At the Asia Pacific Petroleum Conference, the focus was on the decline in oil demand due to China’s slowing economy. China, the largest oil importer and second-largest consumer, saw a contraction in consumption for the fourth consecutive month. This, along with oversupply, led to lower U.S. crude prices. Experts predict that oil prices could fall…
On Tuesday, U.S. crude oil prices rose above $71 per barrel due to supply disruptions in the Gulf of Mexico caused by Hurricane Francine. Analysts are optimistic about a potential interest rate cut by the Federal Reserve, which could boost demand for oil. The energy market is also awaiting the Fed’s decision on interest rates….
Hurricane Francine caused significant disruptions to offshore oil and gas production in the Gulf of Mexico, with nearly 30% of crude oil production and 41% of natural gas production remaining offline. The storm led to power outages and evacuations of offshore platforms, resulting in cumulative production losses. Chevron reported reduced operations at two platforms due…
A team from the Geological Agency in Indonesia recently discovered natural hydrogen gas in Central Sulawesi Province. Koloma, a clean fuel startup supported by Bill Gates and Jeff Bezos, aims to utilize expertise from the hydrocarbon industry to tap into geologic hydrogen as a clean energy source. Geologic hydrogen, found naturally underground, could play a…
The chief strategy officer of energy pathways at Carlyle, Jeff Currie, believes that global markets are overreacting to concerns about an oil supply glut. He attributes this to excessive pessimism about Chinese demand and flat U.S. crude oil production. Currie argues that China’s demand weaknesses are being exaggerated and that the worst of the transition…