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OilPrice.com 09/30/2020 20:00
With the 25-year deal with China now moving ahead at pace, Iran has a buyer for all of the crude oil it can produce, albeit at discounted levels, so Tehran is pushing oil field development across the board. This includes not only the major fields in the huge West Karoun cluster – across which China has pledged to increase collective output by at least 500,000 barrels per day (bpd) within the next two years – but also the more challenging fields that nonetheless are rich in oil, especially those that are shared with Iraq. In order to…
OilPrice.com 09/30/2020 19:30
Some of the largest pipeline operators in the U.S. have started to offer sweeter deals for crude oil shipment to producers as the midstream sector vies to curb its losses and keep its relevance amid the oil demand and production decline. Pipeline companies, including Magellan Midstream Partners, Enterprise Product Partners, and Energy Transfer, have cut shipment rates in contract negotiations or have offered more advantageous rates in current contracts to U.S. oil producers to keep their customers amid a pipeline overcapacity and an overall…
OilPrice.com 09/30/2020 19:00
These are unprecedented times of pandemic, US election uncertainty, and the rising fear of the potential for violent upheaval. Even legendary investors are advising people to flee to safe havens like cash or gold--and fast. With gold now back in the safe haven spotlight like never before, many eyes are swiveling toward Canada, where the makings of a gold boom are just getting started. Canada--home of the Val-d’Or Gold Rush--is making history. Again. And suddenly, a major rush to gold is leading to a surge of investor…
OilPrice.com 09/30/2020 18:30
Saudi Arabia’s economy shrank by 7 percent, with the unemployment rate hitting a record high in the second quarter as the combined effect of the oil price crash and the coronavirus pandemic hit the world’s largest oil exporter hard. Saudi Arabia’s gross domestic product (GDP) slumped by 7.0 percent year over year in Q2, the Kingdom’s General Authority for Statistics said on Wednesday. The oil sector contracted by 5.3 percent, while the non-oil sector shrank by 8.2 percent due to the restrictions and lockdowns to curb…
OilPrice.com 09/30/2020 18:00
Going digital has been on the agenda of oil companies for quite some time. They have, however, been taking their time, testing the digital waters before diving in. That was then. Now, oil companies are in a rush to digitize. Energy companies’ investment agendas were just one more thing that the coronavirus changed dramatically. Exploration is on the back burner for most. It is all about survival now. And things like data analytics, remote monitoring, and cloud computing can ensure this survival because they reduce costs without negatively…
OilPrice.com 09/30/2020 17:30
The North American Frac Spread Count has increased to triple digits this week, according to big data company Primary Vision. The Frac Spread Count, which calculates the fracking completion crews currently finishing off wells, increased this week to 101, up by 12 from last week, the data released on Wednesday shows. This is likely attributed, according to Primary Vision, to operators shifting their focus from drilling new wells to finishing off already-drilled ones. The largest gains are seen in the Eagle Ford, the Haynesville,…
OilPrice.com 09/30/2020 17:00
Lithium producers do not feel threatened by Tesla’s plan to produce lithium in Nevada. Miners, as well as analysts, believe that despite the recent drop in lithium prices, the industry is in for a supply shortage after 2025 as automakers significantly ramp up electric vehicle (EV) production. Massive amounts of additional lithium supply will be needed to support not only the EV revolution but also the expected surge in stationary battery storage to support the wider adoption of renewable energy. Therefore, lithium mining…
OilPrice.com 09/30/2020 16:30
Challenger energy brand Octopus has today continued its international expansion with its first foray into the massive US market. The firm, which has grown rapidly since launching four years ago and now boasts 1.7m accounts in the UK, has bought American supplier Evolve Energy in a $5m (£3.9m) deal. The acquisition is the first step in a program that will see Octopus invest $100m into the US, with the goal of acquiring 25m US customers on its technology platform by 2027. By 2030, the firm has set itself the challenge of achieving 100m customers…
OilPrice.com 09/30/2020 16:00
There is a new emerging trend in renewable energy with a rather idyllic sounding name: energy communities. These communities are designed as a model for the brave new world of producer-consumers--individuals that not only take energy from the grid, but feed back into it via their personal energy production devices, most commonly solar panels. These “prosumers” are transforming the way that utilities function within and interact with communities, and have raised questions about how to move forward in a rapidly changing energy landscape.…
OilPrice.com 09/30/2020 15:30
Introduction The Belt and Road Initiative (BRI) has been a focal issue for understanding the foreign policy of the People’s Republic of China (PRC). Some observers view the BRI as representing a new phase of economic globalization and regional economic integration. Others argue that the BRI’s primary motivating factors are domestic and that the massive program is chiefly aimed at creating new markets, maintaining economic stability, resolving regional development imbalances, and transferring industrial overcapacity. Both views have…
OilPrice.com 09/30/2020 15:00
China's success in cutting major air pollutants such as sulfur dioxide (SO2) and primary aerosols likely worsened the climate change effect of the country's rising carbon dioxide (CO2) emissions, new research showed. According to the paper, 'Climate effects of China's efforts to improve its air quality' published by Chinese and U.S. scientists in Environmental Research Letters, China's success in cutting sulfur dioxide and other major air pollutants has had a negative effect on the so-called radiative forcing, the amount of the sun's energy…
OilPrice.com 09/30/2020 14:30
Venezuela’s foreign currency revenues—almost all of which come from crude oil sales—have plunged by 99 percent since 2014, Nicolas Maduro said, blaming most of the losses on the “persecution and criminal blockade” of Venezuela’s oil exports. “In six years of persecution and criminal blockade against Venezuela, the country lost 99 percent of its foreign currency income,” Maduro said on Twitter, sharing a graph showing that Venezuela’s foreign currency income slumped from US$56.6 billion in 2013…
OilPrice.com 09/30/2020 14:00
Here’s the claim. The Green New Deal and all those other supposedly anti-fossil fuel policies will destroy jobs. One Fox News report claimed 3.4 million oil, gas, and coal jobs would be eliminated. Naturally, the proponents of green policies say the opposite. We have all read the clashing claims buttressed by think tank reports and caution that oil workers, for example, who lose jobs may not be able to find replacement jobs paying as much. With all those charges and countercharges, we decided to look at a few numbers in order to frame…
OilPrice.com 09/30/2020 13:30
Oil explorer Cairn Energy today booked a $324m (£251.8m) loss for the first half after it was hit by a hefty impairment charge related to its assets in Senegal. However, the FTSE 250 firm said that it had safely managed the coronavirus crisis and was well-positioned to generate future growth. The figures In a challenging year for oil producers, the Edinburgh-based company reported an average net output of 22,400 barrels per day, at the top end of its guidance. With oil prices currently more than a third lower than at the start of 2020, Cairn…
OilPrice.com 09/30/2020 12:00
Oil production from the US lower 48 states, excluding the Gulf of Mexico, peaked at 9.2 million barrels per day in August following back-to-back increases since June. This climb has helped push the nationwide total above 11 million bpd and is likely to keep it above that mark for the rest of the year, according to Rystad Energy estimates. A gradual decline in L48 output may nevertheless set in from September as onshore drilling remains below the level required to maintain production in nearly all US oil basins, despite a robust fracking exercise…
OilPrice.com 09/30/2020 11:30
Reliance Industries, owner of India’s biggest refinery, has started buying Canadian heavy crude to replace Venezuelan imports on fears that the U.S. could take sanction action against the company. According to a Bloomberg report, Reliance had recently signed a deal for the purchase of 2 million barrels of Canadian heavy a month for the next six months, unnamed sources close to the matter said. India is one of the biggest buyers of Venezuela crude, despite the sanctions. The sales take the form of crude-for-fuel swaps, which are still allowed…
OilPrice.com 09/30/2020 10:44
Oil prices stabilized today after the Energy Information Administration reported a crude oil inventory draw of 2 million barrels for the week to September 25. At 492.4 million barrels, inventories are still above the five-year average for the season, the EIA said. Analysts had expected a build of 1.4 million barrels. The EIA also reported an increase in gasoline stocks a day after the API depressed the market, with an estimated 2.325-million build in gasoline inventories. According to the EIA, gasoline inventories shed 700,000 barrels last week,…
OilPrice.com 09/30/2020 10:30
Anglo-Dutch Shell will slash its workforce by between 7,000 and 9,000 as part of cost-cutting efforts, with the cuts to take place until the end of 2022, the company said in a third-quarter update. Some 1,500 of these have agreed to take voluntary redundancy deals. The supermajor plans between $2 and $2.5 billion annually by 2022 in sustainable savings, it said in the update, with most of that effected sooner rather than later as Shell strives for operating cost reductions of between $3 and $4 billion, to be achieved by the first quarter of 2021.…
OilPrice.com 09/30/2020 10:00
The largest U.S. oil refiner, Marathon Petroleum, has started a process to lay off hundreds of employees at various refineries across the United States after the pandemic crushed fuel demand, sources with knowledge of the matter told Reuters. Marathon Petroleum on Tuesday let go of 60 salaried staff at Galveston Bay, another 60 people at the refinery in Los Angeles, and at least 45 employees at the Garyville refinery in Louisiana, Reuters’ sources said. Redundancies at the Galveston Bay refinery could reach as much as 200 staff, according…

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