As well as the surge in European coronavirus cases, there are also growing numbers in the U.S., Japan and South Korea, all of which are major oil consumers. The International Energy Agency and the Organization of Petroleum Exporting Countries revised down their demand forecasts this week. SourceContinue Reading

Norway, which is the biggest owner of oil giant Equinor ASA, opened itself up to climate suits after amending its constitution in 2014, to reflect its support of the Paris Climate Agreement. The case against Norway tests its new law, which states that “everyone has the right to an environment that secures health, and to...Continue Reading

The price to drill an acre of land in the biggest U.S. shale basin has tumbled amid the oil rout, creating conditions ripe for more mergers and acquisitions. SourceContinue Reading

Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic hits fuel demand. The presidents of both Russia and the OPEC countries have even mentioned the option of cutting production deeper. SourceContinue Reading

The impending phaseout of the full value of the U.S. production tax credit at the end of 2020 is leading to more capacity additions than average this year, just as previous tax credit reductions led to significant wind capacity additions in 2012 and 2019. SourceContinue Reading

Ghana’s government is forcing Eni SpA to merge its Sankofa offshore oil field with a neighboring discovery made by a domestic explorer and imposing its own terms on the deal. SourceContinue Reading

While crude prices rallied to a 10-week high above $45 in London this week on news of Pfizer Inc.’s progress, fuel use won’t experience any “significant” boost from vaccines until the second half of next year, the agency said. SourceContinue Reading

“We have built a strong position on the Norwegian shelf since the discovery of the Ekofisk Field in 1969 and we are a very active industry operator and partner across the North Sea and the Norwegian Sea,” said Matt Fox, ConocoPhillips executive VP and CEO. SourceContinue Reading

“These agreements demonstrate the market’s growing confidence in demand for natural gas. LNG is a fuel that can support the transition to clean energy, especially in many Asian markets where switching to gas will result in significant environmental gains,” said Fatema Al Nuaimi, CEO of ADNOC LNG. SourceContinue Reading

“The oil demand recovery will be severely hampered and sluggishness in transportation and industrial fuel demand is now assumed to last until mid-2021,” OPEC’s Vienna-based research department wrote in its latest monthly report. SourceContinue Reading