Industry Trends ///

Biden rattles his saber at oil producers as prices surge to 2014 high

“We continue to work with producer and consumer countries, and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices,” President Biden's National Security Council spokeswoman Emily Horne said in a statement on Tuesday.

Deadly UAE drone strikes raise risk in key oil-producing region

Iran-backed Yemeni fighters launched drone strikes on the United Arab Emirates that caused explosions and a deadly fire outside the capital, Abu Dhabi, ratcheting up security risks in the oil-exporting region at a critical time.

Russia missing OPEC targets as some members struggle to keep pace

Russia may be able to deliver only about half of its scheduled increases in crude production over the next six months, joining the ranks of OPEC+ nations that are struggling to ramp up even as fuel demand rebounds from the pandemic.

BP and Oman form renewable energy and hydrogen development strategic partnership

BP and the Ministry of Energy and Minerals in Oman signed a Strategic Framework Agreement and a Renewables Data Collection Agreement which will support the potential development of a multiple gigawatt, world-class renewable energy and green hydrogen development in Oman by 2030.

Colombia’s presidential favorite seeks global coalition to end fossil fuels

Colombia’s presidential front-runner Gustavo Petro is calling on ideological allies across Latin America and the world to join him in forming a new bloc to lead the economy away from fossil fuels.

Russia denies responsibility for Europe’s winter energy crisis

Russia has nothing to do with the energy crisis in Europe, Deputy Prime Minister Alexander Novak said, rejecting allegations from the International Energy Agency that it’s holding back supplies and driving up prices of natural gas.

Vitol sees bullish oil price pattern continuing on tight global crude supply

The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies.

IEA believes Canada’s status as an oil power threatened by net-zero goals

Canada will face challenges in retaining its status as a global oil and gas power in a world transitioning toward net zero carbon emissions by mid-century, the International Energy Agency said.

Op-Ed: Texas’ top energy resolutions for 2022

Wayne Christian

The new year is shaping up to be an important time for the energy security of our state and nation, and while there are many important issues to face, here are my top five energy resolutions for 2022.

Op-Ed: Africa needs energy banks to preserve its oil and gas sector

NJ Ayuk

For more than a year, the African Energy Chamber has been pushing back against steadily building pressure to halt new foreign investments in Africa’s oil and gas industry.

IEA says oil demand more resilient than expected in the face of Omicron

Global oil demand has proven stronger than expected as the latest coronavirus variant inflicts a softer hit to the economy than anticipated, the International Energy Agency said.

EIA expects shale to drive record U.S. oil production in 2023

U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output.

U.S. backs Mediterranean power projects to meet Europe’s energy needs

The U.S. is backing natural gas and low-carbon power sources as it seeks to improve the eastern Mediterranean’s energy ties to Europe and promote stability in the region.

Oilfield employment climbed in December despite cooling U.S. job market

Employment in the U.S. oilfield services and equipment sector rose by an estimated 7,450 jobs in December, despite the slow hiring in overall U.S. jobs, according to preliminary data from the Bureau of Labor Statistics and analysis by the Energy Workforce & Technology Council.

U.S. oil majors’ stock prices return to pre-pandemic levels

A rally in oil prices lifted U.S. energy stocks to the highest since the pandemic emerged more than two years ago.

Oil prices rise on skepticism of OPEC’s production plan

Oil climbed amid skepticism about whether OPEC and its allies can successfully raise output as much as they intend.

Pioneer CEO sees oil above $100 as a net negative for shale

Bosses for some of the biggest oil explorers in the Permian Basin say their industry could be hurt if crude climbs above $100 a barrel.

Lack of gas infrastructure sends New England’s power prices soaring

Electricity prices in New England jumped on Tuesday as a frigid start to the day spurred demand when the cost of natural gas used to fuel power plants soared.

U.S. claims title of world’s largest LNG exporter

The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe.

OPEC commits to more oil supply as global demand grows

OPEC and its allies agreed to revive more halted production as the outlook for global oil markets improved, with demand largely withstanding the new coronavirus variant.

Oil posts highest yearly gain since 2009 as demand recovers

Oil posted its biggest annual advance since 2009 as vaccination rollouts accelerated the reopening of economies, spurring global consumption while crude production returned at a more moderate pace.