Oil slips toward $30, traders bet on more falls
Crude oil slipped toward $30 per barrel to a near 12-year low on Tuesday as heavy oversupply showed no sign of easing, while analysts scrambled to cut their price forecasts Continue Reading
Oil price to slide towards $20 a barrel, warns Morgan Stanley
Oil’s dismal start to the new year continued on Monday as prices plumbed fresh lows, with Morgan Stanley adding to a growing number of voices warning that prices could slide Continue Reading
U.S. crude oil prices drop over 2 percent as market loses faith in rebound
U.S. crude oil prices were down more than 2 percent in early trading on Monday as traders increasingly lose faith in a significant market recovery soon and bet on even Continue Reading
Oil market braces for longer downturn as 2020 crude falls to $50
The growing gloom that sent oil markets reeling last week appears to be much more than a short-term phenomenon. Oil contracts for 2018 and beyond, normally slow to follow fluctuations Continue Reading
International Rig Counts Still Falling
The monthly Baker Hughes International Rig Count came out a few days ago. Baker Hughes international rig counts do not include US, Canada, FSU countries or on shore China. All Continue Reading
Meet Manifa (And Other Giant Oil Projects) That Will Add To The Global Oil Glut
World oil consumption is more than 90 million barrels a day. Between 2009 and 2014 oil was traded for about 110 dollars a barrel; now oil is changing hands for Continue Reading
Erbil power project halted after attack on foreign contractors
Work on one of Kurdistan’s major new power plants has stopped after a Jan. 6 attack that was sparked by a commercial dispute between foreign companies and a local Kurdish Continue Reading
Saudi Arabia Could List Production Assets in Aramco IPO
Saudi Arabia’s potential sale of shares in its state-owned oil giant could include listing at least part of its exploration and production assets, the company’s chairman said in an interview Continue Reading
Saudis defend fiscal health
The Saudi government said Monday its financial house is in order despite the negative pressure exerted by historically low crude oil prices. The Saudi Arabian Monetary Agency said there were Continue Reading
Saudi Aramco would sell downstream ops, not upstream
Saudi Arabia is considering selling shares in refining ventures with foreign oil firms but would not offer a stake in the crude oil exploration and production operations of state oil Continue Reading
Iran disputes UN finding that it worked on nuclear arms
Iran has rejected an assessment by the U.N. nuclear agency that it did past work on nuclear arms. But it is praising some aspects of the agency’s investigation of the Continue Reading
Libya Plans Oil Loading at Eastern Port for First Time Since 2014
Libya’s National Oil Co. is trying to load oil stored at the eastern Ras Lanuf port for the first time since 2014 , the country’s oil officials said Monday, as Continue Reading
Iran pours concrete into nuclear reactor, expects sanctions relief
It’s up to the International Atomic Energy Agency , headed by Yukiya Amano, to verify that Iran has fulfilled all its commitments under the landmark nuclear deal. REUTERS Iran removed Continue Reading
Senate Democrats Press White House on More Iran Sanctions
President Barack Obama is coming under pressure from his own party to advance new penalties to punish Iran for its recent ballistic missile tests even as a landmark nuclear deal, Continue Reading
Nigeria Says OPEC May Meet Soon as Oil Even Hurting Saudi Arabia
OPEC will soon make efforts to convene before the next scheduled meeting in June as the slump in oil prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, Continue Reading
Nigeria Central Bank Cuts Flow of Dollars to Money Changers
Nigeria’s central bank stopped selling foreign exchange to money-changers as it struggles to stabilize the naira amid a plunge in oil prices that have hit government finances. “Operators in this Continue Reading
Venezuela’s political power struggle deepens
Venezuela’s Supreme Court has ruled that decisions by the country’s new opposition-controlled legislature are void until three banned opposition lawmakers are removed from office, deepening a power struggle in the Continue Reading
China’s Demand for Crude is Showing Signs of Cracking
Another headwind for oil. When looking for the prime culprit behind widespread weakness in commodity prices, fingers often point squarely at China. On the supply side, especially in select metals Continue Reading
Why China’s Market Illness Has Gotten More Contagious
Last week’s global-markets rout began with people like Wu Yizhang. The 65-year-old retiree had just taken a seat facing the trading board in his favorite Shanghai stock-trading hall on Thursday Continue Reading
China’s slowdown, financial mayhem cast long shadow across world
China’s economic slowdown and financial mayhem are fostering a cycle of decline and panic across much of the world, as countries on nearly every continent see escalating risks of prolonged Continue Reading
Detroit’s auto industry is changed, but not as Washington planned
When U.S. President Barack Obama visits Detroit’s annual auto show on Jan. 20, exactly one year before he leaves office, he is expected to tout how much the industry has Continue Reading
Arch Coal files for bankruptcy, hit by mining downturn | Reuters
Arch Coal, the second-largest U.S. coal miner, filed for Chapter 11 bankruptcy protection on Monday with a plan to cut $4.5 billion in debt from its balance sheet in the Continue Reading
U.S. shale output to fall 116,000 bpd month-on-month in Feb, same as Jan
U.S. shale oil production is expected to fall for a seventh month in a row in February, declining at about the same rate as the month before as drillers manage Continue Reading
IHS Acquires OPIS for $650 Million
Information and analytics provider IHS Inc. IHS -0.66 % has agreed to acquire Oil Price Information Service, a pricing-reporting agency for the oil, natural gas and biofuels industries, for $650 Continue Reading
Oil trains sidelined by deepening slump in US shale
The amount of oil hauled on US railways has declined steeply in the past year as refineries swallow more foreign supplies in the face of falling domestic crude output. Tank Continue Reading
Cheniere’s Sabine Pass prepares for imminent LNG export
The US moved one step closer to becoming a global natural gas exporter on Monday as the 160,000 cu m Energy Atlantic LNG carrier began its final approach to Cheniere Continue Reading
Tugboats Left Useless by U.S. Shale Boom Finally Have Job to Do
Custom tugboats designed to tug LNG tankers are docked at the Cheniere’s Sabine Pass LNG facility in Cameron, Louisiana. Somewhere in the Gulf of Mexico right now, the Energy Atlantic Continue Reading
Drivers May Pay for Next Step in Fight Against Air Pollution
Some U.S. drivers may soon see a new expense at the gas pump: the cost of taking the global-warming fight on the road. New York and four other states are Continue Reading
Oil Plunge Sparks Bankruptcy Concerns
Crude-oil prices plunged more than 5% on Monday to trade near $30 a barrel, making the specter of bankruptcy ever more likely for a significant chunk of the U.S. oil Continue Reading
Half of US shale drillers may go bankrupt
Half of U.S. shale oil producers could go bankrupt before the crude market reaches equilibrium, Fadel Gheit, said Monday. The senior oil and gas analyst at Oppenheimer & Co. said Continue Reading
Putin says economy under threat
With oil prices collapsing below 10-year lows, Russian President Vladimir Putin said one of the greatest threats to his country was an economic one. During his final address to Cabinet Continue Reading
Wind energy output ‘could power most Scots homes’
In six out of 12 months, wind generated enough power to supply more than 100 per cent of household needs, claims WWF Scotland. Picture: TSPL Wind power output hit record Continue Reading
U.S. crude oil prices drop over 2 percent as market loses faith in rebound
U.S. crude oil prices were down more than 2 percent in early trading on Monday as traders increasingly lose faith in a significant market recovery soon and bet on even Continue Reading
Oil Extends Slide From 11-Year Low Amid Signs of China Weakness
Oil extended declines from the lowest close in 11 years amid further signs of weakness in China, the world’s second-biggest crude consumer. Futures fell as much as 2.2 percent in Continue Reading
Oil Seen Heading to $20 by Morgan Stanley on Dollar Strength
A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20 a barrel, according to Morgan Stanley. Oil is particularly leveraged to the dollar and Continue Reading
Hedge Funds Greet 2016 by Cutting Bullish Oil Bets to 5-Year Low
Money managers began the new year by reducing wagers on rising oil prices to the lowest level in more than five years. Oil tumbled in the first days of 2016 Continue Reading
In Saudi Aramco IPO, Global Refining Empire May Become the Prize
Investors hoping a Saudi Arabian Oil Co. IPO will provide a chance to buy a stake in the world’s largest crude producer may have to wait. The company says one Continue Reading
Arab League Statement Backs Saudi Arabia in Diplomatic Fight With Iran
The Arab League on Sunday backed Saudi Arabia in its continuing diplomatic spat with Iran, triggered by the kingdom’s execution of a dissident Shiite cleric , condemning Tehran for failing Continue Reading
Saudi Aramco: Bigger Oil, Bigger Trouble
“Big oil” is really a misnomer. It may not be for long. The largest energy company that investors can easily own is Exxon Mobil . XOM -2.02 % It is Continue Reading
Iran in Talks to Help Build Refinery in Spain
Iran is in talks to help build a refinery in Spain, an Iranian oil official told state media over the weekend, as it seeks to secure buyers for its oil Continue Reading
Arab League Statement Backs Saudi Arabia in Diplomatic Fight With Iran
The Arab League on Sunday backed Saudi Arabia in its continuing diplomatic spat with Iran, triggered by the kingdom’s execution of a dissident Shiite cleric , condemning Tehran for failing Continue Reading
Banks in U.A.E. Seen Ready for Extended Slump After Drop in Oil
Banks in the United Arab Emirates are prepared for deteriorating conditions into next year as oil prices remain lower for longer, leading to a decline in government spending, slower economic Continue Reading
Neglect May Do What ISIS Didn’t: Breach Iraqi Dam
More than 16 months after Iraqi and Kurdish forces reclaimed Mosul Dam from Islamic State fighters, the structure faces a new threat: the danger that it may collapse because of Continue Reading
The REAL Reason Sunni Governments Like Saudi Arabia Are At War Against the Shias
The Shias Are Sitting On All of the Oil and Gas While the Sunnis and Shias have been competing for more than a thousand years, they have largely co-existed peacefully Continue Reading
At private Goldman confab, U.S. oil drillers add to glut woes
Goldman Sachs has diagnosed a new reason for the sudden slump in energy industry sentiment this week: talk of agility, not agony, among leading U.S. shale oil producers speaking at Continue Reading
Bakken Loses More Rigs
Bakken Rig Count Falls The Bakken-Three Forks rig count fell by four this week landing at 48 rigs running across our coverage area by midday Friday. A total of 664 Continue Reading
Cheniere Energy’s shipment turns US into gas exporter
The Energy Atlantic, a 290-metre tanker steaming slowly through the Gulf of Mexico, is about to make history. It is scheduled to arrive on Tuesday at Cheniere Energy’s Sabine Pass Continue Reading
Oil trains sidelined by deepening slump in US shale
The amount of oil hauled on US railways has declined steeply in the past year as refineries swallow more foreign supplies in the face of falling domestic crude output. Tank Continue Reading
How the oil collapse stole Russia’s Christmas
A plunge in the oil price to 12-year lows during Russia’s New Year and Orthodox Christmas break means the country returns to work on Monday with its economic recovery and Continue Reading
Ruble Declines on Oil as Sberbank Sees `Sharply’ Lower Currency
Russia’s currency extended its worst start to a year since 2009 as the price of oil fell and Sberbank CIB said a disparity with the price of crude argues for Continue Reading