So far in 2020 the oil market has seen Brent crude plummet, the U.S. lose 3 million bbl/d of crude production and European refiners more than halve utilization rates. However, as incredible as it seems, the worst might be yet to come, Stratas Advisors says in its latest oil price forecast.
The revitalized terminal is not only expected to connect the Port of Calhoun to both the Eagle Ford and Permian basins but also create more than 1,000 jobs in the Lone Star State, Max Midstream President Todd Edwards says.
Up to to $160 billion investment in carbon capture technology is need by the growing number of countries and companies targeting net-zero CO₂ emissions by around 2050, the IEA says.
Crude oil production slipped to 10.7 million bbl/d, down in part due to storm activity that closed offshore drilling sites in the U.S. Gulf of Mexico.
U.S. natural gas futures jumped over 10% on Sept. 23 from a seven-week low in the prior session as output continues to slide, demand edges up and LNG exports increase.
Denbury will now focus on leveraging its expertise and strategic assets into an emerging carbon capture, use and storage business following completion of its financial restructuring, CEO Chris Kendall says.
OPEC cut its outlook for demand in 2020, saying world oil demand would fall by 9.46 million bbl/d this year, an increase of 400,000 bbl/d from its previous report.
From Russia with...honesty—a surprisingly bearish outlook from Russian Energy Minister Alexander Novak provided evidence of cohesion in the extended OPEC+ agreement on oil production cuts.