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US commercial crude oil inventories decreased last week in line with the market expectation, according to data released by the country’s Energy Information Administration (EIA) on Thursday. Commercial crude oil inventories in the US fell by 7.4 million barrels, or 1.4%, to 518.6 million barrels for the week ending July …

Rising OPEC and US oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil’s collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand …

Iraq will be forced into 100% compliance with the OPEC+ deal in August and September as the producer group loses patience with the laggard, the country’s oil minister said on Thursday. “This tolerance from OPEC won’t last long. We will be forced this month and next month to 100% compliance,” …

In February, BP announced a pledge to (mostly) reach net-zero CO¬2¬ emissions by 2050, a noteworthy change of course steered by new CEO Bernard Looney. BP had long dabbled in promoting an interest in greener pursuits, but these promises pointed toward a more serious shift. On Monday, the company released …

The world’s offshore wind farm capacity could grow eight fold by the end of the decade powered by a clean energy surge led by China, according to the Global Wind Energy Council (GWEC). A new industry report has revealed stronger than expected growth for the offshore wind industry, which could …

Energy demand has fallen around the world since Covid-19 began to spread, and that has hurt the performance of companies delivering all sorts of power. The solar industry is no exception. One U.S. industry association projected that the pandemic will erase five years’ worth of job growth. But solar stocks …

OPEC’s crude production rose last month as Gulf members phased out extra supply cutbacks, but the cartel largely persevered with its strategy to revive the global oil industry. Saudi Arabia, the United Arab Emirates and Kuwait restored the additional output taken offline in June, when they had amplified efforts to …

The Polish antitrust regulator announced that they are fining Gazprom for refusing to cooperate in a case related to the construction of Nord Stream 2. The fine amounts to 50 million euros and is the largest possible, explained the Polish side. The investigation is related to the financing of the …

With the pandemic raging in large parts of the southern hemisphere and persisting in heavy oil consuming economies in the northern hemisphere, downside risks to the oil demand outlook are sizeable, National Bank of Kuwait (NBK) has said in an economic update. The spike in coronavirus infections in economies newly …

The average daily oil and gas condensate production in Russia from July 1 to 29 was at the level of 1.281 mln tonnes, according to the data released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK) on Monday. This is 0.7% above the average daily oil production …