Capitol Crude: The US Energy Policy Podcast (S&P Global Commodity Insights)

Comments are due later this month on the Environmental Protection Agency’s proposal to grant a fuel policy shift that would clear a path for eight Midwest states to offer a gasoline blend containing 15% ethanol year-round. While ethanol producers were furious that the proposed policy change wouldn’t go into effect in time for this summer, some oil refiners insist even the 2024 planned implementation date is too soon.

American Fuel & Petrochemical Manufacturers Senior Director of Fuel and Vehicle Policy Patrick Kelly joined the podcast to lay out challenges the group sees with this call for a new Midwest gasoline blend. He also provided his take on calls for emergency waivers and legislation to address the provision of E15.

Stick around after the interview for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

Opportunity zones are tax-advantaged investment vehicles that grew out of the Tax Cuts and Jobs Act of 2017 to bring economic redevelopment to impoverished areas.

For the oil and gas industry, opportunity zones can benefit producers and investors.

US Energy Development, a small upstream producer, recently added an opportunity zone to its portfolio in New Mexico called the Shetland project.

We talked with Matthew Iak, executive vice president at US Energy, about opportunity zones, the company's strategy and the Sheltland project.

Global oil demand will still be significant for years, even under the most ambitious energy transition. So which basins will continue to produce, and which others will be abandoned?

Offshore E&P company Kosmos Energy has answered those questions by halting its frontier exploration and selling those assets in the past two years. Its oil portfolio is now focused on two areas: West Africa and the Gulf of Mexico, and it aims to increasingly shift to natural gas.

Senior editor Meghan Gordon spoke with Mike Anderson, senior vice president for external affairs and sustainability at Kosmos Energy.

They talked about how offshore drillers are confronting the energy transition, the carbon intensity of different crude streams and the implications for the lack of investment happening right in the Gulf of Mexico.

They also looked at the energy disparity between developed and developing countries, and how world leaders might approach those tensions at COP26 in November.

Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

President Donald Trump once saw gasoline prices below $1/gallon one of his greatest assets in his re-election campaign,
but low oil prices have pushed US shale and American energy dominance to the brink of collapse and his views have changed.

On this week’s podcast, Bob McNally, president of Rapidan Energy Group, talks about the new OPEC+ agreement, the damage the price war may have had on US-Saudi relations, and where the “new normal” for global oil demand might be after global coronavirus restrictions are eased. McNally also talks about why Trump, a major fan of low gasoline prices and outspoken OPEC critic, now sees that oil prices can fall too low and why his view of the market has shifted on the fly.

McNally is a former White House energy adviser and author of the book "Crude Volatility: The History and the Future of
Boom-Bust Oil Prices."

Last week delivered some huge news on the pipeline front that highlights the challenges ahead for the US midstream sector and the fate of future efforts to build multi-state energy projects.

First Duke Energy and Dominion Energy announced they were canceling the Atlantic Coast natural gas pipeline after already spending more than $3 billion on it.

Then a federal judge ordered Energy Transfer to shut down the Dakota Access crude pipeline and empty it of oil by August 5 while the Army Corps of Engineers conducts a more extensive environmental review.

Finally, the Supreme Court said the Army Corps can resume a fast-track permitting process called the Nationwide Permit 12 -- on all pipelines except for TC Energy's Keystone XL heavy crude pipeline from Canada, extending the more than decade-long uncertainty for that project.

James Coleman, an energy law professor at Southern Methodist University, joins us to walk through the possible scenarios for Dakota Access in the next month, as well as the broader uncertainty hanging over the midstream sector and the major shift in US pipeline regulation expected if Joe Biden beats President Trump in November.

US oil producers have started announcing plans for putting shut wells back online. But just how sustainable are these plans at current prices and with the uncertain global demand outlook?

And how are OPEC and its allies going to view this returning US shale production as they're deciding how long to keep their massive oil supply cuts in place?

Jason Modglin, the new president of the Texas Alliance of Energy Producers, tells us how drillers in the top US oil-producing state are weighing the market uncertainties as they start to put wells back into service.

Shin Kim, head of oil supply and production analytics for S&P Global Platts, predicts how high oil prices can go before OPEC starts to worry about stimulating US shale.

The shipping sector faces a massive challenge in decarbonizing to meet global climate goals.

To accelerate those efforts, leaders at the COP26 climate change conference in Glasgow last year agreed to develop at least six green shipping corridors by 2025 and many more by 2030. The Biden administration has fully supported the plan and is urging private industry to also get on board.

One of the more significant corridors to emerge is between the Port of Los Angeles, the busiest container port in the Western Hemisphere, and the Port of Shanghai, the world's largest port.

Christopher Cannon, chief sustainability officer at the Port of Los Angeles, spoke with senior editor Meghan Gordon about how plans for the Los Angeles-Shanghai green shipping corridor are shaping up.

They discussed the role fuel producers will play and which alternative fuels look most promising. Cannon also gives an update on efforts to ease West Coast port congestion and predicts another possible port backup when Chinese cities emerge from pandemic lockdowns.

Stick around after the interview for Jordan Blum with the Market Minute looking at how workforce issues in the rail sector could affect shipments of oil feedstocks, ethanol, coal, grain and other commodities.

This podcast was produced by Meghan Gordon in Washington and Jennifer Pedrick in Houston.

As the US and Europe move to cut methane emissions, will the demand pull for cleaner LNG spread to price-sensitive Asia?

Ben Cahill, a senior fellow at the Center for Strategic and International Studies, published a report this month looking at how concerns about methane emissions might spread elsewhere in the world, and how the focus on methane could reshape the LNG market.

Cahill argues that it will take some time before the market -- and Asian buyers in particular -- start paying a premium for cleaner gas. But he does believe demand for this so-called differentiated LNG will develop eventually.

Stick around after the interview for Starr Spencer with the Market Minute, a look at the stabilizing US rig count and other trends from first-quarter earnings calls.

This podcast was produced by Meghan Gordon in Washington and Jennifer Pedrick in Houston.

Countries around the world committed to keeping the goal of limiting global temperature rise to 1.5 degrees Celsius at the last United Nations Climate Change Conference in Glasgow, Scotland. But when looking at the world’s aggregate performance across key indicators of clean energy innovation, a new report from the Information Technology and Innovation Foundation found "a global lack of urgency." And without an immediate surge in effort by countries working with the private sector, the report suggests chances for mitigating the worst impacts of climate change will slip away.

Senior editor Jasmin Melvin spoke with the report's author, ITIF senior policy analyst Hoyu Chong, about her work analyzing the health of the global clean energy innovation system and what it means for the global fight against climate change.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

The US Supreme Court recently held oral arguments in a case that the oil and gas industry is hoping will end some of the back-and-forth regulatory scramble over whether certain wetlands and water sources fall under federal jurisdiction. The high court is examining whether the Waters of the US regulation, or WOTUS, uses the proper test when evaluating wetlands.

In Sackett v. EPA, the Supreme Court could clarify how WOTUS is defined, with that determination potentially affecting pipelines and other energy projects. And the Supreme Court’s eventual decision will likely affect the Biden administration’s work on rulemakings to finalize a more detailed WOTUS definition.

S&P Global editor Ellie Potter spoke with Ashley Peck, a partner with the law firm Holland & Hart, about the case, what stood out from the oral arguments and the ramifications for the energy sector. Peck also gave recommendations for how companies should approach project permitting in the face of such legal and regulatory uncertainty.

Stick around after the interview for Chris Van Moessner with the Market Minute, a look at near-term oil market drivers.

Reducing carbon emissions has been a central tenet of the Biden administration’s climate agenda. But methane is over 80 times more potent than carbon dioxide emissions in terms of global warming potential. Roughly a quarter of the warming occurring now is driven by methane, and the oil and gas sector is the single largest source of those emissions in the US.

With that in mind, it’s no surprise that methane garnered a lot of attention at the global climate talks in Glasgow, Scotland last month. And domestically, the Environmental Protection Agency has proposed tougher methane regulations while Congress is weighing the imposition of a fee on methane emissions above certain emissions intensity targets.

Senior editor Jasmin Melvin spoke with Kyle Danish, a climate lawyer and Clean Air Act expert, about the proposed methane regulations and a pending Supreme Court case that could send shockwaves through US climate policy.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.

After substantial recovery in 2022 from the low crude prices and oil demand brought about by two years of the coronavirus pandemic, 2023 appears beset with uncertainties. Russia’s war with Ukraine, wobbly oil prices and heavy Chinese fuel demand have dampened what was earlier hoped to be a sanguine oil patch in the new year. With inflation gobbling up what are likely to be low-double-digit capital spending increases and E&P operators signaling flattish 2023 activity, US oil and gas producers seem determined to "lay low" while waiting for greater visibility on near-term energy market fundamentals.

Rene Santos, manager of North American supply and production for Platts Analytics, joined Starr Spencer on the podcast to share his thoughts on what may be awaiting the US upstream sector in 2023 as it prepares for a new year of drilling and production and waits for the lifting of clouds cast by events beyond its control.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

How much will November's presidential election actually influence the outlook for US oil and gas production?

Artem Abramov, head of shale research for Rystad Energy, makes the somewhat contrarian case that whoever is in the White House come next year will not greatly sway US production either way.

Rystad predicts a federal drilling ban, as proposed by Democratic presidential nominee Joe Biden, would have hardly any impact on oil and gas production in the medium term, given drillers' ability to shift to comparable private acreage.

Abramov sees US oil output starting 2021 at 11 million b/d, then declining to an average of 10.7 million-10.9 million b/d for the year. Longer-term light oil growth will be very gradual, although WTI prices above $55-$60/b could drive production back to record levels of 13 million b/d set before the coronavirus pandemic.

Crude analyst Parker Fawcett also shares S&P Global Platts Analytics' outlook for US production and the election stakes for drillers.

The Texas Railroad Commission -- which regulates the state's oil and gas industry, not railroads -- just went through perhaps its highest profile election.

Chairman Wayne Christian faced oil and gas lawyer Sarah Stogner who posed tough questions about his enforcement record and the commission's response to the 2021 Texas blackout. Christian won with 65% of the vote, but the campaign raised the profile of the arguments against him.

Now he's facing Democrat Luke Warford in the November general election. Senior editor Meghan Gordon spoke with Warford when he was in Washington, DC, recently.

We also reached out to the Christian campaign but didn't hear back.

Warford argues the commission's poor oversight of the industry deserves blame for the 2021 grid failure and that the regulators have done little since then to ensure that the grid is ready for the next round of extreme weather. He's also campaigning on cutting down on flaring exemptions, which he calls economically wasteful as international demand soars for Texas gas and climate concerns increase.

Stick around after the interview for Starr Spencer with the Market Minute, which looks at the current lack of oil and gas investment and questions around meeting long-term demand.

This podcast was produced by Meghan Gordon in Washington and Jennifer Pedrick in Houston.

Freeport LNG CEO Michael Smith joined us to talk about the state of the market, his company's expansion plans, climate concerns and the start of the Atlantic hurricane season.

Activity has started picking up for US developers of new liquefaction terminals after a two-year lull in firm commercial deals that predated the coronavirus pandemic.

For existing exporters, global gas and LNG forward prices are trending strong and relatively stable, pointing to a long runway for exporters to enjoy healthy netbacks on deliveries to Europe and Asia, buffeted by cheap feedgas costs due to low US Henry Hub prices.

Feedgas deliveries to US LNG export terminals have recently been averaging over 11 Bcf/d, implying utilization of over 90%. Later this year, a seventh major US LNG export terminal could start up and a sixth train at Cheniere Energy’s Sabine Pass could begin production.

The war in Ukraine has raged on for over a year now with no signs of Russian President Vladimir Putin backing down despite the onslaught of sanctions that continue to hit the Russian economy. A major target has been the Kremlin’s oil and gas revenues, but efforts to cut that income source are complicated by Russia’s outsized role in global oil markets.

Brian O’Toole, a nonresident senior fellow with the Atlantic Council, joined the podcast to discuss oil sanctions policy and how the US strategy against Russia is faring. He also addressed the upcoming review of the price cap on Russian seaborne crude and provided an update on where US oil sanctions policy may head in Venezuela and Iran.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

Today we are examining the outlook for new North American liquefaction projects to be sanctioned in 2021 amid a virtual standstill in 2020.

The recent runup in the Platts JKM has buoyed developers, but challenges remain.

S&P Global Platts natural writer Harry Weber spoke with Charif Souki, co-founder and executive chairman of Tellurian, which is proposing to build an export facility in Louisiana. Souki also co-founded Cheniere Energy, the biggest LNG exporter in the US.

OPEC, primarily Saudi Arabia, has found blame for the recent price collapse, with calls from the US Congress for tariffs, import bans and sanctions. To start this week’s Capitol Crude, Senator Kevin Cramer, a North Dakota Republican, talks about his views on how the Saudis are trying to crater prices and destroy the US shale industry.

But how much can OPEC really do to stem the recent oil price collapse? Why was OPEC’s role as a swing producer unable to offset the demand impacts of the spread of the coronavirus? Is there anything OPEC can do to stabilize the market?

On this week’s episode, Andrew Stanley an oil market analyst at The King Abdullah Petroleum Studies and Research Center or KAPSARC, a global think tank in Riyadh, and Kaushik Deb, the acting Director of the Markets and Industrial Development program also at KAPSARC, discuss OPEC’s function in today’s
world oil market.

The latest US inflation data showed energy costs jumping 30% in the 12 months through October. The trend is expected to continue through the winter, as home-heating costs rise across the board.

The US Energy Information Administration predicts propane will see the biggest price spike in percentage terms, with heating costs surging 46%, compared with 39% for heating oil, 29% for natural gas and 6% for electricity.

Senior editor Meghan Gordon spoke with Andrew Neal, manager of global NGLs for S&P Global Platts Analytics, about some of the dynamics behind the higher prices.

They talked about strong global demand for US propane exports, the Enbridge Line 5 pipeline controversy in Michigan, and calls by some in Washington to limit US energy exports in the face of high domestic prices.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

The UAE and Saudi Arabia are locked in a dispute over how to ease oil-production limits as global demand recovers from the pandemic.

Nareeka Ahir, a geopolitical analyst at S&P Global Platts Analytics, tells us about the oil market risks that could emerge from the fight.

She also shares the latest geopolitical risks from the Iran nuclear talks, Iraq's widespread power outages, Nigeria's oil facility attacks and Libya's volatile oil output.

The Bureau of Land Management held a federal oil and gas lease sale in Wyoming on June 29. It marks the second onshore lease sale for the state since President Joe Biden took office and the first to take place in the state since the Inflation Reduction Act instituted higher oil and gas royalty rates and leasing costs for development. 

Pete Obermueller, president of the Petroleum Association of Wyoming, joined the podcast to discuss the lease sale results. He spoke with S&P Global Commodity Insights senior editor Starr Spencer about the emerging unconventional Powder River Basin which featured prominently in the auction, the impact of the IRA, and how the Biden administration’s actions are affecting industry behavior and interest.

Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

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The pace of drilling and well completions activity in US oil and gas fields has slowed in late 2022 from the ramp up seen earlier in the year as premium equipment and crews to run it have become increasingly tight.

But overall, 2023 should be a year of growth, although much depends on upstream operators’ capital budget decisions this year as well as a host of uncertainties, from inflation to the duration of the Russia-Ukraine war. And one of the biggest uncertainties for 2023 is the availability of hydraulic fracturing equipment, since limited frac crews and equipment could affect the domestic output profile.

S&P Global senior editor Starr Spencer spoke with Matt Johnson, CEO of Primary Vision Network, a consultancy that tracks the hydraulic fracturing count, about these issues facing the upstream patch in the coming months, including labor scarcity. Johnson pointed to the frac count as a major uncertainty for oil market growth although he expects it to be resolved early next year. He believes that at $80-$100/b -- the current oil price range -- the E&P sector should continue to see modest growth over the next 12 months.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

The 2020 US elections were arguably the most consequential of our time. Among the many issues that drove voters to choose one candidate over another was energy. Oil, natural gas and the energy transition all were at play, and now the incoming administration of President-elect Joe Biden will be expected to deliver on promises made.

Jasmin Melvin and Maya Weber of S&P Global Platts and Ellie Potter of S&P Global Market Intelligence discuss the challenges and opportunities for Biden in his first 100 days and what that could mean for energy markets.

As oil prices dipped to levels not seen in nearly two decades, US shale operators slashed budgets and rig counts and braced for a hellish few months, if not years. Is even a modest price rebound possible in the near term? Will Saudi Arabia and Russia return to talks over a new supply cut? Has the price collapse forever altered US oil sanctions policy?

On today's Capitol Crude Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets, talks about the path forward for US shale, the potential for a US import embargo and why resurrection of a global supply cut may be possible.

"The question is: Did the Russians know that they were signing up for the current price environment?" Croft asks.

Apart from simple supply and demand, nothing impacts oil markets as much as geopolitics.

Former President Donald Trump did everything he could to load up sanctions on countries like Iran and Venezuela in order to cut down on their crude exports. Now we'll see what President Joe Biden might do and whether those moves lead to more barrels coming back on oversupplied markets.

We spoke with Paul Sheldon, chief geopolitical adviser for S&P Global Platts Analytics, about the Biden presidency and the potential impact on global oil markets.

The ethanol industry is angling to be a bigger part of the US decarbonization strategy, but so far, the Biden administration has sent some mixed signals on the issue. For instance, the Treasury Department has made some policy decisions that could provide some big opportunities for ethanol, but the Environmental Protection Agency is slow walking other policies the industry has called for.

Brian Jennings, the CEO of the American Coalition for Ethanol, joins the podcast to discuss the administration’s recent policy decisions, and outline additional actions the industry is seeking.

Stick around after the interview for Jeff Mower with the Market Minute, a near-term look at oil market drivers.

Record supply disruptions in an already well supplied market may have contributed to the departure of a true risk premium in the oil market, Paul Sheldon, chief geopolitical advisor with S&P Global
Platts Analytics tells Platts Capitol Crude. On this week’s podcast, Sheldon says the risk premium could return following a major supply disruption or a flare up in military tensions between the US and Iran.

Fossil fuels used for power and vehicles have been in the spotlight as the Biden Administration seeks to reduce economy-wide carbon emissions to net-zero by 2050. But the US industrial sector is also a key source of carbon emissions, accounting for one-third of all energy related domestic greenhouse gas emissions, according to the US Department of Energy.

Carbon emissions from industrial processes like cement and concrete manufacturing can be difficult to abate because emissions come from many different steps in the process. Marty Ozinga, the CEO of concrete company Ozinga, joins new Capitol Crude co-host Kate Winston on the podcast to discuss some of the opportunities available to decarbonize the cement and concrete sector.

Stick around after the interview for Starr Spencer with the Market Minute, a near-term look at oil market drivers.

Streamlining the federal permitting process is key to both deploying more renewable and carbon-free energy and ensuring needed fossil fuel production for US and global markets. But how and when to update US permitting laws is the sticking point.

S&P Global Commodity Insights industry editor Molly Christian spoke with Alex Herrgott, president and CEO of the Permitting Institute, on what leading permitting reform proposals before Congress could do for the energy sector and what else may be needed to improve the permitting process. Despite bipartisan agreement on key areas, including the need to limit timeframes for project reviews, the complexity and abundance of permitting laws mean Congress may have its hands full on this issue for years, Herrgott says.

Stick around after the interview for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

The US Environmental Protection Agency has pitched raising the amount of renewable fuel that US refiners must mix with gasoline and diesel over the next three years. Ethanol producers generally applauded the agency’s latest proposal for the Renewable Fuel Standard program, but the biodiesel sector was dismayed and accused the EPA of lowballing the renewable volume obligations for biomass-based diesel, undermining biodiesel and renewable diesel’s growth potential.

Kurt Kovarik, vice president of federal affairs at Clean Fuels Alliance America, which represents the biodiesel, renewable diesel and sustainable aviation fuel industries, joined the podcast to share his thoughts on the EPA’s proposed RFS rule, its potential impacts on clean fuel projects in the pipeline and the likelihood that the EPA will, in his words, “course-correct,” in the final rule due in June.

Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

Just how realistic are the ESG goals being set each quarter by US energy producers in the face of rising pressure from investors, banks and the government to become more environmentally sustainable?

The Biden administration has ushered in new climate priorities across the government, including the Environmental Protection Agency reviewing methane limits, the Federal Reserve weighing climate risks to the economy, and the Securities and Exchange Commission examining climate disclosures in public markets.

We spoke with Andrew Logan, director the oil and gas program at Ceres, an investor network focused on making financial markets and companies more environmentally sustainable.

He sized up President Biden’s climate policy progress so far, how oil and gas producers are responding to these pressures, whether carbon capture solutions are being oversold, and what rapid decarbonization could mean for the energy sector.

The UN Climate Change Conference taking place in Glasgow, Scotland, has been hailed as the world’s best last chance to get a handle on the climate crisis. In the US, groups like the Electric Power Research Institute are working on climate solutions and advancing energy technologies to meet increasingly ambitious decarbonization goals set by companies and governments. As part of that effort, EPRI, along with its natural gas counterpart, launched the Low-Carbon Resources Initiative, an international R&D collaborative aimed at finding an energy carrier suitable for a decarbonized, sustainable future.

 Senior editor Jasmin Melvin spoke with Neva Espinoza, EPRI’s vice president of energy supply and low-carbon resources, about the organization’s work on deep decarbonization and progress towards deployment of low-carbon fuels of the future.

 Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

A global banking meltdown rattled the oil market in recent weeks and sent crude futures plummeting.

OANDA senior market analyst Ed Moya was optimistic that relief was in store for the oil sector from the banking turmoil but he also warned of the Jekyll and Hyde nature of the market as risks remain. On the podcast, he discussed the lingering impact the banking crisis would have on energy sector investments and project financing, prospects for intervention by OPEC, and implications for US oil production. He also touched on how current market dynamics may impact prices at the pump and US plans for replenishing the Strategic Petroleum Reserve.

Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

US gasoline prices remain high well after the summer driving season. Domestic oil production isn't coming back fast as investors remain wary. And now President Joe Biden has struck out asking OPEC to put more oil supply on the market to help ease prices.

OPEC+ decided Nov. 4 to stick to its original plan of increasing its production quotas by 400,000 b/d in December.

Senior editor Meghan Gordon spoke with Herman Wang, managing editor for OPEC and Middle East news, about the meeting's outcome and its implications for global oil supply and demand heading into next year. They spoke about US oil diplomacy, the possibility of a Strategic Petroleum Reserve release and the outlook for OPEC+ spare capacity.

Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

The global oil demand shock is accelerating what was already coming to US shale, argues Adam Waterous, CEO of Waterous Energy Fund.

Waterous argued in January on Capitol Crude that US unconventional production had peaked, and the industry's unstable financial footing set it up for massive capital flight and a prolonged downturn.

Now Waterous predicts US shale output will sink by 3 million-4 million b/d from the peak of 13 million b/d if oil prices eventually return to $55/b. He thinks sustained higher prices of at least $70/b WTI will be required to bring investors back to the US shale sector and rebuild capacity that will be lost in the next 18-24 months.

We also talked about what will differentiate the drillers that survive this crisis and the geopolitical consequences of a diminished US oil sector.

OPEC on Aug. 4 renewed production cuts that are expected to tighten global oil supplies and in turn keep upwards pressure on oil prices which have seen several consecutive weeks of gains recently.

Tim Evans, energy analyst and founder of the new consultancy Evans on Energy, joined the podcast to discuss OPEC’s production policy, the group’s objectives and what that means for oil prices. Evans has offered daily market commentary about the crude oil, heating oil, RBOB gasoline and US natural gas futures markets since 1995. On the podcast, he hits on the economics as well as the politics behind some of the OPEC+ alliance’s decisions, possible tensions brewing within the alliance and whether the US can combat their desire for a tighter physical market and subsequent higher prices.

Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

Then, tell us more about your podcast preferences so we can keep improving our shows. Take our survey here: https://www.surveylegend.com/s/4xyz

As August comes to a close, Washington, DC, is ramping up again with energy issues before the Federal Energy Regulatory Commission.

On the natural gas side, the commission could start answering longstanding questions about how it will evaluate pipelines and LNG facilities in the face of opposition and pressure to weigh climate change impacts.

In terms of electric markets, FERC recently kicked off a new proceeding that could revamp its transmission policies to help connect more renewable energy sources to the grid. The commission will also examine PJM’s proposed “focused” minimum offer price rule, a contentious proceeding aimed at limiting the exercise of buyer-side market power.

Additionally, there have been several recent noteworthy actions pertaining to the US Department of the Interior’s pause on new federal oil and gas leasing.

Platts senior editor Maya Weber and editor Ellie Potter join DC bureau chief Chris Newkumet to discuss some of the major debates before FERC and the potential implications of an evenly split commission.

Stick around after the interview for the Market Minute with Chris van Moessner for a look at near-term oil market drivers.

Argentina's oil production has been on the rise this year, recovering from the demand and price impacts of the coronavirus pandemic.

Oil output climbed to 492,000 b/d in February, up from 446,000 b/d in May. While that was still down from 520,000 b/d in March 2020, market watchers appear confident that production will fully recover by the end of 2021.

Argentina's current administration has been keen on boosting production, primarily from the Vaca Muerta shale play, which is said to hold roughly 1 billion barrels of oil -- but unlocking those reserves will require changes to Argentina's regulatory and tax environment, and a shift to transparent oil prices.

We talked with Maria Garcia, S&P Global Platts senior editor for Latin American crude, and Charles Newberry, Platts' Argentina correspondent, about what's happening.

The Biden administration in December signed off on a plan to conduct the fewest oil and gas lease sales in history, with just three auctions in the Gulf of Mexico planned in the next five years. Now, oil and gas companies are changing their bidding strategies to scoop up leases when they are available.

George Laguros, a technical research principal with S&P Global Commodity Insights, spoke with Starr Spencer, senior editor for oil news at S&P Global Commodity Insights, to discuss the recent lease sale, and what might be next for leases after the election.

Stick around for Chris van Moessner with the Market Minute, a near-term look at oil market drivers.

The White House and Democrats in Congress are looking at a number of ways to increase taxes and federal revenues from the oil and gas industry as part of their climate and clean energy agenda.

They're looking at higher royalty rates on federal lands and eliminating deductions like intangible drilling costs and percentage depletion.

We spoke with Dan Naatz, executive vice president for the Independent Petroleum Association of America, about how his group is engaging on this issue. We also talked about where he sees the Interior Department's leasing ban headed and the impact of Congress restoring Obama-era methane emissions.

S&P Global Platts Analytics predicts the leasing moratorium eventually could lower US onshore production by more than 1 million b/d in the next five years, while risks to offshore production will not show up for at least 10 years. Total US oil production is projected to grow by at least 200,000 b/d in 2021 and by 1 million b/d in 2022, but it won't reach its pre-pandemic peak of nearly 13 million b/d until at least 2023.

The US Commodity Futures Trading Commission will soon get an infusion of four new voices, as the Senate voted March 28 on nominations that will bring the derivatives regulator back to a full complement of five members. Some hope this will jumpstart action at the agency after a year of being relatively quiet on energy derivatives regulation.

Tyson Slocum, energy program director at Public Citizen, is among stakeholders pushing the agency to engage publicly on the implementation of its regulation setting federal speculative position limits on physical commodity markets. He also recently authored a letter urging the CFTC to reject any bailouts for commodity traders, in light of wild price swings in energy, metal, and agricultural commodity prices that have stressed the markets.

He joined senior editor Jasmin Melvin on the podcast to discuss that letter and what he’d like to see from this latest composition of the CFTC. He also gave his take on the new US-EU task force working to send more US gas to Europe and the Biden administration’s latest efforts to ease pain at the pump for US consumers.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.

As US crude oil exports surge above 3 million b/d, is the US-China trade dispute inhibiting growth? Can US crude oil exporters survive without access to the world's biggest demand market?

On today's Platts Capitol Crude, we talk to Jacques Rousseau, managing director with ClearView Energy Partners, about the impact of the trade dispute on exports and the state of US export infrastructure. Are tariffs impacting investment decisions on ports and pipelines?

Earlier this year the oil market suffered a historic price collapse as pandemic-blunted demand left the world awash in crude.

Against this background, the OPEC+ group in April agreed to is deepest-ever production cuts. The agreement was largely successful in fostering a recovery in oil prices throughout the summer and fall, but oil demand outlooks have again come under pressure. The group reached a compromise agreement December 3 to scale back production quotas and to meet monthly to fine-tune output as conditions warrant.

Today we talk with Ed Moya, senior market analyst at OANDA, to discuss what the OPEC+ deal means for market volatility, its impact on rebounding US crude production, and what effect the incoming Biden administration could have on the group's thinking next year.

OPEC+ surprised market watchers with plans to make more than 1.6 million b/d of voluntary oil supply cuts, starting in May.

On the podcast, Ben Salisbury, director of research and head energy policy analyst at Height Capital Markets, delves into some of the producer bloc’s motivations for pursuing crude oil production cuts while prices remain relatively high and what it could mean for US drivers at the pump as well as the Biden administration’s plans to refill the Strategic Petroleum Reserve. Salisbury also hit on implications for the already strained US-Saudi relationship as calls for retaliation have again been floated and whether the price cap on Russian crude could withstand any potential supply constraints.

Stick around after the interview for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

Economic power-house China has set out 10 targets for 2024, which is pro-growth for oil demand, keen on energy security, and prioritizing accelerated industry modernization and development of new productive forces.

In this episode of Platts Oil Markets podcast, Managing Editor for refined oil products, Wanda Wang has invited China experts Grace Lee, Asia analyst from the AltView team, Sijia Sun, Associate Director, China Oil Market, and Oceana Zhou, Oil Market Specialist, to discuss the oil-market related highlights following China’s “Two Session” meetings -- the biggest annual political gathering in the country, which happened over March 4-11.

Many of the key moments in the oil markets still echo today and are useful in looking at the challenges ahead for producers, consumers and markets during the energy transition away from fossil fuels.

We spoke with Adi Imsirovic, a senior research fellow at the Oxford Institute for Energy Studies and former global head of oil at Gazprom Marketing & Trading, about his new book, "Trading and Price Discovery for Crude Oils."

We talk about the role of governments and regulators in markets, what the pandemic tells us about the energy transition, the future of the OPEC+ alliance, and which producers will left standing.

Stick around after the interview for the Market Minute, a look at near-term oil market drivers.

Crude prices have surged, Iran has vowed revenge and analysts expect another attack on energy infrastructure in the Middle East, potentially impacting global oil supply significantly in the near term.

On this Platts Capitol Crude we talk to Behnam Ben Taleblu, a senior fellow with the Foundation for Defense of Democracies and an Iran expert, on the policy and market impacts of the US killing of Iran’s top military commander, General Qassim Soleimani, in airstrikes in Baghdad.

Taleblu says Iran will likely target more infrastructure, both onshore and off, similar to the Abqaiq attacks in September, as Soleimani’s death has compounded the escalation between the US and Iran. Taleblu also talks about the likelihood of a military conflict between the two nations, the Trump administration’s evolving endgame with its Iran policy, and why US shale and relatively steady oil prices may have emboldened the White House’s strategy towards Tehran.

The oil market is closing out 2019 with a smaller geopolitical risk premium despite the September attack on Saudi Arabia's Abqaiq facility exposing a staggering supply vulnerability.
Greg Priddy, Stratfor's director of global energy and Middle East, argues the oil market can no longer hold onto a risk premium, between hedging and the responsiveness of US shale production. He said a sharp premium would only return in the event of a major and prolonged oil supply disruption.
Priddy walked us through other potential geopolitical hot spots next year, including a tinderbox in the Middle East, OPEC's oversupply woes, the "festering" US/China trade dispute, and the US presidential election.

Amid a crowded field of US liquefaction projects, Commonwealth LNG is looking to build momentum for its proposed 8.4 million mt/year facility in Louisiana as it targets a final investment decision in late 2022 and shipping its first LNG in 2025.

Senior editor Harry Weber spoke with Commonwealth LNG CEO Paul Varello about the state of the global market, the status of commercial efforts to support his project, and the impact that the run-up in spot prices in Asia and Europe is having on US aspirations to one day become the world’s biggest exporter of the super-chilled power plant fuel.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

Investors are proving they have climate change and the energy transition on the their minds.

Last week, activist investors got at least two seats on the ExxonMobil board of directors, and Chevron's shareholders approved Scope 3 emission targets, both which could lead to lower oil and gas production ahead.

The popularity of ESG (environmental, social and governance) investments is soaring. But what does it even mean for a company to adopt that label, and how do we weigh one ESG pledge against another?

Jonathan Chanis, managing member of New Tide Asset Management, believes ESG priorities are here to stay. He thinks regulators have a role to play to make sure these ESG labels mean something but he sees potential risks from regulators getting these reforms wrong.

Guyana is one of the most promising new sources for non-OPEC oil production growth, and the country just emerged from a chaotic five-month election drama. Opposition leader Mohamed Irfaan Ali was sworn into office as the country's new president last week.

The small South American country is home to the biggest oil discovery in recent years. In January, ExxonMobil boosted its reserves estimate for the Stabroek Block to more than 8 billion barrels.

Tristan Reilly of S&P Global Platts Analytics shares a quick history of the discovery, some of the next production targets expected and what oil prices would be needed for additional development.
Lisa Viscidi, director of the Inter-American Dialogue's energy, climate change and extractive industries program, gets into more detail about the disputed election, the newly inaugurated president and the implications for Guyana's oil future.

She also took us through some quick hits on the other top oil stories in Latin America: Venezuela's collapse, Mexico's attempts at self-sufficiency, and Brazil's double struggle with the oil price collapse and the coronavirus.

Threats to the flow of crude supplies have worsened in recent weeks with oil and petroleum products tankers among targets struck by Yemen's Iran-backed Houthi rebels.

Foreign policy and international energy specialist Brenda Shaffer, a professor at the US Naval Postgraduate School, joined the podcast to discuss not only the latest developments in the Red Sea but how we got here. She spoke about the Houthi rebels’ origins, their impact on global oil supplies and prices, and the US posture towards their sponsor – Iran.

Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

This podcast was produced by Jasmin Melvin and Kate Winston in Washington.

Learn more about our guest speaker: Brenda Shaffer (@ProfBShaffer)

Related coverage:
US, UK sanction four top Houthi military officials involved in attacks on Red Sea shipping
Conflict with Houthis likely to get worse before it gets better, experts say
DOE eyes SPR purchases into summer driving season but door also appears open for drawdowns

US oil supply is expected to increase this year, and new tools tracking upstream emissions will bring interesting new insights.

Deb Ryan, head of low-carbon market analytics for S&P Global Commodity Insights, explains her team's monthly carbon-intensity estimates, which rank upstream emissions from 104 oil fields around the world.

She's watching what will happen in the Permian Basin as drillers potentially respond to higher prices but face challenges with gas takeaway capacity.

The US Energy Information Administration estimates US oil supply growth at 850,000 b/d in 2022, and S&P Global raised its outlook to 930,000 b/d to account for higher sustained prices.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

As rising US oil production allows the Trump administration to rewrite foreign policy, what if projections for its continued growth are wrong?
Adam Waterous, CEO of Waterous Energy Fund, thinks North American oil and gas producers face severe capital flight risks in the coming years that could result in US crude output falling by 2 million b/d or more. He says the sector is experiencing a prolonged downturn unlike anything it as has seen before – not another typical boom/bust cycle of the past.
Waterous thinks the sector is in only the second or third inning of consolidation that will be required to improve rates of return and please capital markets.

US Energy Secretary Dan Brouillette joined Capitol Crude hours after his department announced it was seeking an initial 30 million barrels of US crude oil to store in the country's emergency stockpile.

This is part of President Donald Trump's pledge to fill the Strategic Petroleum Reserve "right up to the top."

We spoke with Brouillette about how this attempt to help US oil producers will work. We asked him about the fate of US production and exports and where he ultimately sees global oil demand bottoming out.

The US presidential election could have far-reaching implications for the global oil market.

Chris Midgley, global head of analytics for S&P Global Platts, takes us through the biggest potential impacts for supply, demand and price. He covers Iran sanctions relief scenarios, the outlook for OPEC+ cohesion, the US upstream forecast under Biden drilling restrictions and the future of US trade relations after a chaotic four years.

Stick around after the interview for the Market Minute, a look at near-term oil market drivers for this week with Jordan Blum, Platts senior editor for US oil news.

Alberta Premier Jason Kenney recently made the rounds in Washington, talking to lawmakers and State Department officials about the role Canada, and specifically Alberta’s oil sands, can play in ensuring North American energy security and easing American drivers’ pain at the pump. And his frustration with the lack of proactive outreach by the Biden administration to Alberta, which accounts for over 60% of US oil and gas imports, was clear.

Kenney joined senior editor Jasmin Melvin on the podcast to share his concerns and hopes for future collaboration between the US and Canada. He discussed Alberta’s ability to increase its crude exports to the US as well as federal policies in Canada and the US that he worries will inhibit resource development.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.

This podcast was produced by Jasmin Melvin in Washington and Jennifer Pedrick in Houston.

The Environmental Protection Agency recently put forth a proposal approving Midwest governors’ petition for a fuel policy shift that would allow their states to sell a gasoline blend containing 15% ethanol year-round. But ethanol producers are livid that the agency’s proposal would delay implementation of the new rule until 2024, leaving E15 retailers in the Midwest to wonder if they’ll be able to sell that fuel this summer.

Renewable Fuels Association President and CEO Geoff Cooper joined the podcast to lay out the importance of E15, delve further into the petition from the Midwest states and urge Congress to advance a permanent, nationwide legislative fix to the summertime ban on E15 sales in conventional gasoline markets.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

Plunging demand, collapsing prices and a reeling global economy are creating an extremely tough climate for the US upstream oil and gas sector.

US Senator Dan Sullivan, Republican-Alaska, argues another factor is basically kicking the sector while it's down.

Sullivan says some of the largest US banks are no longer willing to lend the sector money -- not because of these economic concerns -- but because of their environmental impact. He and 15 other US senators asked the White House to investigate this practice, which they argue is unfair because the banks are benefiting right now from Congress' coronavirus relief packages.

We also asked Sullivan if Arctic oil is still needed, how Alaskan operations are faring, and his campaign to increase US pressure on the Saudis for the recent oil price war.

The fallout from the coronavirus pandemic and a host of other global tensions and trade conflicts brewing in recent months have heightened geopolitical risks to energy trade.

Harvard University professor Meghan O'Sullivan shares what she sees as the top geopolitical themes likely to persist beyond the pandemic.

O'Sullivan is the director of the Geopolitics of Energy Project at Harvard's Kennedy School of Government. She was a special assistant to former US President George W. Bush and a deputy national security adviser.

She sees three main themes dominating: global energy abundance, the interconnectedness of oil markets and efforts to accelerate the energy transition.

We also talked about whether a stunted US shale sector will weaken the impact of US sanctions and other foreign policy, the US' role around OPEC+ talks, and a potential decoupling of the US and China.

With the recent indictment of former President Donald Trump, and with the prospect of more to come, the political waters of the country appear to be at their best muddied, at least for the Republican camp that has been a key backer of the oil and gas industry for decades. 

S&P Global Commodity Insights senior journalist John Siciliano spoke with Dan Eberhart, the CEO of Canary, the fifth largest installer of wellheads in the US, about how the 2024 presidential race is shaping up. On the podcast, Eberhart also delves into his concerns about challenges at the local level as more states are upping restrictions on hydraulic fracturing, which could make it harder to operate in parts of the country where Canary has seen the most success. He also addresses the future of the Strategic Petroleum Reserve and provides his insights on the Environmental Protection Agency’s recently released clean car rules.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

Seemingly long-term US sanctions on oil flows out of Iran and Venezuela, a blockade in Libya with no end in sight, and even more production cuts from the OPEC+ coalition expected this week are adding up to a loss of roughly 6% of global supply -- but prices are cratering.

Demand, specifically weakening demand caused by the effects of the coronavirus, is far outweighing even unprecedented declines in supply.

On this week’s podcast, Fernando Ferreira, Rapidan Energy Group’s director of geopolitical risk service, talks OPEC+, Iran, Venezuela, Iraq and Libya, and where world oil supplies are headed.

Can a supply shock even rattle the oil market anymore?

The US and Iran are entering a sixth round of indirect talks in Vienna aimed at restarting the 2015 nuclear deal.

S&P Global Platts Analytics still expects the sides to reach a deal in the coming months, with the Biden administration removing sanctions on Iran's oil, petrochemical, shipping and other sectors by September. This sanctions relief would allow Iran to boost crude and condensate exports to 1.5 million b/d by December, from 600,000 b/d in May.

We spoke with Henry Rome, senior analyst at the Eurasia Group, about the main sticking points to reaching a deal. He also walks through some of the domestic political dynamics in Tehran and Washington and gives his prediction for when higher Iranian oil exports will start to flow.

Stick around after the interview for the Market Minute, a look at near-term oil market drivers.

Related stories:

US State Department sees longer road ahead for Iran talks, lifting sanctions

Infographic: Iran's oil industry eyes end to sanctions

The Environmental Protection Agency last April pitched its strongest-ever limits on greenhouse gas emissions from passenger cars and trucks. But reports have surfaced that the EPA may be planning to soften that regulation.

Dave Cook, senior vehicles analyst with the Union of Concerned Scientists, joined the podcast to share why he believes any weakening of the car rule would be a bad idea. He pushed back on critics’ assertions that the proposal was unachievable and gave his take on the importance of vehicle electrification for meeting broader climate goals.

Stick around for Chris Van Moessner with the Market Minute, a look at near-term oil market drivers.

Related content:

AFPM latest to launch lobbying effort over new US EPA emissions standards

EPA sends auto emissions rule for White House review, signaling progress toward final rule

Texas is one of the largest emitting states in the US and stands to become ground zero of the carbon management industry. But unlike other states, Texas law provides no clarity on ownership rights of pore space -- the empty underground cavities where companies can pump and permanently store captured CO2. While surface rights and mineral rights are crystal clear, Texas hasn’t defined who owns those underground pore spaces.

Carbon Neutral Coalition Executive Director John Colyandro joined S&P Global reporter Brandon Mulder on the podcast to share his insights on the issues surrounding pore space ownership, how it could be holding back the industry, and ways it could be resolved in the upcoming legislative session.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

US oil and gas producers were already facing a tough investment climate by the time this spring's price crash and demand plunge decimated capital spending plans. Layered on top of this near-term crisis is a much bigger, longer-term threat: climate change.

A recent Commodity Futures Trading Commission report argues climate change could pose a major risk to the stability of the US financial system. It backs an economy-wide carbon price and recommends that banks pilot the use of stress tests -- both of which could have big impacts on the US energy sector.

We spoke with Kyle Danish, a partner at Van Ness Feldman and a nonresident senior associate at the Center for Strategic and International Studies about the report and its potential impacts for the US oil, natural gas and power sectors.

Stick around after the interview for the Market Minute, a look at near-term oil market drivers with Platts senior editor Jordan Blum.

The Federal Energy Regulatory Commission is starting the new year with a 2-2 partisan split after former Chairman Richard Glick was forced to bid adieu to the agency after his renomination stalled out. The divide could complicate action on some of the thornier issues before the agency, and there is a risk of 2-2 deadlocked votes that could stall project authorizations.

S&P Global senior editor Maya Weber joined the podcast to break down what’s happening at FERC and what its agenda could mean for natural gas producers and other stakeholders. She also shed light on climate actions being pursued by the Biden administration that could impact the gas sector and provided some clarity on whether President Joe Biden is really trying to ban gas stoves.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

Accommodating the growth of renewable energy needed to meet ambitious climate goals will require the US to expand the power grid. And according to Princeton researchers, those grid investments could cost upwards of $2 trillion if the US is to achieve net-zero emissions by 2050. 

So who’s going to foot that bill? Well, ultimately, it’s electricity consumers that pay for new transmission, and federal policies in play right now could have a big impact on the final price tag of grid expansion. 

The Electricity Transmission Competition Coalition has argued that if the US wants to meet its climate goals and lower the price of energy, the Federal Energy Regulatory Commission cannot abandon transmission competition, which the group contends can reduce the cost of grid projects by as much as 40%. 

The coalition’s chairman, Paul Cicio, joined S&P Global Commodity Insights senior editor Kate Winston on the podcast to discuss why competition matters and what changes the group is seeking to a FERC proposal on the topic.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

President Joe Biden's inauguration was particularly momentous, including for energy companies and markets. A flurry of executive actions were signed just hours after Biden took the oath of office, and against that background there are big changes underway in federal policy. Oil, natural gas and energy transition will all be impacted by these early moves.

A victory by Joe Biden in the US presidential election could have a big impact on the US-Mexico relationship and might even force the Mexican administration to change course on its energy goals.

Mexico's energy policy is currently focused on fossil fuels, despite having international commitments to move toward green sources of energy and the legal framework to do so.

We spoke with Guillermo Zuniga about how a Biden White House would change this dynamic and how he sees Mexico's path forward on climate policy.

In about two months, Interior Secretary Deb Haaland is expected to formally approve a new National Outer Continental Shelf Oil and Gas Leasing Program, putting a five-year offshore leasing plan back on the books after the country’s previous program expired over a year ago.

As one could imagine, the oil industry was not pleased to hear that only three lease sales for acres in the Gulf of Mexico would be conducted over the next five years. American Petroleum Institute President and CEO Mike Sommers joined the podcast to share the industry’s perspective on the new offshore leasing plan, its impact on broader supply and demand dynamics and next steps.

Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

Global oil supply far exceeds demand right now as the coronavirus pandemic keeps travel restrictions in place and commuters working from home.

Commodities analysts Leigh Goehring and Adam Rozencwajg, managing partners of Goehring and Rozencwajg, argue that the pandemic and current oil market conditions will be a catalyst for a coming global energy crisis. They think we're not far from a global oil shortage because of the lack of investment happening today and the rapid depletion of the best US shale resources.

While some analysts expect shale production to keep global oil markets in a perpetual surplus, Goehring and Rozencwajg argue that the age of shale has largely passed.

They project US oil production to fall by as much as 2 million b/d in the second half of 2020 and by as much as 1.5 million b/d in 2021. They see global demand rebounding steadily, which will lead to a spike in prices and an eventual drilling boom five years or so down the road.

The US Supreme Court recently decided it would not weigh into a dispute between oil companies and local governments over the appropriate venue to hear lawsuits seeking damages for adverse impacts allegedly caused by the oil and gas industry’s greenhouse gas emissions. These climate liability lawsuits are now poised to proceed in state courts across the country.

Phil Goldberg, special counsel for the Manufacturers’ Accountability Project, joined the podcast to discuss the implications of the Supreme Court action and what to expect going forward as these cases are litigated. He also delved into what’s at stake not just for the oil industry but for consumers and businesses, and why he views climate lawsuits as a “lose proposition for everybody,” especially those of us that regularly need to fill up at the pump.

Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

The energy sector has found itself in the crosshairs of what’s been called a rare and dangerous state-sponsored malware threat capable of disruption, sabotage, and potentially physical destruction of energy assets, with LNG and electric facilities believed to be the initial target.

Meanwhile, a collaboration between oil and gas companies and the R&D arm of the Department of Homeland Security, called The Linking the Oil and Gas Industry to Improve Cybersecurity program, is working to bolster the level of cybersecurity in critical systems of interest to the oil and natural gas sector. The program is behind a recent study that takes a look at how a software bill of materials, or SBOM, can be used to manage cybersecurity risks to industrial control systems software from third-party components introduced as part of vendor solutions.

Schneider Electric Vice President and Deputy Product Security Officer Cassie Crossley joined the podcast to discuss the risks vendors introduce to oil and gas operators, the cyber defenses available to the sector and how SBOM development and use could aid the oil and gas industry. Senior editor Jasmin Melvin also asked her about the new malware threat to the energy sector and Schneider Electric’s efforts to thwart it.

Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

This podcast was produced by Jasmin Melvin in Washington and Jennifer Pedrick in Houston.

The fallout from the coronavirus and the collapse of the OPEC+ supply cut agreement have dealt US shale producers a massive blow. How the sector ultimately fares might depend on where US oil exports are headed.
US crude exports climbed above 4 million b/d in the last week of February, but will that represent a peak for this year and beyond?
Port of Corpus Christi CEO Sean Strawbridge joined Platts senior editor Jordan Blum in Houston to talk about how US exporters are weathering this storm.

Where is US oil production headed with prices at $90/b and some analysts seeing triple digits ahead?

We're digging into the US upstream outlook from several angles, with:

• Mitch Fane, Ernst & Young's Americas energy leader, on what's driving capital decisions, uncertainty around ESG disclosure requirements, and the state of industry consolidation and digital transformation (3:16).

• Nathan Hasbrook, analyst for S&P Global Platts Analytics, who shares the outlook for 2022 supply and a longer view of US shale's future (1:04).

• Starr Spencer, Platts senior editor for Americas oil news, with the Market Minute on the demand for premium drilling rigs, an example of cost pressures hitting the industry (16.45).

Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https://bit.ly/plattspod22

This podcast was produced by Meghan Gordon in Washington and Derek Sands in New York.

There has been a lot of back and forth lately over whether political factors motivated the recent OPEC decision to cut crude oil production. One thing that’s for certain is that supply risks to the global oil markets are running high, and the coming EU ban on seaborne Russian crude and G7 implementation of a price cap on Russian exports are adding another layer of uncertainty and potential volatility as no one knows what the market dislocation will be from these unprecedented events.

Phil Flynn, senior market analyst at the PRICE Futures Group and a Fox Business Network contributor, joined the podcast and shared how an about-face by the Biden administration on energy policy could help moderate fuel prices and shore up global oil supplies. He also gave his take on OPEC’s decision making, the souring of US-Saudi relations and the harms shortsighted, retaliatory actions against Saudi Arabia could have on US strategic priorities.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

Representative Sean Casten, Democrat-Illinois, has not been shy in sharing his belief that the Federal Energy Regulatory Commission will be essential in combatting climate change and pivotal to achieving the US’ ambitious clean energy and decarbonization goals.

To get the message across and garner support for legislation aimed at granting FERC greater authority to facilitate the shift to a clean energy economy, the congressman has put his spin on Megan Thee Stallion and Fergie hits while delivering remarks on the House floor.

Jasmin Melvin spoke with Casten, a member of the House Select Committee on the Climate Crisis and a former energy industry executive, about his tactics, FERC and climate policy.
They talk about the need for power market design reforms, biofuels’ role in reducing carbon emissions, and concerns that Congress is not acting with the urgency the climate crisis demands.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.

The November presidential election adds to risks for natural gas pipelines, which link production to demand centers but increasingly face opposition from those seeking to phase out fossil fuels.

For interstate gas pipelines, the federal government remains an important gatekeeper for permitting.

If Democratic nominee Joe Biden is elected president, a change in leadership at the Federal Energy Regulatory Commission raises questions about whether federal approvals would still be as predictable.

In a recent boom cycle, gas pipeline capacity approved by FERC quadrupled between 2013 and 2017 to reach 30.7 Bcf/d before coming off that peak.

Rob Rains, senior energy analyst with Washington Analysis, joined us to share whether he thinks federal approvals of gas projects will continue apace in the next presidential term.

The Biden administration is racing to adopt its energy and climate policy priorities before the pressures of the 2022 midterm elections limit what the White House can do.

Meghan Gordon spoke with Kevin Book, managing director of ClearView Energy Partners, about a few of the policies set to make a big impact on the US economy, energy producers and market dynamics.

They talk about the $1 trillion bipartisan infrastructure package, Treasury Secretary Janet Yellen's effort to assess climate risks to the financial system, and the threat high pump prices have on President Joe Biden's green agenda.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

On Sept. 6, the Biden administration took steps to fulfill the president’s campaign promise to block oil and gas drilling in the Arctic National Wildlife Refuge, cancelling the last remaining oil and gas leases within ANWR. But the holders of those leases -- Alaska’s state-owned development finance corporation, the Alaska Industrial Development and Export Authority -- is not taking this lightly.

AIDEA Executive Director Randy Ruaro joined the podcast to talk about the lease cancellation, the organization’s planned lawsuit and why oil development and protecting the environment do not pose an either-or proposition as he sees room for both to coexist. He also touched on AIDEA’s views on rising oil prices and recent predictions about peak oil demand.

Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

It’s November, and that means US elections are just one year away. But how will energy policy, climate change and prices at the pump play into this election cycle?

Capitol Crude spoke with a Democratic and a Republican strategist for their take. We’re going to present their views over two episodes. First up this week, you’ll hear from Antjuan Seawright for the Democratic perspective, and Tom Hassenboehler will be on the podcast next week to weigh in on the GOP’s thinking.

Now, Seawright is a CBS News political contributor and Democratic strategist as well as founder and CEO of Blueprint Strategy, a political consulting firm based in South Carolina. He joins the podcast to talk about environmental justice, bringing balance to the energy transition and whether recent turmoil in the House could have more voters turning blue.

Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

The administration of President Andres Manuel Lopez Obrador in Mexico came to power with the promise to undo the energy reform of his predecessor, which opened the private sector to investment.

During the last 18 months, the government has issued agreements, decrees and regulations in its strategy to benefit the state utility.

We spoke to Victor Ureta of Acclaim Energy, a Mexico-based consultancy, about those legal moves, the impact on the industry, and what we can expect from those processes.

Venezuelan sanctions and the Maduro regime have been a backburner issue so far for US President Joe Biden. When he was elected, many energy analysts predicted he would grant some sanctions relief on humanitarian grounds.

Fernando Ferreira, director of Rapidan Energy Group’s Geopolitical Risk Service, predicts we'll start to see the White House's direction on Venezuela later this year. We asked him about the ban on diesel-for-crude swaps, Chevron's waiver extension, the status of opposition leader Juan Guaido and the future of Venezuela's oil production.

Stick around after the interview for the Market Minute, a look at near-term oil market drivers.

A new report from the Energy Industries Council found that energy supply chain bosses are not seeing all the hype and ambitious net-zero pledges translate into consistent and profitable work on green projects.

EIC CEO Stuart Broadley contends that at the end of the day, if the volume and profitability metrics for net-zero solutions aren’t showing up in order books, energy supply chain businesses will have no other choice but to focus on the booming oil and gas space. He joined the podcast to discuss how these realities on the ground are playing out for the oil and gas sector, what it means for the already wide gap between green ambitions and actions, and the policy challenges and needs going forward.

Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

Then, tell us more about your podcast preferences so we can keep improving our shows. Take our survey here: https://www.surveylegend.com/s/4xyz

As you heard in last week's episode, geopolitical events have the potential to move energy markets in a big way in 2022.

Today we're looking at three key geopolitical angles that have some common ties: the Russia-Ukraine tensions, the recent unrest in Kazakhstan, and fuel subsidies in general.

Paul Sheldon, chief geopolitical adviser for S&P Global Platts Analytics, joined senior editor Meghan Gordon to discuss how each of these issues could impact oil and other energy markets this year.

Stick around after the interview for Jordan Blum with the Market Minute, a look at near-term oil market drivers.

US President Joe Biden make good on his campaign promises and rejoined the Paris Agreement upon taking office, a move that has huge implications for Mexico in particular, given the current energy strategy of the government, which focuses on fossil fuels.

We spoke with Aldo Flores-Quiroga, senior adviser for energy and natural resources at FTI Consulting. He formerly served as secretary-general of the International Energy Forum.

Capitol Crude and Energy Evolution join forces to co-host today's episode, all about artificial intelligence being deployed in the energy and mining sectors. This week's guests are some of the journalists from the S&P Global Commodity Insights newsroom who worked together to write an expansive series of articles on the impact of AI. The pieces look at predictions around how much electricity demand AI will generate, the ways AI is improving productivity, resource discovery and trading, and more.

In addition to the co-hosts and regular contributors to Energy Evolution, the podcast features Commodity Insights reporters Jared Anderson and Kip Keen.

Stick around for Chris van Moessner Spencer with the Market Minute, a look at near-term oil market drivers.

It's no secret that the power sector is undergoing dramatic changes.

Market dynamics and ambitious decarbonization goals set by the Biden administration are driving a transition away from fossil fuels and toward more renewable energy and electric vehicles.

Consumers and investors are also expressing new expectations for sustainability and a cleaner energy economy.

Utility executives have acknowledged a need for new digital technologies and a digitally savvy workforce, but a new survey by Ernst & Young found that the utility sector is falling behind in this digital transformation.

Nearly 90% of utility executives say they do not have enough workers with the right skills to take advantage of digital technologies, and many lack a plan to proceed.

We spoke with Ryan Levine of Ernst & Young about the report and what it means for the power sector going forward.

Dozens of highly consequential energy issues are at play in this week’s US elections, ranging from who will occupy the Oval Office for the next four years, to who will fill the last open seat on the Texas Railroad Commission.

But overhanging all of this is a US economy crippled by the ongoing pandemic.

Beth Ann Bovino, US Chief Economist for S&P Global Ratings, helps explore this unique interplay.

The 2022 US midterm elections featured partisan clashes over energy policy, with accusations traded over whether the Biden administration’s climate policies or what some saw as profit-hungry oil companies were to blame for high prices.

With the possibility that divided government or slim margins for either party in Congress will result from the midterms, S&P Global senior editor Maya Weber spoke to Sasha Mackler, executive director of the energy program at the Bipartisan Policy Center, about the election and areas that might be ripe for bipartisan action in Washington.

Mackler also gave his take on how energy prices play into election outcomes and what President Joe Biden’s options for relieving pain at the pump may look like with a new Congress in place.

Stick around after the interview for Chris Van Moessner with the Market Minute, a look at near-term oil market drivers.

With tight supplies and strong demand helping create large swings in global gas prices, Japanese utility JERA is staying the course.

The world’s largest LNG buyer is focused on its supply procurement and trading strategy.

Sunao Nakamura, a senior managing executive officer at JERA and chief of the Japanese company’s optimization department, spoke with Platts Senior Editor Harry Weber about the gas-pricing environment, where the market could be headed and how JERA is responding. He also addressed how the energy transition affects the decision-making process.

Stick around after the interview for Jeff Mower with the Market Minute, a look at near-term oil market drivers.

OPEC, Russia and its nine other oil-producing allies have agreed to fresh supply cuts, but how much compliance will they achieve in the next three months? Former Capitol Crude host Herman Wang returns with details of the deal struck Friday in Vienna. The contentious talks featured a walkout by Angola and hardball by Iraq and Russia. Saudi Aramco’s massive initial public offering hung over the events, but US President Donald Trump’s oil tweets stayed home.

The consequences of this will likely last years. In the midst of a price war, global oil demand is in a free fall. The spread of the coronavirus has left 3 billion people worldwide unable to get on a plane, drive to work or go anywhere, really, at all.

In response, global oil demand is plummeting. The International Energy Agency says as much as 20 million b/d of oil demand may be lost this year.

On today’s Capitol Crude podcast, Sarah Ladislaw, senior vice president and director and senior fellow of the Center for Strategic & International Studies’ energy security and climate change program, answers a few questions about where the US oil sector is headed.

What is the Trump administration doing to bail out the struggling shale industry? They say they’re pressing the Saudis to work to stabilize the market, but how serious is that effort? And with Texas regulators contemplating oil alliances with Saudi Arabia, has the US oil industry entered a new, unpredictable chapter?

Chris Midgley, global director of analytics at S&P Global Platts, shares his latest outlook for global oil demand heading into the third year of the pandemic and takes stock of the tension between climate ambitions and economic growth.

Midgley explains why US shale drillers continue to hold back despite relatively higher oil prices, whether the US and Iran will likely reach a nuclear deal to remove oil sanctions, and how US Gulf Coast producers and refiners are recovering after Hurricane Ida.

Stick around after the interview for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

Rapidan Energy Group predicts sweeping changes for the energy sector if former Vice President Joe Biden beats US President Donald Trump in November.

Biden's policies would have global implications for energy trade, altering US/China relations, the pace of Iran's oil recovery, trans-Atlantic climate action and other factors.

In the US, a Biden White House would likely sharply limit oil and gas production on federal lands and waters, impose new climate-focused financial regulations that could restrict the industry's access to low-cost capital, and block major infrastructure projects to fulfill the campaign's climate goals.

Bob McNally, president of Rapidan Energy Group, and Glenn Schwartz, director of Rapidan's Energy Policy Service, tell us why these changes are most likely and could have the biggest impact.
Biden began the race for the Democratic primary as one of the most moderate candidates on energy polices but has been pushed by the progressive wing to embrace more aggressive climate actions. McNally predicts Biden will not abandon those views if he makes it to the Oval Office.

The US Department of Energy’s newly rebranded Office of Fossil Energy and Carbon Management aims to fund the research and technology deployment that will help the US reach net-zero carbon emissions by 2050.

We spoke with Acting Assistant Secretary Jennifer Wilcox, head of the office and a carbon capture expert, about some of the promising technologies to curb US dependence on fossil fuels and cut emissions. We talked about harder-to-decarbonize sectors like aviation, shipping and long-haul trucking, as well as a proposal to expand the 45Q tax credit for carbon capture.

Stick around after the interview for the Market Minute, a look at near-term oil market drivers.

With this year’s elections barely in the rear-view mirror, the 2024 US elections are just one year away. Already, there are questions about how energy policy, climate change and prices at the pump will play into this election cycle.

Capitol Crude spoke with a Democratic and a Republican strategist for their take on these issues. Last week, Antjuan Seawright weighed in with the Democratic perspective. And this week, you will hear from Tom Hassenboehler, who discussed the GOP’s thinking.

Hassenboehler is a partner at CO2EFFICIENT, a Washington DC consultancy that specializes in energy and environmental policy. He joins the podcast to talk about the role that climate change and energy prices play in elections, and the chances that Republicans and Democrats can find common ground on energy issues.

Stick around after the interview for Starr Spencer with the Market Minute, a near-term look at oil market drivers.

In October, the US agreed to ease sanctions on Venezuela in exchange for progress toward a fair election next year. But Venezuela has not fully held up its side of the US sanctions deal, and now it is threatening to annex the oil-rich Essequibo region of neighboring Guyana.

David Goldwyn, president of Goldwyn Global Strategies LLC, joins to podcast to discuss the status of US sanctions on Venezuela and what comes next.

Stick around after the interview for Starr Spencer with the Market Minute, a near-term look at oil market drivers.

Capitol Crude is taking a break for the holidays. We'll be back with new episodes in January.

With the rise of millennials as a formidable social force, the effectiveness of anti-oil-and-gas activism and the growing attention paid to environmental justice, the oil and gas sector’s old playbook to simply “educate and engage” the public must be thrown out and replaced with a more proactive and constructive mindset, according to Adamantine Energy Founding CEO Tisha Schuller.

Schuller, who previously served as president and CEO of the Colorado Oil & Gas Association, joined the podcast for a conversation with S&P Global Commodity Insights senior reporter Bill Holland about fundamentally changing the way the oil and gas industry engages with a skeptical public.

Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

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