Oil & Gas

The US may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter. Biden administration officials are weighing the timing of such a move, with an eye toward protecting US oil-production growth and preventing crude prices from plummeting, said the people, who asked not

Europe has been thrown into its biggest energy crisis in decades with natural gas supplies from Russia becoming volatile and unpredictable even before the invasion of Ukraine began. Now, those supplies have come to a complete halt. Russia claims punitive economic sanctions imposed on it by the West are responsible for the indefinite halt to

Mounting fears of recessions in major economies as well as China’s inability to throw off its virus shackles have oil analysts slashing their price forecasts for the rest of this year. Morgan Stanley and UBS Group AG cut their near-term outlooks for crude by as much as $15 a barrel amid the deteriorating backdrop, and

As fears over the global energy supply came back into focus last week, Goldman highlighted six oil and gas themes which it said looked attractive into the year end. The investment bank says “the sweet spot” for energy stocks is around $90 per barrel for Brent, in the long term. Brent crude futures are currently

India plans to pay about 200 billion rupees ($2.5 billion) to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices, according to people familiar with the matter. The oil ministry has sought a compensation of 280 billion rupees, but the finance

Oil and gas stocks are expected to get a boost after Russia cut off gas to Europe, and one strategist says there’s “absolutely opportunities” in the sector right now. Russia’s state-owned energy giant Gazprom on Friday announced an indefinite halt in gas flows to Europe via the Nord Stream 1 gas pipeline, citing the need

Add the rapid drop in the value of the yuan to the litany of challenges facing global commodities prices. China, the biggest importer of many raw materials, has already seen demand slacken as virus curbs, a property crisis and power outages over the summer hammered economic activity. And while higher energy costs due to the

Europe was already facing a difficult and unpredictable winter when it came to its energy supplies as it looks to phase out all Russian imports. But Russian President Vladimir Putin on Wednesday again threatened to completely stop all supplies, a move which he hinted would leave Europe to “freeze.” Russia has already halted gas supplies

Here are some of Rigzone’s top stories during the last week, just in case you missed them… Recession Playbook May Not Work on Oil This Time The recession “playbook” may not work on the oil sector this time, a new BofA Global Research report has outlined. Read full article here Nord Stream Pipeline Fully Shut

European Commission President Ursula von der Leyen says the region is facing an extraordinary situation. Thierry Monasse | Getty Images News | Getty Images European Union energy ministers on Friday gathered in Brussels for emergency talks on how to protect households and businesses from runaway gas and electricity prices ahead of winter. European Commission President

California faces the dual threat of blackouts from an overwhelmed grid as well as from the risk of wildfires as a punishing heat wave continues to exact a toll on the state’s power system. Edison International’s Southern California utility warned Thursday afternoon that it is considering cutting power to more than 50,000 customers to reduce fire risk

LONDON — U.K. Prime Minister Liz Truss on Thursday announced a broad stimulus package to help Brits with soaring energy bills and attract investment into the energy sector. Truss announced a “new energy price guarantee that will give people certainty on energy bills.” In her first major move in the leadership role, Truss announced the

Abu Dhabi headquartered international energy company Mubadala Petroleum has unveiled a new brand name – Mubadala Energy. The new brand reflects a fresh strategic direction which will see Mubadala Energy build on its contribution to the energy transition by expanding its gas-weighted portfolio in areas such as LNG while exploring new energy sectors including blue

This image, from August 2022, shows a stretch of the Rhine in Germany, which plays a key role in the transportation of goods such as coal. Christoph Reichwein | Picture Alliance | Getty Images The link between energy production and water is of crucial importance and we need to value the latter resource far more

In the U.S., the so-called driving season was uncharacteristically tepid, with gasoline demand significantly below last year, energy and environmental geo-analytics company Kayrros stated in a recent report sent to Rigzone. However, while the summer demand bump was modest, so too was the late-August decline, the company highlighted in the report, adding that demand eased

In this article UN01-DE German energy giant Uniper on Tuesday warned the worst is still to come as concerns over Russian gas supplies to Europe through fall and winter continue to push up prices. “I have said this a number of times now over this year and I’m educating also policymakers. Look, the worst is

The U.S. Environmental Protection Agency (EPA) has denied a permit for a major offshore oil terminal proposed on the Gulf Coast near Corpus Christi, ruling that the Bluewater Texas terminal would need to reduce its toxic air pollution by about 95 percent. The Bluewater Texas offshore terminal, proposed in the Gulf about 25 miles southeast

Some of the measures that European governments have taken to keep electricity costs down can be described as a “Ponzi scheme,” said Dan Brouillette, who served as energy secretary under the Trump administration. “One of the easiest policy levers if you will, is that you can pass a bill, appropriate money and give money to

Energy rationing in Europe this winter is starting to look all but inevitable. German officials on Saturday insisted that security of supply was guaranteed, at least for now, after Russia’s Gazprom PJSC made a last-minute decision not to turn the crucial Nord Stream pipeline back on after maintenance. Storage is filling up and new sources of gas

Russia has drastically reduced gas supplies to Europe in recent weeks. Odd Andersen | Afp | Getty Images Russia’s state-owned energy giant Gazprom on Wednesday halted gas flows to Europe via a major pipeline, citing maintenance works on its only remaining compressor. It is expected that gas flows via Nord Stream 1, which runs from