is quietly accumulating and will eventually be relieved by an earthquake of as yet unknown magnitude. The most likely stress relief will come from a deceleration in oil consumption as a result of a recession … Read more
Vicki Knott: CEO & Co-Founder of Crux OCM In this episode, Geoffrey speaks with Vicki Knott, CEO and co-founder of CRUX OCM, a technology company focused on bringing robotic industrial process automation into heavy industry. Control rooms and SCADA systems for a wide range of industries (water and wastewater, oil, gas, mining, rail, and power … Read more
Summary Macron tells Biden that UAE, Saudi can barely raise oil output OPEC, OPEC+ begin 2 days of policy meetings LONDON/SINGAPORE, June 29 (Reuters) – Oil prices gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy. Brent crude futures for August were little changed at … Read more
(Bloomberg) A historic drop in greenhouse gas emissions and energy consumption during the height of the Covid-19 pandemic rapidly reversed course last year when the dirtiest fossil fuel made a comeback, according to oil giant BP Plc.The findings show the difficulty of achieving pledges from last year’s COP26 climate talks, where delegates clinched a historic deal … Read more
(Bloomberg) A three-day Group of Seven summit hosted by Germany ended on Tuesday, with leaders backing a plan to discuss how to cap energy prices and pledging to support Ukraine indefinitely.Leaders will have the opportunity to resume talks on defense and Russia’s invasion at a NATO summit in Madrid. As they make their way there from … Read more
Signage is seen at an Exxon gas station in Brooklyn, New York City, U.S., November 23, 2021. REUTERS/Andrew Kelly June 28 (Reuters) – U.S. oil major Exxon Mobil Corp (XOM.N) and Imperial Oil Ltd (IMO.TO) said on Tuesday they will sell their Montney and Duvernay shale oil and gas assets in Canada to Whitecap Resources Inc (WCP.TO) for C$1.9 billion ($1.48 … Read more
June 29 (Reuters) – U.S. power companies are facing supply crunches that may hamper their ability to keep the lights on as the nation heads into the heat of summer and the peak hurricane season. Extreme weather events such as storms, wildfires and drought are becoming more common in the United States. Consumer power use … Read more
LONDON, June 29 (Reuters) – OPEC and OPEC+ begin a series of two-day meetings on Wednesday with sources saying chances of a big policy change look unlikely this month. At its last meeting in early June OPEC+ decided to speed up production cuts and to raise output each month by 648,000 barrels per day (bpd) … Read more
It’s apparent even today that most of the on-site heat treatment industry is still using outdated procedures and equipment. This causes production inefficiencies, which consistently push projects over budget while exposing the workforce to unnecessary safety risks. Expenses associated with research and development coupled with a reluctance towards change generally reduces the time and money … Read more
VEERUM’s application provides the primary visualization and analytics application to combine all CAD, geospatial, document management, IoT and operational systems. Clients can now elevate all their siloed and valuable data into an easy-to-use cloud-based application. VEERUM is the simplest and easiest to use solution on the market so you can stay ahead of the competition … Read more
Polytetrafluoroethylene (PTFE) also known by the brand name Teflon is a highly flexible and versatile material that offers universal chemical resistance. PTFE-lined steel piping systems are ideal for handling corrosive fluids commonly used in industrial and manufacturing processes. The strength of the steel housing provides mechanical integrity while the plastic liner provides chemical resistance. PTFE-lined … Read more
Investors sold petroleum last week at the fastest rate since just after Russia’s invasion of Ukraine, as the deteriorating economic outlook trumped fears about the impact of sanctions on oil supplies. Hedge funds and other money managers sold the equivalent of 71 million barrels in the six most important petroleum futures and options contracts in … Read more
WASHINGTON, June 28 (Reuters) – Jobs in the U.S. energy business rose 4% last year, at a faster clip than the country’s overall private sector, led by work in low-carbon vehicles, while positions in fossil fuels fell as the pandemic cut demand, the Department of Energy said on Tuesday. The U.S. Energy and Employment Report showed … Read more
Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 million barrels per day (bpd) this quarter, analysts said on Monday, as Europe chases U.S. crude to offset sanctioned Russian oil. U.S. exports have risen in the last three months, helped by Washington’s decision to release 180 million barrels of oil … Read more
Are you ready for Net Zero? Call for Papers for the 24th World Petroleum Congress, Calgary edition is now open! Join a line-up of industry experts and energy practitioners and share your strategies to shape the future of the energy landscape to deliver innovations to address GHG challenges. Choose from 17 technical forums across 4 … Read more
LONDON, June 28 (Reuters) – G7 leaders have agreed to study possible price caps on Russian oil and gas to try to limit Moscow’s ability to fund its invasion of Ukraine, G7 officials said on Tuesday. The officials, who include U.S. Treasury Secretary Janet Yellen, say the measure will limit the price that Russia receives … Read more
Jun 28, 2022 (Bloomberg) Oil rose for a third day with global output threats compounding already red-hot markets for physical supplies and as broader financial sentiment improved.Brent crude breached $117 a barrel on Tuesday, but some of the most notable moves in recent days have been in more specialist market gauges. A contract known as the … Read more
Jun 28, 2022 (Bloomberg)Group of Seven nations are set to allow some exceptional public financing of overseas fossil-fuel projects to continue provided that the investments are consistent with prior climate-change agreements, according to people familiar with the matter. The final text of the leaders’ statement, due to be published Tuesday at the conclusion of a … Read more
The OPEC+ alliance is set for an easy meeting this week as it cruises to the conclusion of a two-year pact on oil supplies. The respite won’t last long. When it gathers on Wednesday and Thursday, the 23-nation group led by Saudi Arabia is expected to rubber-stamp another production increase scheduled for August, completing the … Read more
June 27, 2022 The Group of Seven rich nations are debating a global price cap for Russian oil that would curb Moscow’s energy revenues and potentially limit its ability to fund its invasion of Ukraine. LOWER EXPORTS, MORE MONEY Higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export … Read more
U.S. President Joe Biden and French President Emmanuel Macron attend the G7 leaders summit at the Bavarian resort of Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, June 27, 2022. REUTERS/Lukas Barth/Pool GARMISCH-PARTENKIRCHEN, Germany, June 27 (Reuters) – Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President … Read more
(Bloomberg) US profit margin estimates are too optimistic, putting stocks at risk of more declines when Wall Street analysts downgrade their expectations, according to Goldman Sachs Group Inc. strategists. “While rotations within the equity market have signaled expectations of slowing growth, index valuation does not appear to be providing a buffer for the uncertainty around the … Read more
By Irina Slav More from Irina Slav Last week, while we were all watching oil prices, the European parliament voted for three emission-reduction policies aimed at helping the bloc meet its climate targets, which is the new ultimate goal of Europe, apparently. Perhaps it’s time to turn it into videogame. But I digress. The three policies include … Read more
PRESENTATION: conformii Innovation Presentation ARTICLE: conformii Simplifies Compliance and ESG Management – Learn More What is Energy Innovation Month? Energy Innovation Month is a month-long promotional campaign that will feature some of the latest and greatest innovation, technology, and research from experts across the energy sector.
June 27 (Reuters) – U.S. shale oil producers are returning to existing wells and giving them a second, high-pressure blast to lift output for a fraction of the cost of a finishing a new well. These “re-fracs” are taking hold as shale oil producers look to take advantage of $100 a barrel crude without making … Read more
(Bloomberg) Ecuador’s oil production is likely to halt completely within 48 hours if road blocks and vandalizing of oil wells continue, the Energy Ministry said in an emailed statement. Anti-government protests launched June 13 risk shutting down the former OPEC member’s oil industry “due to the acts of vandalism, takeover of wells and closing of roads, … Read more
Oil fluctuated near $107 a barrel in New York as investors monitored developments from the gathering of Group of Seven leaders, while fears of a demand-sapping recession continued to hang over the market. West Texas Intermediate swung between gains and losses on Monday, after posting its first back-to-back weekly loss since April. The G-7 will … Read more
SCHLOSS ELMAU, Germany, June 26 (Reuters) – Some of the leaders of the Group of Seven (G7) rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments, two sources told Reuters on Sunday, as European states scramble to diversify supplies. Delegations at the annual G7 summit are debating … Read more
Putin has already shown that the country’s economy is of secondary importance to his imperialist ambitions. Julian Lee US Treasury Secretary Janet Yellen is at the forefront of calls for a cap on Russian oil export prices. Sounds like a great idea. Just don’t expect it to work. Here’s the problem. Russia earns billions of … Read more
Jun 27, 2022 (Bloomberg) Group of Seven nations are set to announce an effort to pursue a price cap on Russian oil, US officials said Monday, though there is not yet a hard agreement on curbing what is a key source of revenue for Vladimir Putin for his war in Ukraine.Russia’s war and limiting its profits … Read more
The oil and gas rig count, an early indicator of future output, rose 13 to 753 in the week to June 24, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. RIG-USA-BHIRIG-OL-USA-BHIRIG-GS-USA-BHI Baker Hughes said that puts the total rig count up 283, or 60%, … Read more
(Bloomberg) The Biden administration is considering triggering tougher anti-smog requirements that could curb drilling across parts of the Permian Basin, the world’s biggest oil field that straddles Texas and New Mexico. The Environmental Protection Agency is weighing labeling parts of the Permian Basin as violating federal air quality standards for ozone — a designation that … Read more
Summary NS1 full shutdown scheduled for July 11-21 Storage build at risk ahead of winter Countries prepare for complete stoppage of Russian supplies LONDON/FRANKFURT, June 24 (Reuters) – When Russia turns off the gas through the Nord Stream 1 pipeline for maintenance in July, Europe is starting to worry that it won’t turn it back … Read more
(Bloomberg)The US energy chief struck a conciliatory tone in a high-stakes meeting with top oil executives to discuss soaring gasoline prices last week, though the huddle yielded little progress on a plan to address the supply crunch. For more than an hour, Energy Secretary Jennifer Granholm met in Washington with leaders of some of the … Read more
Oil and gas companies are expanding activity at a “robust” pace despite supply disruptions and rising costs, according to a Federal Reserve Bank of Dallas survey of energy executives. An index of oil activity in the U.S. Southwest was at the highest in six years, according to the quarterly report, which surveyed oil executives in … Read more
Jun 25, 2022 (Bloomberg) Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year, according to people familiar with the matter. That would be a major reversal on tackling climate change as Russia’s war in Ukraine upends … Read more
Jun 25, 2022 (Bloomberg) Oil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off.West Texas Intermediate fell 1.7% for the week to settle at $107.62. US Federal Reserve Chair Jerome Powell’s hawkish testimony to Congress … Read more
June 24 (Reuters) – Power demand in Texas hit a new all-time high on Thursday and will likely break that record on Friday as economic growth boosts overall use and homes and businesses keep their air conditioners cranked up to cope with a lingering heat wave. The Electric Reliability Council of Texas (ERCOT), which operates … Read more
PORTLAND, Texas, June 24 (Reuters) – Cheniere, the largest U.S. exporter of liquefied natural gas, boasts that it’s helping to “improve local air quality in communities globally” because the cleaner burning fuel it ships displaces coal in power plants. But in the Corpus Christi, Texas region, where the fuel is prepared for shipment, the company … Read more
June 24, 2022 There are no plans at the moment to hold an extraordinary summit of European Union leaders in July to discuss ways to deal with rising gas prices, an EU official said on Friday. “There are no plans,” the official said when asked about reports on a possible extra summit next month. The … Read more
U.S. natural gas futures held near an 11-week low on Friday as forecasts for hotter weather, higher demand and less output than last month offset a drop in liquefied natural gas (LNG) exports due to the extended shutdown of the Freeport LNG export plant in Texas. In Texas, power demand hit record levels again this … Read more
WASHINGTON, June 23 (Reuters) – The Biden administration is partnering with 11 East Coast states to accelerate development of offshore wind facilities and create jobs by supporting a domestic supply chain for the industry, the White House said on Thursday. The move is part of President Joe Biden’s push to fight climate change by expanding … Read more
HONG KONG, June 24 (Reuters Breakingviews) – A scramble for lithium creates new risks for electric-car makers. Breathtaking prices are prompting the industry to find new ways to secure the crucial battery ingredient. But dealmaking under duress makes miscalculations more likely. Manufacturers of automobiles and battery cells are striking direct contracts with miners and refiners. … Read more
(Bloomberg) Oil and natural gas fields in Russia, Turkmenistan and Texas are the most climate-damaging on Earth, according to a first-of-its kind analysis that looks at greenhouse-gas emissions across entire supply chains and finds they vary widely. The dirtiest fields emit more than 10 times as much carbon dioxide equivalent as the least emissions-intensive sites, it finds. Released Thursday by the nonprofit Rocky … Read more
Jun 23, 2022 (Bloomberg) US President Joe Biden’s political fortunes have changed dramatically since his first Group of Seven summit last summer, or even his last visit to Europe in March. It couldn’t come at a worse time for his international allies as Russia settles into a long war with Ukraine. German Chancellor Olaf Scholz, who will welcome G-7 leaders in the Bavarian … Read more
Jun 24, 2022 (Bloomberg) European Union leaders are preparing for a further reduction in gas supplies from Russia, seeking ways to cushion the effects of the unprecedented crisis, as well as a surge in energy prices, on the region’s economy. The impact of Russia’s invasion of Ukraine and its use of energy as a weapon forced … Read more
Jun 24, 2022 (Bloomberg) Oil headed for its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off. West Texas Intermediate traded near $105 a barrel after retreating over the previous two sessions. The US benchmark has lost … Read more
June 23, 2022 OPEC and allied producing countries including Russia will likely stick to a plan for accelerated oil
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