Energy

According to the Energy Information Administration (EIA), U.S. crude inventories decreased for the third consecutive week, while fuel stockpiles experienced an increase in the week ending December 6. This trend is attributed to robust refinery activity. Key Highlights:Crude Inventory Changes: U.S. crude stocks fell by 1.4 million barrels, bringing the total to 422 million barrels. […]

Exxon Mobil (XOM) announced on Wednesday a strategic five-year plan aimed at increasing its oil and gas output by 18%. The company plans to escalate annual project spending to between $28 billion and $33 billion from 2026 to 2030, with an objective to enhance earnings by $20 billion over the projected $34.2 billion for this […]

In a notable shift, U.S. energy firms have added oil and natural gas rigs for the first time in eight weeks, according to Baker Hughes’ latest report released on Friday. This increase signals a potential boost in future output. Key Highlights:Rig Count Increase: The total oil and gas rig count rose by seven, reaching 589 […]

As winter approaches, Europe’s industries are bracing for a significant gas price shock, driven by depleting stocks, intensified competition for liquefied natural gas (LNG) from Asia, and the looming threat of reduced Russian gas supplies. Key Highlights:Historical Context: Following the energy crisis of 2022, when gas prices soared to nearly 350 euros per megawatt hour […]

Shell and Norway’s Equinor have announced a strategic merger of their British North Sea assets, creating what is poised to be the largest oil and gas company operating in the aging basin. This 50-50 joint venture, headquartered in Aberdeen, Scotland, aims to streamline resources and reduce costs to enhance profitability. Key Highlights:Joint Venture Formation: The […]

The Russian oil trade with India is undergoing significant changes as rising funding costs and restricted access to Western financial resources have led to the exit of many smaller intermediaries. This shift has resulted in three major trading houses dominating the market, according to data and multiple trading sources. Key Highlights:Market Dynamics: India has emerged […]

Unipetrol, a refining unit of Polish refiner Orlen PKN, has reported delays in Russian oil deliveries to the Czech Republic via the Druzhba pipeline. This comes as EU diplomats are in discussions regarding the future of exemptions that allow the Czech Republic to import products derived from Russian crude oil. Key Highlights:Delivery Delays: Unipetrol confirmed […]

Shell is scaling back its investments in new offshore wind projects and restructuring its power division following a comprehensive review aimed at enhancing profitability under CEO Wael Sawan. This strategic shift reflects a broader trend among major energy companies to prioritize higher-return activities, particularly in oil and gas. Key Highlights:Offshore Wind Strategy: Shell will not […]

U.S. liquefied natural gas (LNG) exports to Europe experienced a significant increase in November, driven by higher prices and a strategic pivot away from Asia and Latin America. Preliminary data from financial firm LSEG indicates that the U.S. solidified its position as the world’s largest LNG exporter during this period. Key Highlights:Surge in Exports: U.S. […]

OPEC+ is anticipated to extend its current oil output cuts through the end of the first quarter during its upcoming meeting on Thursday, according to four sources familiar with the discussions. This move aims to bolster support for the oil market amid ongoing challenges. Key Highlights:Output Cut Extension: Sources indicate that OPEC+ is likely to […]