Iraq oil sales at record, unaffected by Iran’s return to market
Iraq’s plan to increase oil output this year will go ahead, with exports running in January at a record level and unaffected by Iran’s return to the market, Iraqi Oil Continue Reading
Even in slump, U.S. oilfield firms hesitate over post-sanctions Iran
For U.S. oilfield services companies suffering the worst revenue slump in decades it would at first seem like a lifeline: The lifting of sanctions on Iran by six world powers Continue Reading
Middle East economic slowdown will cut oil demand growth: Kemp
The Middle East was the fastest growing region for oil consumption except China over the last decade as young populations and booming economies simulated a surge in fuel demand. The Continue Reading
Next Phase of Big Iranian Gas Field’s Development to Start Output in February
The next phase of development for Iran’s giant South Pars natural-gas field will start producing in February, Petropars, the state-owned company that runs it said, as the country moves to Continue Reading
OPEC, except for Iran, Has Peaked
The OPEC Monthly Oil Market Report is out. OPEC took a hit in December, down 205,000 barrels per day. After examining the past and present production numbers, I believe that Continue Reading
Saudis Protect Oil Market Share By Spending Petrodollars In China
The battle to retain and even increase global oil market share is intensifying. Both Saudi Arabia and Russia, the world’s top two crude oil producers, continue to ramp up production Continue Reading
2 Nigerian refineries shut down after attacks on pipelines
Nigeria’s state oil company is shutting down two of the country’s four refineries because militant attacks on pipelines have affected their supplies. A statement Wednesday announced an “operational shutdown” of Continue Reading
Venezuela’s call for emergency OPEC meet gets doubtful response
Venezuela has requested that OPEC hold an emergency meeting to discuss steps to prop up oil prices, which have fallen to their lowest since 2003, two OPEC sources said on Continue Reading
Smuggling soars as Venezuela’s economy sinks
Clutching egg cartons on his shoulder, a young man wades precariously through a muddy river on Venezuela’s western jungle border where a Colombian shopkeeper will happily buy them up. On Continue Reading
Chevron’s Costly LNG Project to Start in Shadow of Oil Collapse
After years of delays, cost overruns and labor unrest, Chevron Corp.’s Gorgon project, one of the world’s most expensive liquefied natural gas ventures, faces another challenge: the weakest energy prices Continue Reading