Equinor has acquired a 25% interest in Bayou Bend CCS LLC, positioned to be one of the largest U.S. carbon capture and storage projects located along the Gulf Coast in Southeast Texas. Bayou Bend is positioned to be one of the largest CCS solutions in the U.S. for industrial emitters, …
Read More »Natural Gas Fills the Gap as Renewable Power Falters
All major U.S. power markets have relied more on natural gas to keep a balanced grid system so far this year. Increased gas-powered generation highlights the fact that the fossil fuel – the single-biggest power generation source in the United States – continues to play a critical role in balancing …
Read More »China And U.S. Lock Horns Over New 122.5% Steel Tariff
The U.S. Department of Commerce recently decided to enforce preliminary anti-dumping duties on imports of tin mill and tin plate steel from China at a duty rate of 122.5%. As this is the highest preliminary rate, the move provoked severe criticism from trade analysts and experts across China. This tariff …
Read More »Oil Falls for Third Day on Demand Woes before U.S. Stockpile Data
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic growth in top importer China. West Texas Intermediate futures for October fell toward US$79 a barrel. The contraction in euro-area private sector activity intensified in August, while manufacturing remained in …
Read More »United States Topped Global Crude Oil Consumption in 2022
The United States emerged as the world’s largest consumer of crude oil in 2022, leading the global rankings, according to recently released statistics from Italian oil company Eni. Eni’s data reveals that the United States claimed the top spot for the world’s largest oil consumer in 2022, with a daily …
Read More »China LNG Buyers Expand Trading after Adding more US, Qatari Contracts
China’s liquefied natural (LNG) gas importers are starting up or expanding trading desks in London and Singapore to better manage their growing and diversified supply portfolios in an increasingly volatile global market. The beefed-up trading presence of Chinese importers puts them in direct competition with such global heavyweights as Shell, …
Read More »Iraqi Oil Exports to the U.S. Outpace Saudi Arabia as North American Intake Climbs
Iraq’s crude oil exports to the U.S. has trumped those from Saudi Arabia last week, despite a marginal decline in the rate of supply, data by the Energy Information Administration (EIA) showed on Sunday. Drawing on a recent data chart, the EIA illustrated that the average daily crude oil imports …
Read More »Rig Count Decline Accelerates amid Rising U.S. Crude Oil Production
The total number of active drilling rigs in the United States fell by 12 this week, according to new data from Baker Hughes published Friday. The total rig count fell to 652 this week. So far this year, Baker Hughes has estimated a loss of 136 active drilling rigs. This …
Read More »U.S. Shale Shakes off Slowdown Predictions
The U.S. shale patch, which accounts for most of the non-OPEC+ oil supply growth, is set to deliver stronger-than-anticipated production gains this year. Several significant producers raised their production guidance after announcing strong or record output in the second quarter, while the U.S. Energy Information Administration (EIA) raised its 2023 …
Read More »Iraqi Oil Exports to the U.S. Surge to 305,000 bpd
The U.S. Energy Information Administration (EIA) announced on Sunday a substantial increase in Iraq’s oil exports to the United States, reaching 305,000 barrels per day in the past week. According to data provided by the EIA, the average U.S. crude oil imports from eight key countries during the previous week …
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