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Oil Major BP Significantly Downsizes Oil Exploration Division

As part of its ambition to reduce oil and gas production and raise investments in clean energy, BP has been cutting staffing levels at its oil and gas exploration division since Bernard Looney became chief executive at the UK-based supermajor a year ago.    The upstream division has seen the number of scientists, geologists, and...

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Iraq Slashes Oil Output To Compensate For Overproduction

By Irina Slav – Jan 25, 2021, 9:00 AM CST Iraq will pump less oil this month and next to make up for excess production last year, the deputy chief of SOMO, the oil marketing company of Baghdad. For both January and February, Iraq plans average daily output of 3.6 million barrels, Ali Nizar told...

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Oil Majors Poised To Make Biggest Geothermal Investments In 30 Years

The green energy revolution is well and truly underway. Renewables have proven to be highly resilient, emerging as the only energy sector to record any kind of growth at a time when the traditional energy sector is going through its worst existential crisis.  Indeed, the latest report by clean energy watchdog Bloomberg New Energy Finance...

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How Hydrogen Could Power The Ultimate Battery

Hydrogen as a fuel of the future is the talk of the town in energy markets. Pros and cons of green versus blue hydrogen, capacity building plans, new production technologies, you name it, researchers are working on it. Hydrogen can be used as a fuel in fuel cell vehicles—still very expensive—and for heating—blended with natural...

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Egypt Looks To Resume LNG Exports As Prices Rise

Egypt’s 2015 discovery of the supergiant Zohr gas field was supposed to propel the North African country into the Eastern Mediterranean limelight. Within less than 3 years Egypt shed its historical legacy of being a net importer, rekindled its hopes of finally using its existing (and vastly underutilized) LNG infrastructure to the extent it had...

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The One Big Problem With A Central Asian Energy Corridor

In Moscow last week, President Vladimir Putin hosted the prime minister of Armenia and the president of Azerbaijan. It was the first meeting of the three leaders since the end of the six-week-long war over the Nagorno-Karabakh region last fall. They agreed to create a working group that will advise on how to reopen regional...

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Will Venezuela Go To War Over Oil?

January 2021 is still far from over yet the pages of Oilprice already boast 6 articles about Guyana being the hottest drilling spot in the world. This is hardly surprising, considering the hot streak that ExxonMobil had over the past 5 years, with new companies coming in and stepping up the drilling game. The interest...

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IHS Predicts A Record Year For Renewables In 2021

Global renewable capacity additions defied COVID-19 to set new records in 2020, while global renewable energy output in the electricity sector jumped, unlike other energy sources.  This year, renewable installations are set to further surge globally, with solar and wind posting new records on the back of strong Chinese development and a growing number of...

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How Climate Change Increased The Need For Fossil Fuels In 2021

As the climate is changing, the Arctic is warming four times faster than global averages, causing the circumpolar Jetstream to weaken and move southwards. Consequently, freezing cold air masses – known as the Polar Vortex – descend to more densely populated areas in the earth’s Northern Hemisphere, where humans have no other immediate choice but...

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Will Biden Lift Sanctions On Venezuela?

The country with the largest proven oil reserves in the world, clocking in at a whopping 299,953,000,000 barrels of proven oil, is currently suffering a fuel shortage so great that it is being viewed by many around the world as a humanitarian crisis. Despite being so incredibly resource rich, Venezuela continues to suffer from an...

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Why Decarbonization Could Make Strategic Sense For Oil Majors

Can oil companies profitably transform themselves into low carbon, green enterprises? That is a big question for investors. We have already noted that green investments because of their lower risk profile earn lower returns than those to which oil investors and managements have become accustomed. Also oil companies bring no particular edge in renewable investment...

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Energy Shares Plunge As Oil Rally Stalls

Energy shares were hit hard as the oil rally came to a halt, with new lockdowns reigniting oil demand fears With 2021 shaping up to be one of the most important years for the energy sector in modern history, there is no better time to become an Oilprice.com premium member. Sign up today to get...

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Oil Tumbles As Chinese COVID Cases Rise

Oil prices tumbled more than 2.5 percent early on Friday, dragged down by concerns that oil demand in the world’s top oil importer, China, could falter amid rising COVID-19 cases and expanding lockdowns. As of 9:35 a.m. ET on Friday, WTI Crude prices had slipped below $52 a barrel, and were trading down 2.60 percent...

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Iran Begins Boosting Oil Production

Iran has started ramping up its crude oil production eyeing a return to pre-sanction levels in a month or two, Deputy Oil Minister Amir Hossein Zamaninia told media, as quoted by Bloomberg. Zamaninia added that the market would be able to swallow the additional volumes, which could bring Iran’s total to somewhere between 3.9 million...

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Bearish EIA Inventory Report Sends Oil Prices Lower

Crude oil prices fell further today after the Energy Information Administration reported a crude oil inventory build of 4.4 million barrels for the week to January 15. This compared with an inventory decline of 3.2 million barrels estimated by the EIA for the previous week. In gasoline, the EIA reported an inventory fall of 300,000...

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Goldman Bullish On Oil As It Eyes Major Relief Package

Oil prices will be supported this year by the upcoming massive economic stimulus package in the United States and the low probability of much Iranian oil returning to the global market, according to Goldman Sachs. The $1.9-trillion COVID relief package proposed by President Joe Biden is set to stimulate the American economy, leading to a...

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China Snubs Washington With Big Oil Deals In South Iraq

There are three major troubling factors for new U.S. President Joe Biden. In the recently agreed US$2 billion five–year prepayment oil supply deal between the Federal Government of Iraq (FGI) in Baghdad and China’s Zhenhua Oil. First, is that the deal is straight out of the playbook that Russia used to gain control over Iraq’s...

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Was Saudi Arabia’s Surprise Production Cut A Good Idea?

Oil prices have risen by 10 percent since the end of 2020 and 8 percent since the OPEC+ meeting two weeks ago, but the rally has nothing to do with the short-term oil demand outlook. It has been almost exclusively due to the decision of Saudi Arabia—the world’s top oil exporter and OPEC’s de facto...