Oil news

Russia’s Crude Shipments Rise Despite Vow to Fix Overproduction

Oil news - Tue, 06/18/2024 - 18:30
Russia continued to raise its crude oil exports by sea for a second consecutive week despite promising to stick strictly to its OPEC+ output target in June, tanker-tracking data and port agent reports monitored by Bloomberg showed on Tuesday. In the four weeks to June 16, Russian crude oil shipments rose by some 80,000 barrels per day (bpd) to 3.42 million bpd, according to the data reported by Bloomberg’s Julian Lee. The week to June 16 was the second consecutive week in which the four-week average of Russia’s crude export…
Categories: Oil news

Russia’s Crude Shipments Rise Despite Vow to Fix Overproduction

Oil news - Tue, 06/18/2024 - 18:30
Russia continued to raise its crude oil exports by sea for a second consecutive week despite promising to stick strictly to its OPEC+ output target in June, tanker-tracking data and port agent reports monitored by Bloomberg showed on Tuesday. In the four weeks to June 16, Russian crude oil shipments rose by some 80,000 barrels per day (bpd) to 3.42 million bpd, according to the data reported by Bloomberg’s Julian Lee. The week to June 16 was the second consecutive week in which the four-week average of Russia’s crude export…
Categories: Oil news

Europe Aims to Reduce Reliance on China for Critical Minerals

Oil news - Tue, 06/18/2024 - 18:00
Europe has been looking for ways to accelerate its rare earth metals production to diversify its supply chain and reduce reliance on China as its main supplier. Several minerals will be crucial for the development of the global renewable energy industry, helping energy companies to produce batteries, solar and wind equipment and clean technologies. To date, the global reliance on China for these minerals has been significant and it continues to dominate worldwide production of lithium and several other critical minerals. However, recent developments…
Categories: Oil news

Fisker Files for Bankruptcy as Troubles Mount for EV Makers

Oil news - Tue, 06/18/2024 - 17:15
Electric vehicle manufacturer Fisker Group Inc said on Tuesday it had filed for Chapter 11 protection in the District of Delaware, one year after launching its first model, as market and macroeconomic headwinds led to a lot of cash burned to take the Ocean SUV to the market. Fisker is the second EV start-up of automotive designer Henrik Fisker to go bankrupt after it badly missed forecasts for EV production and deliveries last year. “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’…
Categories: Oil news

Oil Prices Climb as Sentiment Continues to Improve

Oil news - Tue, 06/18/2024 - 16:50
Oil prices have bounced back after the last OPEC+ announcement sent them crashing, and the U.S. Federal Reserve could send them higher still with optimistic messaging.- Oil markets were eagerly anticipating the start of peak driving season in the summer, but gasoline demand so far has been mostly disappointing, with US consumption some 2% lower year-over-year.- Asia has been the first continent where gasoline weakness led to refinery run cuts, as a glut of light distillate supply has pushed Singapore gasoline cracks below the $5 per barrel mark.-…
Categories: Oil news

U.S. Judge Dismisses Exxon’s Lawsuit Against Activist Investor

Oil news - Tue, 06/18/2024 - 16:00
A U.S. district judge has dismissed a lawsuit filed by ExxonMobil against shareholder Arjuna Capital after ruling that the case is now moot after the activist investor had withdrawn a climate proposal and promised not to file similar proposals in the future.   The dispute between the U.S. supermajor and Arjuna Capital emerged early this year, when Exxon sued Arjuna and Follow This in a Texas district court, aiming to block their climate proposals from going to a vote at the annual shareholder meeting, in the first such…
Categories: Oil news

Refining Margins Squeezed as Tepid Demand Casts Shadow Over U.S. Gasoline Market

Oil news - Tue, 06/18/2024 - 03:00
Surging U.S. gasoline production and tepid demand early into the driving season have boosted American gasoline stocks in recent weeks, weighing on refining margins and oil market sentiment. Weaker gasoline demand compared to last year, a well-supplied market with refineries boosting output after spring maintenance, and the recent slide in oil prices have helped lower U.S. gasoline prices at the start of the summer driving season. This is good news for American consumers and the sitting U.S. president seeking re-election in November.  However,…
Categories: Oil news

China's "No Limits" Friendship with Russia is Beginning to Crumble

Oil news - Tue, 06/18/2024 - 02:00
In a joint communiqué on 4 February 2022, China and Russia stated that: “Friendship between the two States [China and Russia] has no limits, there are no forbidden areas of cooperation.” This followed the first in-person meeting between Chinese President Xi Jinping and his Russian counterpart Vladimir Putin for nearly two years, at the opening of the Winter Olympics ceremony in Beijing. Just over two weeks later, Russia invaded Ukraine in what most observers at the time believed would be a conflict lasting two or three days before…
Categories: Oil news

Funding the Global Energy Transition Remains a Major Challenge

Oil news - Tue, 06/18/2024 - 01:00
Last month, the Organisation for Economic Co-operation and Development announced that the world's richest nations had finally hit a target of $100 billion in annual transition funding in 2022. In fact, they had "materially surpassed" that target by over $15 billion, the OECD said. Even so, the ultimate target of mobilizing trillions in green finance over the coming couple of decades remains as elusive as ever. Popularly known as climate finance, the money that various forecasting agencies say we need to spend every year in order to shift away from…
Categories: Oil news

Southeast Asia Bets Billions On Pumped Hydro Energy Storage

Oil news - Tue, 06/18/2024 - 00:00
Pumped-storage hydropower, or simply pumped hydro, is set to play an increasing role in Southeast Asia’s energy transition. This mature technology for large-scale energy storage can bolster grid reliability as fossil fuel generators are phased out in favor of renewable sources. Pumped hydro capacity in Southeast Asia is projected to surge from 2.3 gigawatts (GW) today to 18 GW by 2033, representing a nearly eightfold increase in less than a decade, and attracting an estimated total investment of between US$12 billion and US$70 billion. With…
Categories: Oil news

Russia Reclaims Its Position as Europe’s Top Gas Supplier

Oil news - Mon, 06/17/2024 - 23:00
According to some of the more cynical elements out there, the entire Ukraine war as orchestrated by Victoria Nuland and various energy-tied elements in the deep state, was meant to do one thing: replace Russia with the US as the primary supplier of European gas (and the recent sabotage of the Nord Stream pipeline, only seems to validate this particular "conspiracy theory.") And if indeed it is the case that the war was meant to replace one European energy supplier with another, then we have bad news: the war has been for nothing. According…
Categories: Oil news

How EVs Could Provide Renewable Energy Storage To Support the Grid

Oil news - Mon, 06/17/2024 - 22:00
Optimism around the growth of the electric vehicle (EV) market has faltered in recent months as consumer uptake has grown at a slower pace than previously anticipated. This has led several automakers to reduce their EV investments in the mid-term until the market becomes more stable. Further, Tesla’s recent decision to cancel the rollout of a large-scale EV charging network in the U.S. has led to greater uncertainty in the sector. Nevertheless, some energy experts are exploring the potential for EVs to be more useful than many might have…
Categories: Oil news

Rystad Predicts Near Zero Oil Supply Growth in 2024

Oil news - Mon, 06/17/2024 - 21:30
Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast.  Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, which could render this year the first since 2020 with zero supply growth, Rystad said, estimating expect supply growth at around 80,000 barrels per day for 2024, down from earlier expectations of 900,000 bpd, which had been made in early June…
Categories: Oil news

Rystad Predicts Near Zero Oil Supply Growth in 2024

Oil news - Mon, 06/17/2024 - 21:30
Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast.  Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, which could render this year the first since 2020 with zero supply growth, Rystad said, estimating expect supply growth at around 80,000 barrels per day for 2024, down from earlier expectations of 900,000 bpd, which had been made in early June…
Categories: Oil news

Rystad Predicts Near Zero Oil Supply Growth in 2024

Oil news - Mon, 06/17/2024 - 21:30
Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC+ voluntary cuts and the cartel’s demand forecast.  Based on the most recent OPEC+ guidance, total global oil supply growth will be near zero in 2024, which could render this year the first since 2020 with zero supply growth, Rystad said, estimating expect supply growth at around 80,000 barrels per day for 2024, down from earlier expectations of 900,000 bpd, which had been made in early June…
Categories: Oil news

Oil Prices Jump 2% on Improving Demand Outlook

Oil news - Mon, 06/17/2024 - 21:00
The U.S. crude oil benchmark was trading up over 2% on Monday, with Brent gaining over 1.7% as the market digested data suggesting an improving demand outlook.  At 2:28 p.m. ET on Monday, Brent crude was trading up 1.73% at $84.05, for a gain of $1.43 on the day. West Texas Intermediate (WTI) was trading up 2.17% at $80.15, for a gain of $1.70 on the day.  In the prior week, oil enjoyed its first weekly gain in a month buoyed by reports that lent more optimism to oil demand in the second half of this year. OPEC+ has taken pains to assure…
Categories: Oil news

Oil Prices Jump 2% on Improving Demand Outlook

Oil news - Mon, 06/17/2024 - 21:00
The U.S. crude oil benchmark was trading up over 2% on Monday, with Brent gaining over 1.7% as the market digested data suggesting an improving demand outlook.  At 2:28 p.m. ET on Monday, Brent crude was trading up 1.73% at $84.05, for a gain of $1.43 on the day. West Texas Intermediate (WTI) was trading up 2.17% at $80.15, for a gain of $1.70 on the day.  In the prior week, oil enjoyed its first weekly gain in a month buoyed by reports that lent more optimism to oil demand in the second half of this year. OPEC+ has taken pains to assure…
Categories: Oil news

Crew Abandons Sinking Bulk Carrier In Red Sea After Houthi Attack

Oil news - Mon, 06/17/2024 - 21:00
Turmoil in the Red Sea and Gulf of Aden intensified this week as Iran-backed Houthi rebels launched a series of attacks on commercial vessels traversing the critical maritime chokepoint. In a bold new move, the rebels deployed a suicide drone boat that slammed into the stern of a bulk carrier, paralyzing the vessel and forcing the crew to abandon the ship.  The drone boat attack on commodity-hauling bulk carrier "Tutor" was first reported on Wednesday. By Friday, the crew of the vessel was "evacuated…
Categories: Oil news

U.S. Gasoline Prices Up After 3-Week Decline

Oil news - Mon, 06/17/2024 - 20:30
Prices at U.S. pumps rose 1 cent from a week ago, pushing pause on gradually declining prices, largely because of price increases in Great Lakes states, GasBuddy said on Monday.  Gasoline prices in the U.S> hit $3.41 per gallon on Monday, according to GasBuddy, while AAA put the national average per gallon at $3.447.  The national average, according to GasBuddy, is still down 18 cents from a month ago, and down 13.8 cents per gallon from a year ago.  For diesel, the national average is down 1.6 cents over the past week and 13…
Categories: Oil news

What Will Mexico’s Energy Policy Look Like Under Its First Female President?

Oil news - Mon, 06/17/2024 - 20:00
There has been great criticism over Mexico’s energy policies in recent years, as the country’s President Andres Manuel Lopez Obrador (AMLO) has continued to ardently support the oil and gas industry above renewable alternatives, while the state-owned oil company Pemex becomes increasingly indebted. There is now major speculation around what is in store for Mexico’s energy sector under AMLO’s Morena party successor Claudia Sheinbaum. Claudia has mainly pledged to follow the policies put in place by her predecessor, but many…
Categories: Oil news

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