Iranian Oil Exports End 2022 at a High, Despite No Nuclear Deal
Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at…
US Prepares Renewal of Chevron's Venezuela License Without Broader Terms
The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said.The last U.S. energy producer in Venezuela asked President Joe Biden's government in March for a license that would allow it a greater say in its joint ventures with Venezuela's state-run PDVSA…
OPEC+ Sees No Need to Meet US Call for More Supply
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters.The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and…
Methane Emission Reduction takes Center Stage of UN GHG Report
In four decades of climate negotiations, the world has focused intensely and exclusively on the most abundant climate-warming gas: carbon dioxide. This year, scientists are urging a focus on another potent greenhouse gas – methane – as the planet's best hope for staving off catastrophic global warming.Countries must make "strong, rapid and sustained reductions" in methane emissions in addition to slashing CO2 emissions…
Oil Drillers, Bitcoin Miners Bond over Natural Gas
On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to capture natural gas and convert it on the spot into electricity.The trailers - carrying pipes, generators and computers - are called “mining rigs.” But their owners aren’t there to drill for oil. They are using stray natural gas unwanted by oil…
US Interior Dept Revokes Trump Energy Policies, Focuses on Climate
The U.S. Interior Department on Friday sought to erase the Trump administration's pro-fossil fuels legacy from the nation's public lands by revoking a suite of policies that boosted drilling and mining and ordering that climate change be put at the forefront in future agency decisions.The moves come as the Democratic Biden administration moves rapidly to implement policies aimed at decarbonizing the U.S.
Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump.The orders map out the direction for the Democratic president's climate change and environmental agenda and mark a reversal from Trump…
Biden Administration Suspends Federal Oil and Gas Permitting
The Biden administration has temporarily suspended oil and gas leasing and permitting on federal lands and waters while it evaluates the legal and policy implications of the program, according to a Department of Interior memo.The move appears to be a first step in delivering on newly sworn-in President Joe Biden's campaign promise to ban all new federal drilling permits…
Biden Announces Return to Global Climate Accord, New Curbs on US Oil Industry
U.S. President Joe Biden on Wednesday announced America's return to the international Paris Agreement to fight climate change, the centerpiece of a raft of day-one executive orders aimed at restoring U.S. leadership in combating global warming.The announcements also included a sweeping order to review all of former President Donald Trump's actions weakening climate change protections…
Saudi Cuts Drive Oil to 11-month High
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.U.S. West Texas Intermediate (WTI) was up 26 cents…
US Oil Industry Group Pledges to Fight Possible Biden Fracking Limits
If U.S. President-elect Joe Biden tries to restrict development of oil and gas drilling on federal lands, the American Petroleum Institute (API) will use "every tool at its disposal" including legal action, chief executive Mike Sommers said in an interview with Reuters on Monday.Biden has said he supports a ban on new gas and oil permits — including fracking — on federal lands.Fracking…
Coronavirus, Consolidation Taking Toll On Energy Jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told, more than 400,000 oil and gas sector jobs have been cut this year…
Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June…
US Approves LNG Exports from Oregon
The U.S. Energy Department on Monday approved the export of up to 1 billion cubic feet per day of liquefied natural gas from a proposed terminal in Oregon, a move it said would ease U.S. sales of the fuel to Asian markets.The approval advances efforts by President Donald Trump's administration to increase U.S. fossil fuel shipments around the globe at a time big…
Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes, but the biggest hikes were for the key Asian region…
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June…
Oil Drops but Still Set for Biggest Monthly Gain in Years
Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents, or 2%, to $34.57 a barrel by 1203 GMT and the more active August contract also lost 72 cents, or 2%, to $35.31. U.S.
Third Iranian Fuel Cargo Approaches Venezuela
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation's exclusive economic zone as the previous two were discharging at state run PDVSA's ports, according to Refinitiv Eikon data.The Iran-flagged tanker Petunia crossed the Caribbean Sea earlier on Tuesday, following the route taken in recent days…
NOIA: U.S. Offshore Drilling Ban Would Crush Jobs, Govt Revenues
A U.S. ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group said on Tuesday.The report by the Washington-based National Ocean Industries Association comes as…
Iran's Oil Exports Dwindle to Record Low
Iran's oil exports have sunk to a record low as the coronavirus crisis compounds the impact of U.S. sanctions already limiting shipments, underlining the diminishing oil clout of what was OPEC's second-largest producer.Exports averaged 70,000 barrels per day in April, down from 287,000 bpd in March according to Kpler, which tracks the flows. The difficulty assessing…
