Crude Oil Prices Up, But Downside Risks Loom
Crude oil prices eked out minor gains on Asian trade Friday as the market adopts a cautious attitude considering the possibility that large oil producers may discuss a coordinated output Continue Reading
Oil set for second weekly gain on Russia-led supply cut talk
Global benchmark Brent crude futures rose on Friday, moving nearly 8 percent higher so far this week, and set for a second weekly gain, spurred by hopes of a deal Continue Reading
Don’t believe oil bump, $18 still coming: Kilduff
With depressed oil prices poised for a second-straight weekly advance, closely followed analyst John Kilduff said Friday the bounce from 12-year lows won’t last. West Texas Intermediate crude was steady Continue Reading
Crude Oil Prices Up, But Downside Risks Loom
Crude oil prices eked out minor gains on Asian trade Friday as the market adopts a cautious attitude considering the possibility that large oil producers may discuss a coordinated output Continue Reading
Natural Gas Prices Surge on Cold Weather and Stockpile Drawdown
Natural gas prices surged to a two-week high, as winter cold and shrinking inventories continue to drive steady gains. Futures for March delivery recently traded up 8.7 cents, or 4%, Continue Reading
Venezuela’s Del Pino to Russia, Saudi Arabia, Qatar and Iran to promote meeting
Venezuelan oil minister Eulogio Del Pino Friday said he will travel to Russia, Qatar, Iran and Saudi Arabia next week to coordinate a meeting between OPEC members and non-OPEC oil Continue Reading
Opec mistrust clouds oil cutback talks with Russia
When Saudi Arabia and Russia sat down to talk about limiting oil production 14 months ago, the discussions to stem a collapse in prices did not get very far. “The Continue Reading
Iran Says It Won’t Join Immediate OPEC Production Cut
An Iranian woman refuels her car at a gas station in Tehran on Jan. 25. Iran wouldn’t coordinate a crude-oil output reduction with the Organization of the Petroleum Exporting Countries Continue Reading
Russia cautious on prospects for oil cut deal with OPEC
Russian Deputy Prime Minister Arkady Dvorkovich on Friday played down expectations that Russia could coordinate with OPEC to arrest the fall in oil prices by reducing production, saying the state Continue Reading
Low Utilization Pressures Companies to Scrap More Offshore Rigs in 2016
With crude oil prices languishing just above the $30 a barrel range since the beginning of 2016, market watchers expect drilling companies to scrap more offshore rigs this year. Drilling Continue Reading
UPDATE: Explosion shuts down critical Kurdistan gas pipeline
An explosion early morning Friday has damaged a section of the gas pipeline that is necessary for generating about half of the electricity in Iraq’s autonomous Kurdistan region.”The gas pipeline Continue Reading
Oil to average just over $40 in 2016, biggest cut to forecasts in a year: poll
Oil prices will average just over $40 this year, the biggest cut to monthly forecasts in a year, as an influx of Iranian barrels hits an already-saturated world market, a Continue Reading
Iran pushes OPEC oil output to new high as sanctions are lifted: Reuters survey
OPEC oil production has jumped to its highest in recent history in January as Iran increased sales following the lifting of sanctions and its rivals Saudi Arabia and Iraq also Continue Reading
How Saudi Arabia successfully defended its U.S. oil market share: Kemp
Saudi Arabia has successfully defended its share of the U.S. oil market even as rising domestic production from shale and growing pipeline imports from Canada have cut seaborne imports from Continue Reading
Total signs agreement with Iran
French energy company Total said it signed a framework agreement to purchase crude oil from Iran during the Iranian president’s trade visit to Paris. Total Chairman Patrick Pouyanne met with Continue Reading
Deadly attack rocks Shia mosque in Saudi Arabia
Four people were killed and 18 wounded on Friday when a suicide bomber attacked a mosque in Shia-populated eastern Saudi Arabia, state media said. The Al-Ekhbariya news channel quoted an Continue Reading
Nigeria Oil Trade Money That Kenya Has Failed to Account for Since the 90s
As Nigerian President Muhammadu Buhari visits the country, little might be said in public about a yesteryear multi-million-shilling 30,000 barrels of crude oil per day deal that ended up in Continue Reading
Main Syrian opposition team head to Geneva as peace talks open
U.N. envoy Staffan de Mistura shakes hands with Syria’s Ambassador to the United Nations Bashar al Jaafari (L) during the Syria peace talks in Geneva, Switzerland, January 29, 2016. A Continue Reading
Opposition will send team to Syria talks but has not agreed to participate
Peace talks aimed at ending the Syrian war got off to a rocky start Friday, with the opposition saying it would send a team to consult on the goal of Continue Reading
Venezuela is on the brink of a complete economic collapse
The only question now is whether Venezuela’s government or economy will completely collapse first. The key word there is “completely.” Both are well into their death throes. Indeed, Venezuela’s ruling Continue Reading
U.S. to Review of Fracking Off California Coast
The federal government has agreed to stop approving oil fracking off the California coast until it studies whether the practice is safe for the environment, according to legal settlements filed Continue Reading
U.S. Drivers Can See $1.50 Gasoline for First Time Since 2009
American drivers are within shouting distance of $1.50 a gallon for the first time since 2009. Thanks to a glut of oil that has spurred refiners to make as much Continue Reading
Phillips 66 Profit Sinks 43%
Phillips 66 on Friday reported its profit dropped 43% in the final quarter of the year as low commodity prices dragged on the energy giant’s results. For the latest quarter, Continue Reading
New Oil-and-Gas Royalty Rate System in Alberta to Penalize High-Cost Producers
Alberta on Friday said it would introduce a new oil-and-gas royalty rate system next year designed to penalize higher-cost producers. Oil-sands producers will be exempted from the new system and Continue Reading
U.S. Oil-Rig Count Declines by 12
The U.S. oil-rig count fell by 12 to 498 in the latest week, according toBaker Hughes Inc., accelerating a recent streak of declines. The number of U.S. oil-drilling rigs, viewed Continue Reading
Shale-rich Oklahoma funding earthquake research
Mary Fallin, governor of emerging shale state Oklahoma, said she set aside more than $1 million in emergency funds to support earthquake research. Fallin approved $1.38 million in one-time costs Continue Reading
Chevron Posts First Loss Since 2002
No. 2 U.S. crude explorer posts first quarterly loss since ’02 OPEC’s market-share war is inflicting more pain than the world’s top tier of oil producers have felt in at Continue Reading
Producers Face More Exposure to Oil Slump as Hedges Roll Off
North American oil producers will face more exposure to low prices this year as their protection disappears. Exploration and production companies have hedged only 15 percent of total production volumes Continue Reading
Russian Central Bank sees risk from oil
The Central Bank of Russia said it was keeping its key rate unchanged, saying lower crude oil prices could lead to an accelerated rate of inflation. The Bank of Russia Continue Reading
Peak oil, population, climate change, pandemics, economic crises, cyberattack, failed states, nuclear war etc.
USJFC. 2010. The Joint Operating Environment. United States Joint Forces Command . United States Joint Forces Command. [Excerpts from this 76 page document follow] Every military force in history that Continue Reading
Crude Oil Prices Up, But Downside Risks Loom
Crude oil prices eked out minor gains on Asian trade Friday as the market adopts a cautious attitude considering the possibility that large oil producers may discuss a coordinated output Continue Reading
Oil set for second weekly gain on Russia-led supply cut talk
Global benchmark Brent crude futures rose on Friday, moving nearly 8 percent higher so far this week, and set for a second weekly gain, spurred by hopes of a deal Continue Reading
Oil rises for third day on hopes of deal to cut production
Oil prices rose for the third straight day on Thursday on hopes of the first global deal in over a decade between among oil-producing countries to help clear a glut Continue Reading
Russia says Saudis proposing global oil production cut
Russia said on Thursday that OPEC’s largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over Continue Reading
Iran oil minister says not contacted by Russia, sees Total deal
OPEC oil producer Iran has not been contacted by Russia about cuts in output to bolster oil prices, Iranian Oil Minister Bijan Namdar Zanganeh said at a Franco-Iranian summit on Continue Reading
Within OPEC, Iran is a challenge to any deal on oil cuts: sources
Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the OPEC member a challenge to any deal among producers Continue Reading
Russia Comments Tease Oil Market Eager for Any Glimmer of Hope
For a few minutes, at least, there was a glimmer of hope for the world’s struggling oil producers. After months of opposing any production cuts, Russia said on Thursday it Continue Reading
OPEC States Say No Meeting Planned as Russia Floats Talks
OPEC delegates said they have no meeting planned with Russia after the country’s Energy Minister Alexander Novak indicated he was willing to meet with the group next month to coordinate Continue Reading
Oil analysts say Russian talk of output cuts gives market ‘false hope’
Oil market analysts on Thursday largely dismissed the possibility of coordinated production cuts by OPEC and Russia, saying the market’s early positive reaction was based on false hope. “Talk of Continue Reading
Decision On Oil Cut Only Possible If All Exporters Agree, Russian Energy Minister Says
A decision on cutting oil production is possible only if all crude exporting nations are in consensus, and there is no timing for talks yet, Russia’s Energy Minister Alexander Novak Continue Reading
Banks Rip Up Oil Forecasts
Want to know how much further oil prices might fall? Don’t ask Wall Street. Analysts at big banks have been scrambling to lower their oil-market forecasts after prices plunged to Continue Reading
Baker Hughes Warns Global Rig Count Could Fall 30% in 2016
Oilfield services provider Baker Hughes Inc, which is being acquired by larger rival Halliburton Inc, said it expected global rig count to decline by as much as 30 percent in Continue Reading
Why Goldman Sachs Says $30 Oil Isn’t Proof of Weak Demand
Oil’s collapse to $27 a barrel last week spurred concern that, on top of the existing oversupply, the market is facing a demand crisis. Goldman Sachs Group Inc. thinks that’s Continue Reading
Starvation Spreads Before Syria Peace Talks
In the rebel-held Damascus suburb of Moadhamiya, residents say a renewed Syrian government siege there and bombardment of the neighboring town of Daraya have cut off the last food-smuggling routes, Continue Reading
Exclusive: Iran crude exports hit two-year high, up more than 20 percent for Jan-Feb
Iran’s oil exports are on set to rise more than a fifth in January and February from last year’s daily average, data from a source with knowledge of its loading Continue Reading
Iranian Oil Shipper Hopes to Make Up for Lost Time as Sanctions End
Until 2012, the leaders of the National Iranian Tanker Company relished their work, playing cat and mouse with the Western authorities as they tried to keep a portion of their Continue Reading
Once fixable, Baiji refinery plundered beyond repair
It once provided half of Iraq’s refined fuel, but now the Baiji refinery is gone. The country’s largest oil refinery was damaged significantly in scores of attacks by the self-proclaimed Continue Reading
Syria peace talks derailed as opposition stays away
The Syrian opposition said it will not attend peace talks due to begin in Geneva on Friday, derailing the first attempt in two years to hold negotiations aimed at ending Continue Reading
PetroChina Expects 2015 Profit to Fall as Much as 70% on Oil Slump
PetroChina Co., the country’s biggest oil and gas producer, expects its 2015 profit to have fallen 60 percent to 70 percent from a year earlier because of the slump in Continue Reading
Hundreds of Billions of Dollars Have Fled China. Now What?
For lovers of dramatic numbers, China has long been a gift. The flood of cash leaving the country has produced another impressive statistic: We are witnessing the greatest episode of Continue Reading