Tag Archives: Oil Price

Crude oil production from all OPEC members rose by 104,000 barrels per day (bpd) in November compared to October, the organization’s Monthly Oil Market Report (MOMR) showed on Wednesday. Total OPEC-12 crude oil production averaged 26.66 million bpd last month, as output in Libya, Iran, and Nigeria increased, according to …

This year’s plunge in lithium prices has forced curtailments in production in China and Western Australia as lithium miners look to limit losses and reduce the oversupply hanging over the market and prices. However, the lithium glut has not gone away and the market could remain oversupplied until 2027, analysts …

Yamal LNG, the plant of Russian LNG developer and exporter Novatek, has begun using the Axios II tanker for ship-to-ship transfers in the Barents Sea, Reuters reports, citing vessel-tracking data from LSEG. Transshipments are used to free ice-class tankers by unloading LNG to conventional LNG vessels. But these STS operations …

Intraday power prices in Germany jumped and natural gas-fired electricity generation rose to a two-year high this week as low wind speeds continue to depress wind power output. Natural gas use for power generation rose on Wednesday to its highest level since December 2022, as a wider power supply gap …

Germany’s power margin, the available electricity supply to meet demand, is set to drop this week to the lowest level so far this winter, as low wind speeds and colder weather are straining the power system, according to models compiled by Bloomberg. This week, wind speeds in Germany have dipped …

BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by 2030, the UK-based supermajor said on Monday as it shifts its focus back on oil and gas. …

Kuwait Foreign Petroleum Exploration Company (KUFPEC) plans to bid for more oil and gas blocks offshore Indonesia and explore for hydrocarbons in the Natuna Sea, the top executive of Kuwait’s state oil firm told Reuters on Monday. KUFPEC is an international upstream company, engaged in exploration, development and production of …

Climate finance is a white-hot topic right now. The COP2 delegates failed to agree on a generous enough deal for the transition in developing countries; in the U.S., project Veritas revealed that the EPA was funneling billions into climate activist organizations ahead of Trump’s presidency to ensure continued pressure on …

The European Union is working with the United States to soften the blow without undermining their shared stance against Moscow. Gazprombank, pivotal for Russian natural gas transactions, has become a focal point of geopolitical and energy strategy since the U.S. imposed sanctions last month. While President Vladimir Putin’s decision to …

The U.S. LNG export industry has recently hit several stumbling blocks. And who will be America’s president in the next four years may not even be the biggest. Litigation at court from environmental groups, a contractor bankruptcy, and President Joe Biden’s permit pause have combined to increase uncertainty for U.S. …