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Shale Giants View a Crude Oil Ascent Above $100 as Bad for Industry

This post was originally published on this siteJan 5, 2022 (Bloomberg) Major shale-oil drillers are dreading the prospect of $100-a-barrel crude on fears it will tempt less-disciplined rivals to expand output and create a new supply glut.With an expectation that global crude demand may outpace production as soon as this year, Pioneer Natural Resources Co. Chief …

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China’s Virus Lockdowns Cast a Pall Over Oil Demand Growth

This post was originally published on this site(Bloomberg) China’s worst Covid-19 outbreak since the inaugural flareup in Wuhan is blunting oil demand growth in the world’s largest crude importer, although most major population centers remain unaffected so far. Peak congestion in Xi’an, a city of more than 13 million that’s been locked down, fell 29% on …

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Shell-backed U.S. solar developer raises $775 million in equity

This post was originally published on this siteJan 6 (Reuters) – Silicon Ranch Corp, the U.S. solar project developer backed by Royal Dutch Shell (RDSa.L), on Thursday said it raised $775 million in equity capital from new and existing investors. The announcement comes as renewable energy, and in particular solar, is experiencing a dramatic expansion …

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New York to Spend $500 Million to Fuel Boom in Offshore Wind

This post was originally published on this siteJan 5, 2022 (Bloomberg) New York state will spend $500 million building up ports and manufacturing infrastructure for offshore wind farms in a bid to become home base for the nascent industry. The investments announced Wednesday by Governor Kathy Hochul will focus on building the supply chain for …

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OPEC Output Boost Severely Limited as African Members Struggle

This post was originally published on this siteOPEC made only part of its planned production increase last month, with supplies hampered by disruptions in two of the group’s African members.The Organization of Petroleum Exporting Countries added just 90,000 barrels a day in December, as a boost by Saudi Arabia was offset by losses in Libya …

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Deep Freeze Disrupts Crude Flows in Oil Sands and Bakken Shale

This post was originally published on this siteJan 5, 2022 (Bloomberg)A deep-freeze in Canada and Northern U.S. is disrupting oil flows, causing a surge in crude prices just as American stockpiles are declining. With temperatures from North Dakota to Northern Alberta below zero Fahrenheit (-18 Celcius), TC Energy Corp.’s Keystone pipeline was shut late Tuesday, …

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