Business News

OPEC+ Still Leans Toward Extension Despite Rally

OPEC and allies including Russia are leaning towards delaying next year's planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, sources said.

EU Denies Gas Plants a Green Finance Tag

The European Commission on Friday proposed that power plants fueled by natural gas would not be not classed as a sustainable investment in Europe, although plants could possibly gain a green label by burning some hydrogen.

Energy Leaders Leave Door Open to More Cuts as Virus Spikes

Saudi Arabia's energy minister said Monday that global energy producers have the ability to tweak an agreement on production cuts that could be extended through the end of 2022, signaling the anticipation of continued weakened demand for oil as the coronavirus pandemic peaks again in Europe and the United States

Oil Jumps on Vaccine Hopes, OPEC+ Supply Signals

Oil jumped by almost 10% on Monday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

Oil Rises 2% but Traders Brace for Wild Ride After U.S. Election

Oil prices rose near 2% on Tuesday, advancing with other financial markets on U.S. Election Day, although traders were bracing for volatility depending on the voting results and as surging coronavirus cases around the world fed worries about fuel demand.

Canada Opens Oil Taps as Demand Grows, Curbs Lift

Canadian crude producers are churning out extra barrels to finish their hardest year in decades on a higher note, after Alberta's government lifted restrictions and as demand for heavy oil surged.

Norway Wealth Fund Says It's Hard to Find Green Energy Investments

Norway's $1.1 trillion sovereign wealth fund, the world's largest, is having trouble finding suitable unlisted renewable- energy projects to invest in due to the paucity of projects and strong competition for stakes in them, its new CEO said.

U.S. Energy Secretary Doesn’t See Oil Production Returning Soon to Pre-Pandemic Levels

The U.S. Secretary of Energy told reporters at an industry conference on Wednesday that he does not expect the country's oil output to return to pre-pandemic levels until at least after 2021.

Yes, Joe Biden Really Does Want to End the Oil and Gas Industry in America

The Biden energy plan has dire consequences for our industry and the entire American economy.

French Government Asks Engie to Delay U.S. LNG Deal Over Environment Concerns — Source

According to a source familiar with the matter, the French government has asked Engie to reevaluate its U.S. LNG import deal over environmental concerns.

Federal Judge Denies Bid to Halt Work on Keystone XL

A federal judge has denied a request by Native American tribes to halt work on the Keystone XL oil pipeline.

EPA Ends Methane Limits Constraint for Pipelines

The new Environmental Protection Agency (EPA) rule freeing interstate pipelines from Obama-era rules that set volatile organic chemical (VOC) and methane emission restrictions is headed for a federal court date.

China Crude Storage Flows Accelerate as Last of Cheap Oil Offloads

China pumped more crude oil into storage in September reversing two months of drawdowns as the world's largest oil importer continued to work through massive purchases made earlier this year when prices plunged.

Canada’s LNG Prospects: Real Need, Real Limits

A recent report from the Conference Board of Canada, funded by the Canadian LNG Alliance, suggests that the country could be exporting as much as 56 mtpa of LNG worth $8.36 billion (C$11 billion) by 2034.

Oil Dips on COVID-19 Resurgence, Fears of More Supply

A surge in COVID-19 cases across Europe and the U.S. in the past few weeks is causing concern throughout the industry of a continued drag on demand, evidenced by a dip in oil prices on Friday.

A Little Help for Our Friends?

With oil and gas industry workers being especially hard hit by fallout from the coronavirus, a bipartisan group of lawmakers set out a few months ago to secure assistance for those in the sector who need it.

EU Considers Binding Methane Emissions Standards for LNG

The European Union has released a new draft of proposed standards on natural gas within the bloc in an effort to limit methane emissions.

DNV GL Leads Hydrogen Readiness Study for Italian Gas Network

Oil and gas research firm DNV GL has been hired by Italian utility company SGI to assess the feasibility of switching the company's gas distribution network to hydrogen.

North American Energy Bankruptcies Pile Up in Third Quarter — Haynes and Boone

Law firm Haynes and Boone said a perfect storm of weak fuel demand due to the COVID-19 pandemic, a collapse in crude prices, and shrinking amounts of available credit all caused North American energy bankruptcies to pile up in Q3.

Saudi Aramco, Investors Discussing $10 Billion Pipeline Deal — Sources

Sources have reported that Saudi Aramco is in talks with asset firm BlackRock as well as other investors about selling a $10 billion stake in its pipeline assets.

BP Says Trans Adriatic Pipeline to be Ready by End of 2020

BP said it expects to begin shipping natural gas on the Trans Adriatic Pipeline by the end of 2020.

IEA Raises 2020 Gas Demand Forecast, Still Expects Record Fall

The International Energy Agency raised its forecast for global LNG demand this year but still expects to see the biggest fall on record due to the impact of the coronavirus pandemic.

$56M Settlement Approved in Massachusetts Gas Explosions

A $56 million settlement has been approved in the case regarding a series of natural gas explosions and fires in Massachusetts in 2018.

U.S. Oil-Export Projects Stall as Output Slips, Opposition Builds

Several major deepwater oil export projects have stalled as the coronavirus pandemic has caused global energy demand to collapse and environmental opposition has increased.

OPEC Predicts Oil Demand to Plateau in Late 2030s

In a major shift in outlook, the OPEC group on Thursday predicted that global demand for oil will plateau in the late 2030s and could have even begun to decline by then.

Polish Regulator Fines Gazprom $7.6 Billion Over Nord Stream 2 Pipeline

Polish energy regulators have fined Gazprom $7.6 billion for building the Nord Stream 2 natural gas pipeline without approval from Warsaw, the country's watchdog said on Wednesday.

Spain Approves Hydrogen Strategy to Spur Low-Carbon Economy

Spain has approved a plan to increase the country's clean hydrogen production which includes building enough infrastructure to give the nation a major role in Europe's clean energy ambitions.

New Gas Pipeline Could Heat up Azeri-Russian Rivalry

Strained Azeri-Russian ties are facing further pressure from the launch of a major gas pipeline this year that could squeeze Moscow's gas sales to Europe.

Ukraine Could Export Gas to Europe This Winter

Ukraine has collected a record volume of natural gas in storage this year and says it is open to exporting some of its stores to the European market if conditions are right.

Denmark Approves Nord Stream 2 Pipeline

Danish energy regulators have approved construction and operation of Russia's Nord Stream 2 pipeline, removing one of the largest remaining obstacles to the project.