Biden Administration releases LNG export study and urges caution on new permits
Tuesday, the administration of U.S. president Joe Biden released the long-awaited report on the economic impacts and environmental effects of exports of liquefied gas. The results highlighted the need to be cautious when issuing new permits. Biden had in January halted the Department of Energy’s approvals of U.S. exports of LNG to large consumers in Asia and Europe, so that his government could conduct the review. This triggered complaints from the oil industry. The study's findings were summarized by Energy Secretary Jennifer Granholm in a letter to reporters.
Climate tech firms receive $80 million for removing carbon from paper mills and sewage plants
SAN FRANCISCO, Dec. 17 - Google H&M Stripe, and other members of the Climate-focused Frontier Coalition will purchase $80 million in carbon credits from a company that uses oil industry technology to collect emissions at paper mills and another firm that uses rocks to do the exact same thing at sewage treatment plants. While the U.S. president-elect Donald Trump will likely withdraw from an agreement to limit global warming and reduce support for carbon sequestration, companies from sectors such as tech and finance are continuing to back efforts to remove CO2 from the atmosphere.
Gazprom says that high interest rates are a concern for oil service firms
Alexander Dyukov said that the high interest rates in the oil industry could have a negative impact on firms providing support services. This raised "serious concern".According to a recent poll, the Russian central bank will likely increase its key rate this week by 200 basis points, to 23%, due to the high inflation caused by a weaker ruble.Dyukov told reporters that his company is strong enough to withstand high borrowing costs, and plans to increase investments in the next year."As far as the partner companies are concerned, such as oil services, they do not all have a margin of safety." Dyukov stated that this raises grave concerns.
Oil Slips as U.S. Gasoline Stocks Surprise
Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude CLc1 eased 15 cents, or 0.2%, to $68.64.U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 46,000-barrel draw.Crude stocks fell by 1.8 million barrels in the week ended Nov.
US energy lobby groups cautious about Trump tariffs
The U.S. oil industry said that they are concerned about President-elect Donald Trump’s threats to impose tariffs on Canada, Mexico and the United States, stating that such policies may affect consumers, industries and security. Trump, who will take office on January 20, has promised to impose a tariff of 25% on imports coming from Canada and Mexico. These are two of America's largest trading partners. He said he would do this until these countries crack down on drugs - particularly fentanyl - and migrants at the border. This move appears to be in violation with a free trade agreement.
Chris Wright, CEO of the oil industry, is appointed Energy Secretary by Trump
Donald Trump, the President-elect, announced on Saturday that Chris Wright, an oil and gas executive who is a staunch supporter of fossil fuels, will be his choice to lead the Department of Energy. Wright is the founder of Liberty Energy in Denver, a firm that provides oilfield services. He will likely support Trump's plans to increase oil and gas production and seek ways to increase electricity generation, which is on the rise for the first decade. He will also probably share Trump's opposition against global cooperation in fighting climate change.
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies implemented by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles. It also urged Trump to lift…
US oil industry calls on Trump to abandon Biden's climate policies
The U.S. Oil and Gas Industry on Tuesday called for President-elect Donald Trump's revocation of many policies proposed by President Joe Biden to combat climate change. They said the measures threatened jobs, consumer choices and energy security. The American Petroleum Institute, the nation's largest oil and gas trade association, has urged the incoming Trump administration to remove vehicle emission standards designed to encourage the auto industry to make more electric vehicles. It also urged Trump to lift the pause on export licenses for liquefied gas facilities…
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S. production of oil and gas could put Canadian exports into competition with other countries.
Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours. The oil industry has seen profits fall this year as a result of lower crude prices and a weaker growth in fuel demand. Oil futures for the quarter ending Sept. 30, averaged 17% less than the previous quarter.
Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging. Fracking wells have been drilled in record numbers, and pipelines have been built to transport gas to the capital Buenos Aires – and beyond once LNG plants are operational. A huge blue billboard…
GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.
GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather. GAPKI data show that palm oil exports from the world's biggest producer rose by 15% in August compared to a year ago, to 2,38 million metric tonnes. This lowered its end-August stock of palm oil to 2,45 million tons down from 2.51 millions tons a month before. GAPKI data shows that this was the lowest stockpile of Indonesian rice since March 2019. GAPKI Secretary General M.
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4,304 Ringgit ($1,001.16), a metric tonne, during the lunch break. The contract dropped 1.3% over the last two sessions. Palm prices are responding to better export estimates, and the expectation of a weaker production in the next few weeks, in line with seasonal weakness.
Export data for Malaysia 2025 shows palm oil prices falling on the back of profit-taking.
Profit-taking led to a reversal of gains in the Malaysian palm oil futures on Friday, although traders are expecting the market to be supported by the announcement of the Malaysian budget for 2025 and the export data. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange fell 7 ringgit or 0.16% to 4,271 Ringgit ($992.33) per metric ton at the midday break. The contract is down 1.82% this week after four weeks of gains. The palm market initially gained support from China's third quarter economic data and the firmer overnight Chicago Soyoil Trading…
Congo cancels the licensing round for 27 oil block
According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition. Aime Sakombi Molindo, hydrocarbons minister, said: "Given what I have just stated, I feel compelled to announce the cancellation of this process." He said that the process will be restarted shortly, but did not give a timeline.
Indonesia adds palm oil to the government's online tracking system
Senior minister Luhut Paandjaitan announced on Wednesday that the Indonesian government plans to add palm oil to its online tracking system to improve accountability. Indonesia is the largest palm oil producer and exporter in the world. In 2022, the online system SIMBARA was implemented for the first time to track coal movements. The government began tracking domestic shipments for nickel and tin using SIMBARA this year. Indonesia has committed to improving the governance of palm oil industry in order to ensure compliance with taxes, land permits, and other rules as well as better monitoring the latest conditions.
Texas sues Biden Administration over lizards' endangered status, citing oil industry threat
Texas Attorney General Ken Paxton filed a lawsuit against the Biden administration Monday, claiming that the decision to declare the dunes sagebrush Lizard as an endangered species could harm property owners or energy production. Paxton, who is a Republican, claimed that the U.S. Fish and Wildlife Service based its final rule, adopted on May 20, on inaccurate data and arbitrary assumptions regarding the future of the lizard. He said that the move would threaten the ability of private landowners to conduct business…
US sanctions 16 Venezuelan officials with Maduro's links
The Biden administration announced on Thursday that it would impose U.S. Sanctions on 16 allies to Venezuelan President Nicolas Maduro as a response to voter fraud during the country's elections and the subsequent crackdown by his government on the political opponents. This move comes just days after Edmundo Gonzales, who was recognized as the winner of the presidential election on July 28, by the U.S., and other countries, fled to Spain, after Maduro issued a warrant calling for his arrest. The list includes other people linked to the election, as well as military and intelligence officials accused of post-election repression.
Spain, a leading olive oil producer, uses olive stones as fuel
David Jimenez Zamora, a farmer in Spain, barely batted an eyelid when the price of gas and electricity soared due to the energy crisis. The Spanish man kept the heated pool and hot water flowing for up to 26 guests in his 18th century farmhouse. What is his secret? Olive stones. The 48-year old said, "We use the olive pits that we have on our trees to heat up the pool and the underfloor heating systems. He said that the store, which held 5,000 kilos, was located in Granada in southern Andalusia. Two agricultural cooperatives that he is a member of also use olive stones to power machines that produce Spain's famed liquid gold olive oil.
Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.
Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene as a chance to find water for the state that is suffering from a worsening drought. Aldridge belongs to a growing number of New Mexico politicians that want to see the state develop regulations to allow the millions of gallons per day of produced water, which is spewed out along with the Permian Basin's abundant oil and gas, to be used instead of being thrown away.
