BKR Rig Count | The total active drilling rigs in the United States decreased by 1 last week, to 583. Oil rigs increased by 1 to 479, and gas rigs dropped by 2 to 99. Rig count in the Permian Basin remained flat at 303 | Nov 22 | BKR NAM Rig Count
US Crude Inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 0.5 MMbbl to 430.3 MMbbl (about 4% below the 5y average for this time of year). On the products side, gasoline increased by 2.1 MMbbl (4% below the 5y average). Distillate fuels decreased by 0.1 MMbbl (4% below the 5y average). Total commercial petroleum inventories increased by 3.0 MMbbl | Nov 15 | EIA Weekly Report
Equinor ASA restarted production at the Johan Sverdrup oil field in the North Sea after a power failure halted flows on Monday. The Johan Sverdrup field produces about 755,000 barrels of oil a day, which constitutes as much as 7% of daily European oil consumption | Nov 19 | Bloomberg
Washington imposed new sanctions on Russia's Gazprombank on Thursday that prevent it from handling any new energy-related transactions that touch the U.S. financial system. The US also targeted around 50 other Russian banks and the Bank of Russia's System for Transfer of Financial Messages (SPFS). Russian economists said these sanctions may shut down the only way European customers can pay for Russian gas, increase volatility on Russia's FX market and push Moscow closer to Beijing's orbit | Nov 22 | Reuters
Egypt has abruptly turned away several imported LNG cargoes this month, after they surprised the market with massive LNG tenders earlier this year. Lower electricity consumption amid cooler weather means the country requires less LNG than it did during the scorching summer. As a result, Egypt is rescheduling taking deliveries from this quarter to the next one | Nov 20 | Bloomberg
Oxy warned that US energy independence is at risk of slipping away if shale output plateaus and begins to decline, which CEO Vicki Hollub said “that could come in the next five years that we start to see that plateauing happen” | Nov 22 | Bloomberg
The EU, US and other countries are hammering out a plan to throttle tens of billions of dollars of financial support for foreign oil and gas projects, weeks before President-elect Donald Trump moves into the White House. It’s a last-ditch bid to lock in a climate policy that environmental advocates say will be difficult for the new administration to reverse while freeing up multibillion-dollar funds for global clean energy projects | Nov 20 | Bloomberg
COP 29
Rich countries have pledged to provide at least $300 billion annually by 2035, but falls well short of the trillions of dollars poor and vulnerable nations say they need to climate-proof their economies The agreement calls on nations to work toward a total of $1.3 trillion a year, with most of it expected to come through private financing | Nov 23 | Bloomberg
Saudi Arabia and China have emerged as powerful forces. Saudi Arabia, leading a bloc of Arab nations, opposed reaffirming COP28 commitments to “transition away” from O&G. China said it’s willing to contribute more voluntarily to climate finance, but it doesn’t want to become an official donor, with officials emphasizing their $24B in support already provided, on par with some developed economies | Nov 18 | Bloomberg
A total of 25 countries and the European Union are pledging to commit to no new unabated coal power. Signatories include Canada, the UK and Germany. China and India, the world’s largest coal consuming nations, aren’t among backers so far, and neither is the US | Nov 20 | Bloomberg
COP 29 Energy Storage and Grids Pledge sets collective goals to achieve 25 million kilometers of built or refurbished grids by 2030 and to deploy 1500 gigawatts of energy storage in the power sector by the same year. Expanding and modernizing grids and increasing energy storage are two key needs to triple renewable energy by 2030, a goal set at COP 28 | Nov 22 | COP29 Pledge
COP 29 Hydrogen Pledge aims to scale up clean hydrogen and achieve near-zero greenhouse gas emissions from hydrogen production, with a focus on end-use sectors that are difficult to decarbonize | Nov 22 | COP29 Pledge
Negotiators landed a carbon credits agreement after almost a decade of deliberation, paving the way for a global market overseen by the United Nations. The framework allows countries to trade carbon credits with each other, as well as companies | Nov 22 | Bloomberg
Mexico is working to have a net zero economy by 2050, marking a fresh bid to more aggressively confront climate change under a new president. The declaration means that among the world’s 15-biggest emitters there’s now just one — Iran — that has yet to lay out a net zero commitment | Nov 21 | Bloomberg
