Despite Big Oil funding green energy, BP, Shell, and others are scaling back wind and solar investments, signaling a shift toward traditional energy. For years, groups like the Heartland Institute, CFACT, and other climate and energy realists have been accused of receiving large amounts of money from Big Oil to promote traditional energy sources. [emphasis, links […]
Continue ReadingBritain plans to overhaul its windfall tax regime on oil and gas producers once current levies run out in 2030, it said on Wednesday as it vowed to transform the North Sea into a renewables hub. The government is asking industry players and others to provide feedback until May 28 on policy options including taxing […]
Continue ReadingCrude oil inventories in the United States saw an increase of 3.6 million barrels during the week ending February 28, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were down prior to the crude data release by the U.S. Energy Information Administration, even after the American Petroleum […]
Continue ReadingUnlike his predecessors, President Donald Trump always seems to have energy and its impacts to the lives of all Americans at the top of his mind. Following his stemwinding acceptance speech at the Republican National Convention last August, I was able to highlight the more than 1,000 words specific to energy included in it. The president’s high […]
Continue ReadingChina Merchants has bought a 70% stake in Vast Infraestrutura, Brazil’s only privately run VLCC terminal, located in the port of Açu in a deal worth up to $714m. China Merchants bought its stake in the oil terminal from US-based EIG Global Energy Partners, which has been developing the site for the past 10 years. […]
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ENB PUB Note: I call it \”Drill Baby Drill, when fiscally responsible.\” The new mantra among frackers: “Discipline” to not trigger another oil-price collapse through overproduction. Drill Baby Drill, but not too fast. By Wolf Richter for WOLF STREET. Crude oil production in the US rose by 2.5% in 2024, and by 165% since 2008, to a record […]
Continue ReadingThe eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook. Taking into account the healthy market fundamentals and the positive […]
Continue ReadingThe Republican-controlled Congress voted to repeal a federal fee on oil and gas producers who release high levels of methane. Considered a tax by the oil and gas industry, the fee was one of the previous Environmental Protection Agency\’s final measures to force producers to slash methane emissions. Repealing the methane fee is the latest […]
Continue ReadingAround 120 discoveries were made in 2024, but most were small, unlike major finds in previous years. High-impact drilling is expected in Suriname (Korikori), Cyprus (Elektra), Libya (Area C), and South Africa (DWOB). Oil majors like Chevron, ExxonMobil, and TotalEnergies are leading the charge in new and existing frontier basins. The global oil industry saw […]
Continue ReadingTrafigura Head of Trading: U.S. foreign policy vis-a-vis Iran is the main upside risk for oil. Last year, Trump pledged in his Republican National Convention speech to dramatically lower Iranian oil exports. On Tuesday, the Trump administration imposed further sanctions on more than 30 people and vessels for selling and transporting Iranian petroleum-related products. Trafigura […]
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