Low oil prices have pushed top exporter Saudi Arabia to hasten difficult economic reforms and cut spending on popular benefits, but it has few options beyond sticking with a strategy Continue Reading
Though doors are opening to the Iranian energy sector, BP’s top executive Bob Dudley said few investors will rush in on a whim. Iran said it secured renewed access to Continue Reading
Militants in Libya attacked and damaged oil-storage tanks near the Ras Lanuf port terminal, inflicting an “environmental catastrophe” that will hamper the country’s crude exports, according to state-run National Oil Continue Reading
Saudi Arabia has described the collapse in oil prices to below $30 as “irrational” and expects the market to recover in 2016 even as the country continues to keep production Continue Reading
Saudi Arabia faces profound challenges to its economy and political system as a result of the slump in oil prices, which will test the skill of the country’s ruling elite Continue Reading
Four storage tanks at Libya’s Ras Lanuf terminal have been set ablaze following an attack by “Islamic State” (“IS”) militants. Libya’s National Oil Corporation said the situation was “catastrophic for Continue Reading
Amid one of the deepest oil price crashes in history, Britain’s Tullow Oil is sending one of the world’s biggest floating deep-water oil production platforms to West Africa to pump Continue Reading
Venezuela Oil Minister Eulogio del Pino called on Thursday for OPEC and non-OPEC producers to meet in February to discuss bolstering low oil prices that have hammered the recession-hit South Continue Reading
A Chinese industry body said it could review rules covering the import of crude by new entrants after a private refinery failed to secure financing for 1.5 million barrels of Continue Reading
U.S. crude and gasoline stockpiles rose more than expected last week, while distillate inventories fell, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 4 million Continue Reading
Some of the world’s most expensive crude lies trapped inside Canada’s oil sands. But the lingering legacy of $100 barrels means the nation is destined to exacerbate, rather than alleviate, Continue Reading
A federal appeals court on Thursday declined to temporarily block a key Obama administration environmental rule to limit carbon emissions from power plants, rejecting requests by states and companies that Continue Reading
Southwestern Energy Co. SWN 19.24 % on Thursday announced a sweeping workforce-reduction plan that will lay off or reduce the roles of about 45% of the company’s employees as it Continue Reading
The dismal energy market slammed two of North America’s biggest freight railroads in the fourth quarter, prompting them to slash jobs and driving profits below Wall Street’s expectations. Union Pacific Continue Reading
Schlumberger’s customers are abruptly cancelling projects, the world’s largest oilfield services company warned on Thursday as its full-year results revealed further pain from an 18-month rout in crude that has Continue Reading
It has been a truism of the American economy for decades: When oil prices rise, the economy suffers; when they fall, growth improves. But the decline of oil prices over Continue Reading
Weak crude prices and “unfavorable” spreads inhibited Union Pacific crude-by-rail shipments, the company said during its fourth-quarter earnings call Thursday. Crude shipments by Union Pacific shed 42% in the fourth Continue Reading
Russian energy company Gazprom said one of the more promising areas for cooperation with Pakistan was in the field of liquefied natural gas. Gazprom Chairman Alexei Miller hosted a delegation Continue Reading
French energy company Total said it may transfer half of its stake in a Russian operation to a national player, but maintained a strong interest in the region. Total said Continue Reading
The low crude and fuel oil price environment has resuscitated talk about run cuts at Russian refineries, though traders remain uncertain about the actual moves. “There are a lot of Continue Reading
* Any buying cooperation to be left to market * New law to focus on regional security planning The European Commission has decided not to include plans for centralized natural Continue Reading
The head of Ukraine’s competition authority said on Friday that the watchdog had decided to fine Russian gas company Gazprom 85 billion hryvnias ($3.5 billion) for abusing its monopoly on Continue Reading
The pace of drilling in the North Sea, the center of U.K. oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers Continue Reading
Shell, Total and other oil companies have been battered by a more than 75 percent collapse in crude prices over the past 18 months amid a global supply glut. Royal Continue Reading
The ruble jumped the most since August, rebounding from its lowest level on record, as a recovery in crude prices encouraged investors to buy assets in the world’s biggest energy Continue Reading
The tumble in the oil price from the $US110 a barrel it was trading at until 18 months ago down to $US30 and heading lower this week demolishes the “peak Continue Reading
It is easy to understand why some folks, including the nattering nabobs of the mainstream media, might somehow mistake the current glut of oil for evidence that Peak Oil is Continue Reading
In my November 2007 column, Peak Oil Again? , when oil prices had reached $100 per barrel, I concluded, “Some day peak oil production will be reached, but most oil Continue Reading
Oil prices extended their fall on Thursday, ahead of key U.S. data expected to show a further increase in oil supplies. U.S. crude stockpiles are already near levels unseen in Continue Reading
Brent oil extended its decline from the lowest close in more than 12 years as rising U.S. crude stockpiles added to a swelling global glut. Futures slid as much as Continue Reading
Oil fell on Thursday, dipping back toward 12-year lows on persistent concerns about a supply overhang and the outlook for demand. Oil futures dropped to their lowest levels since 2003 Continue Reading
Oil prices sank to a 12-year low, falling under $28 a barrel in early Asia trade Wednesday, as a glut continues to weigh on markets. On the New York Mercantile Continue Reading
Crude futures slumped again in Asian trade on Wednesday, with U.S. oil dropping more than 3 percent toward $27 a barrel and its lowest since 2003, on worries about global Continue Reading
Crude sank the most in more than four months as oil executives turned gloomier on the prospect of a recovery this year. Futures fell 6.7 percent to the lowest since Continue Reading
The global market likely won’t pull away from the supply side until at least 2017 as crude oil lingers in storage, the head of the EIA told U.S. lawmakers. Crude Continue Reading
Oil executives are starting to talk — or rather, whisper — about a new nightmare scenario: “A lot lower for a lot longer.” Oil executives, policy makers and banks said Continue Reading
Supertankers need a lot of time to stop and turn around. Similarly, shifting the world’s political stance towards Iran has taken a while to effect. And this tortuous process has Continue Reading
Kurdish oil player Genel Energy said it was optimistic for 2016, but recognized macroeconomic pressures and strains from regional security may persist. Genel offered an update before the March 3 Continue Reading
With sanctions pressures easing, the onus to address economic concerns in the depressed oil market is on Tehran, the country’s ruling cleric said. Iran is opening its economic doors to Continue Reading
Saudi Arabian Oil Co. is in talks with two of China’s leading energy companies concerning several energy projects to help increase the Saudi state-owned oil group’s sales in Asia. The Continue Reading
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
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
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
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
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
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
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 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
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
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
