The Environmental Protection Agency (EPA) has approved California’s bid to enforce a rule to end sales of new gasoline-powered vehicles in the state by 2035. California Gov. Gavin Newsom has applauded the decision, saying it will improve public health by slashing harmful air pollution as residents adopt cleaner electric or hybrid vehicles. “Clean cars are here to stay,” Newsom said in a written statement. “Automakers have made it clear they stand with California and consumers as we move toward clean cars that save money.…

The Environmental Protection Agency (EPA) has approved California’s bid to enforce a rule to end sales of new gasoline-powered vehicles in the state by 2035. California Gov. Gavin Newsom has applauded the decision, saying it will improve public health by slashing harmful air pollution as residents adopt cleaner electric or hybrid vehicles. “Clean cars are here to stay,” Newsom said in a written statement. “Automakers have made it clear they stand with California and consumers as we move toward clean cars that save money.…

Amid ongoing domestic and international concern over the scale and sustainability of China’s economic rebound from its Covid years, Beijing announced on 9 December that it will adopt an “appropriately loose” monetary policy next year, the first such easing in 14 years, and a more proactive fiscal policy to boost economic growth. Although the measures already put into place earlier this year should enable China to achieve its growth target of “around 5%” for 2024, these new measures are aimed at recapturing the 7%+…

Analysts at Barclays have downgraded the energy services sector on Wednesday, giving it a Neutral rating from Positive amid a bearish oil macro environment. The analysts have highlighted the absence of investor capital influx into the sector despite stable service and equipment markets and disciplined pricing, and see a potential risk for another cut to 2025 earnings. After posting three years of double-digit growth, the energy services sector is now facing a mid-cycle plateau in spending. “It's very difficult to see any of the "beta-driven"…

Analysts at Barclays have downgraded the energy services sector on Wednesday, giving it a Neutral rating from Positive amid a bearish oil macro environment. The analysts have highlighted the absence of investor capital influx into the sector despite stable service and equipment markets and disciplined pricing, and see a potential risk for another cut to 2025 earnings. After posting three years of double-digit growth, the energy services sector is now facing a mid-cycle plateau in spending. “It's very difficult to see any of the "beta-driven"…

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 900,000 barrels for the week to December 13. The number compares with an inventory draw of 4.7 million barrels estimated by the American Petroleum Institute for the same week on Tuesday. A week ago, the EIA estimated a crude oil inventory draw of a much more moderate 1.4 million barrels, coupled with sizable builds in fuel stocks that dampened the potential bullish effect of the crude inventory move. For the week to December 13,…

Saudi Arabia’s crude oil exports rose to a three-month high in October, the latest data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. Saudi Arabia, the world’s largest crude oil exporter, shipped 5.92 million bpd of crude to customers in October, up by 174,000 bpd compared to September. This was the highest average export volume from Saudi Arabia for three months, according to the JODI database which compiles self-reported figures from individual countries. Meanwhile, Saudi Arabia continues to stick to its…

Saudi Arabia’s crude oil exports rose to a three-month high in October, the latest data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. Saudi Arabia, the world’s largest crude oil exporter, shipped 5.92 million bpd of crude to customers in October, up by 174,000 bpd compared to September. This was the highest average export volume from Saudi Arabia for three months, according to the JODI database which compiles self-reported figures from individual countries. Meanwhile, Saudi Arabia continues to stick to its…

Saudi Arabia’s crude oil exports rose to a three-month high in October, the latest data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. Saudi Arabia, the world’s largest crude oil exporter, shipped 5.92 million bpd of crude to customers in October, up by 174,000 bpd compared to September. This was the highest average export volume from Saudi Arabia for three months, according to the JODI database which compiles self-reported figures from individual countries. Meanwhile, Saudi Arabia continues to stick to its…

Germany’s natural gas demand rose by 3.3% in 2024, due to lower prices compared to last year, preliminary estimates by the association of the German utilities, BDEW, showed on Wednesday. Despite subdued economic growth, the German industry raised its natural gas consumption this year from very low levels seen in 2023, the industry group said. Natural gas sales to the industry rose by 5.8% in 2024 from a year earlier, and sales for gas-fired power generation increased by 1.9%, BDEW said. Norway, Western Europe’s top oil and gas producer,…

Global coal demand has surged to another record high this year, the International Energy Agency (IEA) said on Wednesday, expecting the world’s coal consumption to level off through 2027. The year 2024 saw another all-time high consumption of coal globally, beating the previous record set last year, the IEA said in its Coal 2024 report with analysis and forecast to 2027. Last year, coal demand grew by 2.6% to hit an all-time high, the IEA said in a July overview of the coal markets. Back then, the agency expected coal demand for…

The Islamic Revolutionary Guard Corps (IRGC), Iran’s most powerful armed force defending the regime, has increased their influence over Iranian oil exports and is estimated to control half of these, Western officials and Iranian insiders have told Reuters. Despite U.S. sanctions on the Iranian oil industry and exports, the Islamic Republic continues to export an estimated more than 1 million barrels per day (bpd) of oil, mostly to China. During his first term in office, U.S. President-elect Donald Trump tore up the so-called Iran nuclear…

The OPEC+ group is wary that coming deregulation in the U.S. energy sector could boost U.S. oil production higher than forecast under incoming President Donald Trump, OPEC+ delegates have told Reuters. More U.S. oil supply could further erode OPEC+’s market share and weigh down on oil prices, which the OPEC cartel and its allies are desperately trying to support with production cuts. President-elect Trump’s return to the White House would likely mean less stringent environmental policies for the industry, “but we may see higher…

The Biden presidency was not the best of times for U.S.-Saudi relations. After Biden declared Saudi Arabia a pariah state and signaled a commitment to the energy transition, the fate of the bilateral relations was more or less sealed. Now, with Trump, this may well change. Because the U.S. and Saudi have common oil interests. On the face of it, the United States and Saudi Arabia are rivals in the oil space, and the U.S. has played a lead role in Saudi’s loss of clout over international prices with its record-high production. But, according…

Rising non-OPEC+ production and only modest growth in global oil demand will leave the market well-supplied next year, analysts say, as they remain cautiously bearish on crude oil prices amid a myriad of uncertainties in 2025. At the end of 2024, investment banks said they expect oil prices to stay around the current levels for 2025—in the low $70s per barrel Brent—with risks skewed to the downside on potential escalation of trade tensions. Analysts and traders are aware that the only certain thing about oil price forecasts is that…

European natural gas futures rebounded to over €41.5 per megawatt-hour on Tuesday, up from the over one-month low of €39.5 they touched on Monday as markets continue assessing the outlook of gas supply to Europe and the Ukraine gas transit deal comes to an end. Several gas companies and network operators in Hungary and Slovakia, which cover clients from Italy and Austria, have been pushing for the European Commission to extend the Ukraine transit deal beyond 2024. However, the EC appears determined to achieve its goal to end dependency…

As the new year approaches and the book on an eventful year in the energy world closes, 2025 looks set to bring more volatility, geopolitical tension and policy evolutions. Elections in almost all major global economies in 2024 have set the stage for a shifting policy landscape next year, most notably in the US, as President-elect Donald Trump outlines his priorities and plans for the incoming administration. The push for decarbonization continues, but numerous challenges persist, including economic instability, evolving energy demands and infrastructure…

Crude oil inventories in the United fell by 4.7 million barrels for the week ending December 6, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.85 million barrels. For the week prior, the API reported a 499,000-barrel build in crude inventories. So far this year, crude oil inventories have fallen by roughly 8 million barrels since the beginning of the year, according to API data. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by…

China has transformed itself from a minor player in the auto industry two decades ago to the world leader in car production and exports, particularly in electric vehicles (EVs), the New York Times reported late last month. But the trend of China's impact on the global auto market has been best characterized by this chart, published over the weekend, showing how Chinese car production has gone from 1% to 39% of global production in 20 years. The rapid ascent was fueled by significant government investment, advancements in automation, and the growth…

The 2024 hurricane season was relentless, and it took U.S. energy infrastructure along for the ride. Above-average storm activity—18 named storms, five of which were major hurricanes—created disruptions in electricity markets and oil and gas production in the Gulf of Mexico. Hurricanes Helene and Milton, both Category 3 storms, were the heavy hitters. Making landfall on Florida’s Gulf Coast in late September and early October, they wreaked havoc on power grids, petroleum supply chains, and inland states as they barreled north.…