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Iraq attacks kill 17, army fights to retake town from militants

At least 17 people were killed in attacks across Iraq on Sunday as troops fought to evict Islamist militants from the northern town of Sulaiman Pek, security sources and medics said. Armored vehicles and special police forces with heavy machineguns arrived in Sulaiman Pek to reinforce troops battling there for several days backed by helicopters gunships. "Clashes are continuing today in the town centre," the town’s mayor, Talib Mohammed, told Reuters. "The situation is still unclear. We can’t even look out of the window, as bullets and blasts are not stopping." Militants raised the black flag of the Islamic State in Iraq and the Levant (ISIL) – a hardline Sunni group also fighting in neighboring Syria – over parts of Sulaiman Pek, 160 km (100 miles) north of Baghdad, on Thursday. Sunni militancy has been on the rise over the past year, especially in the […]

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Bombings in Syria Force Wave of Civilians to Flee

Hundreds of thousands of Syrian civilians have fled rebel-held parts of the city of Aleppo in recent weeks under heavy aerial bombardment by the Syrian government, emptying whole neighborhoods and creating what aid workers say is one of the largest refugee flows of the entire civil war. The displaced, as many as 500,000 to date, the United Nations says, have flooded the countryside, swelling populations in war-battered communities that are already short on space and food and pushing a new wave of refugees into Turkey , where in interviews many have described a harrowing journey that left them in desperate condition, broke, hungry and, in many cases, sick or wounded. Much of the human tide flowing out of northern Syria has crashed on this once-quiet border town, where Syrians now nearly outnumber the original […]

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Venezuela President Calls Allies to Rival Opposition Protest

Venezuelan President Nicolas Maduro called supporters to take to the street tomorrow, hours after an opposition politician sought by police urged his allies to march with him on the same day. Leopoldo Lopez , the leader of opposition party Voluntad Popular, whom Maduro accuses of inciting violence, urged Venezuelans to dress in white and march with him on Tuesday, daring officials to enforce an arrest order issued against him. After Maduro responded by summoning a demonstration of 30,000 to 40,000 oil workers at the same location, Voluntad Popular today switched the site of their march. “I’ve not committed any crime,” Lopez said in a YouTube video posted on his Twitter account yesterday. “If there is a decision to illegally jail me, I’ll be there.” On Feb. 12, three people died and 66 were injured when protesters clashed with government supporters. The biggest demonstrations against Maduro’s administration since he was […]

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Venezuela leader expels US officials amid protests

AP Photo CARACAS, Venezuela (AP) — President Nicolas Maduro’s government on Monday gave three U.S. Embassy officials 48 hours to leave the country, accusing the Obama administration of siding with student protesters who Venezuela accuses of inciting violence. The announcement by Foreign Minister Elias Jaua came amid fears that renewed clashes could erupt Tuesday when both pro- and anti-government activists have announced plans for demonstrations in the capital. Foreign Minister Elias Jaua said that the senior U.S. consular officers were trying to infiltrate Venezuelan universities, the hotbed of the recent unrest, under the cover of doing visa outreach. Repeating charges by Maduro, who has expelled American diplomats twice before, Jaua said that the U.S. is conspiring with opposition leader Leopoldo Lopez and student activists in an attempt to oust the socialist president. The U.S. has denied the charges but is expressing concern about rising violence that led to three […]

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Ports, Shipping Companies Retool for Bigger Panama Canal

Shipbuilders are cranking out ever-bigger container vessels and the world’s major ports are dredging deeper, all on account of an ambitious multibillion-dollar project to widen the Panama Canal—an endeavor currently stalled by a contract dispute. More than just the canal is tangled up in the acrimonious battle between Panama and the builders over $1.6 billion in cost overruns. "There are many cities, countries and port authorities who are spending billions of dollars in anticipation of the traffic that will come from that newly expanded canal," said Adam Putnam, Florida’s commissioner of agriculture. "So, there will be an impact if there is an extended delay." The dispute so far has halted construction for two weeks and now threatens to delay the project by at least three years beyond the proposed completion date of December 2015. Negotiators say they are hopeful of a settlement as soon as Tuesday. Still, even […]

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China's Goldleaf Jewelry to Buy Texas Energy Firm ERG

A Chinese gold retailer agreed to acquire a Texas-based oil-and-gas producer for at least $665 million as part of a strategy to diversify away from processing gold jewelry. Goldleaf Jewelry Co. will finance the deal through a private placement that is expected to raise as much as 5.69 billion yuan ($937.9 million) from no more than 10 investors, it said Monday in a statement filed with the Shenzhen stock exchange. The company would hold 95% of Texas-based ERG Resources LLC after the transaction. ERG Chief Financial Officer Kelly Plato said the deal would provide funds for growth and that the company would retain current management. He declined to comment on whether the deal would require U.S. government approval, a step necessary only if the transaction would affect national security. Closely held ERG’s most significant assets are oil-producing leases in Santa Barbara County, Calif. The Houston-based company also been active […]

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China’s Goldleaf Jewelry to Buy Texas Energy Firm ERG

A Chinese gold retailer agreed to acquire a Texas-based oil-and-gas producer for at least $665 million as part of a strategy to diversify away from processing gold jewelry. Goldleaf Jewelry Co. will finance the deal through a private placement that is expected to raise as much as 5.69 billion yuan ($937.9 million) from no more than 10 investors, it said Monday in a statement filed with the Shenzhen stock exchange. The company would hold 95% of Texas-based ERG Resources LLC after the transaction. ERG Chief Financial Officer Kelly Plato said the deal would provide funds for growth and that the company would retain current management. He declined to comment on whether the deal would require U.S. government approval, a step necessary only if the transaction would affect national security. Closely held ERG’s most significant assets are oil-producing leases in Santa Barbara County, Calif. The Houston-based company also been active […]

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15 Reasons Why Your Food Prices Are About To Start Soaring

Did you know that the U.S. state that produces the most vegetables is going through the worst drought it has ever experienced and that the size of the total U.S. cattle herd is now the smallest that it has been since 1951?  Just the other day, a CBS News article boldly declared that “ food prices soar as incomes stand still “, but the truth is that this is only just the beginning.  If the drought that has been devastating farmers and ranchers out west continues, we are going to see prices for meat, fruits and vegetables soar into the stratosphere.  Already, the federal government has declared  portions of 11 states to be “disaster areas”, and California farmers are going to leave half a million acres sitting idle this year because of the extremely dry conditions. Sadly, experts are telling us that things […]

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Train Accidents Stir Worries About Crude Transport

At least 10 times since 2008, freight trains hauling oil across North America have derailed and spilled significant quantities of crude, with most of the accidents touching off fires or catastrophic explosions. The derailments released almost 3 million gallons of oil, nearly twice as much as the largest pipeline spill in the U.S. since at least 1986. And the deadliest wreck killed 47 people in the town of Lac-Megantic, Quebec. Those findings, from an Associated Press review of U.S. and Canadian accident records, underscore a lesser-known danger of America’s oil boom, which is changing the global energy balance and raising urgent safety questions closer to home. Experts say recent efforts to improve the safety of oil shipments belie an unsettling fact: With increasing volumes of crude now moving by rail, it’s become impossible to send oil-hauling trains to refineries without passing major population centers, […]

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Chevron Natural-Gas Wells in Pennsylvania No Longer On Fire

Two Chevron Corp. natural-gas wells in southwestern Pennsylvania are no longer on fire after an explosion last week that left one worker missing, according to the company. Chevron said the flames had gone out Saturday afternoon at the well site in Dunkard Township, about 70 miles south of Pittsburgh. Workers were preparing to remove a charred crane above one well and stop the gas from flowing. A company spokesman said there is no word of the missing worker, a contractor. "It is premature to speculate on what caused the flames to go out," the company said, adding that the crane is now cool enough that it won’t cause gas flowing from the wells to ignite. The blast took place early on the morning of Feb. 11, as Chevron and its contractors were running tubes through the well to start producing natural gas. The fire heated the crane to such […]

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North America Should Look to Nafta on Oil Boom, Pemex CEO says

North America will become the world’s cheapest source of energy if Canada, Mexico and the U.S. pool their resources to reduce costs and generate industrial growth across the continent, the chief executive of Mexico’s state-owned oil producer said in an interview. The call for greater collaboration to leverage North American’s oil and natural gas boom comes as leaders of the three nations prepare to gather in Toluca, Mexico, for a summit on Feb. 19. Mexico, the U.S. and Canada should work together on matters such as regulation and infrastructure to make the most efficient use of the continent’s growing energy production that’s reshaping global markets, said Emilio Lozoya, the CEO of Petroleos Mexicanos , or Pemex. “More than a counterbalance” to the market influence of the Organization of Petroleum Exporting Countries, or OPEC, “I see it as our own strength,” Lozoya said in a telephone interview with Bloomberg News […]

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Crude-oil markets subdued as traders out for Presidents Day and IP Week

Brent crude oil was largely unchanged in London trading Monday, with activity reduced by the Presidents Day holiday in the U.S. and a high profile industry event. Brent crude for April delivery was trading down just 3 cents at $109.05 a barrel on ICE Futures Europe. U.S. crude-oil futures were trading up 43 cents at $100.73 a barrel on the New York Mercantile Exchange. The Nymex contract continues to be underpinned by cold weather in the U.S. that has boosted demand for oil products. The front-month contract topped $100 a barrel last week for the first time in 2014 and has mostly held above that mark since. Nymex’s strength is also supporting the price of Brent, with imports of crude oil into the U.S. rising slightly to meet the cold-weather demand. The front-month Brent contract has now traded near the top of its recent $100-$110 a barrel range for […]

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Oil price above $100 on China credit growth

The price of oil extended gains above $100 a barrel Monday as a rebound in Chinese credit growth suggested steady demand in one of the world’s largest petroleum consumers. Benchmark U.S. crude for March delivery was up 47 cents to $100.77 a barrel at 0630 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 5 cents to close at $100.30 a barrel Friday. Favorable credit growth numbers from China suggested its economy is avoiding a sharp slowdown, which would keep demand for energy steady. Lending by Chinese banks and in the largely unregulated underground market rebounded to 2.6 trillion yuan ($430 billion) in January from December’s 1.2 billion yuan, according to the central bank. Lending usually surges at the start of a new year but January’s rise exceeded forecasts and might help to ease worries about cooling retail sales, manufacturing and other activity. Brent crude, […]

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The World Floating Production Market Forecast 2014-2018

  Floating Production Deployments set for Significant Increase in 2014 Douglas-Westwood’s NEW World Floating Production Market Report forecasts that between 2014 and 2018 $99 billion (bn) will be spent on floating production systems (FPS) – an increase of 138% over the preceding five-year period. The long-term growth in the sector is underpinned by the continued exploitation of deep waters, marginal fields and fast-track/short term deployments. Deepwater FPS deployments are expected to total $68bn in value and account for over two-thirds of the total spend. FPSOs form the largest segment of the market (80%) both in terms of units installed and forecast capital expenditure (Capex) over the 2014-2018 period. Latin America accounts for 29% of the 139 installations forecast and 38% of the projected Capex. The FPS sector recovery following the 2008/2009 downturn continues steadily. A total of 54 units were ordered in 2011-2013 compared to 23 units ordered during […]

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Tanker Insurers Warn on Iran Shipments

The world’s largest pool of tanker insurers is advising members they shouldn’t insure Iranian oil shipments, citing the short-time frame of sanction loosening agreed to between Iran and Western powers. The move is a blow to Iran, which had hoped a six-month, temporary easing of sanctions would allow it to restart petrochemical exports and modestly boost its export of crude. It could also complicate efforts by Washington and its allies to provide Tehran’s new political leadership enough incentive to keep up its side of the nuclear pact it reached with the West. Late last year, Tehran agreed to closer scrutiny of its nuclear program in exchange for temporary sanctions relief. As part of the package, which formally went into effect last month, sanctions against Iranian petrochemical shipments were suspended until July. The package also theoretically allowed insurers to cover ships carrying Iranian crude. While that doesn’t affect a cap […]

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Iraq strains under largest internal refugee crisis since height of war

Iraq has the largest internal displacement since the height of the US war on its hands today as government forces try to wrest control of parts of Anbar Province back from militants, adding yet another source of instability to a country already teetering. Skip to next paragraph According to a Feb. 13 United Nations report , 62,679 families have fled since the fighting began at the end of December – 13,000 of them this week alone. With the UN’s rough estimate of six people per family, that is more than 370,000 people, most of them pouring out of the Anbar cities of Fallujah and Ramadi. According to the report, 85 percent of Fallujah’s population has been displaced. Some are finding shelter in other parts of Anbar, but many are moving on to neighboring provinces, and an estimated 5,000 families have traveled to the relative safety of Iraqi Kurdistan in the […]

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Iraq turns to Sunni tribes, but distrust remains

Iraqi officials have begun recruiting thousands of Sunni fighters on the government payroll, supplying weapons to other volunteer tribal fighters and pledging millions of dollars in aid to restive Anbar province as they try to beat back extremist Sunni jihadi militants. The militants are battling for control of mainly Sunni areas west of Baghdad in a key test of the Shiite-led government’s ability to maintain security more than two years after the withdrawal of U.S. troops. But the push to expel the jihadis — members of the Islamic State of Iraq and the Levant, until recently al-Qaida’s powerful affiliate in Iraq — is complicated by divisions among the tribes that form the social fabric of the besieged city of Fallujah and other parts of Anbar, raising questions over whether the government needs to make a bigger investment to win over Sunni skeptics. Many in the Sunni […]

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Slaying of South Korean tourists signals turn in Egypt’s Islamist insurgency

“This is more of a challenge to the government and the state’s authority than there ever was before,” said Kamal Habib, a founding member of Islamic ­Jihad, a group that was at the forefront of a similar revolt in Egypt in the 1990s but that later renounced violence. He noted that today’s insurgents are using heavier weapons, such as missiles and bombs. The bus blew up Sunday afternoon when it was parked just 200 yards from the Israeli border in the resort town of Taba, sending black plumes of smoke into the sky, according to images on Egyptian state television. There was no immediate assertion of responsibility for the attack, which killed two South Korean tourists and the Egyptian bus driver, according to the Health Ministry. It had earlier reported that three tourists were killed. At least 15 South Koreans were wounded. But Habib said the blast indicates that […]

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Venezuela expels 3 US diplomats

Venezuela’s President Nicolas Maduro on Sunday ordered the expulsion of three U.S. Embassy officials who he said had been conspiring against his government. Maduro didn’t identify the consular officials, but said intelligence officials who tailed them for the past two months found evidence they were trying to infiltrate Venezuelan universities, a hotbed of recent unrest, under the cover of doing visa outreach. Foreign Minister Elias Jaua is scheduled to provide more details Monday. Triggering the expulsion was the Obama administration’s siding with opposition leader Leopoldo Lopez, who is being hunted by police as Maduro accuses him of leading a "fascist" plot to oust the socialist government two months after it won mayoral elections by a landslide. Maduro said State Department official Alex Lee, in a phone conversation with Venezuela’s ambassador to the Washington-based Organization of American States, warned that arresting Lopez would bring serious negative consequences with international ramifications. […]

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Venezuelan Opposition Leader Says He Will Risk Arrest

Venezuelan opposition leader Leopoldo Lopez, who hasn’t appeared in public since a state dragnet was launched for his capture last week, vowed in a video message Sunday that he would march with antigovernment protesters in the coming days and face arrest. Thousands of antigovernment demonstrators filled the streets for a fourth consecutive day Sunday since a deadly march claimed three lives last week. State authorities have accused Mr. Lopez of plotting the bloodshed to spark a U.S.-backed coup. In a video posted on the website YouTube, Mr. Lopez called for a new protest on Tuesday, which he said he would lead to the Interior and Justice Ministry, setting the stage for his possible apprehension. "I have nothing to fear, I have not committed any crime," he said in the brief video. "If there is some decision to illegally arrest me, well that is where I will be." There was […]

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Kerry Implores Indonesia on Climate Change Peril

Kerry on Climate Change On Sunday, Secretary of State John Kerry delivered remarks on climate change to an audience of students in Jakarta, Indonesia. He accused climate change deniers of burying their heads in the sand. JAKARTA, Indonesia — Secretary of State John Kerry urged Indonesia on Sunday to take steps to combat climate change, warning that failure to act would jeopardize the nation’s resources and damage its economy. Warming seas, he said, could deal a severe blow to Indonesia’s fishing industry, while powerful storms could buffet the country and rising seas may put much of Jakarta, the capital, under water. “This city, this country, this region is really on the front lines of climate change,” Mr. Kerry said in a speech . “It’s not an exaggeration to say to you that your entire way of life that you live and love is at risk.” Mr. Kerry, who has […]

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Bakken Update, Big Drop in December

North Dakota has published the latest production numbers. ND Monthly Oil Production Statistics (All North Dakota) ND Monthly Bakken* Oil Production Statistics (Bakken Only)   Bakken production fell 48,395 bp/d to 862,389 bp/d and all North Dakota production fell 53,226 bp/d to 923,227 bp/d. That was after Bakken November production had been revised up by 2,908 bp/d and North Dakota November production was revised up by 3,173 bp/d. From the Director’s Cut <i>The drilling rig count was up from Nov to Dec, but the number of well completions dropped from 138 to 119. Days from spud to initial production increased 18 days to 132. Investor confidence appears to be growing, but there is still some concerns about the uncertainty surrounding federal policies on taxation and hydraulic fracturing regulation, but the big story is the December weather. Low temperatures of 21 to 31 degrees […]

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Despite Leaky Methane, is Natural Gas is Still Worth the Switch?

A rig drills for natural gas at a hydraulic fracturing site owned by EQT Corp. located atop the Marcellus shale rock formation in Pennsylvania. Bloomberg The U.S. is in a golden age for natural gas . Will leaky infrastructure bring it to an end? A new report, issued today in Science , is the latest to tackle the difficult issue of how much gas – and its primary ingredient, methane – leaks into the atmosphere. This may seem a bit arcane, but it’s a critical issue for the future of the energy industry and the transportation sector as well. Here’s a quick rundown: Methane is a potent greenhouse gas, more potent than carbon dioxide. Natural gas has been on a roll in the past decade, as hydraulic fracturing has turned the U.S. from an energy pauper into a prince. Natural gas has grabbed market share from coal […]

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New Ohio shale gas well results show Utica fairway moving south

Magnum Hunter Resources’ Friday announcement of a prolific Utica Shale gas well in Monroe County, Ohio, highlights the migration of Utica drilling south out of its original core in Carroll County. Houston-based Magnum Hunter said its first dry gas well off the Stalder #3 pad was placed into production this week with a peak rate of 32,500 Mcf/d. The pad could eventually hold 18 wells, Magnum Hunter said. Analysts at energy investment bank Tudor Pickering Holt on Friday crowed about the "huge" well. "Well still cleaning up frack water and company believes sales rate will likely increase over the next few days. Stalder #3 drilled to a vertical depth of roughly 10,600 feet with a 5,000 feet lateral fracked with 20 stages," TPH said. The Stalder well moves the dry gas fairway of the Utica further east towards West Virginia, TPH said, and was […]

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Fracking's water use sets up fight with cities and farmers

It’s no secret that hydraulic fracturing in the production of oil and natural gas uses enormous amounts of water. A single well requires between 2 and 10 million gallons of water — mixed with sand and chemicals — to crack rocks deep underground and release oil or natural gas. As a rule of thumb, it takes 1,000 truck trips to complete one hydraulically fractured well. Since shortly after World War II, hydraulic fracturing — known as fracking — has been used in the drilling of more than 1 million wells across the United States, and with the surge in oil and gas production in recent years, that has added up to a lot of water. Fracking is being done in places — such as Texas, Colorado, Kansas and Pennsylvania — where water resources are stretched thin due to drought. In a recently published report on water scarcity, Ceres, a […]

Posted On : Published By : Tom Whipple
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Fracking’s water use sets up fight with cities and farmers

It’s no secret that hydraulic fracturing in the production of oil and natural gas uses enormous amounts of water. A single well requires between 2 and 10 million gallons of water — mixed with sand and chemicals — to crack rocks deep underground and release oil or natural gas. As a rule of thumb, it takes 1,000 truck trips to complete one hydraulically fractured well. Since shortly after World War II, hydraulic fracturing — known as fracking — has been used in the drilling of more than 1 million wells across the United States, and with the surge in oil and gas production in recent years, that has added up to a lot of water. Fracking is being done in places — such as Texas, Colorado, Kansas and Pennsylvania — where water resources are stretched thin due to drought. In a recently published report on water scarcity, Ceres, a […]

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Is This Already the End for Natural Gas Vehicles?

A joint study, published in the journal Science on Friday has revealed that natural gas as a transportation fuel provides no net benefit to the climate, when compared with diesel. The report, written by numerous researchers from some of the United States’ most prestigious universities, as well as NOAA and the Department of Energy, flies in the face of what most of us have come to believe about “clean-burning” natural gas. This could yield big problems for companies like Clean Energy Fuels and Westport Innovations that are carving out their niche in the space. Let’s take a closer look. A truck fills up on natural gas at a Clean Energy station. Photo Credit: Clean Energy Fuels.   First and foremost, the scientists aren’t disputing that natural gas burns cleaner than diesel. That remains absolutely true, as natural gas, or methane, produces 30% less […]

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America’s leaky natural gas system – Peak Oil – Climate Change – Global Warming

The first thorough comparison of evidence for natural gas system leaks confirms that organizations including the Environmental Protection Agency (EPA) have underestimated U.S. methane emissions generally, as well as those from the natural gas industry specifically. Natural gas consists predominantly of methane. Even small leaks from the natural gas system are important because methane is a potent greenhouse gas – about 30 times more potent than carbon dioxide. A study, “Methane Leakage from North American Natural Gas Systems,” published in the Feb. 14 issue of the journal  Science , synthesizes diverse findings from more than 200 studies ranging in scope from local gas processing plants to total emissions from the United States and Canada. “People who go out and actually measure methane pretty consistently find more emissions than we expect,” said the lead author of the new analysis, Adam Brandt, an assistant professor of energy resources engineering at Stanford […]

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UK floods set to continue as more rain hits

The devastating UK floods are set to continue as more heavy rain hits already saturated ground. The Met Office has issued a yellow "be aware" warning for rain in south-west England and there are 16 severe flood warnings in southern England. However, the situation in the worst-hit areas of the Thames is expected to improve this week. David Cameron described the floods as a "tragedy" and warned people to prepare for more bad weather this week. Persistent rain Up to 20mm (0.8in) of rain is forecast in south-west England on Monday. The BBC Weather Centre said this would not normally cause too many problems but the Met Office warning was in place because of the saturated ground. There are also concerns about south Wales. There is also a yellow severe weather warning for ice in northern Scotland […]

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The Gravitational Pull of Planet Carbon

Listening to President Obama’s State of the Union address, it would have been easy to conclude that we were slowly but surely gaining in the war on climate change.  “Our energy policy is creating jobs and leading to a cleaner, safer planet,” the president said.  “Over the past eight years, the United States has reduced our total carbon pollution more than any other nation on Earth.”  Indeed, it’s true that in recent years, largely thanks to the dampening effects of the Great Recession, U.S. carbon emissions were in decline (though they grew by 2% in 2013).  Still, whatever the president may claim, we’re not heading toward a “cleaner, safer planet.”  If anything, we’re heading toward a dirtier, more dangerous world.  A series of recent developments highlight the way we are losing ground in the epic struggle to slow global warming.  This has not been for lack of effort.  Around […]

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Oil Futures Ease on Softer Demand Outlook

Oil futures weakened Friday as softer-than-expected U.S. economic data reduced expectations for demand in the world’s top oil-consuming nation. Light, sweet crude for March delivery settled down 5 cents, or 0.1%, at $100.30 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange rose 56 cents, or 0.5%, to settle at $109.08 a barrel. U.S. crude-oil prices still posted a gain of 0.4% for the week after rallying to more than $100 a barrel for the first time this year Monday. A new pipeline between Cushing, Okla., where the Nymex contract is priced, and Texas has helped ease a storage glut in Oklahoma, which boosted prices earlier in the week. U.S. manufacturing output fell 0.8% in January, pushing overall industrial production down a seasonally adjusted 0.3%, the Federal Reserve said Friday. Economists had expected industrial production to rise 0.3%, according to a Wall […]

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Crude oil slips but ends week with slight gain

The price of oil stayed just above $100 a barrel Friday and finished the week with a small gain. Benchmark U.S. crude for March delivery fell 5 cents to close at $100.30 a barrel on the New York Mercantile Exchange. For the week, oil gained 42 cents. Some economic indicators released during the week raised concerns about the strength of oil demand in the U.S. One report showed that cold weather caused U.S. retail sales to drop in January for a second straight month as Americans spent less on autos and clothing and at restaurants during a brutally cold month. Weekly jobless claims were also higher than expected. Balancing those worries were forecasts for stronger global oil consumption this year from the International Energy Agency, the Organizations of Petroleum Exporting Countries and the Energy Information Administration. At the gas pump in the U.S., the nationwide average price rose for […]

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WTI Crude Holds Above $100 on U.S. Consumer Confidence

West Texas Intermediate crude settled above $100 for a fourth day this week on better-than-expected U.S. consumer confidence. Prices gained 0.4 percent since Feb. 7, capping the longest stretch of weekly increases in more than a year. The Thomson Reuters/University of Michigan preliminary index of sentiment held at 81.2 this month, and supplies at Cushing, Oklahoma , the delivery point for New York futures, slid to a three-month low. WTI was lower for most of the day after the Federal Reserve said factory production dropped the most since May 2009 in January. “The economic news is not really bad,” said Michael Lynch , president of Strategic Energy & Economic Research in Winchester, Massachusetts . “You are getting some pretty strong support around $100. We’ve seen such a reduction in Cushing inventories.” WTI for March delivery dropped 5 cents to settle at $100.30 a barrel on the New York Mercantile […]

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Natural Gas Slips Ahead of Warmer Weather

Natural gas futures ticked lower Friday, but posted a gain for the week, as traders weighed exceptionally low storage levels against expectations of reduced demand next week. Natural gas for March delivery settled down 0.9 cent, or 0.2%, at $5.214 a million British thermal units on the New York Mercantile Exchange. Prices rose 9.2% this week as colder-than-average temperatures continued to boost demand for the heating fuel, eating away at natural-gas stockpiles. About half of U.S. households use natural gas as their primary heating fuel, according to the U.S. Energy Information Administration. Futures surged 8.3% Thursday, after government data showed that supplies as of Feb. 7 stood 27% below the five-year average level for the week. The natural-gas contract for March […]

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Syria Peace Talks Deadlock as Recriminations Fly

The second round of Syria peace talks deadlocked in acrimony and frustration on Friday, as the government delegation appeared to rule out any compromise with the opposition, throwing the future of the negotiations into more doubt. Members of the opposition delegation called on the United States and Russia, the two major sponsors of the talks, to find ways to move forward, and said there was a small possibility of a final meeting between the antagonists on Saturday. But the prevailing mood was grim. The impasse in Geneva came as the United Nations human rights office warned of new deprivations and civilian uprooting inside Syria and antigovernment activists in the country reported new mayhem, including a large car bombing in the […]

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Saudis Agree to Provide Syrian Rebels With Mobile Antiaircraft Missiles

Washington’s Arab allies, disappointed with Syria peace talks, have agreed to provide rebels there with more sophisticated weaponry, including shoulder-fired missiles that can take down jets, according to Western and Arab diplomats and opposition figures. Saudi Arabia has offered to give the opposition for the first time Chinese man-portable air defense systems, or Manpads, and antitank guided missiles from Russia, according to an Arab diplomat and several opposition figures with knowledge of the efforts. Saudi officials couldn’t be reached to comment. The U.S. has long opposed arming rebels with antiaircraft missiles for fear they could fall into the hands of extremists who might use them against the West or commercial airlines. The Saudis have held off supplying them in the past because of U.S. opposition. A senior Obama administration official said Friday that the U.S. objection remains the same. "There hasn’t been a change internally on our view," […]

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Iranian Oil Exports Soar as Sanctions Collapse

Iranian oil exports soared in January, hitting new highs just months after the United States consented to billions of dollars in economic sanctions relief under the interim nuclear deal. Exports of Iranian crude oil jumped to 1.32 million barrels, up from December’s high of 1.06 million barrels, according to data from the International Energy Agency. The spike in exports—mainly to Japan, China, and India—has helped Iran’s once-ailing economy stabilize and decrease inflation. Iranian oil exports have steadily risen since negotiations with the West restored confidence in Tehran’s economy. The increase runs counter to a promise by the Obama administration that “Iran’s oil exports will remain steady at their current level of around 1 million barrels per day.” The significant rise in oil exports has led some experts to accuse the Obama administration of misleading the public about the amount of sanctions relief provided […]

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In Libya, a Coup. Or Perhaps Not.

Stealing a page from neighboring Egypt, a senior army officer in Libya on Friday announced a military takeover, the suspension of Parliament and a new “road map” for the future. Then, nothing happened. Prime Minister Ali Zeidan called the supposed coup “ridiculous.” A military spokesman called it “a lie.” None of the Libyan Army’s few tanks or soldiers made any visible moves. The empty Parliament was quiet. It was the latest evidence of the long shadow cast across the region by the military takeover in Cairo last summer that was announced by Abdul-Fattah el-Sisi, then an army general. The attempted imitation in Libya, though, demonstrated the limits of the Egyptian example. While Egypt’s military ushered out President Hosni Mubarak three years ago and dominated the political transition, the Libyan military never had much cohesion even under Col. Muammar el-Qaddafi, and it had splintered long before his ouster. […]

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92 prisoners escape in western Libyan jailbreak

A Libyan local official says 92 prisoners have escaped from a prison in a western town due to weak security. Hassan bin Sophia, who is spokesman of the Zliten local council, said only four guards were watching 220 criminal and political detainees at the prison on Friday. He said the prisoners asked for a doctor, and when the prison gate was opened, they attacked the guards and fled. He said 19 prisoners were soon recaptured, two of them wounded when guards opened fire. Local officials are contacting the families of the escapees to convince them to surrender. Libya has experienced a security vacuum since the 2011 overthrow of Moammar Gadhafi. Earlier this month, 54 detainees escaped from a prison in the capital Tripoli. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our […]

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Egypt signs oil, gas deals with foreign companies

The Egyptian government said it signed oil and natural gas exploration deals with Middle East and European companies on behalf of a national holding company. Egyptian Oil Minister Sherif Ismail signed deals with Emirati energy company Dana Gas, Italy’s Edison and Irish exploration and production company Petroceltic, the Egyptian news website Ahram Online reported Thursday. The deals, signed on behalf of Egypt’s National Natural Gas Holding Co., are expected to bring in $265 million in new investments to the Egyptian energy sector. Exploration is expected in the Mediterranean Sea, the Nile Delta and the Gulf of Suez, the report said. No statement was made from Dana, Edison or Petroceltic on the deals. Eight other oil and gas exploration deals were signed in January valued at $2.1 billion. Apache Corp., which this week singled out a partnership agreement in Egypt with China Petrochemical Corp. as […]

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Bahrain: Police officer dies after bomb blast

Bahraini authorities say a police officer wounded by a bombing on the third anniversary of the start of the Gulf island kingdom’s anti-government uprising has died. The Interior Ministry said Saturday that the officer was one of two injured in what it called a "terrorist blast" the day before in the village of Dair, near the country’s main airport. It did not identify the officer. The ministry also said it arrested 26 people suspected of rioting and vandalism Friday, the anniversary of widespread protests that began in 2011 and set off three years of ongoing unrest in the country. Activists say dozens of protesters have been wounded in recent clashes with police. Opposition groups dominated by the country’s majority Shiites are seeking political rights from the country’s Sunni rulers. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten […]

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Venezuela frees some student protesters, unrest continues

Venezuelan authorities freed 25 student protesters on Friday pending trial and said that 74 others arrested after this week’s deadly political turmoil would be processed within hours. Demonstrators gathered in various cities as they have done since Wednesday. In a more affluent part of eastern Caracas, police used teargas and water cannons to clear a square of about 1,000 protesters, some of whom lit fires and threw stones at the security forces. The protesters also briefly blocked a major highway nearby, denouncing President Nicolas Maduro over a litany of grievances including the repression of demonstrations since three people were shot dead this week following an opposition-led march. Speaking at a televised event in the city center alongside top officials from the ruling Socialist Party and pro-government sports stars and entertainers, Maduro said he would not let the protesters cause chaos by closing important arteries. "I’m not […]

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Venezuela’s Leader Pulls Foreign Channel Over Protest Coverage

; Venezuela’s president said that a Colombia-based cable news channel was ordered to be removed from cable lineups in Venezuela because of its coverage of an antigovernment protest. President Nicolás Maduro said Thursday that the channel, NTN24, had tried to “foment anxiety about a coup d’état.” He said that he gave the order to pull the channel because “No one is going to come from abroad and try to perturb the psychological climate of Venezuela.” It was removed on Wednesday, the same day that thousands of people rallied in the capital, Caracas, in the largest antigovernment protest in months. After the rally, a few hundred youths rioted, throwing rocks at the police and government buildings. Two opposition protesters and a man identified as a government supporter were shot to death during the unrest, which Mr. Maduro said was part of a coup attempt. NTN24 is seen as […]

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China Hard Landing War-Gamed for World Economy

A hard landing in China would hobble global growth and buoy the dollar, says Societe Generale SA in a study that war-games the international implications of a steep decline in China’s expansion. A plunge to 2 percent from more than 10 percent in 2010 would be enough to slash 1.5 percentage points from worldwide economic growth in the first year as China’s troubles are transmitted through trade, banking and financial market channels, the French bank said in a Feb. 11 report. Among the reasons to expect such reverberations from what the authors called the “worst reasonable case:” China’s imports are equivalent to 30 percent of its gross domestic product. Asian and commodity-producing nations would be the hardest hit, according to Michala Marcussen, global head of economics research in London . The impact could be aggravated by China’s bias toward investment, which accounts for half of its GDP. Less worrisome […]

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China to Reward Cities and Regions Making Progress on Air Pollution

Chinese officials announced Thursday that they were offering a total of 10 billion renminbi, or $1.65 billion, this year to cities and regions that make “significant progress” in air pollution control, according to a report by Xinhua, the state-run news agency. The announcement came from the State Council , China’s cabinet, after it held a meeting on Wednesday to discuss, among other issues, the country’s immense air pollution problem. “Control of PM2.5 and PM10 should be a key task,” the State Council said in a statement, referring to two kinds of particulate matter that are deemed harmful to human health. The meeting was presided over by Li Keqiang, a member of the Communist Party’s ruling Politburo Standing Committee and China’s prime minister. The announcement of the financial incentives revealed how difficult it has been for some leaders in Beijing to get many Chinese companies and government officials […]

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Saudi America

Frackin’ the Bakken DENNIS LITHGOW is an oil man, but sees himself as a manufacturer. His factory is a vast expanse of brushland in west Texas. His assembly line is hundreds of brightly painted oil pumps spaced out like a city grid, interspersed with identical clusters of tanks for storage and separation. Through the windscreen of his truck he points out two massive drilling rigs on the horizon and a third about to be erected. Less than 90 days after they punch through the earth, oil will start to flow. What if they’re dry? “We don’t drill dry holes here,” says Mr Lithgow, an executive for Pioneer Natural Resources, a Texan oil firm. In the conventional oil business, the riskiest thing is finding the stuff. The “tight oil” business, by contrast, is about deposits people have known about for decades but previously could not extract economically. Pioneer’s ranch sits […]

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Oil Well In North Dakota Out Of Control, Leaking

A Whiting Petroleum Corp oil well in North Dakota was leaking drilling fluids after a blowout late on Thursday, company and state officials said on Friday. The well lost control after a blowout preventer failed and was leaking between 50 and 70 barrels per day of fracking fluid that contains chemicals, water and sand, a company spokesman said. The leak, close to the frozen Cherry Creek in McKenzie County, was contained and the fluids were being collected and trucked from the site. No liquids entered the water, Whiting said. Fracking fluid is pumped into a well under pressure to fracture rock deep underground to release oil or natural gas. A blowout typically occurs when an unexpected burst of high pressure comes up the well, causing a loss of control. "The well is not under control," said Kris Roberts, a spokesman for the North Dakota […]

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Study concludes that NG leakage higher than reflected in inventories; transportation fuel climate benefits questioned

A review of 20 years of technical literature on natural gas (NG) emissions in the United States and Canada comprising more than 200 papers has concluded that official inventories consistently underestimate actual CH4 emissions due to leakage from the natural gas system. “Atmospheric tests covering the entire country indicate emissions around 50 percent more than EPA estimates,” said lead author Adam Brandt at Stanford University. The study, which is authored by researchers from seven universities, several national laboratories and federal government bodies and other organizations, is published in the journal Science.

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Gulf of Mexico key to energy security, U.S. officials say

One billion barrels of oil and 4 trillion cubic feet of gas could be produced from acreage up for auction in the Gulf of Mexico, U.S. government officials said. U.S. Interior Secretary Sally Jewell and Bureau of Ocean Energy Management Director Tommy Beaudreau announced plans for a lease sale in the so-called Eastern Planning Area in the gulf. The BOEM said an estimated 40 million acres will be up for auction in New Orleans in March. Beaudreau said that, with the Gulf of Mexico accounting for 20 percent of all U.S. oil production and 6 percent of natural gas production, the lease would help ensure North American energy security. "As a critical component of the nation’s energy portfolio, the gulf holds vital energy resources that can continue to generate jobs and spur economic opportunities for gulf producing states as well as further reduce the […]

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U.S. Energy Rigs Drop for Second Week, Baker Hughes Says

Rigs targeting oil and natural gas in the U.S. declined by seven this week to 1,764, according to Baker Hughes Inc. (BHI) Oil rigs increased by seven to 1,423, the most since August 2012, data posted on the company’s website show. The gas count dropped by 14 to 337, the lowest level since 1995, the Houston-based field services company said. The total rig count has fallen by 21 this month as a series of storms dumped snow and ice on the Gulf Coast and the eastern U.S., slowing oil- and gas-drilling operations in major plays. The Energy Department cut crude-output forecasts by 120,000 barrels a day for this year and 100,000 for 2015. The forecasts were cut on “indications that severe weather this winter has caused temporary slowdowns in completing new wells,” the Energy Information Administration in Washington said in its short-term energy outlook released Feb. 11. U.S. oil […]

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