Oil will hit $120 a barrel if Russia invades Ukraine, strategist predicts
Oil will “certainly” hit $120 a barrel and the global economy will be “radically altered” if Russia invades Ukraine, veteran strategist David Roche has predicted.Moscow has denied that it plans to invade neighboring Ukraine, but has moved around 1…
PETROAN seeks establishment of modular refineries
Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has charged the Federal Government to ensure massive establishment of modular refineries across the country, in order to put operators of illegal refineries…
BlackRock CIO says stock picking will be a key theme for 2022 — and explains where to look
LONDON — Stock picking is going to be more important for investors than macroeconomic themes in 2022, according to BlackRock’s Nigel Bolton.Markets continue to grind higher against a backdrop of uncertainty, and developments on the Covid-19 front, g…
Shareholders of oil giant Shell vote in favor of London move
LONDON — Shareholders of oil giant Royal Dutch Shell on Friday voted to approve plans for the company to overhaul its legal and tax structure and move its headquarters to the U.K. from the Netherlands.The Anglo-Dutch company has said the simplificati…
Saudi Aramco CEO warns of social unrest if new investment in fossil fuels ends too quickly
Amin Nasser, the chief executive of Saudi Aramco, the world’s biggest oil producer, urged global leaders on Monday to continue investing in planet-warming fossil fuels in the years ahead, arguing that the assumption the world could transition to clea…
OPEC to decide on oil output policy as omicron Covid variant rattles markets
A group of some of the world’s most powerful oil producers is meeting Wednesday to discuss how much of an impact the new omicron Covid variant is likely to have on energy demand.Led by Saudi Arabia, the Organization of the Petroleum Exporting Countri…
U.S. energy envoy says Biden stands ready to release even more oil reserves to cool markets
President Joe Biden’s administration stands ready to release even more barrels of oil from its strategic reserves should the need arise again, according to the U.S. State Department’s senior advisor for global energy security.“Absolutely. This is a…
Parkland pausing Burnaby refinery operations amid Trans Mountain pipeline shutdown
Calgary-based Parkland Corp. is pausing processing activities at subsidiary Parkland Refining (B.C.) Ltd.’s 55,000-b/d refinery on Burrard Inlet in North Burnaby, near North Vancouver, BC, amid feedstock supply disruptions caused by the ongoing shutd…
U.S. to release oil from reserves in coordination with other countries to lower gas prices
President Joe Biden said Tuesday that the administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm 2021′s rapid rise in fuel prices.The coordinated release between the U.S., India, China, …
‘It is entirely doable, and it is doable fast’: Experts on how to navigate the energy transition
LONDON — The deepening climate emergency underscores the urgent need for policymakers to oversee a rapid transition away from fossil fuels.How countries navigate this switch, however, is fiercely contested.The burning of energy sources such as coal, …
As climate change policy takes shape, will the U.S. ever put a price on carbon?
The world needs to reduce carbon levels, and one way is through a carbon tax, a strategy the U.S. has been debating for decades. With urgent calls to lower greenhouse gas emissions globally, putting a price on carbon was one of the major points of d…
Belarus threatens to choke off EU gas supply over border dispute
Belarus has threatened to cut off its transit of gas supply to Europe if the EU imposes sanctions over a migrant crisis at its western border.The bloc has accused Russian-backed President Alexander Lukashenko of weaponizing the thousands of people cur…
Shell teams up with Norsk Hydro to work on green hydrogen projects
Norsk Hydro and fossil fuel giant Shell are to look into the potential of joint projects focused on green hydrogen production.In an announcement Tuesday, Norway’s Hydro said a memorandum of understanding had been signed between the two parties.Under …
UAE oil giant signs nuclear, solar power supply deal, but analysts call for specifics
Energy experts say a plan by the Abu Dhabi National Oil Company (ADNOC) to power its operations using solar and nuclear energy beginning next year is a “groundbreaking” move, but more information is needed to understand the real impact on emissions.…
Fossil fuel production ‘dangerously out of sync’ with global climate targets, UN warns
LONDON — As world leaders prepare for one of the most important climate summits ever held, U.N.-backed research shows governments are collectively planning to extract far more fossil fuels than would be consistent with global climate targets.The Unit…
California moves to ban oil wells within 3,200 feet of homes and schools
California Gov. Gavin Newsom on Thursday proposed a statewide 3,200-foot buffer zone to separate homes, schools, hospitals and other populated areas from oil and gas wells.The draft rule, released by the state’s oil regulator California Geologic Ener…