Saudi Arabia Becomes Top Buyer Of Russian Fuel Oil
Saudi Arabia was the leading buyer of Russian seaborne fuel oil and vacuum gasoil (VGO) exports in November, LSEG data has revealed. According to Reuters calculations based on LSEG data, Russian fuel oil and VGO exports grew 6% month-on-month in Nove…
Canada's Economy Is Picking Up Steam Lifted By Oil & Gas Extraction
The Canadian economy grew 0.3 per cent in October, helped by strength in oil and gas extraction, mining and quarrying, Statistics Canada has revealed in its monthly GDP release. Oil and gas extraction, mining and quarrying rose 2.4 per cent in October…
Russian Oil Flows Through Druzhba Pipeline Halted Again
It’s happened again. The Druzhba pipeline—Russia’s aging oil lifeline to Europe—has gone silent, leaving Hungary, Slovakia, and the Czech Republic without their usual crude oil fix.According to sources, the culprit is a “technical issue” at a Ru…
Gas Car Ban Hinges on Upcoming EPA and Supreme Court Decisions
The Biden administration is expected to permit the U.S. Environmental Protection Agency (EPA) to grant permission to 12 states, including California, this month to ban the sale of new gasoline-powered cars by 2035. If the move goes ahead, it would be …
UK's Energy Transmission Gets a ￡35 Billion Boost
National Grid plans to nearly double the amount of energy it can transport across the country via an unprecedented £35bn investment over the next five years into its electricity transmission business.The grid operator on Wednesday said its busine…
Russia’s Crude Oil Shipments Slump by 11% in Two Months
Russian crude oil exports by sea have dropped by 11% from a recent high in October, due to maintenance at the Baltic port of Primorsk, pressure for Russia to align with its OPEC+ quota, and increased sanctions pressure.In the four weeks to December 15…
Fuel Theft Surge Drains Ecuador’s Oil Industry
Ecuador and its state-run oil firm Petroecuador are losing millions of U.S. dollars as organized crime groups are increasingly targeting fuel pipelines to tap and steal gasoline and diesel to support drug trafficking and production.The number of insta…
U.S. Drillers Hold The Line
The total number of active drilling rigs for oil and gas in the United States stayed the same this week, according to new data that Baker Hughes published on Friday, after rising in the week prior.The total rig count remained flat at 589 total rigs, a…
What The Largest-Ever Oil Deal Between India and Russia Really Means
The new Trump Administration may target Russias recent oil deals as part of its sanctions discussions. Russias Rosneft has signed a $13 billion annual crude oil supply agreement with Indian downstream giant Reliance Industries, committing to supply 50…
Argentina to Eclipse Colombia as Oil Production Growth Continues
Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast, from the EIA: Argentina will soon eclips…
Post-Exhibition Report-A comprehensive review of the third China (Wenzhou) Int’l Pump & Valve Fair
Oil Giants Bet Big on a Deepwater Boom
Deepwater oil exploration has been garnering growing attention this year amid reports of successful—and sizable—discoveries offshore Namibia and Guyana. This might be only the beginning of a new trend in oil exploration because the world will contin…
Oil Prices Rise After China Vows to Ramp Up Monetary Stimulus
Oil prices climbed by more than 1% on Monday after China unveiled plans to adopt its first loosened monetary policy stance since 2010 as it looks to boost economic growth. Brent crude for February delivery was up 1.52% to trade at $72.21 per barrel at…
U.S. Oil Rig Count Rises Despite Falling Crude Prices
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after falling in the two weeks prior.The total rig count rose by 7, landing at 589 total rigs, a…
Gas Prices Set for a Breakout in 2025
Natural gas prices are on the climb and this climb is about to intensify in the first months of the new year as seasonal demand hits its peak in the northern hemisphere. That’s bad news for struggling economies.Gas prices in Europe, Asia, and North A…
Oil Prices Tick Higher on Crude Inventory Draw
Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 5.1 million barrels for the week to November 29.The change compared with a build of 1.23 million barrels for the week, as estimated b…