Oil Prices Fall to 11-Year Low
Oil prices fell to an 11-year low on Wednesday under pressure from a strong dollar and weak economic data from China, the world’s second-biggest crude consumer. Investors were also positioning Continue Reading
Market fundamentals driving oil for now, analysis finds
The glut of oil on the global market is diminishing the prospects that tensions between Iran and Saudi Arabia will cause a spike in oil prices, analysis finds. Crude oil Continue Reading
Grim year forecast for developing nations
Developing economies last year recorded their slowest growth since the immediate aftermath of the 2008 financial crisis and are facing the prospect of an equally grim 2016, the World Bank Continue Reading
OPEC switches to Argus from Platts for energy price data
The Organization of the Petroleum Exporting Countries (OPEC) has switched to Argus Media as its energy price data provider this year, dropping global pricing service Platts. The producer group, which Continue Reading
Iran accuses Saudis of bombing embassy in Yemen
Iran has accused Saudi-led coalition warplanes of bombing its embassy in Yemen’s capital Sanaa, state media say. Broadcaster Irinn said missiles had struck the embassy, causing damage. Sanaa residents said Continue Reading
Ibrahim Khalil crossing to Turkey reopens
Iraq’s main crossing with Turkey reopened yesterday after 22 days of closures that choked off commerce and left thousands of trucks and people stranded at both sides of the border.So Continue Reading
Kurds make payments for oil exports
Energy companies working in the Kurdish north of Iraq said they’ve received payments from the regional government for crude oil exports. Norwegian energy company DNO International confirmed it received $30 Continue Reading
Islamic State Poses Growing Threat to Libya’s Oil Industry
The scope of Islamic State’s attacks on Libya’s eastern oil ports expanded on Wednesday, Libyan officials said, with at least five oil tanks set on fire amid fears the group Continue Reading
Nigeria: Lagarde Urges Nigeria to Diversify Its Economy Away From Oil
The head of the IMF, Christine Lagarde, is meeting with Nigerian President Buhari and industry leaders to discuss the country’s economy and the challenge posed by falling oil prices. Christine Continue Reading
Pressure Mounts for Nigeria Naira Devaluation on Oil Plunge
Nigerian authorities are facing growing pressure to devalue the naira as the price of oil, its biggest source of foreign exchange, fell to the lowest since 2004. The Central Bank Continue Reading
Venezuela opposition swears in lawmakers barred by court
Venezuela’s new opposition congress on Wednesday swore in three lawmakers barred by the Supreme Court from taking their seats, setting up a direct confrontation with the ruling socialists in this Continue Reading
Concern for China’s economy as currency sinks near 5-year low
The pace of China’s falling currency, now at its lowest level in nearly five years, has raised the prospect of renewed intervention by the central bank as Beijing seeks to Continue Reading
China goes underground to expand its strategic oil reserves
China is building underground caverns capable of holding up to a quarter of its expanded strategic oil reserves by 2020, as it looks for new storage methods away from expensive Continue Reading
China’s Plunge Again Rattles Global Markets
The 2016 global equity sell-off has entered its fourth day. $2.5 trillion of value disappeared from stocks in the first three trading days of the year. Look no further than Continue Reading
Global Stocks Tumble on China Volatility
Steep falls in Chinese equities pummeled global markets on Thursday, as widening concerns over the world’s No. 2 economy pushed investors out of shares, oil and metals. The selloff came Continue Reading
China stock markets shuttered after falling 7%
China’s entire equity market was shuttered within half an hour of opening after falling 7 per cent on further currency weakness as government rescue efforts failed to deter the tide Continue Reading
TransCanada to Sue U.S. for Blocking Keystone XL Pipeline
TransCanada said on Wednesday that it would seek $15 billion in damages over the Obama administration’s decision to cancel the company’s Keystone XL pipeline project. The company is taking the Continue Reading
U.S. shale player Pioneer expects higher output
U.S. shale player Pioneer Natural Resources said it aims to boost production by at least 10 percent and spend around $2.6 billion despite the weakened market. Pioneer said it plans Continue Reading
Shale-rich Oklahoma facing budget crisis
While emerging as a shale leader in the United States, the governor of Oklahoma said the state is facing 2016 with a major gap in its budget. In a New Continue Reading
Appetite for mergers in energy sector drying up
Despite some planned mega-mergers, market uncertainty meant few companies were willing to join forces in last year’s weakened energy economy, analysis finds. An emailed report from consultant firm IHS found Continue Reading
World’s Cheapest Crude Hits Record Low as Oil Slump Deepens
A deepening oil market slump is adding fresh pain for producers of the world’s cheapest crude as the Canadian heavy grade reached a record low, raising the prospect of more Continue Reading
Shale Explorers Pull Oil on the Cheap From Slumbering U.S. Wells
U.S. shale explorers will be able to bring new supplies to market this year even with most of the rig fleet shut down and drilling budgets cut to the bone. Continue Reading
U.S. Crude Exports in November Fall to Lowest Since May 2014
U.S. average daily crude exports plummeted 36 percent to about 320,000 barrels a day in November, the last full month in which restrictions on such shipments were in effect, according Continue Reading
California governor declares gas leak a state of emergency
California Gov. Jerry Brown declared a state of emergency Wednesday over a massive natural-gas leak that has been spewing fumes into a Los Angeles neighborhood for months. In a statement, Continue Reading
Gas Prices Set to Fall 10 Cents a Gallon
Get ready for lower prices at the pump. Gasoline futures plunged Wednesday, dragging global oil prices to 11-year lows, meaning that a drop in retail prices won’t be far behind. Continue Reading
Energy Companies Cut Drilling Budgets — And Are Punished
Wall Street has been clamoring for oil and gas companies to cut costs amid an epic energy bust, but that hasn’t stopped investors from punishing them the moment they do. Continue Reading
LOOP crude storage auction sees sustained high prices, high demand
January’s auction for crude storage space at the Louisiana Offshore Oil Port saw sustained high prices for a second month in a row, after prices jumped in December’s auction due Continue Reading
Hampton Roads coal exports end year with lowest total since 2007
Coal exports from terminals in Virginia’s Hampton Roads region totaled more than 26.8 million st in 2015, according to December export data released Wednesday by the Virginia Maritime Association. The Continue Reading
U.S. manufacturing slowdown stokes fears about oil demand
Growing signs of weakness in the U.S. economy are helping keep oil prices under pressure even as tensions escalate across North Africa and the Middle East. U.S. manufacturers reported business Continue Reading
Oklahoma Oil Firm Resists Call to Shut Down Wells Amid Earthquake Concerns
A financially strapped Oklahoma oil company is defying the state regulator’s request that it shut down six wells used to dispose of wastewater, despite fears they may be contributing to Continue Reading
Ruble Worst-Hit in Developing World Selloff Sparked by China
The ruble dropped most among emerging-market currencies as tumbling oil prices exacerbated a selloff in riskier assets hit by China’s decision to let the yuan slip to a five-year low. Continue Reading
Oil-Field Services: Pain Again
The European oil-field services sector’s market value has roughly halved over the past two years, pummeled by the tumbling oil price and sharp cut-backs to investment by oil and gas Continue Reading
Oil Prices Fall to 11-Year Low
Oil prices fell to an 11-year low on Wednesday under pressure from a strong dollar and weak economic data from China, the world’s second-biggest crude consumer. Investors were also positioning Continue Reading
Oil falls to 11-year low, Saudi-Iran row seen making output restraint unlikely
Oil fell to its lowest in more than 11 years on Wednesday, down around 2 percent, as the row between Saudi Arabia and Iran was seen extinguishing any chance of Continue Reading
Oil, Gas Expectations for 2016 Up In Air
Energy insiders prepare for the worst, and hope for the best as they consider what could be in store for the industry in 2016 after a dismal year for commodities Continue Reading
Bearish U.S., China Data Push Oil to Two-Week Lows
Oil prices fell to two-week lows after a round of bearish economic data out of the U.S. and China raised questions about demand for crude in an oversupplied market. Light, Continue Reading
Oil prices fall as weak China data, oversupply drag on markets
Crude oil prices reversed earlier gains on Tuesday, as gloomy Chinese data dragged on sentiment in a market already weighed down by persistently high production levels. Oil futures initially rose, Continue Reading
U.S. oil storage at record high
The amount of crude oil held at the main U.S. storage hub in Cushing, Okla., set a record to start off 2016, market analysis from Genscape finds. By more than Continue Reading
Don’t Blame Oil for Global Chaos
Since 1918 and the full flowering of the automobile age, the average U.S. domestic price of gasoline has rarely fallen below $2 or risen above $4 as measured in 2015 Continue Reading
The energy sector changed forever in 2015
Two massive and permanent shifts in energy took place in 2015. The first was the beginning of the end of the oil age as Saudi Arabia’s led OPEC on a Continue Reading
SOC splits into Basra, Dhi Qar oil companies
Karim Yassir, the head of the Dhi Qar Oilfields Authority, is the presumptive director general of the new Dhi Qar Oil Company. (STAFF/Iraq Oil Report) The South Oil Company (SOC) Continue Reading
Iran may moderate oil output to avoid further price slide
Iran could moderate oil output and exports once Western sanctions are lifted to avoid putting prices under further pressure, a senior Iranian oil official said on Tuesday. Iranian officials have Continue Reading
Iran Crisis Puts Pressure on New Generation of Saudi Leaders
Hours after the Saudi execution of a Shiite cleric that has set off a diplomatic crisis in the Persian Gulf, the two leaders of the Saudi royal family’s younger generation Continue Reading
Saudi Executions Seen as Sending Message to All Dissenters
Officials in Saudi Arabia have said that the executions of 47 prisoners on Saturday were a long overdue reckoning for militants, including accused Qaeda members who were said to be Continue Reading
Saudi execution exposes dangerous political and religious division
Saudi Arabia’s execution of Shi’ite cleric Sheikh Nimr al-Nimr has exposed the dangerous political, religious and socio-economic fault lines which run through the kingdom and the Gulf. News of the Continue Reading
Saudi-Iran split dashes chance of OPEC deal to curb oil glut
The collapse in relations between Saudi Arabia and Iran after the Saudi execution of a Shi’ite cleric puts an end to speculation that OPEC could somehow agree production curbs to Continue Reading
New Saudi-Iran crisis threatens wider escalation
Supporters of Shi’ite cleric Moqtada al-Sadr protest against the execution of Shi’ite Muslim cleric Nimr al-Nimr in Saudi Arabia, during a demonstration in Najaf, Iraq January 4, 2016. The last Continue Reading
More guards killed in Islamic State attacks on Libya’s oil ports
Islamic State militants attacked checkpoints near the Libyan oil port of Es Sider for a second day on Tuesday and an oil storage tank in the port was set on Continue Reading
Libya Issues `Cry for Help’ as Islamic State Attacks Oil Tanks
Libya’s National Oil Corp. issued a “cry for help” as Islamic State militants attacked a second oil tank in the region of Es Sider, the country’s biggest oil port which Continue Reading
Venezuela opposition controls congress after 17 years
Venezuela’s opposition took majority control of the National Assembly on Tuesday after years in the political wilderness, setting the stage for a potential power struggle with embattled President Nicolas Maduro. Continue Reading