DNV: Global CO2 emissions related to energy will peak in this year.
A report from consultancy DNV on Wednesday suggested that global carbon dioxide (CO2) emission levels will peak in this year, due to the falling cost of solar and batteries. This is encouraging less oil and coal-fired energy use.
Analyst: Higher biodiesel requirements in Indonesia will curb palm oil supply
A leading industry analyst warned on Tuesday that the implementation of higher biodiesel requirements in Indonesia, which is the world's largest palm oil producer will likely lead to a tightening of supplies of vegetable oil.
US gasoline margins slump on lackluster summer demand
U.S. gas futures dropped about 3% on Tuesday, reducing their premium over crude to its lowest since November 2023. This was after government data revealed a weaker average demand for gasoline…
Russia's Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted
Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on…
Norway Earmarks $369M for Green Industry Investments
The Norwegian government proposes spending 3.6 billion Norwegian crowns ($369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the…
India's April Crude Processing in Biggest Drop Since 2003
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to…
OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil…
Billions Spent, Little to Show
How Russia sank billions of dollars into Venezuela quicksandReuters estimates that after sinking more than $9 billion into Venezuela in loans, acquisitions and project spending since 2010…
Petrobras Stops Chevron Plan to Drill Offshore Brazil
A decision by Petrobras not to invest in drilling new wells has derailed Chevron Corp's plan to resume exploration in a Brazilian offshore field, people familiar with the matter said.Chevron…
Minnesota Regulators Question Enbridge Pipeline Expansion
Commissioners on a Minnesota regulatory board questioned crude oil demand for Enbridge Inc's Line 3 pipeline on whether work can proceed on a proposed expansion of the line. Enbridge wants to replace the aging 1…
U.S. Shale Producers Drilling Themselves into a Hole
U.S. shale firms are drilling themselves into a deep hole despite warnings from industry leaders about the risk of flooding the market with too much crude, says Reuters analyst John Kemp. Drilling and production are rising.
Iran Raises Oil Exports to West, Almost on Par with Asia
Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said.
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors…
Output, Export Gap Bedevils OPEC Goals
One of the factors behind the recent slump in crude oil prices may be the realisation among market participants that there is a difference between production cuts and export flows. While…
India's Oil Imports from Iran top 500,000 bpd in 2016/17
India's Iran oil imports jumped to a record high in 2016/17 topping half-a-million barrels per day (bpd) as refiners boosted purchases after lifting of some Western sanctions against Tehran last year.
Belarus says Russia Made Oil Threat
Belarussian President Alexander Lukashenko said on Friday a Russian move to create border zones near his country's frontier looked like a political attack and that Moscow had threatened to halve oil supplies to Minsk.
Statoil: Sizeable Oil Finds in North Sea Still Possible
Norway's Statoil believes sizeable oil finds can still be made in the North Sea even though the area has been explored for decades, a senior company executive said on Tuesday. The search…
Statoil: Sizeable North Sea Finds Still Possible
Statoil believes in another $500 million oil discovery in N.Sea; discovered volumes are down both globally and in Norway. Norway's Statoil believes sizeable oil finds can still be made…
S.Korea's KNOC Drops Oil Field Project in Iraq's Sangaw South
State-owned Korea National Oil Corp (KNOC) has decided to drop out of Iraq's Sangaw South oil field project because of uneconomic exploration results, a KNOC spokesman said on Monday. A…
Questions Remain for OPEC's Planned Output Cut
Under-promise and then over-deliver is a well-worn tactic to boost one's fortunes, with OPEC's somewhat woolly promise to cut crude oil output the latest example of this strategy. Virtually…
