Crude oil prices pushed higher on Wednesday after Iran said it was open to cooperation with Saudi Arabia, partly recovering from an 8 percent fall in the previous session on Continue Reading
Oil prices fell 7 percent on Tuesday as equity markets remained weak, forecasts called for record high U.S. crude stockpiles to grow more, and the latest global energy demand outlooks Continue Reading
Oil could drop below $20 a barrel as the search for a level that brings supply and demand back into balance makes prices even more volatile, Goldman Sachs Group Inc. Continue Reading
Powerful oil industry insiders have moved to quash talk of stronger prices this year, warning that turmoil in emerging markets will delay any significant recovery until at least 2017 and Continue Reading
For most of its history, oil has flowed in one direction: from developing nations, where it is produced, to industrialized nations, where it is consumed. That pattern no longer holds Continue Reading
Crude-oil prices could fall even further as the world’s vast oversupply of petroleum is only getting worse with a surge in production from OPEC, according to some of the world’s Continue Reading
The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce Continue Reading
Crude oil prices spiralled lower during January, with brimming stockpiles pushing global benchmarks below $30/bbl. Markets edged higher in early February on suggestions of possible discussions to coordinate a global Continue Reading
A top Pentagon official said Tuesday it is extremely unlikely the U.S. military and its allies will attempt to wrest control of the major Iraqi city of Mosul from Islamic Continue Reading
The oil market is in a state of flux. Oil prices are close to a quarter of their level 18 months ago. Over the past two years, the supply of Continue Reading
Vitol, the world’s biggest independent oil trader, sees further downward pressure on global oil prices this year amid signs of weaker than expected demand for oil and as storage tanks Continue Reading
Russia’s largest oil producer Rosneft OJSC remains committed to defending its traditional markets, pouring cold water on talks of potential coordination with other exporting nations. “We are working on preserving Continue Reading
Damascus aims to secure Syria’s border with Turkey and recapture the city of Aleppo with its latest military offensive, a top adviser to President Bashar al-Assad said on Tuesday. In Continue Reading
In an address to the nation Tuesday night, Iraqi Prime Minister Haider al-Abadi congratulated the Iraqi people on the liberation of Ramadi and the opening of a road connecting the Continue Reading
The Pentagon is seeking $200 million in the 2017 budget for counterterrorism operations in Libya and other portions of North and West Africa, but Defense Secretary Ash Carter said Wednesday Continue Reading
Kuwait plans to increase its crude production by 150,000 barrels a day by the third quarter of the year despite the current slump in oil prices, the managing director of Continue Reading
American troops are making an increasing impact in the fight against the self-proclaimed Islamic State (IS) group in Anbar province, four weeks after U.S. Defense Secretary Ash Carter announced a Continue Reading
“The GCC governments and peoples should realize that the boom period is over. We must all get used to a certain type of lifestyle that does not rely entirely on Continue Reading
OWING to a further slide in prices and additional shut-in of about 35,000bpd in Usan and Yoho Terminals, Nigeria’s export earnings in 2015 from the sale of crude oil declined Continue Reading
Minister of Labour and Employmen Chris Ngige has called on the major oil companies planning to lay off workers due to the dwindling price of crude in the international market Continue Reading
Petroleos de Venezuela SA cut 2015 capital spending as the state oil company grappled with crude prices that last month extended a decline to the lowest in almost 13 years. Continue Reading
Goodyear Tire & Rubber became the latest big US company to detail damage from Venezuela’s financial crisis when the automotive tyre manufacturer reported a $646m charge against fourth-quarter earnings. Laura Continue Reading
A division of the World Meteorological Organization criticized an Australian move to cut staff from a conservation division as worrisome. The Australian Commonwealth Scientific and Industrial Research Organization, tasked in Continue Reading
China’s role as a big oil consumer has become a crucial factor in energy markets in recent years. Now, its role as a major producer is gaining attention as well. Continue Reading
Heavy smog is forecast to hit Beijing from Wednesday to Friday as the air is stagnant, making it unfavorable for diffusing pollution such as fireworks smoke. The municipal environment monitoring Continue Reading
Retail gasoline price movements may buck historic trends and not move up dramatically on seasonal pressures, motor club AAA reports. Retail gasoline prices fell on average about a half percent Continue Reading
A Texas energy regulator struck a note similar to the struggling industry, saying the state’s oil sector is positioned for a rebound once markets improve. Texas Railroad Commissioner Christi Craddick, Continue Reading
The extra yield investors are demanding to hold U.S. high-yield energy company debt has soared to the highest level in more than four years as Goldman Sachs Group Inc. said Continue Reading
Will Americans ever see $1-a-gallon gasoline again? In some parts of the U.S., the answer could soon be yes. The price of crude oil—the main expense in generating fuels like Continue Reading
President Barack Obama is proposing more than $300 billion in new taxes on the oil industry and a doubling of clean-energy funding, two proposals that make the budget released Tuesday Continue Reading
The move will save the company about $450 million a year, Anadarko Chief Executive Al Walker said. The company’s stock, down more than half over the past 12 months, fell Continue Reading
Natural gas prices gave up some of its recent rebound as heavy stockpiles continue to keep a lid on any rally. Futures for March delivery settled down 4.2 cents, or Continue Reading
Highlights North Sea Brent crude oil prices averaged $31/barrel (b) in January, a $7/b decrease from December and the lowest monthly average price since December 2003. Brent crude oil prices Continue Reading
December 2015 – January 2016 Update The U.S. Energy Information Administration (EIA) estimates that global oil inventories grew by an average of 1.7 million barrels per day (b/d) in December Continue Reading
Shale oil production in the United States will decline in the long-term and reach its peak by 2020, the head of Russian state-run oil company Rosneft said on Wednesday. “Shale Continue Reading
The Obama administration is preparing to make a major offshore drilling regulation somewhat more favorable to the oil and natural gas industry, compared to a preliminary proposal issued last year, Continue Reading
The massive blizzard that hit the East Coast in late January prompted the largest withdrawal of natural gas inventories from storage this winter but had little impact on electricity demand, Continue Reading
European banks face potential loan losses from energy firms of $27 billion, or about 6 percent of their pretax profit over three years, according to analysts at Bank of America Continue Reading
Predictions that oil production would soon top out flooded the airwaves, stoking fears of a global oil shortfall and fueling speculation of prices at hundreds of dollars a barrel. “People Continue Reading
Oil prices rose in Asia on Tuesday, despite receding hopes of a coordinated production cut between major oil producers. A Sunday meeting between Saudi Arabia and Venezuela ended without any Continue Reading
Crude oil prices rose on Tuesday, with U.S. crude shrugging off big drops in Japan’s stock market and eroding some of the previous session’s losses that were driven by festering Continue Reading
Oil prices dropped back below $30 Monday amid continuing fears about the global oversupply of crude. A Sunday meeting between Saudi Arabia and Venezuela ended without any plans for production Continue Reading
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while Continue Reading
The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce Continue Reading
Rystad Energy , an independent oil and gas consulting services and business intelligence data firm in Oslo, Norway, has online, a wealth of information concerning upstream oil production projects and Continue Reading
Tens of thousands of Syrians who were running for their lives piled up near the border crossing with Turkey here on Monday. They were fleeing a crushing wave of Russian Continue Reading
The Syrian army advanced toward the Turkish border on Monday in a major offensive backed by Russia and Iran that rebels say now threatens the future of their nearly five-year-old Continue Reading
Iran will increase its share of the global oil market gradually, in order to avoid price volatility, RIA news agency quoted Iran’s envoy to Moscow as saying on Monday. International Continue Reading
National Oil Corp. in western Libya warned traders against loading “illicit” cargoes of oil at Hariga port in the eastern part of the country amid claims by a competing organization Continue Reading
Iranian exports of around $50 billion worth of non-petroleum products are not enough to diversify the nation’s economy, the speaker of parliament said. “There are many countries that were disturbed Continue Reading
