Austria Looks To Ban Oil And Coal Heaters From 2023

Austria Looks To Ban Oil And Coal Heaters From 2023

Austria’s government is looking to ban the use of new fossil fuel heaters as of next year and replace very old oil and coal heaters with climate-friendly options by 2025, Euractiv reports. Austria, like the other EU countries, aims to cut its reliance on Russian gas as soon as possible. The government says that abandoning … Read more

Haliburton: The Era Of Exponential Growth In US Oil And Gas Is Over

Haliburton: The Era Of Exponential Growth In US Oil And Gas Is Over

The era of “exponential” growth in the US oil and gas industry is over as most shale firms are returning cash to investors instead of going into debt to drill more, according to Halliburton, the world’s largest fracking services provider. “We’ll see growing investment, but quite frankly, nothing even close to what we saw from … Read more

Euphoria For Oil Companies As Earnings Exceeded Expectations

Euphoria For Oil Companies As Earnings Exceeded Expectations

In what is turning out to be a very impressive earnings season, nearly all the oil majors are beating expectations and rewarding shareholders with higher dividends and share buybacks, much to the chagrin of the White House. Oilprice Alert: This week’s Global Energy Alert makes the case for oil prices heading back above $100, with … Read more

IEA: The World Needs Russian Oil To Flow Regardless Of The Price Cap

IEA: The World Needs Russian Oil To Flow Regardless Of The Price Cap

The global oil market will still need Russian oil to flow even with the planned price cap, Fatih Birol, the Executive Director of the International Energy Agency (IEA), said on Tuesday. The price cap proposed and pushed by the G7 with the purpose of allowing Russian oil to continue flowing, but at lower than market … Read more

Oil Prices Climb As China Signals An Easing Of Covid Restrictions

Oil Prices Climb As China Signals An Easing Of Covid Restrictions

Oil prices rose early on Thursday after China signaled an easing of its strict Covid policy, which has battered market sentiment in recent months. As of 6:46 am ET on Thursday, WTI Crude prices were rising by 1.67% at $86.98, and the international benchmark, Brent Crude, was up 1.41% to trade at $93.72. China’s strict … Read more

BlackRock Says It Won’t Stop Investing In Coal, Oil, And Natural Gas

BlackRock Says It Won’t Stop Investing In Coal, Oil, And Natural Gas

BlackRock will not stop investing in oil, natural gas, or coal, the world’s largest asset manager told a UK parliamentary committee in written responses to an inquiry on the role of the financial sector in the UK’s net-zero transition. Asked if BlackRock supports a net-zero scenario in which “no new investment is needed in coal, … Read more

Biden Plans To Refill The SPR When Oil Prices Fall Below $72

Biden Plans To Refill The SPR When Oil Prices Fall Below

By Irina Slav – Oct 19, 2022, 1:18 AM CDT The White House has released a fact sheet that establishes its intention to refill the Strategic Petroleum Reserve when oil prices are between $67 and $72. In spring, President Biden ordered the release of 180 million barrels of crude from the SPR, a move that … Read more

Global Oil Demand Rebounded By 2 Million Bpd In August

Global Oil Demand Rebounded By 2 Million Bpd In August

After a counter-seasonal drop in July, global oil demand rebounded in August by 2 million barrels per day (bpd) to reach 99 percent of pre-Covid levels, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Oil demand growth in August was driven by higher consumption in the United States, China, Japan, Saudi Arabia, … Read more

Oil Prices Reflect Growing Concerns About Chinese Demand

Oil Prices Reflect Growing Concerns About Chinese Demand

The Dubai benchmark oil prices, a bellwether of demand in Asia, have weakened in recent weeks, reflecting concerns about oil consumption in the most important crude oil importing region. The premium of the international benchmark Brent Crude to the Dubai swaps widened to $6.71 per barrel on Monday, up from just over $5 per barrel … Read more