Oil set for weekly gain with focus turning to stimulus and storm
Oil headed for the best weekly gain since October as focus shifted to the US stimulus outlook and a storm menacing the Gulf of Mexico.
oil
Oil giants brace for tropical storm Ida
Tropical Storm Ida has formed in the Caribbean and is forecast to a grow into a powerful hurricane in the days ahead, wreaking havoc across the Gulf of Mexico and ultimately crashing into the US coast.
Indonesia’s upstream output to falter amid high risks
Indonesia's crude oil and natural gas production growth outlook continues to be downbeat. Total oil and gas output have seen broad declines since 2010 and the long-observed trend is not expected to be reversed any time soon, reports Fitch Solutions.
Sir Ian Wood says banning new UK oil projects would be ‘absolutely crazy’
Industry doyen Sir Ian Wood has warned that halting new oil and gas exploration and production projects in the UK would be "absolutely crazy".
Cambo operator denies jumping the gun as kayaker activists stage protest in Norway
Two activists in kayaks confronted a vessel in Norway amid suspicions that the UK Government and an oil company were set to “jump the gun” on the Cambo project, west of Shetland.
Oil extends gain after rally with investors looking past delta
Oil extended gains after jumping more than 5% amid a broader marker rally, despite the Covid-19 resurgence clouding the economic outlook.
‘Distressed’ crude from Venezuela, Iran stacks up off Singapore
Oil stored in ships has been piling up off key Asian ports as a crackdown in China on private crude oil processors has blunted purchases and disrupted flows, including some US-sanctioned barrels from Iran.
Oil price upcycle gives industry golden opportunity to decarbonise, Wood Mackenzie says
Oil and gas companies have a golden opportunity use the windfall from the recent commodity price upcycle to accelerate their decarbonisation drives, a new report says.
Harbour Energy picks Maersk rig for infill campaign on North Sea field
Harbour Energy has picked a Maersk Drilling rig for a trio of development wells on the Catcher area of the UK North Sea.
Shell hit by Covid-19 clusters in Brunei
Brunei’s oil and gas sector has been reporting an increasing number of Covid-19 cases following 22 new infections that were linked to the Shell-operated Champion 7 offshore oilfield cluster.
Oil slumps to lowest since May after fed signals taper this year
Oil slumped below $65 a barrel to the lowest level since May as the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and supporting the dollar.
Baron Oil beefs up stake in ‘sizeable’ North Sea target while Jersey casts off licences
London-listed minnow Baron Oil has struck a deal to increase its stake in what it describes as one of the UK North Sea’s few remaining sizeable undrilled targets.
Abandoning oil and gas would be a reckless act of self-sabotage
Reaching net zero is going to be one of the toughest challenges of our generation.
Crude oil steadies after three-day slump driven by delta threat
Oil steadied after a three-day slide that was driven by the growing threat to demand from the spread of the delta coronavirus variant.
Pertamina courts ExxonMobil at East Natuna for oil development
Indonesian national oil company (NOC) Pertamina is doggedly pursuing US major ExxonMobil to help it develop oil resources at the giant East Natuna field in the disputed waters of the South China Sea. Development of the field faces huge technical, economic and geopolitical challenges, but Pertamina believes a gradual phased development, starting with oil could offer a solution.
Thailand’s oil giant is going on a green spending spree
Thailand’s oil giant, whose sales account for about 10% of the nation’s economic output, is suddenly spending billions of dollars on electric-vehicle and renewable-energy companies and tilting its traditional businesses toward chemicals and plastics.
Oil steadies as investors bet demand rebound can withstand delta
Oil steadied after a two-day advance as investors bet the global demand recovery will remain intact despite the latest wave of Covid-19 that’s led to tighter restrictions on movement in many countries.
Biden’s OPEC plea pits fuel price fears against climate push
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
Oil prices fall after US calls on OPEC+ to boost production
Oil dropped suddenly after the US called on the OPEC+ alliance to revive production more quickly.
Oil steady near three-week low as traders assess demand outlook
Oil steadied near a three-week low as the rapid global spread of the delta virus variant prompted a reassessment of the demand outlook.
China’s new oil giants flourish in Xi’s clean energy wave
China’s newest oil refiners are thriving by aligning themselves with President Xi Jinping’s vision, expanding even as their older rivals and several other private businesses have been reined in by Beijing.
China’s oil imports fall on higher prices and Delta variant
Estimates from OilX show China’s crude oil imports fell 4.47% month-on-month to 9.36 million barrels per day (b/d) in July. This would imply a year-on-year fall of 22.4%, or 2.7 million b/d, the latest data from the analytics firm showed.
Boris Johnson insists Cambo field ‘contracts’ cannot be ‘torn up’
Boris Johnson has insisted that "we can't just tear up contracts" as campaigners urged him to block the Cambo oilfield project, west of Shetland.
Bruce Dingwall: A strong leader who came to the fore during restless period for North Sea
The 1990s were a brutal time in the North Sea, with the oil & gas industry largely pre-occupied with trying to recover from the 1986 global price crash and culminating with the second crash, the slide for which began in 1997 and bottomed out late 1998/early 1999.
Updated: Timetable for end of North Sea oil and gas needed, Labour leaders Starmer says
A timetable must be set out for the end of oil and gas, partnered with a "truly just transition", Sir Keir Starmer has said.