Exxon confirmed in a filing Wednesday it will take a writedown of as much as $20 billion on its upstream assets, a possibility first disclosed at the end of October. It also reported much smaller non-cash impairments related to its refining business. SourceContinue Reading

Demand for the fuel used in heating and power generation is growing faster than for any other fossil fuel as nations look for a cheap, reliable and cleaner alternative to coal. The pandemic derailed that growth for 2020, but China and India are emerging as major sources of demand. SourceContinue Reading

Gas pumped from the BP-led Shah Deniz deposit in the Caspian Sea began flowing into Italy, Greece and Bulgaria on Dec. 31, BP and Azerbaijan’s state energy company Socar said in a joint statement. The European Union has worked for years to ease its dependence on Russia, which accounts for about a third of the...Continue Reading

The number of rigs drilling for oil in the U.S. closed out 2020 at 267, according to Baker Hughes Co. data released December 30th. It’s the lowest end-of-year figure since 2005, when drilling and fracking breakthroughs perfected in natural gas regions like North Texas’s Barnett shale were just beginning to be deployed. SourceContinue Reading

The completion of the South Texas Gateway dock enables Buckeye to accommodate the berthing and loading of two vessels simultaneously, further facilitating the supply of North American crude oil to global markets. SourceContinue Reading

When complete, Nord Stream 2 will allow Russia to expand deliveries of gas to Europe and circumvent the traditional transport corridor through Ukraine. The U.S. and Eastern European nations say the pipeline will make Germany and the European Union too reliant on Russian gas. SourceContinue Reading

A coronavirus-fueled trading scandal is driving stricter borrowing rules and accountability standards, dramatically changing key players in the world’s oil supply trade. SourceContinue Reading

A dip in the dollar boosted the appeal of commodities such as oil that are priced in the currency. Crude was also aided by broader market strength, with equities nearing record levels following U.S. President Donald Trump’s signing of a $900 billion virus-relief package. SourceContinue Reading

The RRC reports that from November 2019 to October 2020, total Texas reported production was 1.5 billion barrels of crude oil and 10.4 trillion cubic feet of total gas. SourceContinue Reading

Crude’s shaky start to the week reflects the concern over more travel restrictions as the new mutation in the coronavirus spreads globally. However, the UK is poised to approve the Covid-19 vaccine produced by AstraZeneca Plc and the University of Oxford. SourceContinue Reading