Citi Forecasts Oil Price Drop to $60s by 2025
Citi predicts that oil prices will plummet to the $60s range by 2025 as inventories build following a tight market this summer, signaling a bearish outlook despite current robust demand and higher prices.Oil has recouped the losses from early June whe…
Eastern Australia at Risk of Imminent Natural Gas Shortages
Australia’s east coast faces natural gas shortages due to supply outages and higher gas-fired power demand amid cold weather and unusually low wind generation, the Australian energy regulator said this week.The Australian Energy Market Operator (AEMO…
French Senate Wants ‘Golden Share’ In TotalEnergies for National Interest
A French Senate report released on Wednesday is calling on the government to scoop up a “golden” share in giant TotalEnergies in an attempt to gain a strategic veto on issues related to climate change and any notion the company may have of relocatin…
Iran Says U.S. Can No Longer Obstruct Its Oil Production and Exports
Any future U.S. administration cannot prevent Iran from boosting its oil production and exports, Iranian Petroleum Minister Jawad Owji said on Wednesday.“With the measures that have been taken in President Raisi’s government in the field of the oil …
Russia Dethrones U.S. as Top EU Natural Gas Supplier
Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot.“It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europ…
Africa’s Biggest Refinery Delays First Gasoline Supply until mid-July
The Dangote Refinery in Nigeria, Africa’s biggest and newest crude processing facility, is delaying the start of gasoline deliveries after the middle of July, the Dangote group’s president Aliko Dangote told Nigerian media this week.“We had a bit o…
ADNOC Moves Ahead With Huge LNG Export Project in UAE
Abu Dhabi’s national oil company ADNOC has taken the final investment decision to move forward with the Ruwais LNG project, which will more than double the existing LNG production capacity in the United Arab Emirates.ADNOC took on Wednesday the FID f…
California Goes After Big Oil Profits
California’s Attorney General this week added a so-called disgorgement remedy to a lawsuit filed against Big Oil majors last year, demanding that they gave up profits made on allegedly illegal business practices.The original lawsuit accused Big Oil o…
Saudis To Raise At Least $11.2 Billion from Aramco’s Share Sale
The Kingdom of Saudi Arabia is poised to raise at least $11.2 billion from the ongoing secondary offering of shares in Saudi oil giant Aramco, Bloomberg reported on Friday, citing anonymous sources with knowledge of the matter.The Saudi government is …
China’s Sinopec to Build Gas Pipelines for Saudi Aramco in $1-Billion Deal
A subsidiary of China’s energy giant Sinopec has signed a $1.3-billion deal with Saudi Aramco to procure and build pipelines for an expansion of the Kingdom’s natural gas distribution network, the Chinese firm said on Thursday.Under the turn-key fix…
Colombia Risks Economic Slowdown Amid Natural Gas Shortage
Colombia’s economy could soon be hit by soaring energy costs as the South American country is considering LNG imports to meet rising natural gas demand while its domestic production slumps. Large gas and energy-intensive industries could be hit hard…
Erdogan Says Turkmenistan Could Soon Begin Gas Exports to Turkey and Europe
Turkmenistan could soon begin exporting natural gas to Turkey and then Europe via the expanded Trans Anatolian Natural Gas Pipeline Project (TANAP), Turkey’s President Recep Tayyip Erdogan was quoted as saying on Tuesday. Turkmenistan, rich in natur…
South Korea to Explore for Potentially Huge Offshore Oil and Gas Reserves
South Korea’s President Yoon Suk Yeol endorsed on Monday a plan for drilling off the east coast of one of the world’s largest oil and gas importers, to explore what studies say are potentially vast resources of crude oil and natural gas. The area …
Vermont Makes Big Oil Pay for Climate Change Damage in Landmark Law
The state of Vermont has just enacted a law that would take on oil companies to require them to pay for damage caused by their emissions, in a first such legislation in a U.S. state. The bill, S.259, ‘An act relating to climate change cost recovery,’…
Chevron Close to Signing Natural Gas Exploration Deal With Algeria
Algeria’s state-owned energy firm Sonatrach expects to sign in the coming days an agreement with Chevron that is set to boost the country’s natural gas production, Algerian Energy Minister Mohamed Arkab has said. The deal with the U.S. supermajor wi…
Canada Could Lose $55 Billion in Oil Investment if Emissions Cap Is Implemented
Canada’s oil and gas industry could lose US$55 billion (C$75 billion) in upstream investment by 2035 if the federal government implements a stringent 40% emissions cap from 2030, the Canadian Association of Petroleum Producer (CAPP) says, citing a re…