Wall Street Journal (August 12)
“The rapidly-spreading coronavirus Delta variant and its impact on the global economy mean the world will consume less oil this year,” Lowering its forecast, the IEA’s latest market report notes that “the worsening of the pandemic, as well as revisions to historical data, mean its global oil demand outlook has been “appreciably downgraded,” with some of this year’s forecast recovery shifted to 2022.”
Tags: Coronavirus, Data, Delta variant, Demand, Downgraded, Forecast, Global economy, IEA, Impact, Oil, Outlook, Pandemic, Recovery, Worsening
Houston Chronicle (July 15)
“The $3.5 trillion budget proposed by top Democrats represents the biggest move yet by President Joe Biden to attack climate change, including provisions such as clean energy standards for power grids, fees on methane emissions from oil and gas drilling, and increased incentives for electric cars.” If enacted, the legislation, “would set in motion a historic shift from fossil fuels and deliver a blow to the oil and gas producing regions across Texas, which have powered the nation’s economy for a century.”
Tags: $3.5 trillion, Biden, Clean energy, Climate change, Democrats, Drilling, Emissions, EVs, Fees, Fossil fuels, Gas, Historic, Methane, Oil, Power grids, Shift, Texas
Houston Chronicle (May 19)
“The International Energy Agency, the body that advises governments on energy and is widely respected among politicians of all stripes, warned Tuesday that nations need to halt oil and gas development this year if they are to meet their target of net-zero greenhouse gas emissions by 2050 and avoid catastrophic climate change.”
Financial Times (March 2)
“ExxonMobil appointed two new board directors yesterday, its latest move to placate activist shareholders pushing for an overhaul after the US oil super-major suffered its worst year on record.”
Tags: Activists, Appointed, Board directors, ExxonMobil, Oil, Overhaul, Placate, Shareholders, U.S.
Reuters (June 12)
“Oil’s 2020 roller coaster is on a new downward section of track. After respectively falling below $20 a barrel and turning negative in April, Brent and U.S. crude prices recovered to $40 a barrel amid coordinated supply cuts. Fresh falls in recent days make that level look more like a ceiling.”
Tags: Barrel, Brent, Ceiling, Crude, Downward, Oil, Recovered, Roller coaster, Supply cuts, U.S.
Washington Post (April 21)
“When the price of oil seemingly stepped through the looking glass Monday and tumbled into negative value, it summoned up an image of the world of petroleum turned wrong-side-round.” This shocker “was fleeting, and symbolic, more than anything, and it won’t have much effect on the price of gasoline at the pump. But it showed just how much the coronavirus pandemic has crushed the world’s energy markets — and how the global effort to stabilize them was failing.”
Tags: Coronavirus, Energy markets, Failing, Fleeting, Gasoline, Negative value, Oil, Pandemic, Petroleum, Price, Symbolic
LA Times (February 24)
“Baby steps by a handful of oil and gas companies aren’t going to do much to combat overall emissions. Similarly, the Trillion Trees Initiative…won’t do an awful lot, either. In fact, it’s one of those fig-leaf solutions that offers a pretense of significant action against global warming while ignoring the most pressing problem — the burning of fossil fuels in the first place.”
Tags: Baby steps, Emissions, Fig leaf, Gas, Global warming, Oil, Trillion Trees
BBC (December 6)
Saudi Aramco, the state-owned oil giant, “raised a record $25.6bn (£19.4bn) in its initial public offering in Riyadh. The share sale was the biggest ever, surpassing that of China’s Alibaba which raised $25bn in 2014 in New York.” When trading begins, it will become “the most valuable listed company in the world,” valued at $1.7tn based on the IPO.
Tags: Alibaba, China, IPO, Most valuable, New York, Oil, Record, Riyadh, Saudi Aramco, Share sale
Reuters (September 16)
“The last thing the slowing world economy needs is a big and unexpected disruption in oil output.” The drone attacks “took out roughly half of Saudi Arabia’s crude output appear to fit that bill. But even fragile global growth can probably withstand this first cut.” However, if “sustained disruptions to Middle Eastern oil supply–or anything that heightens the risk of them–will buoy crude. That will deliver the deepest cut to growth.”
Tags: Crude, Crude output, Disruption, Drone attacks, Economy, Fragile, Growth, Middle East, Oil, Output, Risk, Saudi Arabia, Supply, Unexpected
Wall Street Journal (August 1)
“President Trump moved Thursday to extend tariffs to essentially all Chinese imports, escalating a trade conflict that is poised to hit U.S. consumers in the pocketbook and roiling financial markets…. Wall Street was rattled by the news.” The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all closed lower. “Oil prices sank almost 8%, their biggest drop since February 2015.”
Tags: China, Dow Jones, Financial markets, Imports, Nasdaq, Oil, Rattled, Tariffs, Trade conflict, Trump, U.S. consumers, Wall Street
