Oil news
Harris Energy Policies Under Fire in Crucial Swing State
Authored by The Empowerment Alliance via RealClearPennsylvania, The Commonwealth of Pennsylvania is ground zero for selecting the next president of the United States. We know that energy affordability is a key issue to voters in making this decision. Data compiled by The Empowerment Alliance (TEA) shows that Pennsylvania has 3.2 million American Energy Patriots, or about 38% of its 8.8 million registered voters. We define those voters as people who prioritize energy affordability in their voting decisions. They will support candidates who champion…
Categories: Oil news
Exxon Gets Rare Sell Rating On Oversupply Concerns
Exxon Mobil Corp. (NYSE:XOM) was up slightly in Thursday’s trading session after analysts at BNP Paribas Exane downgraded its shares to Underperform from Neutral with a $105 price target, good for 14% downside from the current price. The downgrade marks the first Sell equivalent rating XOM has received in more than a year, with analysts predicting a further decline in crude oil prices. Previously, XOM stock posted gains for seven straight sessions. “Substantial excess OPEC+ capacity is hanging over the sector like the Sword of Damocles,”…
Categories: Oil news
Exxon Gets Rare Sell Rating On Oversupply Concerns
Exxon Mobil Corp. (NYSE:XOM) was up slightly in Thursday’s trading session after analysts at BNP Paribas Exane downgraded its shares to Underperform from Neutral with a $105 price target, good for 14% downside from the current price. The downgrade marks the first Sell equivalent rating XOM has received in more than a year, with analysts predicting a further decline in crude oil prices. Previously, XOM stock posted gains for seven straight sessions. “Substantial excess OPEC+ capacity is hanging over the sector like the Sword of Damocles,”…
Categories: Oil news
Rio Tinto Expands into Lithium Market with $6.7 Billion Acquisition
Rio Tinto is set to acquire the chemical producer Arcadium Lithium in a $6.7bn (£5.12bn) deal. The multinational mining behemoth announced the all-cash transaction this morning and called the acquisition of the global business a “significant step forward”. It amounts to $5.85 per share, and a premium of 90 per cent on Arcadium’s closing price of $3.08 per share on 4 October, Rio Tinto said. Arcadium’s capabilities include lithium chemical manufacturing and extraction processes, hard-rock mining, conventional brine…
Categories: Oil news
Israel Considers Iran Energy Strikes Despite U.S. Objections
A number of days have passed with no Israeli retaliation against Iran for its Oct. 1st major attack which saw nearly 200 ballistic missiles pummel the Tel Aviv area, including hits on important Israeli air bases. A lot of back-and-forth and contradictory reports later, and with the US side reportedly trying to 'talk Netanyahu down', Israel is saying that strikes on Iran's energy facilities are still definitely on the table: US OFFICIALS TO NBC - ISRAEL IS CONSIDERING STRIKING ENERGY FACILITIES IN IRAN The news wire sent crude prices spiking, as…
Categories: Oil news
India’s Jindal Power Abandons Crude Processing Deal With PdVSA
India’s giant power company, Jindal Power Ltd, has exited a deal that would have seen it operate Petroleos de Venezuela’s (PdVSA) key installations for processing heavy crude oil for export, Bloomberg has reported. In May, Jindal entered into a joint venture with PdVSA in the Petrocedeno project located in the oil-rich Orinoco Belt. The $300 million deal to renovate and upgrade equipment was Jindal’s first foray into the oil sector. The collapse of the deal is illustrative of the challenges Venezuela faces in trying to revive…
Categories: Oil news
India’s Jindal Power Abandons Crude Processing Deal With PdVSA
India’s giant power company, Jindal Power Ltd, has exited a deal that would have seen it operate Petroleos de Venezuela’s (PdVSA) key installations for processing heavy crude oil for export, Bloomberg has reported. In May, Jindal entered into a joint venture with PdVSA in the Petrocedeno project located in the oil-rich Orinoco Belt. The $300 million deal to renovate and upgrade equipment was Jindal’s first foray into the oil sector. The collapse of the deal is illustrative of the challenges Venezuela faces in trying to revive…
Categories: Oil news
India’s Jindal Power Abandons Crude Processing Deal With PdVSA
India’s giant power company, Jindal Power Ltd, has exited a deal that would have seen it operate Petroleos de Venezuela’s (PdVSA) key installations for processing heavy crude oil for export, Bloomberg has reported. In May, Jindal entered into a joint venture with PdVSA in the Petrocedeno project located in the oil-rich Orinoco Belt. The $300 million deal to renovate and upgrade equipment was Jindal’s first foray into the oil sector. The collapse of the deal is illustrative of the challenges Venezuela faces in trying to revive…
Categories: Oil news
Oil Slides as EIA Confirms Large Crude Inventory Build
Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory increase of 5.8 million barrels for the week to October 4. The change in inventory levels compared with a build of 3.9 million barrels for the previous week. It also follows an estimated inventory increase of a sizable 10.9 million barrels, as reported by the American Petroleum Institute on Tuesday. The build estimate pressured oil prices which were already wobbly after traders’ expectations of further Chinese stimulus got betrayed by…
Categories: Oil news
Russia’s Planned Idle Refining Capacity Raised by 67% for October
Russia has raised the refining capacity volumes it expects to be idle this month by 67% compared to an earlier plan, due to scheduled maintenance at major refineries, Reuters estimates showed on Wednesday. In October, Russia expects to have 4.0 million metric tons of refining capacity offline, per Reuters’s calculations based on figures provided by industry sources. While that’s lower than the idle capacity in September, at 4.5 million tons, it is still higher than previously planned. Previously postponed maintenance at Rosneft’s…
Categories: Oil news
India’s Coal Power Output Falls for Consecutive Months for First Time Since 2020
Heavy monsoon rainfall has lowered India’s power demand growth in the past two months and led to the first time since the pandemic when coal-fired power generation fell year-over-year in two consecutive months. Electricity demand typically moderates during the monsoon season in India which is between June and September. This year, the excessive rainfalls also helped hydropower generation, further lowering demand for coal-fired electricity. The power generated from India’s coal plants declined by 5.8% in September versus a year earlier,…
Categories: Oil news
India’s Coal Power Output Falls for Consecutive Months for First Time Since 2020
Heavy monsoon rainfall has lowered India’s power demand growth in the past two months and led to the first time since the pandemic when coal-fired power generation fell year-over-year in two consecutive months. Electricity demand typically moderates during the monsoon season in India which is between June and September. This year, the excessive rainfalls also helped hydropower generation, further lowering demand for coal-fired electricity. The power generated from India’s coal plants declined by 5.8% in September versus a year earlier,…
Categories: Oil news
Rollout of Charging Points in the U.S. Is Far Slower Than Surging EV Sales
While electric vehicle registrations in the United States have surged by 142% since the beginning of 2023, the pace at which public charging point installations are growing has been just 22%, risking undermining the current momentum of EV sales in America. As of September 2024, registrations of electric vehicles in the United States hit 3.5 million units, per data from the Alternative Fuels Data Center (AFDC) cited by Reuters’s columnist Gavin Maguire. That’s a surge of 142% since the beginning of 2023. But the number of public EV charging…
Categories: Oil news
Rollout of Charging Points in the U.S. Is Far Slower Than Surging EV Sales
While electric vehicle registrations in the United States have surged by 142% since the beginning of 2023, the pace at which public charging point installations are growing has been just 22%, risking undermining the current momentum of EV sales in America. As of September 2024, registrations of electric vehicles in the United States hit 3.5 million units, per data from the Alternative Fuels Data Center (AFDC) cited by Reuters’s columnist Gavin Maguire. That’s a surge of 142% since the beginning of 2023. But the number of public EV charging…
Categories: Oil news
Rollout of Charging Points in the U.S. Is Far Slower Than Surging EV Sales
While electric vehicle registrations in the United States have surged by 142% since the beginning of 2023, the pace at which public charging point installations are growing has been just 22%, risking undermining the current momentum of EV sales in America. As of September 2024, registrations of electric vehicles in the United States hit 3.5 million units, per data from the Alternative Fuels Data Center (AFDC) cited by Reuters’s columnist Gavin Maguire. That’s a surge of 142% since the beginning of 2023. But the number of public EV charging…
Categories: Oil news
EIA Slashes Forecasts of Oil Demand Growth and Oil Prices in 2025
Global oil demand is set to grow next year at a lower rate than previously expected, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) for October, as it slashed its Brent oil price forecasts for 2025 due to lower expected demand increase. The EIA now expects global oil demand to grow by 1.3 million barrels per day (bpd) in 2025, due to downgraded forecasts of consumption in developed economies in the OECD. In the September STEO, the EIA had projected global consumption of liquid fuels would increase…
Categories: Oil news
Mining Giant Rio Tinto to Buy Arcadium Lithium for $6.7 Billion
Rio Tinto will buy Arcadium Lithium in an all-cash deal valuing the target company at $6.7 billion, as one of the world’s largest miners is boosting its position as a global leader in energy transition commodities. Rio Tinto and Arcadium Lithium plc on Wednesday announced a definitive agreement under which Rio Tinto will acquire Arcadium in an all-cash transaction for US$5.85 per share. The price in the transaction represents a premium of 90% to Arcadium’s closing price of $3.08 per share on 4 October 2024 and values Arcadium’s…
Categories: Oil news
IEA: The World Is Not on Track to Triple Renewable Capacity by 2030
Despite the surge in renewable energy additions, the world is not yet on track to reach the goal of tripling renewables capacity by 2030, according to the Renewables 2024 report published by the International Energy Agency (IEA) on Wednesday. Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25%. But it still falls short of tripling, said the agency advocating for a swift move away from fossil fuels. While climate and energy security policies have boosted the attractiveness…
Categories: Oil news
Florida Is Running Out of Fuel as Residents Flee Hurricane Milton
Gas stations in Florida are running out of fuel as people are evacuating ahead of Hurricane Milton, expected to be a once-in-a-century direct hit on Tampa late on Wednesday. Late on Tuesday, the National Hurricane Center said that Milton is forecast to retain its major hurricane status and expand in size while it approaches the west coast of Florida. Tuesday was the last full day for Florida residents to get their families and homes ready, and evacuate if told so by local officials, the NHC added. “Milton will move across the eastern Gulf…
Categories: Oil news
Global Energy Industry Emissions Set to Peak in 2024
According to a new report from Norway's DNV, emissions from the energy sector are set to peak this year. The peak would be driven by the increased deployment of solar generation and battery storage. The report claims emissions may eventually halve by 2050, as non-hydrocarbon sources of energy come to account for some 50% of the global energy mix. DNV added that this would still be insufficient to hit the Paris Agreement targets of arresting the global average temperature increase to between 1.5 C and 2 C from pre-industrial times. According to…
Categories: Oil news