Oil Industry News

A collection of Oil latest news, analysis and best practices from top business influencers and the world's most trustworthy sources.

vice.com - Joe Biden to Cancel Keystone Pipeline, Another Blow to Canadian Oil Industry - VICE
Joe Biden to Cancel Keystone Pipeline, Another Blow to Canadian Oil Industry - VICE
Vice Media

President-elect Joe Biden has suggested he will cancel the controversial Keystone XL pipeline on his first day in office, a move that doesn't sit well with Canadian officials. Biden's team shared a briefing note with stakeholders over the weekend…

ft.com - David Sheppard, Energy Editor - International Energy Agency cuts estimate of 2021 oil demand
International Energy Agency cuts estimate of 2021 oil demand
Financial Times

Global oil demand will be lower in 2021 than previously expected, the International Energy Agency said on Tuesday, as renewed lockdowns to contain the coronavirus pandemic hit consumption. The IEA said oil demand would be 600,000 barrels a day…

bloomberg.com - Alex Longley - Investors Flock Back Into Oil for Reflation Trade, Hedging
Investors Flock Back Into Oil for Reflation Trade, Hedging
Bloomberg

Investors and oil companies are rushing back into the crude market. Total holdings of Brent and WTI futures have climbed to the highest level since May. It comes as banks from Goldman Sachs Group Inc. to JPMorgan Chase & Co. see the market's…

marketwatch.com - IEA cuts 2021 oil demand forecast
IEA cuts 2021 oil demand forecast
MarketWatch

A resurgence of Covid-19 cases and fresh lockdowns are weighing on oil consumption and slowing a rebound in demand, the International Energy Agency said Tuesday. In its monthly oil market report, the IEA cuts its forecasts for demand in 2021 by…

reuters.com - Nerijus Adomaitis - UPDATE 3-Norway awards oil and gas exploration rights to 30 firms
UPDATE 3-Norway awards oil and gas exploration rights to 30 firms
Reuters

* For full list of awards, click bit.ly/3sCuDOp (Adds reaction, background) OSLO, Jan 19 (Reuters) - Norway awarded 61 offshore exploration blocks to 30 oil firms in its latest pre-defined areas (APA) licensing round as it seeks to find more…

cnbc.com - Sam Meredith - IEA cuts 2021 oil demand outlook as new Covid lockdowns weigh on fuel sales
IEA cuts 2021 oil demand outlook as new Covid lockdowns weigh on fuel sales
CNBC

Published Tue, Jan 19 2021 4:00 AM EST The IEA said it now expects world oil demand to recover by 5.5 million barrels per day to 96.6 million this year. That reflects a downward revision of 0.3 million barrels from last month's assessment. The…

bloomberg.com - China's Virus Flare-Up Before Holiday Stokes Oil Demand Fears
China's Virus Flare-Up Before Holiday Stokes Oil Demand Fears
Bloomberg

The resurgence of Covid-19 in China has led to lockdowns and calls for citizens not to travel during the upcoming Lunar New Years holidays, stoking concern that oil and fuel demand will take a near-term hit. People are being encouraged to remain in…

bloomberg.com - Grant Smith - IEA Cuts Oil Demand Forecast as New Lockdowns Temper Recovery
IEA Cuts Oil Demand Forecast as New Lockdowns Temper Recovery
Bloomberg

The International Energy Agency lowered forecasts for global oil demand as renewed lockdowns to contain the pandemic temper the recovery expected this year. “The global vaccine roll-out is putting fundamentals on a stronger trajectory for…

bloomberg.com - Andrew Janes - Oil Holds Losses Near $52 Amid Nervousness Over Asian Demand
Oil Holds Losses Near $52 Amid Nervousness Over Asian Demand
Bloomberg

Premiums for Russia's popular ESPO crude have fallen in Asia WTI declines 0.2% from Friday after not settling on Monday Photographer: Luke Sharrett/Bloomberg Oil held losses near $52 a barrel amid signs a resurgence of the coronavirus in Asia is…

businessinsider.com - Shalini Nagarajan - Global oil demand to recover more slowly in early 2021: IEA
Global oil demand to recover more slowly in early 2021: IEA
Business Insider

The IEA expects global oil demand to recover slower than expected in early 2021. Global consumption is expected to stage a stronger comeback later in the year, the agency said. Lockdowns in countries around the world are weakening the pace of…

houstonchronicle.com - Paul Takahashi - Caution reigns ahead of oil industry's Q4 results
Caution reigns ahead of oil industry's Q4 results
Houston Chronicle

After a year marked by bankruptcies and layoffs, Houston's oil and gas industry is set to unveil fourth-quarter earnings amid optimism that the worst is behind and recovery is in sight. Analysts expect the companies, beginning with Houston…

redstate.com - Shipwreckedcrew - Biden Administration Plans to Kill Keystone XL Oil Pipeline On Day One With an Executive Order
Biden Administration Plans to Kill Keystone XL Oil Pipeline On Day One With an Executive Order
Redstate

Canadian Broadcasting Corporation (CBC) reported yesterday that a “briefing note” from the Biden transition team mentioned the intention of the incoming Biden Administration to cancel the building permit for the Keystone XL pipeline…

procon.org - Should the United States Authorize the Keystone XL Pipeline to Import Tar Sand Oil from Canada? - Alternative Energy
Should the United States Authorize the Keystone XL Pipeline to Import Tar Sand Oil from Canada? - Alternative Energy
ProCon.org

The US Department of the Interior, Bureau of Land Management (BLM), and Argonne National Laboratory, stated the following on their 2012 Oil Shale & Tar Sands Programmatic EIS website, on the page titled “About Tar Sands” (accessed…

ft.com - Jim Pickard in London and Nathalie Thomas in Edinburgh - Kwasi Kwarteng, the free marketeer learning benefits of state action
Kwasi Kwarteng, the free marketeer learning benefits of state action
Financial Times

Twenty-five years ago Kwasi Kwarteng appeared on page three of The Sun newspaper after muttering “oh fuck I've forgotten” during an episode of the TV quiz University Challenge. Now the 45-year-old MP for Spelthorne in Surrey is making…

straitstimes.com - 2020 sees 10% fall in oil, gas methane emissions
2020 sees 10% fall in oil, gas methane emissions
The Straits Times

LONDON • Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10 per cent last year mainly because of lower output as opposed to concerted climate action, a report by the International Energy Agency (IEA)…

Receive a Daily briefing on Oil Industry News