Protesters halt oil tankers in Erbil
Around 50 protestors are blocking an oil trucking route south of Erbil city, the latest sign of growing public discontent over Kurdistan’s economic problems and unpaid salaries. The rally, staged Continue Reading
Iraqi Kurds Plan Independence Vote Before Before U.S. Election
Iraqi Kurdish leaders plan to hold a referendum on the region’s independence by November, an official said on Wednesday, in a move that could lead to the break-up of OPEC’s Continue Reading
Nigeria, Iran Clash Over OPEC Emergency Meeting
With the global economy reeling from plunging oil prices occasioned by massive over production, Nigeria, a key member of the Organisation of Petroleum Exporting Countries (OPEC), which depends hugely on Continue Reading
Nigeria: Renewed Rumpus in Niger Delta
WE are deeply disturbed by what appears as the renewal of conflict in the Niger Delta between the so-called militants and the armed forces after over seven years of peace Continue Reading
China starts gas production with Chevron
China’s largest energy company said it started commercial gas production from a field located in the Sichuan basin in southwest China. State-owned China National Petroleum Corp., working alongside a subsidiary Continue Reading
Inquiry in China Adds to Doubt Over Reliability of Its Economic Data
The veracity of China’s economic data has been increasingly questioned as the slowing pace of the country’s growth has startled the world. And a new investigation into the official who Continue Reading
China’s economic leaders struggle to explain thinking to world
Henry Kissinger’s famous question about the EU — “who do I call if I want to call Europe?” – now has a Chinese variant: who do investors turn to for Continue Reading
Energy earnings will hint at who survives crude’s rout
As crude prices crater, threatening a sizeable number of U.S. oil producers who are predicted to fail under continued global oil doom, the current earnings season will be an important Continue Reading
Cutting Pollution From U.S. Power Plants Cheaper Than You Think
Cutting global-warming pollution in the U.S. may not be so costly after all. A shift to wind and solar power and an expanded electric grid would allow the U.S. to Continue Reading
Aliso gas leak effort in final phase
The steps necessary to stop the gas leak from Aliso Canyon in California is underway, though work won’t be done until the end of February, a gas company said. California Continue Reading
U.S. Objects to Swift Energy’s Plan to Sell Most Louisiana Assets
The U.S. government has objected to Swift Energy’s Co.’s (SFY) proposed sale of most of its oil and gas assets in Louisiana, saying the company can’t transfer rights to drill Continue Reading
U.S. shale firms, struggling to profit with $30 oil, slash spending more
Three major U.S. shale oil companies have slashed their 2016 capital spending plans more than expected in a bid to survive $30 a barrel oil prices, with one of them Continue Reading
U.S. fuel selling at zero shows markets close to readjusting
Oil markets might be nearing readjustment as the pain for producers becomes overwhelming with some grades selling at below cost and products such as fuel oil fetching almost nothing, one Continue Reading
U.S. Oil Explorers Seen Reporting $14 Billion in 2015 Losses
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation. Hess Continue Reading
Oil’s Drop Makes It Cheaper to Fill Up in Houston Than Abu Dhabi
The price of the cheapest grade in the United Arab Emirates, of which Abu Dhabi is the capital, is 1.51 dirhams per liter ($1.55 a gallon) for January, according to the Continue Reading
Airlines Reap Benefits From Cheaper Fuel, Consumers Not So Much
Fuel historically accounts for about one-third of industry operating costs. Rob Britton, who spent two decades with American Airlines Group Inc., is unapologetic in defending the profits his former employer Continue Reading
Cheap Gas Pinches Power Generators
The lowest electricity prices in more than a decade are testing the whole business model of independent power-generation companies. While most companies are thrilled when their fuel costs drop, plunging Continue Reading
Why a Russian-Saudi Deal on Cutting Oil Output Remains Elusive
With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Continue Reading
Oil rises further above $30 on hopes of deal to tackle glut
Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest Continue Reading
Oil Prices Fall on Chinese Data, Saudi Comments
Oil prices slid Monday on concerns about weaker Chinese demand and the continued unwillingness by large producers to cut production. The U.S. oil benchmark has settled down by 5% or Continue Reading
Oil falls 4 percent on swelling oversupply
A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. Oil prices fell 4 percent on Monday as Iraq announced record-high oil Continue Reading
Bets on WTI Oil Slumping Below $25 Rise to a Record: Chart
Bets that crude oil will retreat below $25 a barrel have reached an all-time high as stockpiles continue to grow. Open interest, or the amount of total contracts outstanding, for Continue Reading
Oil bulls may have spied turning point to price rout
With the world still awash with excess oil, analysts believe it may be premature to call an end to the rout that has driven the crude price below $30 a Continue Reading
Global Stocks Drop on Concerns About China, Oil
Stocks around the world moved lower Tuesday as another plunge in Chinese markets and volatility in oil prices renewed fears about slowing global growth. Stock futures pointed to an opening Continue Reading
Cheaper Oil May Hurt More Than Help Importers, Citigroup Says
Lower oil prices may prove to be more a curse than a blessing for commodity importers in developing nations. That is because oil-exporting countries will liquidate their investments in emerging Continue Reading
So Yes, the Oil Crash Looks a Lot Like Subprime
One year ago, analysts at Bank of America Merrill Lynch drew a parallel between the subprime mortgage crash and the disorderly fall in the price of oil. Led by Chris Continue Reading
Oil, Stocks at Tightest Correlation in 26 Years
Oil and stock markets have moved in lockstep this year, a rare coupling that highlights fears about global economic growth. As oil prices tumbled early in 2016, global equities recorded Continue Reading
Climate Deal’s First Big Hurdle: The Draw of Cheap Oil
Steady improvements in the fuel economy of new vehicles have stalled recently as consumers, buoyed by low gas prices, snap up lower-mileage trucks and sport utility vehicles. Credit Andrea Morales Continue Reading
Deals and warms words flow as Iranian president visits Europe
Italy and Iran signed billions of dollars of business deals on Monday at the start of a visit to Europe by Iranian President Hassan Rouhani aimed at rebuilding his nation’s Continue Reading
OPEC, Russia talk of oil teamwork, but Saudi talks of investment
Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades, while Saudi Arabia Continue Reading
Saudi Arabia presents plan to move beyond oil
Saudi Arabia outlined ambitious plans on Monday to move into industries ranging from information technology to health care and tourism, as it sought to convince international investors it can cope Continue Reading
Libya’s $60 Billion in Lost Oil Highlights Risk of Failed State
Libya’s rival political factions must quickly form a unity government to stop the country with Africa’s largest oil reserves from collapsing into a “failed state,” National Oil Corp. Chairman Mustafa Continue Reading
Turkey a vital energy partner, EU says
Turkey is a fundamental partner in the drive to ensure the European energy sector is well supplied and free from dominance, the European Commission said. Members of the European Commission Continue Reading
OPEC losing clout, energy chief says
The Organization of Petroleum Exporting Countries is fading, though Middle East producers may reign supreme, the CEO of Italian energy company ENI said. Claudio Descalzi, ENI’s top executive, told delegates Continue Reading
Syria opposition to meet in Riyadh, casts doubt on talks
The Syrian opposition cast doubt on whether it would go to peace talks planned for Friday, throwing U.N. diplomatic efforts into question and accusing the United States of adopting Iranian Continue Reading
African Economies, and Hopes for New Era, Are Shaken by China
Years of rapid economic growth across sub-Saharan Africa fueled hopes of a prosperous new era. To many, the world’s poorest continent was finally emerging, with economies that were no longer Continue Reading
Nigeria: Exclusive – Shell, Eni in Fresh Trouble As Nigeria Begins Moves to Withdraw Opl 245 From Malabu, Dan Etete
The Nigerian government is set to retrieve one of Africa’s richest oil blocs from oil giants, Shell and Eni, PREMIUM TIMES has learnt. Not only will the two oil giants Continue Reading
China shares end at 14-month lows after late selling frenzy
Chinese shares plunged more than 6 percent to 14-month lows on Tuesday after oil prices dropped again, reviving concerns about global growth and prompting a sell-off in the world’s equity Continue Reading
China Energy Giant Signals Nation’s Fuel Oversupply Is Worsening
China’s biggest energy company predicted the nation’s refineries will increase output in 2016, exacerbating a fuel glut and boosting exports of the surplus to regional markets. Net export of oil Continue Reading
Yuan’s Fall Is Just ‘Noise’ Amid Deeper China Woes
When the financier George Soros attacked the British pound in 1992 and famously “broke the Bank of England” he was trading on a conviction that the currency was misaligned. Britain Continue Reading
China Slowdown Stokes Fears of Peak Oil Demand
A bedrock belief among oil forecasters has been that China’s voracious appetite for fossil fuels would stoke global energy demand for decades to come. That assumption now appears increasingly shaky. Continue Reading
China’s dependency on foreign oil exceeds 60 percent: report
China’s dependency on imported oil exceeded 60 percent for the first time in 2015 and is expected to rise further this year, according to an industry report released Tuesday. Actual Continue Reading
How the Oil Bust Wiped Out One North Dakota Oil Refiner’s Profit
For the first new refinery in the U.S. in seven years, the idea was simple: Buy cheap oil from shale producers, then score a quick profit by selling it right Continue Reading
Oil services company Halliburton posts deep loss
Steep declines in the North American market were in part behind the 9 percent decline in revenue, oil field services company Halliburton said. Halliburton, which provides services to the drilling Continue Reading
North Dakota rig count down 20 percent so far this year
The number of rigs exploring for oil and natural gas in North Dakota is down roughly 20 percent from the start of the year, state data show. The North Dakota Continue Reading
Investment in Canadian oil and gas to be further slashed
Investment in Canada’s oil and gas industry is forecast to fall again this year as companies continue to respond to the fall in prices by cutting back on drilling and Continue Reading
Trading houses get creative in exporting US oil
Two tankers of US oil arrived in Europe last week, delivering the first cargoes allowed since Washington repealed a decades-old ban on exporting crude. With two more vessels now crossing Continue Reading
ExxonMobil projects 25% energy demand increase between 2014-2040, 50% decline in carbon intensity; hybrids to be 40% of new car sales
Main Global energy demand will increase 25% between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil forecasts in the 2016 edition of its annual The Outlook for Continue Reading
Ruble Retreats for Second Day as Oil Slides Below $30
Russia’s ruble sank for a second day as crude oil fell below $30 per barrel, prompting Bank of America to suggest that interest rates could rise if the price of Continue Reading
Volkswagen Group confirms 20 more EV or PHEV models by 2020; Müller says Europe needs to lead with electric mobility
« Siemens to acquire simulation software supplier CD-adapco for $970M | Main | Northwestern researchers discover crumpled graphene balls are a promising lubricant additive » At the Volkswagen Group’s New Continue Reading