Drone attack on Tawke oilfield, Iraqi Kurdistan
The Kurdistan Region's Counter-Terrorism Service said that a drone attacked an oilfield operated in northern Iraq by Norwegian oil and Gas firm DNO, Tawke in the Zakho Administration Area, on Thursday. This is the second drone attack on a DNO-operated area since the wave began earlier this week.
Energy ministry reports that Russia's crude oil production fell 3.5% between January and May.
The Russian energy ministry announced on Wednesday that the country produced 211 millions metric tons of oil (10.24million barrels per day) between January and the end of May. This is a 3.5% decrease compared to the same period last year. The data were revealed during a presentation…
China's oil output surges in June as state-owned refining facilities ramp up their operations
China's crude throughput in June increased 8.5% compared to a year ago, official data revealed on Tuesday. State-owned refineries saw an increase in operations, and a return in profits, according consultancies. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 15…
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA)…
Russia will compensate for overproduction of oil in August and September
Interfax reported that Alexander Novak, Deputy Premier, said on Friday that Russia will compensate in August and September for oil production in excess of the OPEC+ quota. This is in accordance with the current plan. Novak also said that the government is still debating a complete…
BP reports gas and oil price hits; increased upstream production in the second quarter
BP said that its second-quarter results will be affected by lower gas and oil prices, but the upstream production is expected to be higher than originally forecast. The company announced this in a trading report on Friday, ahead of the results scheduled for August 5. Crude oil fell…
Sunnova sells part of its solar panel business to Omnidian at $7 million
Sunnova Energy announced on Wednesday it had agreed to sell to Omnidian a portion its residential solar business for $7 million cash and the assumption of certain liability as part of a "stalking horse" deal. Sunnova, the U.S. residential solar panel installer, filed for bankruptcy last month as it struggled with mounting debt.
Oil Prices Rise Alongside High Demand, Red Sea Shipping Attacks, and Lower US Production
Oil prices rose on Wednesday as investors weighed strong U.S. gasoline demand data, attacks on shipping in the Red Sea, and a forecast for lower U.S. oil production.Brent crude futures were up 38 cents, or 0.54%, to $70.53 a barrel by 1:25 p.m. EDT. U.S. West Texas Intermediate crude was up 43 cents, or 0.63%, to $68.76 a barrel.U.S.
EIA: US oil production will be lower than expected in 2025 due to falling prices
Energy Information Administration's monthly report on Tuesday predicted that the U.S. would produce less oil by 2025 than originally expected, as lower oil prices have caused U.S. producers this year to reduce their activity. In its report on short-term energy forecast, the EIA stated…
Palm oil prices rise on the back of strong crude oil
Malaysian palm futures closed higher on Monday, as stronger crude oil supported the market after it had surpassed rival edible oils in earlier sessions. The benchmark palm-oil contract for September delivery at the Bursa Derivatives Exchange rose 8 ringgit (0.2%), to 4,070 Ringgit ($962.17) per metric ton, as of closing.
Clean-energy supporters blast US budget as a setback
Clean energy advocates decried Thursday the House of Representatives' final passage of the President Donald Trump tax cut bill as a reverse in the energy transition. Meanwhile, fossil fuel interests celebrated. The bill now goes to Trump's desk. Trump is expected sign the bill on Friday.
Engie buys DNO's Norwegian gas production for four years
The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector.
Engie buys DNO's Norwegian gas production for four years
DNO sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie, for an undisclosed amount. It said that a U.S. loan facilitated the deal, as U.S. banks increase funding for the fossil fuel sector. The company also stated…
Indonesia is looking for new technologies to improve oil drilling
Officials said that Indonesia issued a new regulation on Tuesday to encourage investment by oil drilling technology providers to increase production at existing wells. Yuliot Tajung, the deputy energy minister, told reporters that this policy aims to reactivate idle wells as part…
Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion
Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe. Equinor's partner Aker BP and Equinor said separately that the project will…
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand.
As Wars Rage, Middle East's Waning Influence on World Oil Prices Exposed
The contained move in oil prices during the Israel-Iran war highlights the increasing efficiency of energy markets and fundamental changes to global crude supply, suggesting that Middle East politics will no longer be the dominant force in oil markets they once were.The jump in oil…
The government reports that Guyana's oil production rose to 667, 000 bpd during May.
In a government bulletin, published on Tuesday, Guyana's oil production rose from 611,000 barrels per day to 667,000 bpd by May, thanks to increases at Exxon Mobil's two facilities. Exxon, U.S. Hess, and China's CNOOC, which control all oil and natural gas output in South America…
North Dakota drilling and fracking activity stable as prices fluctuate, state regulator states
In a Tuesday monthly briefing, the state regulator revealed that despite recent volatility in oil prices, the number of frac crews and rigs in North Dakota remained unchanged in June. There are 32 rigs and 13 frac crews currently operating in North Dakota. Baker Hughes, an energy services company, said that the U.S.
Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit.
