(Oil Price) – The U.S. is increasing pressure on Hungary to cut off its reliance on Russian oil imports and vows to work with Hungarian authorities and neighboring countries to help Budapest wean off Russian supply, a senior U.S. diplomat says. Matthew Whitaker, the U.S. Ambassador to NATO, rejected in a Fox News interview suggestions from Hungarian politicians that the U.S.
(Oil Price) – After years of restructuring and cost-cutting efforts, UK-listed oilfield services group Petrofac on Monday filed for administration, following the termination of its biggest contract. Petrofac’s directors have applied to the High Court of England and Wales to appoint administrators to Petrofac, said the company, which provides infrastructure and engineering services to the oil and gas, renewables, and power supply industries.
(Oil Price)– The EU summit this week is debating how to bridge the divide within the bloc regarding interim 2040 emission-reduction targets as the European Union insists on becoming a net-zero area by 2050. The EU member states remain divided over the proposal of the European Commission to officially endorse setting a 2040 climate target to reduce the EU’s net greenhouse gas
(Oil Price) – The United States and Qatar have joined forces for a fresh warning to Brussels that its corporate sustainability directive risks LNG imports from two of the world’s biggest exporters at a time when the EU is trying to ban all Russian gas imports. Per a joint letter cited by the Financial Times, Washington and Doha are concerned that the directive
(World Oil) – The UK’s remaining proven and probable oil and gas reserves were estimated at 2.9 billion barrels of oil equivalent (Bboe) at the end of 2024, according to the latest Reserves and Resources Report published by the North Sea Transition Authority (NSTA). While total reserves declined slightly year-on-year, the report highlights a significant 31% increase in prospective resources, now estimated
(Oil Price) – The Norwegian government on Wednesday proposed to raise the spending from the country’s oil fund, the world’s largest sovereign wealth fund, in next year’s budget, according to the draft budget of the Labor party, which won a second term in office at the general elections last month. The Labor government of Jonas Gahr Støre will need support from its junior
(Oil Price) – There have been discussions around fracking in the U.K. for years, with the government going back and forth on whether to support new operations. Politicians have explored the potential for fracking, which has been successful for fossil fuel recovery in the United States, while environmentalists have fought against it. While many may have thought that fracking had
(World Oil) – Exxon Mobil Corp. Chief Executive Officer Darren Woods renewed criticism of the European Union’s energy policies while praising U.S. President Donald Trump’s approach. The Texas oil and gas giant is slowing investment in Europe and selling assets, with Woods describing the bloc’s climate and human rights regulations as “slowing things down and trying to over-prescribe unpractical” solutions.
(BOE Report) – Kazakhstan’s oil and condensate output rose to 8.885 million metric tons in August from 8.631 million tons in July, driven by production growth at Tengiz, Kashagan, and Karachaganak oilfields, official data showed on Friday. The August figure translates into 2.150 million barrels per day, according to Reuters calculations. Despite exceeding quotas set by the Organization of the
(Investing) – HOUSTON –Exxon Mobil is stepping up attacks against a European Union corporate sustainability law and has taken its concerns directly to U.S. President Donald Trump, warning that the regulation will lead to more businesses leaving Europe. The EU’s corporate sustainability due diligence directive, or CSDDD, was adopted last year and requires companies to fix human rights and environmental issues within their
(Investing) – The European Union could phase out Russian gas within six to 12 months by replacing it with U.S. liquefied natural gas, and the United States communicated this position to EU officials this week, U.S. energy secretary Chris Wright told Reuters on Friday. Wright was speaking in Brussels, where he met EU energy commissioner Dan Jorgensen on Thursday as
(Oil Price) – U.S. Energy Secretary Chris Wright blasted net-zero targets as a “colossal train wreck” ahead of his trip to Europe for a gas summit and meetings with EU officials, warning the push for climate policies could weaken energy security and derail a U.S.–EU trade deal. “Net zero 2050 is just a colossal train wreck,” Wright told the Financial Times
