oil and gas

The ongoing coronavirus crisis continues to cloud the outlook, and analysts expect this to reaffirm Saudi Arabia’s caution about the global economic recovery.

Saudi Arabia has announced that oil giant Saudi Aramco and petrochemical firm SABIC will fund most of a 5 trillion riyal private sector investment plan.

The U.S. returned 18.3 million barrels of oil temporarily stored in the Strategic Petroleum Reserve by companies that rented space there last year.

Biden’s infrastructure plan will likely include record spending on mitigating climate change and accelerating a clean energy transition.

The massive Ever Given container ship, stuck in the Suez Canal, provides a vivid image for a world economy whose global supply chains were already disrupted.

The Ever Given, one of the world’s largest shipping vessels, has blocked all traffic in the Suez Canal since running aground.

Algeria, Chad, Iraq and Nigeria will be among the first countries to experience political instability if the “energy transition” occurs, says Verisk Maplecroft.

The shipping delays could raise gas prices and impact everything from the clothes and shoes you ordered to gym equipment, electronics, food and energy supplies.

The oil and gas industry’s largest trade group Thursday endorsed a price on carbon emissions, a major shift after it long resisted climate change regulation.

The ship, called Ever Given, ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement.

President Biden in January ordered the secretary of the Interior Department to halt new oil and natural gas leases on public lands and waters.

The Republican-leaning states, led by Louisiana Attorney General Jeff Landry, seek a court order ending the moratorium imposed after Democratic President Joe Biden signed executive orders on climate change on Jan. 27.

Saudi Aramco also said it expects to cut capital expenditure in the year ahead, and lowered its guidance for spending.

U.S. gasoline demand is recovering as Americans hit the road.

One year ago, the coronavirus pandemic stopped the U.S. economy in its tracks. Here’s a look at how the virus shut down commerce using five data points.

Critics argue the pipeline is not compatible with European climate goals and will likely strengthen Russia’s economic and political influence over the region.

International benchmark Brent crude futures popped on Monday, moving above $70 a barrel for the first time in more than a year.

Occidental CEO Vicki Hollub says the recovery in crude oil demand is happening faster-than-expected, but she doesn’t see a return to pre-Covid levels in the US.

Oil prices jumped on Thursday after OPEC and its oil-producing allies said the group would keep production largely steady through April.

As demand for gasoline picks up and prices continue edging upward, it can make sense to try reducing what you pay at the pump.