Oil news

Russia Vows to Meet OPEC+ Target after Exceeding Oil Output Quota in May

Oil news - Thu, 06/13/2024 - 19:30
Russia will reach its oil production quota in June after exceeding its target output under the OPEC+ deal in May, the Russian Energy Ministry said on Thursday. Russia slightly exceeded its OPEC+ quota in May, based on data from independent sources monitoring the agreement, the ministry said, adding that “the issue with overproduction will be resolved in June, when the target will be achieved.” The excess production volumes that Russia has pumped since April will be fully compensated for in the future, with the overproduction…
Categories: Oil news

Is The Middle Corridor The Best Alternative for EU-Asia Trade?

Oil news - Thu, 06/13/2024 - 19:00
The Middle Corridor AKA the Trans-Caspian International Transport Route, is a multimodal transport corridor connecting China to Europe. At over 4,700 km (and 2,000km shorter than Russia’s Northern Corridor according to the Caspian Policy Center), the Corridor is the shortest route and most sustainable transport corridor, between Europe and Western China. The Corridor  received renewed  attention after the start of the Russia-NATO war in Ukraine as it will enable Europe to trade with China and Central…
Categories: Oil news

Nvidia CEO Jensen Huang Declares a New Industrial Revolution

Oil news - Thu, 06/13/2024 - 18:30
Nvidia chief executive Jensen Huang has declared, “we are at the beginning of a new industrial revolution” due to the surging corporate demand for artificial intelligence (AI) technology. The quasi-celebrity billionaire, notorious for his signature leather jacket, said the work by companies like OpenAI and Google in developing advanced AI systems known as frontier models is “really, really important.” But he went on to say that the ability to manufacture intelligence at scale is new. “That’s one of…
Categories: Oil news

Nvidia CEO Jensen Huang Declares a New Industrial Revolution

Oil news - Thu, 06/13/2024 - 18:30
Nvidia chief executive Jensen Huang has declared, “we are at the beginning of a new industrial revolution” due to the surging corporate demand for artificial intelligence (AI) technology. The quasi-celebrity billionaire, notorious for his signature leather jacket, said the work by companies like OpenAI and Google in developing advanced AI systems known as frontier models is “really, really important.” But he went on to say that the ability to manufacture intelligence at scale is new. “That’s one of…
Categories: Oil news

Nvidia CEO Jensen Huang Declares a New Industrial Revolution

Oil news - Thu, 06/13/2024 - 18:30
Nvidia chief executive Jensen Huang has declared, “we are at the beginning of a new industrial revolution” due to the surging corporate demand for artificial intelligence (AI) technology. The quasi-celebrity billionaire, notorious for his signature leather jacket, said the work by companies like OpenAI and Google in developing advanced AI systems known as frontier models is “really, really important.” But he went on to say that the ability to manufacture intelligence at scale is new. “That’s one of…
Categories: Oil news

India Looks to Boost Coal Output and Cut Imports

Oil news - Thu, 06/13/2024 - 18:00
The world’s second-largest coal consumer, India, plans to increase its domestic coal production and reduce imports, G. Kishan Reddy, Minister of Coal and Mines, said on Thursday. Reddy, however, did not provide details about volumes, Indian media report. Earlier this year, Rajat Handa, vice president of international trade at Agarwal Coal, told Reuters that India’s coal imports “are not going to be higher than 160 million tons” in 2024. Many coal users that previously imported coal have started to switch…
Categories: Oil news

Standard Bank to Move Forward With Funding $5-Billion African Oil Pipeline

Oil news - Thu, 06/13/2024 - 17:30
Africa’s top lender, Standard Bank, expects to help fund part of the planned $5-billion East Africa Crude Oil Pipeline (EACOP), a controversial project that has had environmental campaigners call on banks to abandon financing for the pipeline.   The EACOP project, with a price tag of $5 billion, is for a 1,443 kilometer-long (897 miles) pipeline to be built from landlocked Uganda to the Tanga port in Tanzania. The oil pipeline is expected to bring crude from the Lake Albert project in Uganda to the international oil market. It is…
Categories: Oil news

Standard Bank to Move Forward With Funding $5-Billion African Oil Pipeline

Oil news - Thu, 06/13/2024 - 17:30
Africa’s top lender, Standard Bank, expects to help fund part of the planned $5-billion East Africa Crude Oil Pipeline (EACOP), a controversial project that has had environmental campaigners call on banks to abandon financing for the pipeline.   The EACOP project, with a price tag of $5 billion, is for a 1,443 kilometer-long (897 miles) pipeline to be built from landlocked Uganda to the Tanga port in Tanzania. The oil pipeline is expected to bring crude from the Lake Albert project in Uganda to the international oil market. It is…
Categories: Oil news

Falling Energy Prices Spark Hopes for Fed Rate Cuts

Oil news - Thu, 06/13/2024 - 17:00
US inflation came in below expectations in a boost for investors hoping that the US Federal Reserve might be able to start cutting interest rates in a matter of months. Figures from the Bureau of Labor Statistics showed that prices did not increase in the month for the first time since last June. Economists had expected to see a 0.1 percent increase. This meant the annual rate of inflation eased to 3.3 percent, slightly below the 3.4 percent expected by markets. Energy prices were the largest downward drag, falling 2.0 percent. Shelter costs, which…
Categories: Oil news

OPEC Slams IEA for “Dangerous” Forecast of Peak Oil Demand by 2030

Oil news - Thu, 06/13/2024 - 16:20
Peak oil demand is not on the horizon, OPEC Secretary General Haitham Al Ghais said on Thursday, blasting the International Energy Agency’s prediction that global oil demand will peak before 2030.   Some net-zero scenarios suggest that oil should not be part of a sustainable energy future, Al Ghais wrote in a column for EA Forum. “This narrative was repeated only yesterday when the IEA published its Oil 2024 report in which it once again stated that oil demand would peak before 2030,” he said.   “It is a dangerous…
Categories: Oil news

Standard Chartered: Oil Markets Will Soon Face Significant Supply Deficits

Oil news - Thu, 06/13/2024 - 03:00
The big oil price selloff in the wake of OPEC+'s decision to unwind 2.2M bbl/day in voluntary production cuts later this year has been corrected. The announcement led to front-month Brent falling to a four-month low below $77 per barrel (bbl), good for a hefty $8/bbl decline from the previous week’s high and over $15/bbl lower from April’s YTD high. Thankfully, oil prices have largely managed to pare back the losses with Brent for July delivery changing hands at $82.61 per barrel in Wednesday’s session while…
Categories: Oil news

Balancing AI’s Energy Demands: The Role of Gas, Nuclear, and Renewables

Oil news - Thu, 06/13/2024 - 02:00
Artificial intelligence is all the rage these days. So is its carbon footprint, which has sparked an awkward conversation about its supposed benefits for the transition and how they stack up against its substantial energy needs. The bigger question, however, is how these needs are going to be satisfied, because it seems AI is not going anywhere, whatever its footprint. Advocates claim AI will help drive the energy transition forward. Critics point to the fact that data centers servicing AI consume even more electricity—and water, by the way—than…
Categories: Oil news

New Zealand Seeks To Scrap Exploration Ban to Reverse Gas Decline

Oil news - Thu, 06/13/2024 - 01:00
New Zealand’s government is proposing the lifting of a 2018 oil and gas exploration ban as it seeks to halt a decline in domestic natural gas supply, boost energy security, and signal to international investors that it is open for business.    This week, the coalition government said it would introduce a bill in Parliament in the second half of 2024 to remove the ban on petroleum exploration beyond onshore Taranaki as part of a series of proposed amendments to the Crown Minerals Act. Industry welcomed the government’s…
Categories: Oil news

U.S. Crude Production Growth Challenges OPEC+ Control Over Prices

Oil news - Thu, 06/13/2024 - 00:00
The OPEC+ alliance, which includes Saudi Arabia and Russia, two of the world’s Top 3 oil producing countries, met in Riyadh, Saudi Arabia at the 37th OPEC and non-OPEC Ministerial Meeting. The group reaffirmed their commitment to the Declaration of Cooperation (DoC) and extended oil production levels until the end of 2025. They will continue using independent sources to guide 2026 production levels. Although the decision extends voluntary production cuts of 2.2 million BPD announced last November into the next year, it gradually eases some…
Categories: Oil news

Fed Leaves Rates Unchanged, Plans One Cut This Year

Oil news - Wed, 06/12/2024 - 23:10
The Federal Reserve concluded its two-day policy meeting on Wednesday, leaving interest rates unchanged and indicating that there will be one cut in 2024, with more cuts following the next year and beyond. Earlier on Wednesday, just prior to the Fed’s announcement, new inflation data showed a notable slowdown in consumer price increases for May, in the clearest indication that inflation is cooling.  Consumer prices rose 3.3% in the year through May, showing a slowdown in inflation. Oil prices were ticking up on Wednesday, with both Brent…
Categories: Oil news

Matador Resources to Buy More Permian Assets in $1.9B Deal

Oil news - Wed, 06/12/2024 - 23:00
As American shale patch mergers and acquisitions continue in the consolidation frenzy, oil producer Matador Resources Co has struck a deal to buy EnCap Investments’ Permian basin assets for $1.9 billion in cash.  In the deal, Matador will acquire new oil and gas producing properties in New Mexico and West Texas currently under the ownership of Ameredev II Parent LLC, according to a Wednesday press release, as well as a 19% stake in Piñon Midstream LLC’s New Mexico pipeline and compression assets.“As much as people…
Categories: Oil news

Matador Resources to Buy More Permian Assets in $1.9B Deal

Oil news - Wed, 06/12/2024 - 23:00
As American shale patch mergers and acquisitions continue in the consolidation frenzy, oil producer Matador Resources Co has struck a deal to buy EnCap Investments’ Permian basin assets for $1.9 billion in cash.  In the deal, Matador will acquire new oil and gas producing properties in New Mexico and West Texas currently under the ownership of Ameredev II Parent LLC, according to a Wednesday press release, as well as a 19% stake in Piñon Midstream LLC’s New Mexico pipeline and compression assets.“As much as people…
Categories: Oil news

Inflation in China is Finally Beginning to Stabilize

Oil news - Wed, 06/12/2024 - 23:00
China’s consumer inflation remained stable in May, while the decline in producer prices showed signs of easing, indicating sluggish demand amid a prolonged property downturn in the world’s second-largest economy.  China’s consumer price index (CPI) grew by 0.3 percent year-on-year in May, matching April’s figure and falling slightly short of economists’ expectations. However, on a monthly basis, there was a marginal decline of 0.1 percent in the CPI.  This stability in consumer prices comes amidst a backdrop…
Categories: Oil news

Uzbekistan's Bid for WTO Membership Hinges on Major Trade Reforms

Oil news - Wed, 06/12/2024 - 22:00
The Uzbek government appears willing to loosen its control over the flow of information within Central Asia’s most populous nation as part of a comprehensive reform initiative to enhance its membership qualifications for the World Trade Organization. President Shavkat Mirziyoyev has expressed a desire for Uzbekistan to gain WTO membership as soon as 2026. WTO membership status is granted after a lengthy negotiation process overseen on the organization’s side by what is known as a “working party.” A working party was established…
Categories: Oil news

300 New Sanctions for Russia as US Looks to Tighten the Noose

Oil news - Wed, 06/12/2024 - 21:00
Ahead of a meeting later this week with Ukrainian President Volodymyr Zelensky at the Group of 7 nations leadership summit, the Biden administration has slapped 300 new sanctions on Russia in a further attempt to squeeze the war coffers as Moscow continues to circumvent sanctions most significantly, via China.  Sanctions announced by the U.S. Department of Treasury on Wednesday added approximately 300 new sanctions on individuals and entities helping the Kremlin continue its war against Ukraine and enabling sanctions evasion.  “We…
Categories: Oil news

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