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

The American Petroleum Institute reported crude inventories dropped by 5.15 million barrels last week, with gasoline and diesel stockpiles also decreasing, according to people familiar with the data. SourceContinue Reading

The easing of direct regulation of methane emissions put the energy industry in a “backwards-facing position,” while the absence of carbon pricing makes it harder to incentivize new technologies like carbon capture, Shell U.S. President Gretchen Watkins said. SourceContinue Reading

“This is a sigh of relief to some extent by the market,” said Karim Fawaz, who leads the energy advisory service at consultant IHS Markit. “The short-term is still quite challenged, demand is looking quite weak. The second half of 2021 is when we expect to see that demand recovery start to take hold.” SourceContinue Reading

The Houston-based company announced a target to reach net zero emissions from its own operations by 2040 and an ambition to do the same from customers’ use of its products by 2050, CEO Vicki Hollub said during a conference call with analysts on Tuesday. SourceContinue Reading

This achievement marks a significant milestone towards future full field development and is an important step towards ADNOC’s target of producing 1 billion scfd of gas from the concession before 2030, ultimately enabling gas self-sufficiency for the UAE. SourceContinue Reading

The nation was producing about 1.2 million barrels a day before its energy sector was mostly shuttered in January when Khalifa Haftar, a Russian-backed commander based in the east, blockaded ports and fields. SourceContinue Reading