Supply from new oil wells will exceed declining flows from wells already in service, raising overall crude production from the second half of this year, the U.S. Energy Information Administration said in its Short-Term Energy Outlook. SourceContinue Reading

West Texas Intermediate oil is effectively yielding about 8% on an annualized basis for investors who keep rolling their positions from one month into the next. It compares with 1.15% for a 10-year U.S. Treasury, and U.S. junk bonds below 4% for the first time ever. SourceContinue Reading

Investors are betting that Russian oil giants such as Lukoil, Rosneft and Tatneft will rally as they mop up market share from rivals in the U.S. and and other countries seeking to switch to clean energy. SourceContinue Reading

Companies including Exxon Mobil, Diamondback Energy and Marathon Oil have posted double-digit gains this year as a rebound in oil prices and the prospect of an economic recovery have outweighed risks to the industry from the Biden administration. SourceContinue Reading

Turkey’s state-owned oil and gas company is considering partnerships and plans to raise funding this year to carry out work on the biggest natural gas discovery in the Black Sea, according to people with knowledge of the matter. SourceContinue Reading

The UK’s Crown Estate auctioned seabed rights that will allow about 8 gigawatts of new wind farms, enough to power more than 7 million homes. With oil majors taking a majority of the sites, it’s a sign that green energy companies are facing a new era of competition for some of the world’s biggest renewable...Continue Reading

The North African nation’s struggling to keep up shipments of oil and gas — the lifeblood of the economy — as years of mismanagement and a lack of investment take their toll. The decrease is so severe that Algeria might cease to be an crude exporter within a decade, according to Cherif Belmihoub, a minister...Continue Reading

Global stockpiles in onshore tanks and floating storage are estimated by the International Energy Agency to have shrunk by about 300 million barrels since OPEC and its allies made deep production cuts in May. Reduced supply and the vaccine-driven demand boost have entrenched Brent’s futures price curve in a bullish backwardation structure, which encourages the...Continue Reading

Crude prices have soared since early November on optimism Covid-19 vaccines will restore energy demand and deep supply cuts by OPEC and Russia. Yet many major economies remain in strict lockdowns and some are struggling to source enough vaccine doses. SourceContinue Reading

2020’s economic crisis triggered by the coronavirus was the worst the petroleum industry has ever seen. Fuel demand crashed by a fifth, prices slumped below zero, and more than a billion surplus barrels poured into storage tanks worldwide. In spite of all this, oil is posting a remarkable 2021 recovery. SourceContinue Reading