Oil was little changed on Monday amid hopes that fuel demand is picking up in the U.S. as the summer driving season approaches and COVID-19 vaccinations there accelerate, although rising case numbers in other countries are keeping a lid on prices. Brent was up 2 cents at $62.97 a barrel …
Read More »U.S. LNG Export Bonanza Reshapes Energy Map in Asia
U.S. exports of liquefied natural gas (LNG) to China, Japan and South Korea, the biggest importers of the fuel, have surged to record highs in recent months as the heavily industrialised region recovers from the COVID-19 pandemic, Eikon trade data shows. As with the ramp-up of U.S. oil exports that …
Read More »Sinopec Aims for Carbon Neutrality by 2050, Plans Pivot to Hydrogen
China’s Sinopec Corp, Asia’s largest oil refiner aims to be carbon neutral by 2050, with its near-term strategy focused on natural gas development and a long-term pivot to hydrogen, top executives said on Monday. As China’s largest hydrogen producer, Sinopec will focus on fossil fuel-based hydrogen production over the next …
Read More »Global Oil Markets under Pressure as Asia Destocks, China Imports Slowed
Crude oil producers from Europe, Africa and the United States faced difficulties selling to Asia, especially China, as buyers took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said on Thursday. Chinese independent refiners, which account for a fifth of the country’s imports, have slowed imports …
Read More »Iraq Approves Deal to Award Schlumberger $480 Million Deal to Drill Oil Wells
The Iraqi cabinet on Tuesday approved a deal to award U.S. company Schlumberger Ltd a $480 million deal to drill 96 oil wells in the south, according to a statement. Iraq, OPEC’s second-largest producer, relies on oil exports for nearly all its state revenue.
Read More »U.S. Crude Output in 2021 to Decline Less than Previously Forecast
U.S. crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.15 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous monthly forecast for a 290,000-bpd drop. The agency said it expects U.S. petroleum and other …
Read More »India Asks Refiners to Diversify, Cut Reliance on Middle East Oil after OPEC+ Decision
India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided last week to largely continue production cuts in April, two sources said. India, the world’s third biggest oil importer and consumer, imports about 84% of …
Read More »Gazprom Makes First Delivery of Carbon-Neutral LNG to Europe
Russian energy giant Gazprom said on Monday it had delivered its first carbon-neutral shipment of liquefied natural gas (LNG) to Europe. Gazprom said its shipment of Russian LNG, which it said was made carbon neutral by offsetting emissions resulting from its production and transport, had been delivered to Royal Dutch …
Read More »IEA Says Global CO2 Emissions Rising again after Nearly 6% Fall Last Year
Global carbon dioxide emissions dropped by 5.8% in 2020 as the COVID-19 pandemic slowed economic activity, but they rebounded at the end of the year and are on course to rise further, the International Energy Agency said on Tuesday. Major economies led a rebound in December when emissions were 2%, …
Read More »Global LNG Demand Expected to almost Double by 2040
Global liquefied natural gas (LNG) demand is expected to almost double to 700 million tonnes by 2040, Royal Dutch Shell said in its annual LNG market outlook. Demand was 360 million tonnes last year, up slightly from 2019’s 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic. …
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