Energy

Oil prices extended their gains on Thursday following positive U.S. economic data that alleviated concerns about a potential recession in the world’s largest economy. Data revealed that U.S. retail sales increased more than anticipated in July, alongside a smaller-than-expected rise in unemployment claims. Brent crude futures rose by 92 cents (1.2%) to $80.68 a barrel, […]

China’s oil refinery output in July fell by 6.1% year-on-year, reaching its lowest level since October 2022, as thin processing margins and weak fuel demand discouraged production. According to data from the National Bureau of Statistics (NBS), refiners processed 59.06 million metric tons of crude oil in July, equivalent to 13.91 million barrels per day […]

Indonesian state energy company Pertamina aims to complete the revamp of its largest refinery in Balikpapan by September 2025. This upgrade is designed to enhance the facility’s capability to produce cleaner fuels. Earlier this year, Pertamina increased the refinery’s processing capacity from 260,000 barrels per day (bpd) to 360,000 bpd, but additional aspects of the […]

Since Vice President Kamala Harris announced her candidacy for the presidency, her approach to energy policy has been characterized by strategic ambiguity. In her speeches, she emphasizes climate issues but avoids mentioning contentious terms like “energy,” “fracking,” or “oil.” This tactic aims to appeal to a broad voter base, particularly in battleground states such as […]

Analysts report that a breakthrough in oil production technology could potentially make up to 5 billion barrels of previously inaccessible crude oil available for extraction. Chevron recently announced it has begun pumping oil from a field at unprecedented pressures of 20,000 pounds per square inch—significantly higher than any previous wells. This advancement is part of […]

In late July, oil well control specialist Hawk Dunlap uncovered a so-called “zombie well” on a ranch in Pecos County, Texas, that had unexpectedly started leaking gas and toxic water, despite being plugged just over a year prior. Dunlap, who has extensive experience in the oil industry, criticized the Railroad Commission (RRC) for inadequate well-plugging […]

Traders are increasingly utilizing a new ship-to-ship (STS) loading site in the northern Aegean Sea to transfer Russian diesel cargoes, as Western sanctions target vessels transporting fuel from Russian ports. Since the European Union’s embargo on Russian oil products began in February 2023, traders have redirected diesel exports to various regions, including Brazil, Turkey, and […]

Exxon Mobil has notified the Texas Workforce Commission of 59 layoffs as part of workforce adjustments following its $60 billion acquisition of Pioneer Natural Resources. The company indicated that over 1,500 Pioneer employees were offered positions as part of the merger, which involved Pioneer’s approximately 2,200 employees. The layoffs include 39 workers from Las Colinas, […]

U.S. shale companies are enhancing oil production efficiency, achieving greater output with fewer drilling rigs. Recent data indicates that producers are extending wells up to three miles and utilizing multi-well drilling pads, allowing for simultaneous fracking of several wells. This operational efficiency is expected to increase global oil supplies, coinciding with OPEC’s plans to unwind […]

French farmers, including Jean Lefevre, are facing one of their worst wheat harvests in decades due to relentless rain that began last October and continued through the harvest last month. As the largest grain producer in the European Union, France has suffered from particularly wet weather over the past year, including a month of continuous […]