US to develop AI on Energy Department Lands
On Thursday, the administration of Donald Trump announced that it had identified 16 sites in the U.S. Department of Energy where data centers and energy plants to support artificial intelligence could be built. The rapid growth of AI has led to a boom in the demand for power in the United States…
EIA: US crude and distillate stocks rise while gasoline inventories fall
The Energy Information Administration reported on Wednesday that U.S. crude and distillate oil inventories increased while gasoline inventories decreased last week. The EIA reported that crude inventories increased by 6.2 millions barrels, to 439.8million barrels for the week ending on March 28.
Sources say that the White House is considering an executive order to speed up deep-sea mines.
Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process.
EIA: US crude stocks fall as refining increases.
The Energy Information Administration reported on Wednesday that U.S. crude inventories dropped last week, as refiners increased production. Gasoline and distillate stocks also fell. The EIA reported that crude inventories dropped by 3.3 millions barrels, to 433.6 million in the week ending March 21.
Baker Hughes reports that US oil and gas rigs have risen for the first time in 3 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first time since three weeks. The number of oil and gas drilling rigs, a good indicator of future production, increased by one in the week ending March 21.
USTDA: US to invest in energy projects abroad to boost exports
Thomas Hardy (Acting Director of the U.S. Trade and Development Agency, USTDA) said that the U.S. Government is interested in investing in energy projects across Africa, Latin America and Asia, which could lead to increased U.S. exports. He said that the…
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7.
UAE's ADNOC CEO pledges US gas investment
ADNOC's investment arm will begin investing in U.S. Natural Gas in the next few months, according to ADNOC CEO Sultan Al Jaber. The UAE is a part of OPEC+ and one of world's largest oil producers. ADNOC’s fully-owned investment unit XRG, which has assets worth about $80 billion…
CERAWEEK - Mexico's Pemex prioritises refining while diverting heavy oil from the Gulf
Margarita Perez of PMI, Mexico's company that handles trading, said Tuesday that Pemex, Mexico's state-owned oil company, expects to divert barrels of heavy crude from U.S. Gulf Coast refining companies as it ramps up its Olmeca refinery. Pemex began prioritizing…
Gunvor CEO: Global oil supply is growing faster than demand.
Gunvor's CEO, one of the largest oil traders in the world, stated on Monday that global oil supply is growing faster than demand. Last week, oil prices fell to a three-year-low due to a slowdown in demand growth in China as well as concerns over the global…
CERAWEEK - IEA chief sees investment needed in existing oil and gas fields
Fatih Birol said that the International Energy Agency in Paris, which is headed by Fatih Birol himself, has a responsibility to invest in oil and natural gas fields for the sake of global energy security. After years of pressure from fossil-fuel advocates, the pro-drilling campaign was relaunched.
CERAWEEK - Chevron CEO calls for sustainable, not extreme US Energy Policy Swings
Mike Wirth, the CEO of Chevron, said that he would prefer to see a more stable energy policy in the United States than a swing from extreme to extreme. The first weeks of Donald Trump's second term in office were marked by a rapid revamp of government,…
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks…
Trump's tariffs threaten Canada's oil and natural gas drillers
Canada's oilfield services and drilling sector has already begun to show signs of slowing down due to the threatened tariffs by U.S. president Donald Trump. This has sparked fears that a rebound in this industry could be halted if these levies are implemented.
US EPA delays Midwest ethanol expansion South Dakota, Ohio
The U.S. Environmental Protection Agency announced on Friday that it will delay by one year the expansion of sales of higher ethanol blended gasoline in South Dakota, Ohio and the other eight Midwestern States who requested increased sales. The EPA released…
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels…
EU energy plan could save 45 billion Euros on fossil fuel import bill
According to an analysis by the EU executive, plans due to be released on Wednesday by the European Commission could save 45 billion euros (47.3 billion dollars) from the EU's import bill for fossil fuels this year. The Commission will propose a number…
US drillers added oil and gas drilling rigs in the third week of a row, according to Baker Hughes
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since December 2023. The number of oil and gas rigs, a good indicator of future production, increased by two in the week ending February 14 to 588.
The EPA chief wants to recover $20 billion in climate funding
He said that the head of the U.S. Environmental Protection Agency wants to terminate contracts signed by the previous administration for the distribution of $20 billion in grant funds to fund clean energy projects and transportation in disadvantaged areas.
Mexico's Carlos Slim: 'Complicated' deepwater project being evaluated
Mexican billionaire Carlos Slim announced on Monday that he and his team are re-evaluating the deal they signed with Pemex, Mexico's state oil company to develop Mexico’s first deepwater gas field. The project has been plagued by issues over its commercial viability for years.
