Why the world needs to invest in fossil fuels

The CEO of Saudi Aramco was clear in his recent speech when he outlined the main causes of the current energy crisis. He noted the lack of investment in oil and gas, the scarcity of alternative energy sources, and the complete lack of any plan B. Looking ahead, it seems unlikely that these problems will … Read more

Saudi Aramco shares some hard facts about our energy future

Policymakers have to look beyond this winter and stop discrediting the oil and gas industry if they are to prevent the next energy crisis, according to the chief executive of the world’s largest oil company and largest exporter of crude oil, Saudi Aramco. Amin Nasser criticized the short-term emergency responses to the energy crisis in … Read more

Russian oil exports are set to decline next year

Nearly seven months after the Russian invasion of Ukraine, Russian oil exports have been very resilient, not exceeding 400,000 barrels per day below pre-war levels. But in December, Russian oil supplies could drop by more than 1 million barrels per day after the entry into force of an EU ban on Russian oil imports by … Read more

OPEC+ is now 3.6 million barrels a day below the target for oil production

by Tsvetana Paraskova – September 19, 2022, 6:43 a.m. DST OPEC+ fell by 3.6 million barrels per day from its target for oil production in August, with the gap widening from 2.9 million barrels per day in July. While OPEC members were 1.399 million barrels per day behind their quota, non-OPEC producers were more than … Read more

The perfect storm is brewing in US diesel markets

1. Stike’s threat to rail highlights US energy weakness The possibility of a nationwide rail strike has pushed US natural gas futures above 9 per million British thermal units, amid fears of rail disruptions to coal, underlining the importance of gas in power generation. – According to the US Energy Information Administration, US natural gas … Read more

What does the White House’s refusal to refill the Strategic Petroleum Reserve mean for oil

Politics, geopolitics and conflict After around 150 soldiers were killed this week in renewed fighting over Nagorno-Karabakh, Armenia and Azerbaijan agreed to a ceasefire. This “frozen” and often unfrozen conflict dates back to the 1980s, when the territory is considered to belong to Azerbaijan but is home to a large Armenian population, making the situation … Read more

The United States does not plan to refill its Strategic Petroleum Reserve with oil below $80

by Tsvetana Paraskova – September 15, 2022, 7:58 AM CST In March, the US government allowed the release of 1 million barrels per day of strategic reserve oil over a six-month period. Earlier this week, there were rumors that the US administration might start refilling the Strategic Petroleum Reserve when oil prices fell below $80. … Read more

The next energy market crisis: the shortage of oil tankers

In the new age of energy shortages, there is one aspect of the situation that tends to be overlooked: energy transfer. The demand for tankers has been increasing since the European Union imposed sanctions on Russia in the spring, and this trend will only increase in the coming months with the entry into force of … Read more

Europe buys all Russian oil it can before banning it

Three months from now, an EU-wide ban on imports of Russian crude will begin, shutting down nearly all shipments of goods from Russia to Europe. But at the moment, Europe imports more than 1 million barrels of Russian crude oil per day and was doing so last month. Someone is stocking up before the taps … Read more