Goldman Sachs Predicts An Oil Price Rally
Goldman Sachs continues to be bullish on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is currently underway.Should major economies, including the U.S., avoid deep recessions, the founda…
Qatar: Aggressive Energy Transition Policies To Create Gas Shortages
Qatar has issued a warning to Europe about disruptions in the supply of natural gas as the energy transition policies of governments stifle the investments necessary for keeping Europe flush with natural gas in the next decade.Qatar’s energy minister…
Cheap Russian Crude Is Replacing Middle Eastern Oil On India’s Spot Market
India’s spot purchases of crude oil from the Middle East have fallen in recent months, as cheaper Russian spot barrels are making their way to the world’s third-largest crude oil importer, according to the head of the largest Indian refiner. “Spo…
New Mexico Accounted For 50% Of U.S. Oil Production Growth In 2022
New Mexico, home to part of the Permian basin, saw the highest crude oil production growth of any U.S. state last year, with output gains of 300,000 barrels per day (bpd) accounting for half of America’s oil production increase, the Energy Informatio…
U.S. Legislators Attempt To Ban Oil And Gas Exports
Three U.S. legislators have proposed a bill that would reimpose a ban on U.S. crude oil exports on the ground that this would benefit coastal communities, U.S. energy consumers as a whole, and help the U.S. achieve its climate change goals.“Block All…
Iran And Russia Discuss Joint Development Of Oil And Gas Fields
Iran and Russia are considering the joint development of as many as 10 oil and gas fields in Iran, media have reported following a meeting between Iranian officials and a Russian delegation led by Deputy Prime Minister Alexander Novak.The proposal has…
Refinery Utilization Plans Tell Story Of Strong Oil Products Demand in U.S.
U.S. crude oil refineries are planning to run at a rate of 94% utilization this quarter, according to company forecasts and analysts, Reuters said on Tuesday. U.S. total refining capacity is estimated at 17.9 million barrels per day.U.S. refiners have…
Australian Gas Giant Wants To Import Carbon Dioxide From Asia
Santos, an Australian energy major with a focus on gas, wants to import carbon dioxide from Asia and store it in local reservoirs.The idea may have sounded somewhat eccentric a few years ago but it seems that carbon capture and storage is gaining trac…
EU Considers Formally Banning Russian Oil Flows To Germany And Poland
The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen.The Druzhba pipelin…
Can Argentina’s Oil Industry Help Stave Off An Economic Crisis?
Argentina, which with a 2022 gross domestic product of $632 million is Latin America’s third-largest economy, is once again in the midst of a deep economic crisis that emerged during the 2020 COVID-19 pandemic. The severity of the crisis is illustrat…
Trump Promises To "Drill, Baby, Drill" If Elected
"Drill, baby, drill" will be the first order of business for Donald Trump should he be elected president, the former president said at a Republican presidential town hall on Wednesday. Asked about what would be the first thing he would do t…
Pakistan Wants To Pay In Chinese Yuan For Russia’s Crude Oil
Cash-strapped Pakistan hopes it can pay for future Russian crude oil deliveries in Chinese yuan, Pakistani Minister of Power, Khurram Dastgir Khan, told Bloomberg in an interview published on Wednesday.Pakistan has so far ordered just one crude oil ca…
Top African Bank Defends Support For Fossil Fuel Projects
Standard Bank Group, the South Africa-based lender with the biggest assets in Africa, says that access to energy in Africa will continue to drive its support for fossil fuel projects.“It is not possible for Africa and many of the African countries to…
China Boosts Offshore Oil And Natural Gas Output
China reported higher offshore crude oil and natural gas production for the first quarter, with oil production up by 3.8% and natural gas production up by 6.5%, Xinhua reported.The increase was part of a broader one for the country’s marine economy, …
5 Oil Producing Nations Ask To Join BRICS Alliance
Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations as it prepares to hold its annual summit in South Africa.In total, 19 nations have expressed interest in joining the emerging-markets bloc …
EU Looks To Attract More Suppliers To Its Joint Gas Purchase Platform
The European Union is keen to attract international natural gas suppliers to offer volumes for sale on the EU’s new joint gas purchase platform to keep prices low and avoid another winter of fears of gas shortages. “All international suppliers of g…