Oil Industry News
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Joe Biden to Cancel Keystone Pipeline, Another Blow to Canadian Oil Industry - VICE
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…
International Energy Agency cuts estimate of 2021 oil demand
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…
Investors Flock Back Into Oil for Reflation Trade, Hedging
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…
IEA cuts 2021 oil demand forecast
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…
UPDATE 3-Norway awards oil and gas exploration rights to 30 firms
* 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…
IEA cuts 2021 oil demand outlook as new Covid lockdowns weigh on fuel sales
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…
China's Virus Flare-Up Before Holiday Stokes Oil Demand Fears
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…
IEA Cuts Oil Demand Forecast as New Lockdowns Temper Recovery
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…
Oil Holds Losses Near $52 Amid Nervousness Over Asian Demand
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…
Global oil demand to recover more slowly in early 2021: IEA
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…
Caution reigns ahead of oil industry's Q4 results
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…
Biden Administration Plans to Kill Keystone XL Oil Pipeline On Day One With an Executive Order
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…
Should the United States Authorize the Keystone XL Pipeline to Import Tar Sand Oil from Canada? - Alternative Energy
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…
Kwasi Kwarteng, the free marketeer learning benefits of state action
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…
2020 sees 10% fall in oil, gas methane emissions
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)…
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