Surprise OPEC+ Cuts Rollover Depresses Already Weak Oil Tanker Market Oil tanker owners and shipbrokers are set to suffer longer than expected from the massive OPEC+ production cuts after the coalition surprised the oil and tanker markets on Thursday by deciding to keep oil production flat in April. The cuts from the OPEC+ group were...
Oil Flirts With $70 After The OPEC+ Surprise Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online. In this week’s Global Energy Alert, our trading team delves into how an inflationary environment will impact oil stocks. Sign up today to get breaking...
Offshore Oil & Gas Projects Set For Record Recovery Operators are expected to commit to developing a record number of offshore oil and gas projects over the next five years, with deepwater projects set for the most impressive growth, Rystad Energy said in a new report this week. The energy research firm has defined in...
New Factory Could Reduce Green Hydrogen Costs By 20% Danish catalyst manufacturer Haldor Topsoe plans to build a large-scale facility to manufacture electrolyzers that would be used for green hydrogen production and potentially reduce the cost of green hydrogen by 20 percent. Haldor Topsoe plans to have its new facility for producing highly efficient solid...
U.S. Oil Rig Count Sees Tiny Increase Amid Oil Price Rally By Julianne Geiger – Mar 05, 2021, 12:17 PM CST Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 1 this week. The total number of active oil and gas rigs in the U.S....
India: OPEC+ Decision Could Derail Oil Demand Recovery The world’s third-largest oil importer, India, is concerned that Thursday’s OPEC+ decision not to lift oil production in April could hurt the consumption-led recovery in oil demand, Indian Petroleum Minister Dharmendra Pradhan told Reuters on Friday. “As one of the largest crude-consuming countries, India is concerned that...
U.S. Refiners Hit With Lower Fuel Demand From Key Markets The pandemic may be receding in some parts of the world, but it is still ravaging Mexico and Brazil, presenting another challenge to U.S. refiners as the two countries are among their key export markets. Bloomberg reports that Gasoline consumption in Mexico slumped to the...
Oil Rally Continues As OPEC+ Leaves Production Levels Unchanged Oil prices extended Thursday’s 5-percent gain into Friday, with both benchmarks rallying by another 3 percent on Friday morning in the wake of the OPEC+ decision to leave production levels unchanged through April. As of 9:38 a.m. ET on Friday, WTI Crude had jumped above...
China To Cut Energy Intensity By 3% This Year China will reduce the amount of energy it uses to expand its economy by 3 percent this year as part of efforts to hit emission reduction targets set earlier, Reuters reports, citing a statement by Premier Li Keqiang. China is the world’s biggest single emitter, accounting...
Oil Market Even Tighter As 500,000 Bpd Come Offline In Canada Maintenance at three oil sands upgraders in Canada will take off some 500,000 bpd in production offline, helping tighten supply amid a price rally, Bloomberg reports. Canadian Natural Resources, Suncor Energy, and Syncrude will all idle an upgrader each, taking off 250,000 bpd, 130,000...