As Iran prepared to return to the global crude market, ship insurance, an obscure but vital part of the commodity trading world, was seen as an impediment to ramping up Continue Reading
Iran’s qualified backing of an accord led by Saudi Arabia and Russia to cap output sowed doubts that the agreement can succeed in tempering a record global surplus. After talks Continue Reading
The Kurdish government in northern Iraq said crude oil exports from the region were interrupted because of attacks on a pipeline across the border in Turkey. “The Ministry of Natural Continue Reading
Iraq said Thursday it is open to freezing its oil production at January levels to help stem falling prices — but only if big producers inside and outside the Organization Continue Reading
Oil exports from northern Iraq have been offline for three days due to pipeline outages in southeast Turkey, the most severe disruption since July.”Crude oil export from the Kurdistan Region Continue Reading
Iraqi and Kurdish officials have resumed negotiations over a budget deal, but there might not be much relief in sight for the cash-strapped Kurdistan Regional Government (KRG). Though a deal Continue Reading
American warplanes struck an Islamic State camp in Libya early Friday, targeting a senior Tunisian operative linked to two major terrorist attacks in Tunisia last year, according to a Western Continue Reading
Saudi Arabia is no state at all. It’s an unstable business so corrupt to resemble a criminal organization and the U.S. should get ready for the day after. For half Continue Reading
Standard and Poor’s said it lowered its sovereign credit rating for Saudi Arabia because of the pressure from the long decline in crude oil prices. S&P lowered the sovereign rating Continue Reading
Saudi Arabia boosted oil exports in 2015 as the world’s largest crude shipper ended its first year of a plan to defend market share with global supplies on the rise. Continue Reading
Russia’s President Vladimir Putin. Russia’s longest recession in two decades is proving a test too far for the labor market. After deflecting pressure in 2015 with salary reductions, part-time work Continue Reading
Saudi Arabia is “not prepared” to cut oil production, Agence France-Presse reported, quoting the Saudi foreign minister Adel al-Jubeir. “If other producers want to limit or agree to a freeze Continue Reading
Nigeria’s crude oil export operation has suffered a serious setback following a major crack-up of a giant underwater pipeline at the Forcados export terminal. Following the incident, crude oil lifting Continue Reading
Venezuela’s central bank on Thursday released long-awaited data showing the depth of the OPEC country’s recession, a day after President Nicolas Maduro announced a package of measures seen as insufficient Continue Reading
Around the world, small sport-utility vehicles are replacing sedans in consumers’ hearts, but no where is the trend as popular or extreme as India, where car makers are introducing mini-SUVs. Continue Reading
More public institutions will have greener fleets by 2020, the central authority said Thursday. Public institutions in China include government organs, education institutions, hospitals, cultural venues and sports facilities. These Continue Reading
Sales of new cars in China in January rose 9.3% from a year earlier, as demand increased in the run-up to the Lunar New Year holiday. Sales of new cars—sedans, Continue Reading
The death rate from lung cancer in the heavily industrialized province surrounding Beijing has more than quadrupled in the last four decades, with researchers pointing to worsening air pollution as Continue Reading
As oil firms scrap dozens of billions worth of mega projects essential for supplies in decades ahead, fresh output from huge fields already being developed is set to weigh for Continue Reading
Gasoline futures are trading as if the U.S. economy is about to hit the brakes, according to Goldman Sachs Group Inc. Contracts for delivery in the summer months are currently Continue Reading
A leaking gas well near the US city of Los Angeles which has been polluting the air for four months has been “permanently sealed,” officials say. The Southern California Gas Continue Reading
U.S. Gulf of Mexico (GOM) crude oil production is estimated to increase to record high levels in 2017, even as oil prices remain low. EIA projects GOM production will average Continue Reading
Times are tough for oilfield services companies. Rigzone has spent much of the last year reporting on how the industry downturn has affected many of the larger oilfield engineers and Continue Reading
People do use their oil shares to buy houses, cars, planes and college educations. When crude oil prices hit $140 per barrel, pension funds and college endowments rejoiced. Our 2006 Continue Reading
Demand for thermal coal is declining, a trend that appears to be “irreversible.” That is the conclusion from Goldman Sachs, which published a new report on the global coal and Continue Reading
* Daily output growth in January at 1.7%-1.9% * Uncertainty remains on output growth pace through 2016 * Authorities ‘can regulate production volume’ A preliminary agreement between Russia and three Continue Reading
Stealing the oil from a ship is no mean feat. Oil tankers are enormous, and ships that carry expensive cargo are designed to be difficult to board. Stealing can mean Continue Reading
Crude oil prices climbed in Asia trade Thursday as traders were cheered by Iran’s position on a tentative output freeze agreement between four major producers, even though the country has Continue Reading
Crude futures rose in Asian trade on Thursday after Iran welcomed plans by Russia and Saudi Arabia to cap production, although analysts said the move would not lead to any Continue Reading
A day after Saudi Arabia, Russia and other oil producers agreed to limit their production, the pressure was turned up on Iran and Iraq to join the agreement and help Continue Reading
Iran on Wednesday cautiously welcomed an initiative to freeze oil output by the world’s largest producers — even though Tehran itself is rushing to increase its own exports. The Iranian Continue Reading
The oil markets have been desperately searching for some good news, whether that be on the supply or demand side. A glimmer of hope came Tuesday when major oil producers Continue Reading
A day after Saudi Arabia, Russia and other oil producers agreed to limit their production, the pressure was turned up on Iran and Iraq to join the agreement and help Continue Reading
Iran’s Opec envoy is reported as saying it is “illogical” for it to join the oil output freeze agreed by a Russian and Saudi Arabian-led group on Tuesday. Mehdi Asali, Continue Reading
The rapid advance of U.S.-backed Kurdish fighters in northern Syria, taking advantage of Russian air strikes to seize territory near the Turkish border, has infuriated Ankara and threatened to drive Continue Reading
UAE’s Oil Minister Suhail Mohamed Al Mazrouei is accompanied by plaintclothes police as he arrives at his hotel ahead of a meeting of OPEC oil ministers in Vienna, Austria, December Continue Reading
The negative impact from the plunge in oil prices rippled further throughout crude-producing nations as Standard & Poor’s cut the credit ratings of Saudi Arabia, Oman, Bahrain and Kazakhstan. Saudi Continue Reading
Iran supported an accord by Saudi Arabia and Russia to steady global oil markets by capping their supply, without saying whether it would curb its own production. Iran backs any Continue Reading
Iranians will shape the future of the Islamic republic for at least a decade when hardline and moderate candidates battle next week in elections for parliament and the body which Continue Reading
Leaders in Baghdad and Erbil traded dueling statements that emphasize the great difficulty in reviving any semblance of cooperation over oil and budget issues.The public exchange was cloaked in the Continue Reading
Twenty-eight people were killed and 61 injured in a bomb attack in the Turkish capital Ankara on Wednesday, government spokesman Numan Kurtulmus said, adding the government has no information yet Continue Reading
Humanitarian aid has reached besieged areas of Syria after trucks filled with supplies left Damascus, as the United Nations said a task force seeking humanitarian access throughout the conflict-torn country Continue Reading
Even in China’s remotest places, relentless overproduction—here it is mushrooms and cement trucks—is clouding the country’s path to prosperity and jolting the global economy. When 48-year-old farmer Yang Qun began Continue Reading
Environmental advocacy group Sierra Club said it filed a lawsuit against energy companies involved in Oklahoma shale in part because of the rise of earthquakes. The U.S. Geological Survey reported Continue Reading
The Jacksonville, Fla., railroad has been struggling with a secular decline in coal and shifts in other energy markets. The company said Wednesday that intensifying coal headwinds and the impact Continue Reading
Noble Energy Inc. swung to a multibillion-dollar loss as the oil-and-gas producer wrote down the value of assets amid the decline in energy prices. Still, excluding certain costs, Noble posted Continue Reading
Bakken production was down 28,604 barrels per day to 1,096,044 bpd. All North Dakota was down 29,506 bpd to 1,152,280 bpd. This is just the last two years of the Continue Reading
Oil majors’ exit from pricey Gulf of Mexico projects, amid dozens of deferrals in deepwater exploration and production, is leaving the sector high and dry. Drilling activity in the deepest Continue Reading
North Dakota’s oil output fell in December for the first time in three months, as producers reined in their wells and drilled less in a reaction to the plunge in Continue Reading
The U.S. shale industry must come up with $1.2 billion in interest payments by the end of March as $30-a-barrel oil makes it harder for companies to scrape up the Continue Reading
