A worker overseas the loading of oil supplies into freight wagons at the Lukoil-Nizhegorodnefteorgsintez oil refinery. They’re both Russian, they’re both oil giants and they’re both grappling with the lowest Continue Reading
Statoil ASA and partners have cut costs to develop the giant Norwegian Johan Sverdrup oilfield by more than 10 percent as a devaluation sweeps through the offshore industry of western Continue Reading
The ruble slumped the most among emerging-market peers as investors sold the currency of the world’s biggest energy exporter amid concern Iranian crude deliveries will extend an oil-market rout. Russia Continue Reading
A little more than a year after “ Black Tuesday ,” when the ruble lost a quarter of its value in a day, the state of the Russian economy is Continue Reading
My favorite Texas oilman Jeffrey Brown is at it again. In a recent email he’s pointing out to everyone who will listen that the supposed oversupply of crude oil isn’t Continue Reading
It is far from clear whether the recent plunge in international commodity prices in general, and in oil prices in particular, will provide a boost to the U.S. economic recovery. Continue Reading
Front-month NYMEX crude settled below $30/b for the first time since December 1, 2003, as a wave of selling spread across futures and equities markets, while reports of an imminent Continue Reading
Oil prices settled below $30 a barrel on Friday for the first time in 12 years as turmoil in Chinese markets and the expected increase in Iranian crude exports added Continue Reading
`I’m not panicked. I don’t think this is a financial crisis.’ Not even the pessimists on Wall Street thought things would go so wrong so fast in 2016. For the Continue Reading
Exchange-traded funds that hold U.S. junk bonds dropped to their lowest levels since 2009 as the global growth fears that clobbered stock markets also raised doubts about whether companies’ would Continue Reading
Times are getting tougher in the Hathut household, so father Mohammad is looking for extra work and the three kids are being told to switch off the lights to cut Continue Reading
The world is awash in crude oil , with enough extra produced last year to fuel all of Britain or Thailand. And the price of oil will not stop falling Continue Reading
Chinese coal use peaked back in 2013, as Climate Progress first reported in May. Since China was responsible for some 80 percent of the growth in global demand since 2000 Continue Reading
Iranian Foreign Minister Javad Zarif holds a news conference in Tehran on Jan. 6. Iranian Foreign Minister Javad Zarif said a historic nuclear deal reached last summer between Iran and Continue Reading
Iranian officials, concerned about selling a flood of new oil exports on the cheap, said they are studying options such as bartering the country’s crude for European goods, investing in Continue Reading
The T.I. Europe Ultra Large Crude Carrier’s (ULCC) movements off the shores of Malacca over the past year are seen on an Eikon ship-tracking screen in Singapore in this picture Continue Reading
Attacks on energy facilities on Libya’s coast indicate a “severe and rising threat” and raise prospects for further disruptions to oil supply, warns a risk analyst at JLT Specialty , Continue Reading
Russian warplanes have carried out 5,662 sorties for airstrike mission in Syria in the 100 days since the start of operations, said an official with the Russian Defense Ministry Friday. Continue Reading
The great Kingdom of Saudi Arabia – the long-time dictator of crude oil prices for the world – is struggling on all fronts. The Saudis are losing their proxy wars Continue Reading
American Airlines Group Inc on Tuesday said it has written off more than half a billion dollars in revenue stuck in Venezuela because of currency controls. American, the world’s largest Continue Reading
The average price for a basket of crudes from OPEC producers fell to $25 a barrel on Thursday, the group said, even before unrestrained exports from Iran hit the market. Continue Reading
Petrol will soon cost less than bottled water as the relentless decline in oil prices sends fuel down to 86p a litre, it has been claimed. Brent crude fell to Continue Reading
The only sure way to get Nigeria back on track economically is to direct attention to the production of natural gas. This was the submission of Gen. Martin Luther Agwai Continue Reading
Venezuela on Friday released its first economic data in more than a year Friday, showing an economy in shambles and inflation at a historic high. The Central Bank for the Continue Reading
The Venezuelan government has announced a 60-day economic emergency to deal with the country’s worsening crisis. President Nicolas Maduro will rule by edict for two months. The decree includes tax Continue Reading
China’s gross domestic product (GDP) totaled more than $10 trillion in 2015 and the economy grew by around 7 percent, with the services sector accounting for half of GDP, Premier Continue Reading
Rebellious crowds of people in a rural area in central Mexico are defying police and soldiers by stealing diesel from illegally tapped pipelines, creating the potential for fires that have Continue Reading
Sort of lost among the attention given to China’s record crude oil imports in December was the fact that the nation’s exports of refined fuels also hit an all-time high. Continue Reading
The Wall Street banks that financed the U.S. shale boom are facing growing losses as oil falls below $30 a barrel. Losses are spreading from bondholders to banks amid the Continue Reading
Citigroup said it built up its loan-loss reserves by $250 million in the fourth quarter to cover risks in its portfolio of energy loans—part of an overall reserve buildup of Continue Reading
U.S. retail sales fell in December as unseasonably warm weather undercut purchases of winter apparel and cheaper gasoline weighed on receipts at service stations, the latest indication that economic growth Continue Reading
During the U.S. shale boom, fortune favored the bold drillers that discovered and pumped oil fastest. Today the winners are producers like Pioneer Natural Resources who best shielded themselves from Continue Reading
Freight volumes in the United States have fallen year on year for the first time since 2012 and before that the recession of 2009, according to the Bureau of Transportation Continue Reading
U.S. energy firms this week continued to cut the number of rigs drilling for oil to the lowest in nearly six years, data showed on Friday, suggesting drillers were preserving Continue Reading
Conservation group Oceana became the second such organization to intervene in the consideration of Shell’s leases offshore Alaska on environmental grounds. Shell is appealing to the U.S. federal government to Continue Reading
Drillers in the U.S.’s second-biggest oil-producing state are throwing in the towel. The number of active oil rigs in North Dakota dropped to 49 today, the fewest since Aug. 2009, Continue Reading
What you need to know about Friday’s U.S. economic data: RETAIL SALES (DECEMBER) Fell 0.1 percent after a 0.4 percent (revised from 0.2 percent) gain in November Rose 2.1 percent Continue Reading
The Interior Department said Friday it is halting most new leases for coal mining on federal lands and launching a review that could result in higher costs on coal companies Continue Reading
North Dakota on Friday said crude-oil production rose slightly in November even as the state’s top energy official warned the output level is unsustainable at current prices. Oil production in Continue Reading
New York’s state pension fund and the Church of England, both investors in Exxon Mobil Corp. XOM -1.95 % , plan to file a shareholder resolution demanding the largest U.S. Continue Reading
When this year’s North American International Auto Show opens to the public in Detroit on Saturday, visitors will be confronted with a scene that suggests carmakers are as confident as Continue Reading
Bakken Production Bakken production was up by 5,166 barrels per day to 1,119,380 bpd While all North Dakt0a was up 5,195 bpd to 1,176,314 bpd. North Dakota production has been Continue Reading
A week after beginning the year with its largest decline in months, the US drilling rig count dropped 14 units to 650 during the week ended Jan. 15, according to Continue Reading
Oklahoma has seen a dramatic uptick in earthquakes in recent years, and some residents refuse to sit idly by. On Monday, 14 residents of Edmond, Oklahoma filed a lawsuit against Continue Reading
Russian state gas giant PAO Gazprom reported a smaller-than-expected loss for the third quarter of last year, with the weak ruble boosting export revenues even as it caused a foreign-exchange Continue Reading
Russia’s budget is facing substantial risks from any further oil-price decline as crude is trading at a 12-year low, Prime Minister Dmitry Medvedev said Friday. “The dramatic movement of oil Continue Reading
Russian energy company Gazprom said it sold more natural gas to European companies and yielded more profit for the nine months ending Sept. 30. Gazprom reported financial figures, stating total Continue Reading
Russian Energy Minister Alexander Novak said on Friday coordinated oil production cuts with OPEC to support falling oil prices were unlikely and would be inefficient if they did happen anyway. Continue Reading
U.S. crude oil futures fell in Asian trade on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian Continue Reading
Oil prices rose Thursday as traders closed out positions following a sharp slide so far this month, but concerns about swelling U.S. inventories and increased Iranian output capped price gains. Continue Reading
