Oil Sands Major To Slash 1,500 Jobs
Suncor, the Canadian oil sands major, will cut 1,500 jobs this year as it seeks to turn its financial fortunes.A spokesperson for the company said the cuts will affect both employees and contractors, Bloomberg reported. Employees were informed about t…
Saudi-Russia Tensions Growing Ahead Of Key OPEC+ Meeting
Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and is…
Indonesia To Curb LNG Exports
Indonesia is set to place caps on exports of liquefied natural gas, adding the commodity to a list of critical raw materials subject to export controls.The purpose of the potential limits is to secure sufficient supply for domestic consumption, Bloomb…
Azerbaijan Boosts Gas Exports To Europe
Amid a slump in EU gas prices, the continent is rushing to diversify its natural gas imports. Oilprice.com wrote yesterday that Russian gas giant Gazprom has seen its 2022 revenue and market share in Europe collapse as a result of Western sanctions. W…
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…