U.S. Gasoline Demand Soars To Highest In Months
Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday.U.S. gasoline demand on Sunday and Monday was up 7…
Iran Says It Would Welcome Any Investments In Its Oil And Gas Sector
Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran. Earlie…
Russian Oil Company Lukoil Snaps Up Offshore Blocks In Congo
Russian oil company Lukoil has said it now has rights to two offshore energy blocks in the Republic of Congo in partnership with Italian oil giant Eni.The rights to the offshore blocks, known as Marine 24 and Marine 31, are now held by Lukoil with a 4…
Are Oil Prices Set For A Quick Comeback?
The energy markets are going through one of their worst selloffs in recent times as fears of a new global crisis continue to roil financial markets. Oil prices have crashed spectacularly, with WTI crude falling from $80.46 per barrel just 10 days ago …
Algeria: Western Price Caps On Russian Crude Could Lead To Supply Disruption
Algerian Energy Minister Mohamed Arkab also warned that Western price caps on Russian crude oil could lead to uncertainty and supply disruption. While Arkab suggested that the OPEC+ decision to cut output by 2 million barrels per day from November 202…
Chinese Refinery Throughput Climbs As Fuel Demand Rebounds
A rebound in crude oil demand as the Chinese economy returns to normal operation pushed crude oil throughputs at refineries higher by 3.3% over the first two months of the year.At an average of 14.36 million barrels daily, per Reuters, Chinese refiner…
The World Bank May Return To Financing Natural Gas Projects
The World Bank could be open to funding gas projects in Mozambique to ensure greater energy access if the costs are the cheapest among energy sources, Victoria Kwakwa, World Bank Vice President for Eastern and Southern Africa, told Bloomberg in an int…
OPEC Is Back In Control Of The Oil Market
OPEC is once again the most influential force in global oil supply – and will be so for the foreseeable future – now that U.S. shale production growth is slowing, American industry executives say. The days of exponential growth in U.S. oil supply fr…
Libya Eyes First Oil And Gas Licensing Round In Two Decades
Libya will be ready to hold an oil and gas licensing round next year, Libyas state-run oil company chief said at CERAWeek, according to Argus.If Libya does manage to hold a licensing round next year, it would be its first in nearly two decades, and wo…
German, UAE, Egypt Consortium Signs $34 Billion Hydrogen Deal With Mauritania
In a major move to develop hydrogen production capacity and set up a supply chain in the MENA region, Germany is now looking at a less obvious partner, Mauritania.German newspaper Frankfurter Algemeine Zeitung (FAZ) reports that a consortium made up o…
Is India Drifting Away From The U.S.?
India last week stepped up its negotiations with the U.S. aimed at continuing to import as much oil from Russia as it requires, regardless of current and future sanctions against Moscow. This runs in tandem with India’s ongoing refusal to vote in fav…
U.S. Oil Producers Prioritize Short-Term Gains Over Future Output
U.S. oil companies have prioritized shareholder returns over future output, resulting in a $128 billion windfall for investors and marking the first time in a decade that drillers spent more on share buybacks and dividends than on capital projects. Ac…
UAE Has Internal Debate About Leaving OPEC
The United Arab Emirates is having an internal debate about the prospect of leaving OPEC, Emirati officials are telling the Wall Street Journal.The decision of the UAE to leave the oil-based group that accounts for nearly 38% of the world’s total cru…
Oil Ticks Up On Improved U.S. Economic Data
Oil prices were ticking slightly upward on Thursday following U.S. economic data showing a 1.7% increase in Q2 2022 nonfarm business sector labor productivity. The U.S. Bureau of Labor Statistics (BLS) on Wednesday said output had also increased 3.1%,…
BP CEO says more oil and gas investment is good for the climate fight
“Reducing supply without also reducing demand inevitably leads to price spikes, price spikes lead to economic volatility, and there’s a risk that volatility will undermine popular support for the transition,” he said at London’s International Ener…
Wall Street Pump & Valve Industry Watch, March 2023
The Jordan Knauff & Company (JKC) Valve Stock Index was up 3.3% over the last 12 months, while the broader S&P 500 index was down 10.3%. The JKC pump stock index fell 2.8% for the same time period.The Institute for Supply Management’s Purchas…