Overall global oil demand for road transport will peak in 2027 as electric vehicle (EV) usage will surge in the coming years, BloombergNEF (BNEF) said Thursday. The usage of EVs is already displacing demand for 1.5 million barrels per day (bpd) of oil, and this displacement “rises dramatically in the years ahead”, the research firm

Oil prices moved up $1 a barrel on Monday after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting the macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.15 a barrel, up $1.02, or 1.3%, at 0645 GMT after earlier hitting a

The Dutch wholesale natural gas price for the month ahead fell to a two-year low on Friday morning, which could offer some relief to consumers and some businesses who have been paying high energy bills over the past year. The Dutch June gas price, a benchmark for the European gas market, fell to 24.90 euros

By 2027, rig demand in the GCC area will be 53% higher than 2019, Westwood’s Jensen predicted. Onshore drillers are poised for boom times in the Middle East, as Saudi Arabia and the United Arab Emirates aim to boost capacity, Westwood Global Energy Group predicts. A note from senior analyst onshore energy services Todd Jensen

Asian spot LNG prices fell for the third straight week on Friday to the lowest level in nearly two years due to weak demand from top regional importers and as inventories remained high. The average LNG price for June delivery into northeast Asia, which has fallen nearly two-thirds this year, slumped to $10.50 per million

Europe is betting on hydrogen to cut the use of fossil fuels and achieve climate neutrality by 2050, but the hydrogen industry faces challenges in making the sector a scalable and cost-effective replacement for natural gas. The EU’s renewables strategy includes the ambition to produce 10 million tons and import 10 million tons of renewable

Efforts to boost production of hydrogen, a fuel seen as crucial for meeting global climate goals, are racing ahead at a rapid pace, particularly in the U.S., threatening Europe’s lead, according to a report. Planned hydrogen electrolyzer projects globally have jumped by 18% in the last six months, surpassing one terawatt of electricity capacity for

Wood Mackenzie predicts a positive outlook for project development with 30 out of the viable 40+ expected to reach final investment decisions (FIDs) in 2023. But it does not come easy. WoodMac’s Vice President, Head of Upstream Analysis Frank McKay and Principal Analyst, Upstream, Greg Riddock said that achieving FIDs on oil and gas projects

More than a dozen proposed LNG export projects in the United States could stall due to cost inflation and increased competition to secure financing. Demand for LNG has soared since the war and buyers spurned  pipeline gas. Developers could launch $100 billion worth of new LNG projects over the next five years, but securing long-term deals and

·     Soaring oil prices have boosted the economies of MENA, leading to budget surpluses for some Gulf Arab states. ·     Gulf nations are diversifying their economies from oil and focusing on sustainability, with Saudi Arabia leading the way with an ambitious target for renewable energy and a shift to blue hydrogen production. ·