UK oilfield services provider Petrofac has confirmed it is planning staff reductions and furloughing as part of its action to save cash in response to low oil prices and COVID-19 pandemic.Reuters last week reported that Petrofac was planning to reduce the workforce by 20%…
China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started processing in March applications from its companies to waive import tariffs on U…
The more you delve into the details of China's commitment to buy an additional $52.4 billion in U.S. energy over the next two years, the more it becomes apparent the goal is unachievable, even with the best will in the world.As part of the 'Phase 1' trade truce between Beijing and Washington…
After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by $52.4 billion above 2017 levels over the next two years. What could it mean for the oil market…
US shale supply will peak at approximately 14.5 million barrels per day (bpd) around 2030, said the energy research and business intelligence company Rystad Energy.In the past decade, crude oil coming from shale patches such as the Permian in…
The highest US crude oil exports to China in 11 months lifted total seaborne US crude oil exports to a record high at 11.9 million (m) tonnes in June 2019. Also contributing to the June record was South Korea, as exports to the other main Far Eastern buyer reached an all-time high volume of 2…
A staggering 61% of the world’s new oil and gas production over the next decade is set to come from one country alone: the United States.According to a report by Global Witness, the sheer scale of this new production dwarfs that of every other…
With the U.S. offshore wind industry poised for rapid growth, DNV GL has established a Renewables Certification office in Medford, Mass., to meet the growing demands for certification services. While the U.S. is still a generation behind Europe in the exploitation of offshore wind energy resources…
U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.Companies added six oil rigs in the week to Aug. 16, the biggest increase since April…
Chinese oil trader Unipec chartered a supertanker to ship U.S. crude to China in September, trading sources said, the first such cargo since U.S. President Donald Trump announced additional tariffs on Chinese import, ending a monthlong trade truce…
A new study revealed that coal power is being replaced by cleaner energy sources in the US – primarily due to an abundance of cheap natural gas.According to Rystad Energy, new renewable energy capacity from solar and wind is on the rise in the US…
Fracking operations across the US have realized a material uptick in June this year after an essentially flat trend from February to May, when activity was still in recovery mode after a seasonal winter dip.According to Rystad Energy, the June…
The Louisiana Offshore Oil Port (LOOP) exported a record 283,333 barrels per day of light sweet crude last month, according to trade sources, as prices weakened against global Brent.LOOP, which exports mostly medium sour grades produced in the U…
European natural gas prices reached their lowest in at least a decade, fueled by a battle for market share between Russia, traditionally the continent's supplier, and the U.S., whose gas exports have gained momentum on the back of the shale boom…
The American Wind Energy Association (AWEA) issued a statement in support of two bills introduced in the U.S. Senate this week, which would both extend the federal Investment Tax Credit (ITC) for offshore wind energy.The legislation comes at a critical time for offshore wind in America…
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