Oil


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EIA raises crude oil price outlook slightly as announced supply cuts lead to high inventory draws in 2021

EIA assumes OPEC members will mostly adhere to announced cuts during the first two months of the agreement (May and June) and that production compliance will relax later in the forecast period as stated production cuts are reduced and global oil demand begins growing. From that point, EIA expects ...

Hui Shan


Posted 2 months agoLink > Crude oilLiquid Fuelsnon Opec +7

HUGE BOOST FOR UK ENERGY SECTOR AS UK’S BIGGEST TRAINING PROVIDER REOPENS

Leading training centres Survivex, in Aberdeen, and AIS Training, in Newcastle, part of 3T Energy Group, reopen after enforced closure due to coronavirus. Vast array of Coronavirus measures:  on-site medical checks, temperature checks, PIC of Coronavirus safety - operating at 20% capacity to al ...

Natalie Loveless


Posted 2 months agoPress > OilEnergyOil and Gas +6

Your Weekly Update: 27 April - 1 May 2020

An entire phalanx of upstream service companies help build, operate and maintain the critical infrastructure necessary to extract oil in its natural form from deep below the ground and send it on its merry way to be turned into fuel for consumption. With all companies slashing upstream capex and ...

Hui Shan


Posted 3 months agoLink > OilOil and GasOil and Gas Industry +6

COVID-19 mitigation efforts result in the lowest U.S. petroleum consumption in decades

The U.S. Energy Information Administration (EIA) estimates the decline in petroleum product demand by examining the changes in total product supplied, EIA's proxy for consumption. In the week ending April 3, total U.S. product supplied of petroleum products fell by 3.4 million b/d, the largest we ...

Hui Shan


Posted 3 months agoLink > ConsumptionDemandLiquid Fuels +3

Withdrawals from natural gas storage this winter were lowest since 2015–16

Energy exports from the United States reached an all-time high of 23.6 quadrillion British thermal units (quads) in 2019, marking the first time in 67 years that annual U.S. gross energy exports exceeded U.S. gross energy imports, according to the U.S. Energy Information Administration's (EIA) Mon ...

Hui Shan


Posted 3 months agoLink > natural gasweatherInventories +4

Your Weekly Update: 20 - 24 April 2020

And now, unprecedented oil prices, as the WTI crude price marker slipped into negative territory for the first time ever. This had the same effect, though different contributing factors  in 2019, when WTI prices were depressed because demand was high but pipeline capacity was insufficient to carr ...

Hui Shan


Posted 3 months agoLink > Oiloil and gas newsOil and Gas Industry +7

U.S. total energy exports exceed imports in 2019 for the first time in 67 years

And now, unprecedented oil prices, as the WTI crude price marker slipped into negative territory for the first time ever. This had the same effect, though different contributing factors  in 2019, when WTI prices were depressed because demand was high but pipeline capacity was insufficient to carr ...

Hui Shan


Posted 3 months agoLink > Coalnatural gasexports +5

TRINITY ENERGY DONATES OVER USD570,000 WORTH OF SUPPLIES TO AID FIGHT AGAINST COVID-19

Trinity Energy Limited on Friday, 17 April 2020,  handed over the first batch of supplies to South Sudan's Minister of Health, Hon. Elizabeth Achuei Yol. This is Phase 1 of a series of donations the company has pledged to assist the country's efforts to combat the deadly spread of the COVID-19 vir ...

Claudia Padayachy


Posted 3 months agoPress > South SudanTrinity EnergyOil +1

Your Weekly Update: 13 - 17 April 2020

It immediately props up the current traded prices of crude oil, which were languishing in the US$25/b level before chatter of the deal emerged but it also is prescient enough to acknowledge that the negative impact of Covid-19 will linger for very long, hence the need for a long tail to the deal. ...

Hui Shan


Posted 3 months agoLink > Oiloil and gas newsOil and Gas Industry +7

THREE60 ENERGY awarded Spirit Energy contract

THREE60 ENERGY, through its Step Change Engineering division, has been awarded an engineering and support services contract to provide minor modification and repair services for Spirit Energy's UKCS assets. THREE60 ENERGY has secured this contract following successful delivery of previous modifi ...

Saffron Cummings


Posted 3 months agoPress > Oil and GasSpirit EnergyThree60 Energy +6

Your Weekly Update: 30 March - 3 April 2020

As Saudi Arabia and Russia dig in their heels and prepare for extended trench warfare over oil prices, the important questions now are: how long will this last, and what (or who) can bring these friends-turned-foes back to the negotiation table? Saudi Arabia's ultimate goal is to have steady oil ...

Hui Shan


Posted 4 months agoLink > Oiloil and gas newsOil and Gas Industry +7

Africa Oil & Power Pledges Support to Energy Industry, Offers Free Communications Services

AOP is making its platform available for governments and companies within Africa's energy sector to submit press releases and articles free of charge. Open communication between all organizations involved in African energy helps combat misinformation and promotes safety during the Covid-19 crisi ...

Aydanur Akkurt - Africa Oil & Power


Posted 4 months agoPress > newscovid-19Energy Sector +11

Your Weekly Update: 23 - 27 March 2020

With falling demand and increasing supply, the front-month price of the U.S. benchmark crude oil West Texas Intermediate (WTI) fell from a year-to-date high closing price of $63.27 per barrel (b) on January 6 to a year-to-date low of $20.37/b on March 18 (Figure 1), the lowest nominal crude oil pr ...

Hui Shan


Posted 4 months agoLink > Oiloil and gas newsOil and Gas Industry +7

Potential Outcome Scenarios for Covid-19 And Oil Markets

There are two items dominating the headlines in the energy sector at the moment: the global Covid-19 pandemic and the alarming decision of Saudi Arabia and Russia to go head-to-head in a price war. Scenario 2: Fast Covid-19 containment but slow resolution to the price war or Prolonged Covid-19 pa ...

Hui Shan


Posted 4 months agoLink > Covid19ChinaItaly +8

Shale Could Contract by 1.0 Million b/d Within the Year

As a price-elastic source of supply, US shale production will respond relatively quickly to the steep drop in oil prices. Already US E&Ps are reporting further reductions to their 2020 spending guidance and cutting back on planned drilling activity. A new-normal is here, with fiscal discipline and ...

Jake Wright


Posted 4 months agoPress > ShaleOilPrice War +1