President Biden’s focus on fiscal spending, a probable lack of urgency in lifting sanctions on Iran and restrictions on the North American energy industry all combine to support oil prices, Goldman Sachs analysts wrote in a note dated Jan. 21. SourceContinue Reading

Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude. SourceContinue Reading

On his first day in office, President Joe Biden made good on a campaign promise to cancel the Keystone XL oil pipeline and suspended new drilling permits over the next 60 days. Next week, Biden will go even further: suspending the sale of oil and gas leases on federal land, where the U.S. gets 10%...Continue Reading

As chairman of the U.S. Federal Energy Regulatory Commission, Richard Glick can push for more comprehensive environmental reviews and prioritize projects to pave the way for more of the wind and solar farms key to Biden’s 2035 clean energy targets. SourceContinue Reading

Schlumberger posted better-than-expected earnings Friday and forecast an increase in overseas spending by customers in the next quarter. Earlier in the week, Halliburton said oil markets outside North America may see double-digit growth in the second half of 2021, while Baker Hughes predicted a modest recovery in Latin America, the North Sea and the Middle...Continue Reading

“By 2030, we still need to have capacity of approximately 650 to 700 million tons of LNG in place,” Chief Executive Officer Lorenzo Simonelli told analysts and investors Thursday on a conference call. “You’re looking at 50 to 100 million tons FIDing over the course of the next three to four years.” SourceContinue Reading

President Biden is expected to seek the restoration of the nuclear accord, and officials in Tehran have expressed the hope he will ease restrictions on its petroleum sales. But for now, the sanctions are still in place and any buyer of Iranian crude would face the same legal and financial penalties. SourceContinue Reading

President Biden issued a blizzard of executive orders on his first day in office, including a diktat to revoke the permit for the Keystone XL pipeline. This is a slap at Canada, and it sends a message to investors that playing by U.S. rules provides no immunity from arbitrary political whim. SourceContinue Reading

The move would block the sale of new mining and drilling rights across some 700 million acres of federal land. It could also block offshore oil and gas leasing, though details are still being developed. SourceContinue Reading

Alberta, home to the world’s third largest oil reserves, viewed the line as essential for delivering its heavy crude to U.S. refineries at a time when alternate supplies from Latin America were dwindling. SourceContinue Reading