Natural gas demand fell only 3% in 2020 as a result of COVID-19 but its future is looking bleaker, a new report from S&P Global has warned.
The Covid-19 pandemic has devastated global oil and gas project sanctioning this year and will cause total committed spending to drop to around $53 billion from 2019’s $190 billion, Rystad Energy says.
Israel, the United Arab Emirates and Bahrain have signed a peace agreement that marks a step towards normalising diplomatic relationships in the Middle East.
Turkey’s Oruç Reis seismic ship has returned to port to resupply, the country’s energy ministry has said.
Oil has climbed ahead of an OPEC+ meeting this week that will assess the group’s production cuts as the recovery from virus-driven demand destruction falters.
BP has struck a deal to buy 50% of the Empire and Beacon offshore wind projects on the US east coast from Equinor for £845 million.
Oil extended losses after its biggest one-day drop in more than two months as growing doubts over the strength of the global demand recovery along with continued weakness in stocks soured market sentiment.
John Lawrie Group has made a £1.9million investment as it moves to continue its expansion in the United States.
Schlumberger, the world’s largest oilfield services company, agreed to sell its US fracking business to a smaller rival following a collapse in demand.
Equinor is making job cuts in the UK, Canada and US in response to the oil downturn, with its Aberdeen workforce included in the process.
Oil, as the world's most heavily-traded natural resource and the bedrock foundation of some of the planet's largest economies, has always had a strong impact on virtually every area of economics and finance. The global oil trade is estimated to be worth something in the region of around $4 trillion a year in revenues, or about 3.8% of global GDP.
The Trump administration gave final approval on Monday for a contentious oil and gas leasing plan on the coastal plain of Alaska's Arctic National Wildlife Refuge, where critics worry about the industry's impact on polar bears, caribou and other wildlife.
The Iranian navy has boarded and briefly seized a Liberian-flagged oil tanker near the strategic Strait of Hormuz amid heightened tensions between Tehran and the US, an American military official said.
Oil edged higher as markets in Europe and Asia advanced on signs that the surge in coronavirus cases in the southern U.S. is slowing.
Occidental Petroleum Corp. reported a $6.6 billion writedown in the second quarter, equivalent to more than 40% of its market value, as the collapse in energy prices took its toll on the debt-laden U.S. shale oil producer.
Job losses related to the coronavirus pandemic are approaching the 100,000 mark for US oilfield services companies as layoffs continued to mount in July.
The Syrian Ministry of Foreign Affairs and Expatriates has condemned “in the strongest terms” a reported deal between a US oil company and the Syrian Democratic Forces (SDF).
Oil was steady after a weekly gain as investors weighed worsening relations between Washington and Beijing and the prospect of more supply against a weakening dollar and signs the virus is easing in the U.S.
Earlier this month, a federal judge stunned the U.S. energy sector with an order to shut down the Dakota Access pipeline. Environmentalists hailed it as the first time a fully operating system had been forced to close by a legal challenge.
Oil and gas drilling is on course for a "staggering" 20-year low, according to consultancy Rystad Energy.
The worst of the reduction in oil demand came in the second quarter, the International Energy Agency (IEA) has said, and will be down by 5.1 million barrels per day in the second half of the year.
After months of empty roads, lockdowns were easing and people were getting behind the wheel again. A station in Northern California was selling gasoline for a whopping $5.98 a gallon.
Russian mercenaries are reported to have arrived at the Sharara oilfield, Libya’s National Oil Corp. (NOC) has said.
As oil prices tick up to $40 a barrel following a pandemic-induced plunge, there’s a sense the shale industry is snapping back to life with Continental Resources Inc., EOG Resources Inc. and Parsley Energy Inc. all saying they’re restarting closed wells.
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.