Oil news

U.S. Sanctions Could Hit 1.5 Million Bpd of Russian Oil Exports

Oil news - 9 hours 42 min ago
One week into the latest – and most aggressive yet – U.S. sanctions on Russian oil exports, the Asian buyers of Russian crude are scrambling for alternative supply, the price of oil has rallied, and analyses suggest that more than 1 million barrels per day (bpd) of Moscow’s export volumes could be severely constrained, at least in the short term. The outgoing U.S. Administration on January 10 imposed the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas,…
Categories: Oil news

Iraq Will Not Get a Time-Out in 2025

Oil news - 11 hours 42 min ago
Iraq is a developing democracy, but its location — between Iran, Saudi Arabia, Turkey and Syria — means that it always faces pressure from outside its borders.  The list of challenges it faced in 2024 ranged from ongoing security threats, including attacks on U.S. military bases by armed groups, political shifts and discussions about the presence of U.S. forces, and, perhaps above all, instability from the war in Gaza and the collapse of the Assad regime in Syria. To deal with these challenges, Prime Minister Mohammed…
Categories: Oil news

Canada's Rare Earth Rush: A New Frontier in Green Energy

Oil news - Sat, 01/18/2025 - 23:00
As Canada rapidly develops its LNG production and export capabilities and expands its oil industry, the North American country may also be looking to boost its reputation as a rare earth elements producer. Canada has produced rare earth elements (REE) for several decades and is thought to have extensive untapped reserves. It has supported other countries in the development of their REE industries and is now looking to expand its domestic mining activities to help achieve net-zero goals and develop a regional supply chain.   REE are a…
Categories: Oil news

Europe Leads the Charge in Nuclear Energy Expansion

Oil news - Sat, 01/18/2025 - 21:00
The vast energy potential and clean nature of generating power through nuclear reactions have caused a surge in global demand, with nearly every region increasing nuclear energy investment by at least 50% over the last five years. For this graphic, Visual Capitalist has partnered with Global X ETFs to analyze the increasing investments in nuclear energy and identify the regions with the highest levels of investment. Which Region Invested the Most? Over the last five years, the International Energy Agency (IEA) has estimated that over $300 billion…
Categories: Oil news

Big Oil Faces Wave of Climate Lawsuits from U.S. States and Territories

Oil news - Sat, 01/18/2025 - 19:00
Hawaii, Alaska, and Puerto Rico are some of the U.S. states and territories most affected by climate change, and they have all launched lawsuits against either the U.S. government or oil companies over the last year due to climate change challenges. This month, the U.S. Supreme Court rejected appeals from several oil companies attempting to quash a lawsuit from Hawaii that aims to hold firms accountable for climate change. The oil firms in question say that climate change is a federal issue and should, therefore, not be addressed at the state level.…
Categories: Oil news

U.S. Shale's Capital Discipline Outweighs Trump's Pro-Growth Rhetoric

Oil news - Sat, 01/18/2025 - 03:00
Although corporate executives in the shale industry may be encouraged by the supportive rhetoric of President-elect Donald Trump and his incoming administration, a potential crude oil oversupply and a stagnation in well productivity mean they are less likely to boost drilling budgets. Operators are likely to cut back on Lower 48 drilling if prices stay below $70 per barrel. Industry heavyweights such as Chevron and Diamondback have guided for more modest budgets and slower-to-flat production growth next year. For now, 'Shale 4.0’ priorities,…
Categories: Oil news

Mining and Energy Companies Dominate Uzbekistan's Tax Revenue

Oil news - Sat, 01/18/2025 - 01:00
State-connected energy and mining companies dominate the list of top tax-paying enterprises in Uzbekistan, according to data released January 15 by the country’s State Tax Committee. Overall, the government collected roughly 123.3 trillion Uzbek soums (about $9.5 billion) in corporate tax revenue from 949 major taxpayers in 2024, the committee reported. The top 10 highest paying entities contributed roughly 57 percent of the corporate tax revenue collected by the state. The top three tax-payers were the Navoi Mining and Metallurgical Plant,…
Categories: Oil news

Tehran and Moscow Forge 20-Year Strategic Partnership

Oil news - Fri, 01/17/2025 - 23:00
Russian President Vladimir Putin and Iranian President Masoud Pezeshkian are set to sign a "comprehensive strategic partnership" treaty in Moscow on January 17 as Moscow and Tehran seek to further strengthen their relationship after years of deepening cooperation. The Kremlin announced earlier this week that Pezeshkian would visit Moscow and sign a new partnership agreement. Iranian Foreign Ministry spokesman Esmail Baghaei confirmed at a news conference on January 14 that a treaty would be signed, saying that the process of preparing it took about…
Categories: Oil news

Petrobras Refinery Output Hit Record High In 2024

Oil news - Fri, 01/17/2025 - 21:30
Brazil’s state-owned oil and gas multinational Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, saw output from its refineries hit an all-time high in 2024 thanks to record production of gasoline and S-10 diesel. Petrobras reported that gasoline output totaled 24.4 billion liters, eclipsing the previous record of 24.2 billion liters posted in 2014 while diesel production reached 26.3 billion liters. The company’s annual refinery utilization rate was 93.2% last year, up from 92% in 2023. Last year, Petrobras lowered capital…
Categories: Oil news

Petrobras Refinery Output Hit Record High In 2024

Oil news - Fri, 01/17/2025 - 21:30
Brazil’s state-owned oil and gas multinational Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, saw output from its refineries hit an all-time high in 2024 thanks to record production of gasoline and S-10 diesel. Petrobras reported that gasoline output totaled 24.4 billion liters, eclipsing the previous record of 24.2 billion liters posted in 2014 while diesel production reached 26.3 billion liters. The company’s annual refinery utilization rate was 93.2% last year, up from 92% in 2023. Last year, Petrobras lowered capital…
Categories: Oil news

US Rig Count Falls in Strong Week for Oil

Oil news - Fri, 01/17/2025 - 21:08
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday, after a 5-rig drop in the week prior. The total rig count fell by four rigs, to 580, according to Baker Hughes, down 40 from this same time last year. The number of oil rigs dipped by 2—down by 19 compared to this time last year. The number of gas rigs saw the same dropoff, losing 2 rigs to land at 98, a loss of 22 active gas rigs from this time last year. Miscellaneous rigs stayed the…
Categories: Oil news

BP Slashes Jobs, Bolsters Oil & Gas Operations

Oil news - Fri, 01/17/2025 - 20:00
The backlash against renewable energies continued this week as oil major BP (NASDAQ;BP) announced it is cutting 5 percent of its workforce or 4,700 jobs and 3,000 contractors. The UK-based oil company said the reductions are part of a cost-cutting plan that began last October, when it identified $500 million of cost savings to be delivered in 2025 — 25 percent of the $2 billion target set for the end of 2026. New CEO Murray Auchincloss was quoted by The Associated Press as saying that the company is “focusing resources on our highest-value…
Categories: Oil news

Fire at Huge California Battery Storage Plant Forces Evacuations

Oil news - Fri, 01/17/2025 - 19:30
A fire at the Vistra battery storage plant in California, one of the largest in the world, has prompted evacuations for hundreds of people, and part of a highway was closed early on Friday. The battery storage plant in Moss Landing in northern Monterey County is some 77 miles south of San Francisco. The owner of the plant is Texas-based company Vistra Energy, whose shares fell in market pre-trade on Friday following the news of the fire. The plant contains tens of thousands of lithium batteries, which could be difficult to put out once they catch…
Categories: Oil news

Fire at Huge California Battery Storage Plant Forces Evacuations

Oil news - Fri, 01/17/2025 - 19:30
A fire at the Vistra battery storage plant in California, one of the largest in the world, has prompted evacuations for hundreds of people, and part of a highway was closed early on Friday. The battery storage plant in Moss Landing in northern Monterey County is some 77 miles south of San Francisco. The owner of the plant is Texas-based company Vistra Energy, whose shares fell in market pre-trade on Friday following the news of the fire. The plant contains tens of thousands of lithium batteries, which could be difficult to put out once they catch…
Categories: Oil news

Oil Sanctions: Trump's Leverage in Ukraine-Russia Conflict?

Oil news - Fri, 01/17/2025 - 19:00
The Trump administration is currently formulating a sanctions strategy for Russia which might be better able to foster a peace deal in the Ukraine war. "Advisers to President-elect Donald Trump are crafting a wide-ranging sanctions strategy to facilitate a Russia-Ukraine diplomatic accord in the coming months while at the same time squeezing Iran and Venezuela, people familiar with the matter said," Bloomberg reports. Ironically the three countries named happen to be among the world's top oil producers - Russia, Iran, and Venezuela - and Trump's…
Categories: Oil news

Italy’s Natural Gas Demand Slumps to 15-Year Low

Oil news - Fri, 01/17/2025 - 18:30
Consumption of natural gas in the EU’s third-largest economy, Italy, dropped by 2.5% in 2024 to its lowest level in more than 15 years, power market manager GME said on Friday. Demand fell for a third consecutive year in 2024, due to higher prices compared to the pre-energy crisis levels, the market manager said in a monthly newsletter. Gas consumption in power generation fell by 1.6% last year from a year earlier, while residential consumption and the industry saw slight increases in consumption, up by 1.8% and 1.3%, respectively. As a result…
Categories: Oil news

Italy’s Natural Gas Demand Slumps to 15-Year Low

Oil news - Fri, 01/17/2025 - 18:30
Consumption of natural gas in the EU’s third-largest economy, Italy, dropped by 2.5% in 2024 to its lowest level in more than 15 years, power market manager GME said on Friday. Demand fell for a third consecutive year in 2024, due to higher prices compared to the pre-energy crisis levels, the market manager said in a monthly newsletter. Gas consumption in power generation fell by 1.6% last year from a year earlier, while residential consumption and the industry saw slight increases in consumption, up by 1.8% and 1.3%, respectively. As a result…
Categories: Oil news

Italy’s Natural Gas Demand Slumps to 15-Year Low

Oil news - Fri, 01/17/2025 - 18:30
Consumption of natural gas in the EU’s third-largest economy, Italy, dropped by 2.5% in 2024 to its lowest level in more than 15 years, power market manager GME said on Friday. Demand fell for a third consecutive year in 2024, due to higher prices compared to the pre-energy crisis levels, the market manager said in a monthly newsletter. Gas consumption in power generation fell by 1.6% last year from a year earlier, while residential consumption and the industry saw slight increases in consumption, up by 1.8% and 1.3%, respectively. As a result…
Categories: Oil news

Gaza Ceasefire Agreement Halts the Oil Price Rally

Oil news - Fri, 01/17/2025 - 18:02
Oil prices have stopped rallying as a ceasefire agreement between Israel and Hamas could lead to the end of the Houthi bombardments of the Red Sea, but prices are still set to end the week with a gain.The recent relentless oil price rally that saw Brent break $82 appears to have slowed, but backwardation continues to expand in both Dubai and Brent futures. A potential de-escalation between Israel and Hamas, leading to the Houthis ending their maritime warfare in the Red Sea, could bring flat prices lower from next week onwards, but this week…
Categories: Oil news

U.S. Refiners Face Headwinds in 2025

Oil news - Fri, 01/17/2025 - 17:32
US Refiners Face 2025 Headwinds as Cracks Fall and Geopolitics Complicate Outlook - Following two years of bumper profits, US refiners are bracing for a tougher period ahead as gradually weakening fuel demand growth across the country and potential tariff woes are set to lower downstream profitability.   - Despite US refinery utilization holding up at a robust 90.3% in Q4 2024, analysts have lowered expectations for their EBIT by 24% since the start of the quarter, with a coinciding slide in stock value. - The EIA predicts that 2025 will finally…
Categories: Oil news

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