Author hkrichiedistribution
Citigroup Inc. slashed its price forecasts for commodities from oil to copper and iron ore as it said the impact of the coronavirus looks much worse than it initially thought. Oil came in for the most severe downgrades, with the bank cutting estimates for the first three quarters. Citi also reduced its first-quarter copper projection,
It impairs your breathing, causes extreme fatigue and fevers. It kills. And beyond that, it’s keeping oil prices low by threatening to stifle oil demand in one of the world’s largest oil markets. It’s SARS CoV, better known as the SARS Coronavirus, and it’s shaping up to be the oil market’s biggest nemesis this year.
Dubai and Abu Dhabi made what could be the world’s largest natural gas discovery since 2005 as the two biggest sheikhdoms in the United Arab Emirates aim to push the country to energy self sufficiency. The Jebel Ali reservoir located between the two emirates has 80 Tcf of gas resources, according to tweets by Sheikh
Oil pared gains as an OPEC+ committee agreed on a required level of output cuts, but didn’t reach a decision on an emergency meeting as Russia resisted. The panel recommended a production cut of 600,000 barrels a day to offset the demand impact from the coronavirus outbreak. Following three days of discussions in Vienna, there
In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014. This increase in production, despite the decline in the number of wells, reflects advances in technology and drilling techniques. The U.S. Energy
A controversial $1 billion shale gas pipeline that’s been stalled by a dispute over whether it can seize state-owned land for construction won the backing of the nation’s top energy regulator. PennEast had sought the support of the Federal Energy Regulatory Commission after a court decision prevented it from exercising eminent domain in New Jersey.
In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014. This increase in production, despite the decline in the number of wells, reflects advances in technology and drilling techniques. The U.S. Energy
Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil and Chevron are taking increasingly diverging approaches as they try to weather the storm. The problem is, neither strategy is working right now. Exxon is using the downturn in oil, gas and chemical prices as an opportunity to
Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province. The consideration for each partner for their 24.5% interest is USD 177.5 million. The block covers around 56,000 gross acres in the central area of the prolific Vaca
Retail investors with long positions in crude oil markets had little to cheer about in 2019 as the market failed to maintain the early-year rally as pipeline outages, geopolitical tensions and dramatic changes in ship fuel regulations shook up the global oil market leading to high volatility. It was an annus mirabilis, though, for large oil