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BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals. CEO Murray Auchincloss has in recent months pivoted the London-based firm’s strategy to focus heavily on returns. He has been less …
BP Softens Tone on 2030 Oil Output Cut to Reassure Investors Read More »
Germany prepares for gas grids and boilers to become redundant Other European countries are still investing in gas networks For the past four years, the Bavarian city of Augsburg has been warning homeowners that gas supplies could be switched off by 2030 as fossil fuels are phased out. It’s a blunt message on the potentially …
Europe Braces for Billions in Writedowns at Stranded Gas Assets Read More »
The United States sees Iran’s capacity to move its oil as reliant on service providers based in Malaysia, with oil being transferred near Singapore and throughout the region, the U.S. Treasury Department’s top sanctions official said on Tuesday. Brian Nelson, Treasury’s undersecretary for terrorism and financial intelligence, was speaking during a four-day visit to Singapore …
Iran’s Capacity to Move Oil Reliant on Malaysian Providers, U.S. Official Says Read More »
Pipeline exports to Europe have slumped, turning focus to LNG Novatek’s Arctic LNG 2 is crucial to expanding export capacity Bloomberg Russia’s fortress economy has proved remarkably resilient to an onslaught of Western sanctions. Two years after the Kremlin’s invasion of Ukraine, it continues to fund a costly war and to prop up President Vladimir Putin. …
How Western Sanctions Are Strangling Putin’s Arctic Gas Ambitions Read More »
Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1. The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far. If OPEC+ (Organization of the …
Antitrust regulators cited former CEO’s email, dinner partners Exxon agrees to exclude Pioneer Natural founder from board Bloomberg The Federal Trade Commission’s allegations that shale trailblazer Scott Sheffield tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals. While Thursday’s green light from the FTC …
FTC’s Surprise Attack on U.S. Oil Icon Rattles Shale Sector Read More »
(Reuters) – OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut. These curbs from the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, come on top of earlier reductions …
Explainer: What OPEC+ Oil Output Cuts are Currently in Place? Read More »
Summary OPEC+ meets on June 1 Voluntary cuts of 2.2 mln bpd are in place until end-June ‘Good chance’ OPEC+ will extend, Energy Aspects says LONDON/MOSCOW, May 2 (Reuters) – OPEC and its allies have yet to begin formal talks on extending voluntary oil output cuts of 2.2 million barrels per day beyond June, but …
OPEC+ Could Extend Oil Cuts, Formal Talks Yet to Start Read More »
The Dog Ate Japan’s Plan to Phase Out Coal Power By David Fickling David Fickling is a Bloomberg Opinion columnist covering climate change and energy. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times. With blistering speed, the rich countries that built their wealth on coal-powered industrialization are turning their …
(Reuters) – After 12 years and C$34 billion ($24.7 billion), Canada’s Trans Mountain pipeline expansion project (TMX) is set to start shipping oil on Wednesday, a major milestone expected to transform access to global markets for the country’s producers. Pipeline constraints have forced Canadian oil producers to sell oil at a discount for many years, but TMX …
Canada’s Long-Delayed Trans Mountain Oil Pipeline Set to Start Operations Read More »
