Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries. Slower growth will intensify intra-company and intra-company competition for market share putting downward pressure on prices, revenues, investment and employment over the next two decades.... Continue Reading →

The COVID-19 pandemic will have a dramatic impact on energy supply and demand in the short term and will have lasting impacts once the pandemic dissipates but on its own will not be enough to advance the world’s progress towards the Paris climate ambitions, classification society DNV GL said. DNV GL said that its energy... Continue Reading →

Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude. Two months ago, every trader wanted to sell cargoes and... Continue Reading →

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said. This... Continue Reading →

The transition to renewable power from traditional fuels will create a $16 trillion investment opportunity through 2030 as spending shifts to new infrastructure, Goldman Sachs analysts said Tuesday. The bank projects green-energy spending to pass that of oil and gas for the first time ever next year and account for roughly 25% of all energy spending. The... Continue Reading →

The Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result, reducing the world’s recoverable oil by around 282 billion barrels, Rystad Energy said in its annual global energy outlook released this week. Per Rystad, a Norway-based energy intelligence firm, global total expected remaining... Continue Reading →

The worldwide offshore rig count in May 2020 dropped by 54 rigs year-over-year and 37 rigs sequentially, according to a report by Baker Hughes. Baker Hughes splits its report into an international and North America one, which combine into a worldwide rig count. Continue reading