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Google will start selling its cloud-computing services in Saudi Arabia through a deal with oil producer Aramco, risking a backlash from staff who oppose doing business with the fossil fuel industry or regimes accused of human rights abuses. View the full article
The White House’s push for releases of oil from national reserves is already fully priced into the market following the drop in crude prices in recent weeks, according to Goldman Sachs Group Inc. View the full article
Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. View the full article
Oil may surge to $90 a barrel if the approaching winter in the northern hemisphere proves colder than normal, said Jeff Currie, global head of commodities research at Goldman Sachs Group Inc. View the full article
The bank brought forward its forecast for peak oil demand in the transportation sector by one year to 2026, if not sooner, largely due to the accelerating adoption of electric vehicles. Overall crude consumption will keep expanding this decade due to jet fuel and petrochemicals, but growth will be at an “anemic” pace past 2025. View the full article
Sanctions have led to a $237.5 billion decline in the Eastern Europe oil and gas project pipeline as restricted access to intermediate goods and international capital have halted the construction of numerous oil and gas projects. View the full article
The United States is set to drive North America’s upcoming LNG liquefaction projects count by 2026, contributing around 68% of the total project starts during 2022 to 2026, found GlobalData. View the full article
More than 100 oil and gas projects should commence operations in Nigeria during the next four years, accounting for more than 24% of the predicted total projects starts during that time, predicts GlobalData. View the full article
Through the UK Government’s Floating Offshore Wind Manufacturing Investment Scheme, up to £160 million will be made available to scale-up the deployment of floating offshore wind and to invest in key areas where the UK has competitive advantage. View the full article
“One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel,” Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC. View the full article
Oil majors that want to reduce their carbon footprint will have to shift their activities to energy basins where drilling rigs can be powered by renewables and which have ample space for carbon sequestration, a report indicates. View the full article
The International Energy Agency boosted estimates for this year’s growth in oil consumption by 230,000 barrels a day to 5.7 million a day amid a stronger outlook for the U.S. and China. That puts the world on track to recover about two-thirds of the demand lost last year. View the full article
Imports jumped 5.8% in March from a year earlier, the biggest increase since March 2020. Demand for the fuel used in heating and power generation had been steadily growing before Covid-19, as nations shift away from coal-fired power over climate concerns. View the full article
Crude oil inventories at the biggest storage hub in the U.S. posted their steepest decline this week than in any October in five years as demand for exports and from refineries pull barrels to the Gulf Coast instead. View the full article
The U.S. Energy Information Administration projects that, absent significant changes in policy or technology, world energy consumption will grow by nearly 50% between 2020 and 2050. View the full article
The infection rate of Covid-19 seems to be on decline and the trend has been consistent for the past few days in the United Kingdom so that the inhabitants can breathe a collective sigh of relief.
As of yesterday, the 7-day-average of infections and the 7-day-aveage of the deaths are 35929 and 1239 respectively.
The good news was overshadowed yesterday as the country moved past the grim milestone of over 100,000 deaths.
There is no doubt that the strict lockdown measures and maski
The nation estimates it will need as much as $1.3 billion to buy a 37% stake in the Deep Water Tano/Cape Three Points asset operated by Aker Energy AS and 70% stake of the South Deep Water Tano field operated by AGM Petroleum Ghana Ltd., according to a parliamentary proceeding on Monday. View the full article
Eni SpA and Vitol Group could lose a share of the proceeds from their offshore oil field in Ghana after resisting a government order to merge their asset with a domestic company’s neighboring field. View the full article
German Chancellor Olaf Scholz, under pressure from the U.S. to halt the Nord Stream 2 pipeline project over Russian aggression toward Ukraine, may quietly delegate the task to the country’s bureaucracy. View the full article
Germany and Austria came out strongly against the European Union proposal to classify some natural-gas and nuclear projects as sustainable investments, with both countries accusing the bloc of “greenwashing.” View the full article
Chancellor Angela Merkel reinforced her vow to push for additional sanctions against Russia if the Kremlin uses the Nord Stream 2 gas pipeline linking Russia to Germany as a “weapon.” View the full article
Economy Minister Robert Habeck said Germany has already cut its reliance on Russian oil enough to make a full embargo “manageable,” potentially laying the groundwork for a continent-wide ban that would upend the global trade in petroleum. View the full article
Nord Stream 2 AG, the Gazprom PJSC-owned pipeline project to bring more Russian natural gas to Europe, risks delays after losing a court ruling imposing changes to its organization. View the full article
Gulf Energy Information (GEI) and its World Oil subsidiary regret to report to our global subscribers/readers that our retired Chairman and President, Robert W. (Bob) Scott passed away on Wednesday morning in Houston at age 93. View the full article
GD Energy Products, a total solutions provider for the drilling, well servicing and frac pumps market, has partnered with Texas Pump Systems to develop innovative pumps for a large offshore floating production storage and offloading facility. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
