Investors have set their sights on $100 a barrel for oil as the US Energy Information Administration (EIA) forecast a decline in global oil inventories in the second half of 2021 in its June Short-Term Energy Outlook (STEO). Traders have scooped up call options tied to Brent and West Texas …
Read More »GCC Gas Demand for Power Generation on the Rise
Gas demand for power generation consumed above 13 billion cubic feet per day (bcfd) in 2020, representing almost 50% of the total demand in the Gulf countries. It is expected that this demand will increase by 14% by 2029, according a report by GlobalData, a leading data and analytics company. …
Read More »Oil Rises for Third Consecutive Week with IEA Flagging Need for more Crude
Oil posted its third straight weekly rise on improving demand, with the International Energy Agency (IEA) saying that the market would need extra supply next year. Futures in New York rose this week, extending their rally to the highest settle since October 2018. The IEA said that OPEC and its …
Read More »Oman to Launch Green Hydrogen Alliance
Adding new momentum to its ambitions to jumpstart the growth of a Green Hydrogen economy in the country, Oman is preparing to create an ‘alliance’ of local and international investors and related stakeholders to help accelerate development of zero-carbon energy projects in the Sultanate. A framework for the proposed ‘Oman …
Read More »OPEC+ Complies with 115% of Oil Curbs in May
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect, Reuters reported. OPEC+ complied with 115% of the agreed output curbs in May, the source said. It said …
Read More »US Plans to Auction Offshore Wind Power Leases Amid Clean Energy Push
The US plans to auction eight lease areas for offshore wind power in the shallow stretch of the Atlantic between New York’s Long Island and New Jersey. The proposed sites offer the potential for as much as 7 gigawatts of electricity, enough to power more than 2.6 million homes, the …
Read More »China Starts Work on the World’s Largest LNG Storage Unit
China’s National Offshore Oil Corporation (CNOOC) has expanded the construction of what will be the world’s largest liquefied natural gas (LNG) storage tanks in Yancheng Binhai Port Industrial Park in Jiangsu province. Overall, six tanks will be built at a cost of 6.1 billion yuan ($955 million), the company said. …
Read More »Oil Demand Set to Exceed Pre-Pandemic Levels in 2022
Oil demand is set to rise above pre-pandemic levels by the end of next year, the International Energy Agency (IEA) said yesterday, but producers have sufficient capacity rise to the challenge. In its first detailed look at next year in its regular monthly review of the oil market, the IEA …
Read More »OPEC Sees Oil Demand Recovery Gaining Strength in Second Half
OPEC predicted that the recovery in global oil demand will gather strength in the second half of the year, as the group prepares to consider reviving more halted output. Oil consumption will jump by about 5 million barrels a day — or roughly 5% — in the second half of …
Read More »Nord Stream 2 to Start Work on Filling Pipeline on Friday
Russia’s Nord Stream 2 gas project will start preparations on Friday to fill the first of two pipelines with natural gas, the Gazprom-led project said on Thursday. Nord Stream 2, which runs on the bed of the Baltic Sea from Russia to Germany, bypassing Ukraine, has faced criticism from the …
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