Category Oil & Gas Blog
The turmoil engulfing global commodity markets deepened as China’s biggest buyer of liquefied natural gas told suppliers it won’t honor some contracts because of the coronavirus. In a dramatic and rare step, China National Offshore Oil Corp. declared what’s known as force majeure, meaning it won’t take delivery of some LNG cargoes, because the virus
A new report suggests that the world’s newest oil exporter, Guyana, lost $55 billion from its deal with Exxon that would allow the oil major to develop its offshore oil resources, according to Bloomberg. Watchdog Global Witness claims that Guyana is getting 52% of the revenue from the fields in question that the Exxon consortium is developing.
OPEC+ is meeting urgently to discuss moves in the face of an inexorable slide in oil prices that has brought Brent crude far below $60 a barrel and that saw West Texas Intermediate dip below $50 this week. “Given oil’s fast and furious fall — and the havoc that it could wreak on government finances
Oil sellers are looking for alternative buyers in Asia for prompt cargoes as Chinese demand dries up because of the coronavirus and some customers ask to defer purchases. The suppliers — including oil majors and trading houses — are offering grades including Russia’s ESPO, Basrah Light from Iraq and Brazilian Lula for delivery in just
Two dominant energy industry themes—the move to cleaner energy and digitalisation—can be combined to “positively impact each other”, Shell CTO Yuri Sebregts told the annual meeting of energy technology heavyweight Baker Hughes in Florence on Tuesday. The transition has “begun and is driven by many factors, including economic growth, customer choice, emerging technologies and national
European Union diplomats agreed to impose travel bans on two Turkish nationals and freeze their assets in retaliation for Ankara’s gas prospecting in disputed waters near Cyprus, two officials familiar with the matter said. The decision to target the two individuals was reached at a meeting of EU diplomats in Brussels Tuesday, the people said,
Investment in Canada’s oil-sands is forecast to grow for the first time since prices crashed in 2014. Capital spending in the world’s third-largest crude reserves is projected to rise 8.4% to C$11.6 billion ($8.8 billion) this year, according to the Canadian Association of Petroleum Producers, the industry’s main lobbying group. The forecast signals a tentative
Europe could import some 100 million tons of liquefied natural gas this year as many cargoes turned down by Asian buyers head for the continent, Reuters has reported, citing energy analysts. Last year LNG imports to Europe reached 85 million tons, an all-time record at the time. Yet it seems that depressed demand for LNG in Asia—a key
Goldman Sachs downgraded ExxonMobil’s shares to Sell from Neutral, following another disappointing quarter. Exxon reported a drop in profits on Friday for the fourth quarter, weighed down by a deterioration in nearly every segment. Oil prices were weak, natural gas prices fell sharply, while profit margins for refining and petrochemicals also deteriorated. “There’s no doubt that 2019 was a
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,