Oil

Biden's Federal Land Lease Ban To Send Oil Prices Higher: Goldman

Oil stocks tumbled following yesterday’s one-two punch of Biden energy news, when first we learned that the Interior Department enacted a 60-day moratorium on issuing oil and gas leases that affects all federal lands, minerals, and waters, which was followed by news that Biden was set to fully suspend the sale of oil and gas…

Oil Drillers Tumble: Biden Poised To Freeze Oil And Coal Leasing On Federal Land

Update: just moments after we reported about the upcoming 60-day oil and gas leasing moratorium, Bloomberg blasted the following report which, all else equal, could have a dramatic impact on the US shale industry President Joe Biden is poised to suspend the sale of oil and gas leases on federal land, which accounts for about…

Pair Of Iranian Oil Tankers Intercepted In Red Sea: Syrian PM

On Sunday Syria’s Prime Minister Hussein Arnous announced that in total seven Iranian oil tankers have been intercepted en route to the country while they were in the Red Sea to date. This includes two which he said were the latest to be detained. This comes amid severe shortages hitting the sanctions-choked as the US continues its economic war….

New Lockdowns In Europe Put The Brakes On The Oil Demand Rebound

Authored Tsvetana Paraskova via OilPrice.com, Road traffic and transportation fuel demand in most of Europe at the start of 2021 is likely at its weakest since the end of the first lockdowns in the late spring, according to Bloomberg estimates and analysts, as more people stay at home with renewed lockdowns to fight soaring COVID-19 cases. Despite…

Mapping The World’s Largest State-Owned Oil Companies

Oil is one of the world’s most important natural resources, playing a critical role in everything from transportation fuels to cosmetics. For this reason, as Visual Capitalist’s Marcus Lu details below, many governments choose to nationalize their supply of oil. This gives them a greater degree of control over their oil reserves as well as access…

Oil Algos Confused By Crude Draw, Major Product Build, Weak Demand

After ramping notably overnight (after API reported a big surprise crude draw), WTI tumbled back below $53 this morning as the dollar strengthened, and as Bloomberg reports, even with Saudi Arabia’s pledge to unilaterally cut oil output, the supply picture remains precarious. Oil inventories for the Organization for Economic Co-operation and Development are 160 million…

Exxon's Mega Oil Finds In Guyana Are Just The Beginning

Authored by Matthew Smith via Oilprice.com, Like many global oil majors ExxonMobil is under considerable pressure because of the significant fallout from the COVID-19 pandemic, sharply weaker oil prices and the threat of peak oil demand. There are growing fears that Exxon, because of its tremendous debt burden, is a zombie company. These are generally…

How One Bad Oil Bet Sparked A Global Trading Disaster

Authored by Haley Zaremba via OilPrice.com, By now we are all keenly aware of the near-devastating impact that the novel coronavirus has had on oil markets and the fossil fuel industry around the world. (If this is news to you, what rock do you live under and is there room for one more?) But while…

UAE Identified As "Hub" For Companies Helping Venezuela Evade US Oil Sanctions

A detailed investigative report by Reuters has found Washington-ally United Arab Emirates has been helping Maduro’s Venezuela skirt sanctions which the Trump administration has used as pressure for regime change.  The UAE is alleged to have stepped up its sanctions-busting activities as a major “hub” allowing Venezuela to export its oil, especially after a half dozen…

Russia’s Largest Oil Company Is Spinning Off Key Assets

Submitted by Viktor Katona of Oilprice.com Proverbs tell us a great deal about how a views the same phenomenon. Brits would say that necessity is the mother of invention whilst many Eastern European nations would contend that it is poverty that is the mother of all arts – and both would mean more or less…

Putin: Russia Reduces Its Dependence On Oil

Authored by Irina Slav via OilPrice.com, Russia is successfully weaning itself off oil revenues, President Vladimir Putin said today during an annual end-of-the-year news conference, as quoted by RT. “This means that, while we’re not completely there, we are nonetheless starting to get off the so-called oil and gas needle,” Putin said, adding, “If someone still wants…

The Oil Refinery Crisis Will Worsen This Winter

The Oil Refinery Crisis Will Worsen This Winter Tyler Durden Thu, 12/10/2020 – 20:20 Authored by Julianne Geiger via OilPrice.com, It was only to be expected that many of the world’s refiners would be pinched between low demand for finished products and rising inventories as the pandemic lockdowns continue to stifle activity. But the warm…

China’s Top Chipmaker SMIC & Oil Giant CNOOC “Shocked” Over Trump Blacklisting

After on Thursday the Trump administration added China’s top chipmaker, SMIC, as well as oil giant CNOOC to its rapidly growing blacklist of Chinese companies with deep ties to the PLA military (which is now being added to on a weekly bases), Beijing has blasted this and other proposed moves on the table like delisting Chinese companies from US…

Oil Prices Drop After OPEC+ Reaches Deal, Will Boost Output In January

Update (1155ET): OPEC+ has finally reached a deal on a small hike of 0.5MM barrels/day in January, along with a monthly review of global market conditions and whether adjustments must be made, sending oil prices sliding as investors are forced to revise their supply forecasts. As the factious talks dragged on without a deal, the…

Russia’s Relentless Quest For Arctic Oil

Authored by Vanand Meliksetian via OilPrice.com, Oftentimes the most interesting and challenging moments in life come when you least need them. Nowhere is it truer than with Russia’s eternal uphill battle to tap into its vast resources in the Arctic. Every time crude prices fall below 60-70 USD per barrel, Russia’s Arctic ambitions suffer. U.S….

As Oil Soars, Former NHL Player Turned Hedge Fund Manager Says “Inevitable” It Will Go Higher

If you’re bullish on oil, we’ve got good news and bad news. The good news is that one hedge fund manager is finally taking an outsized bet on oil and is making headlines. The bad news is that the “hedge fund manager” isn’t exactly Sam Zell or Steve Cohen, but rather a former professional hockey player.  Regardless,…

Boston Dynamics’ Robot Dog Starts New Work On BP Oil Rig

By Tyler Durden The virus pandemic is accelerating the trend of robots replacing humans in the workplace. One robot that is quickly being adopted by mega-corporations is Boston Dynamics’ compact four-legged robot, called Spot. June was the month when Boston Dynamics began selling Spot. By July, Ford Motor Company received the robot dog, equipped with five cameras to survey its…

Boston Dynamics’ Robot Dog Starts New Work On BP Oil Rig

The virus pandemic is accelerating the trend of robots replacing humans in the workplace. One robot that is quickly being adopted by mega-corporations is Boston Dynamics’ compact four-legged robot, called Spot.  June was the month when Boston Dynamics began selling Spot. By July, Ford Motor Company received the robot dog, equipped with five cameras to survey its Van Dyke Transmission…

Why A COVID Vaccine Won’t Invigorate The Oil Market

Authored by Julianne Geiger via OilPrice.com, For those who have been transfixed on oil demand forecasts over the last eight months, the recent news that Pfizer’s Covid-19 vaccine is 92% successful likely came with a renewed hope that oil demand will finally tick up and bring the industry out of the doldrums in which it…

Record-Breaking Hurricane Season Results In Biggest Offshore Oil Output Decline In Decade 

On Thursday morning, Tropical Storm Eta made landfall over North Florida and has become the 12th named storm to make landfall out of a record-breaking year of 29 named storms. Eta Making Landfall Over North Florida  An unprecedented amount of tropical systems have swirled around the Atlantic Basin this year, breaking the 2005 record of…