Oil fell on a massive rise in US crude stockpiles and signs from the Federal Reserve that rate hikes will continue crushed the risk-on sentiment that prevailed earlier in the day. West Texas Intermediate settled below $69 after gaining more than $2 during the session. Prices reversed earlier gains after U.S. inventories rose 7.92 million barrels and inventories at the key storage hub in Cushing, Oklahoma rose to the highest since 2021. Many Wall Street banks have lowered their oil price estimates, largely because they see inventories rising and overshooting. demand Federal Reserve officials on Wednesday halted interest rate hikes…
Author: Automotivedealernews.com
Shell Plc has decided to pull out of Pakistan in a setback for the South Asian nation going through its worst economic crisis. The oil giant has informed Shell Pakistan Ltd. on its intention to sell its 77.42% stake and also its 26% ownership in Pak-Arab Pipeline Co., it said in a statement. It is seeing a lot of interest from international buyers. The sale comes as Shell executes a strategy under new CEO Wael Sawan to boost returns to shareholders and cut companies that aren’t making enough money. It is also selling its stake in a gas project in…
Trinity Exploration & Production has disclosed that the Ministry of Energy and Energy Industries (MEEI) of the Government of Trinidad and Tobago has informed the company that its application for the Buenos Ayres Block, offered in the 2022 Onshore Competitive Round and Nearshore, has been successful. The MEEI has invited Trinity to discuss the granting of an exploration and production license (public oil rights) for the Buenos Aires block, Trinity revealed. “Trinity is very pleased to have been successful in our bid for the Buenos Ayres block; we believe it is an important second catalyst in a rapid succession after…
The U.S. Bureau of Environmental Safety and Enforcement (BSEE) has announced a $3 million investment from the bipartisan Infrastructure Act “to help reduce the risk of pollution from orphaned infrastructure on the federal Outer Continental Shelf “. This funding will specifically support BSEE’s decommissioning services contracts in the Matagorda Island lease area in the Gulf of Mexico, BSEE said in a statement posted on its site, adding that the funds they are part of a nearly $64 million investment in America commitment by President Biden. agenda to address orphan oil and gas wells on public lands. BSEE disclosed in the…
Shell Plc will raise its dividend by 15 percent and increase natural gas output as new CEO Wael Sawan refocuses on fossil fuels that generated record profits last year. It is part of a pivot by Europe’s biggest oil company to expand the most profitable parts of its business, even if they are carbon intensive, while shrinking businesses that do not generate high enough returns. The company reiterated its pledge to achieve net zero emissions by 2050, but did not present a clear plan to achieve that goal. “We will invest in the models that work, those with the highest…
Solar energy costs will halve by 2030, accelerating disruption of global energy markets while driving the energy transition, according to a new study by Australia-based think tank Climate Energy Finance (CEF) . In its “Solar Pivot” report, CEF predicts record solar installation in 2023, with 30 to 50 percent year-over-year growth. Total solar installation could reach 1,000 gigawatts (GW) per year by 2030, based on “dramatic expansion” of solar module supply chains globally and a return to deflation in solar costs for the rest of this decade, according to the report. CEF said the International Energy Agency (IEA) has “consistently…
The front-month Brent contract traded as high as $78.73 a barrel on June 5 in response to Saudi Arabia’s surprise unilateral cut of a million barrels a day in July, but since then, it has been gradually declining. That’s what Bjarne Schieldrop, SEB’s chief commodity analyst, explained in a statement sent to Rigzone on Tuesday, adding that on June 12, it fell 1.6 percent to 73.6 dollars per barrel “for no other obvious reason than Goldman gave up its year-end target of $95 a barrel and replaced it with $86 a barrel.” “In its latest oil market report, the IEA…
Alberta Premier Danielle Smith vowed to fight Canadian Prime Minister Justin Trudeau’s environmental initiatives with “all the power we have,” even leading the oil-rich province to challenge federal legislation. A federal goal to reduce emissions from the country’s power grid to zero by 2035 and a plan to cut emissions from oil and gas companies by 42 percent this decade are unattainable for Alberta, Smith said Tuesday in an energy conference in Calgary. If necessary, the province will use the Alberta Sovereignty Within a United Canada Act that was passed last year as a reason to ignore federal laws, Smith…
Just 20 years after Colonel Edwin Drake drilled the first commercial oil well in Titusville, Pennsylvania in 1859, the United States was responsible for 85% of the world’s crude oil production and refining. But over the next century, the country became increasingly dependent on oil imports, at times worryingly so. Thanks to the shale revolution, the United States is now on the brink of a sea change in the dynamics of supply and demand for crude oil, gasoline, diesel, jet fuel, and other shale-derived products. oil In the coming years, as U.S. crude oil production continues to rise, essentially all…
The European Investment Bank (EIB) has agreed to lend Iberdrola SA around 1.08 billion dollars (1.0 billion euros) for the construction of 22 renewable energy plants in three countries. The 19 solar power mills and three onshore wind farms will be built in Germany, Portugal and Spain with a total capacity of 2.2 gigawatts, according to a joint press release on Monday. Most of the projects will be developed in areas affected by industrial change away from fossil fuels, rural towns and poorer areas, he said. REPOWER This package of projects is part of REPowerEU, the European Union’s roadmap to…