The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Greg Hill, president of U.S. oil producer Hess Corp, said on Monday.

After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are.

Syncrude has cut its bitumen production for this month due to a mechanical disruption.
This will likely contribute to a price rally in oil sparked by demand worries and tight supply as much of U.S. Gulf of Mexico production remains offline in the wake of Hurricane Ida, which at one point shut down more than 95 percent of Gulf oil output.

Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.

For as long as many people remember Colombia has been a violence riven country that has been a major hub in the global cocaine trade. What many people do not realize is that Colombia is one of Latin America’s largest oil producers. For the first seven months of 2021, Colombia pumped an average of 730,015 barrels per day, ranking it as the region’s third largest producer behind Mexico and then Brazil.

Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market.

Russia must start getting used to lower oil, gas, and coal use in the future, Prime Minister Mikhail Mishustin told Russian media, adding that the government will approve a plan for adjusting Russia's economy to the global energy transition by the end of the year, TASS has reported.

Global oil and gas prices will remain higher for longer as companies resist the urge to ramp up production, the chief executive of Chevron, Mike Wirth told Bloomberg in an interview.

Global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end of the year, the International Energy Agency (IEA) said on Tuesday.

For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the world, China is extremely dependent on international markets to keep the lights on and the gears of industry turning. In 2019, a whopping 72% of all crude oil consumed in China was imported. This is a dynamic that makes Beijing uncomfortable, to say the least, and President Xi Jinping’s administration has been hard at work trying to shore up a greater degree of energy independence.

The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard.

China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called "an unprecedented intervention."
Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.