No discounts for oil, Iran says
Iran is not marking its return to the global crude oil market in the post-sanctions era with price discounts, a director at the state-run oil company said. Iran this weekend Continue Reading
UAE Offers India Free Oil To Ease Storage Woes
In an oil sector first, the oil-rich United Arab Emirates (UAE) has offered free oil to India in return for a storage deal at India’s planned underground facility as the Continue Reading
Libya intercepts tanker suspected of fuel smuggling out of country
Libya’s Coast Guard has intercepted a tanker suspected of involvement in fuel smuggling operations while in waters off the country’s western region and headed for Malta, local and international media Continue Reading
China Exports, Imports Fall More Than Expected in January
Chinese trade started 2016 on a weak note as exports in January declined far more than expected in the face of soft demand and slower production ahead of the just-ended Continue Reading
China’s January coal imports fall 9% on year
China’s coal imports, including lignite, thermal and metallurgical coal, totaled 15.23 million mt in January, down 9.2% year on year and 13.7% on the month, according to preliminary data released Continue Reading
China January new yuan loans climb to record high in seasonal surge
Chinese banks armed with fresh lending quotas extended a record 2.51 trillion yuan ($385.40 billion) of new loans in January, far more than markets had expected, suggesting Beijing is keeping Continue Reading
China Loses Control of the Economic Story Line
SHANGHAI—Sentiment on China among global investors has always veered between exaggerated optimism and excessive pessimism. Even so, the latest bout of gloom is unusually severe. The economic slowdown doesn’t properly Continue Reading
South Korea’s Kogas cuts 2015 LNG imports by 13.5% to 31.41 million mt on weaker demand
South Korean state-owned Korea Gas Corp.’s imports of LNG fell 13.5% to 31.41 million mt last year, as the country’s LNG demand dipped 10.6%, the company said Monday. It marks Continue Reading
High risk of bankruptcy for one-third of oil firms: Deloitte
Roughly a third of oil producers are at high risk of slipping into bankruptcy this year as low commodity prices crimp their access to cash and ability to cut debt, Continue Reading
Just How Accurate Are The EIA’s Predictions?
The EIA recently published the February edition of their Short-Term Energy Outlook . If you follow this month to month, and I do, you will notice their prognostications change a Continue Reading
Oil-rich Oklahoma hit by at least 9 minor earthquakes
The U.S. Geological Survey reported at least 9 minor earthquakes since the weekend in Oklahoma, a state wary of the connection between fracking and tremors. The USGS reported two magnitude-2.8 Continue Reading
North Dakota rig count moves lower
North Dakota exploration and production activity held below the most recent historic low point Monday, with the No. 2 oil producer losing a rig from last week. State data show Continue Reading
Scottish Minister Worries Remaining North Sea Oil Won’t Be Extracted
Scotland’s finance minister has told the British government he is concerned that some of Britain’s remaining North Sea oil will never be recovered as companies active in the area have Continue Reading
Putin’s Reward for Doing a Deal With OPEC Overshadowed by Risks
Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to Continue Reading
Norway’s Economy Barely Grows in Fourth Quarter Amid Oil Rout
Norway’s economy barely expanded in the fourth quarter as consumer spending held up amid a plunge in oil prices. Mainland gross domestic product, which excludes oil, gas and shipping, grew Continue Reading
Oil edges down; weak China trade data drags
Brent and U.S. crude futures edged lower on Monday as the dollar regained ground and as weak Chinese trade data stoked concerns about demand in the world’s biggest energy consumer. Continue Reading
Oil Resumes Drop as Iran Loads Europe Cargo, China Imports Fall
Oil resumed its decline below $30 a barrel as Iran loaded its first cargo to Europe since international sanctions ended and Chinese crude imports dropped from a record. West Texas Continue Reading
Just as Oil Price Rebounds, Fuel Demand Is Poised to Melt Away
A control wheel sits near a pumping unit, also known as a ‘nodding donkey’ or pumping jack, at an oil plant in Damborice. Here’s one reason to withhold faith in Continue Reading
Iran Sends First Oil Shipment to Europe Since Sanctions End
Iran loaded its first cargo of oil to Europe since international sanctions ended, signaling more supplies will add to the global glut of crude. A tanker for France’s Total SA Continue Reading
Iran Launches First Oil Shipments to Europe in Three Years
The first shipment of Iranian crude oil to the European Union in more than three years is poised to depart as soon as Monday, Iranian officials said. The ships are Continue Reading
Turkey denies soldiers entered Syria, says has no such plans
Turkish Defence Minister Ismet Yilmaz denied a report that some Turkish soldiers had entered Syria at the weekend and said Ankara was not considering sending troops into its neighbor, the Continue Reading
Syria Accord Looms Over Europe Security Meeting
The failure of world powers to quell the five-year conflict in Syria , the Russian military intervention there and the spread of Islamic terrorism overshadowed an annual security conference here, Continue Reading
BP Expands Scope of $16 Billion Natural Gas Project in Oman
BP Plc and state-owned Oman Oil Co. agreed to expand an exploration and production sharing agreement of the Khazzan natural gas field to include a second development phase, at an Continue Reading
Kuwait Petroleum International says oil prices could reach $50 a barrel mid-2017
Kuwait Petroleum International (KPI) said on Saturday oil prices could reach a range of $50 to $60 a barrel by mid-2017, the official state news agency reported. The agency quoted Continue Reading
OPEC members increasingly keen to end oil glut: Nigeria oil minister
The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the Continue Reading
Nigeria in talks with oil majors to repay debt, invest in refineries
Nigeria is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has Continue Reading
China crude oil imports fall in January from record high
China’s crude oil imports fell 20 percent in January from record high volumes the previous month to their lowest level since October, official customs data showed on Monday. January crude Continue Reading
China Fuel Exports Slump as Price Floor Boosts Local Profits
China’s net oil products exports tumbled to a seven-month low amid speculation refiners chose to sell more fuel at home after the government stopped cutting domestic prices amid crude’s crash. Continue Reading
China’s Crude Oil Imports Slump as Fuel Glut Slows Refiners
China’s crude imports fell from a record to the lowest in three months and net oil product exports tumbled as state refiners slowed operations amid swelling stockpiles of fuel. The Continue Reading
China’s Factories Hunt for Growing Markets
As global investors fret over the health of China’s stuttering economy, some battered manufacturers in the industrial south are pinning their hopes on moving up the technology ladder. Inside the Continue Reading
Paragon Offshore Files for Chapter 11 Bankruptcy
Offshore drilling rig operator Paragon Offshore PLC filed for chapter 11 bankruptcy Sunday, with an agreed turnaround plan that will reduce its debts by about $1.1 billion. A casualty of Continue Reading
Severe Contraction and Falling Prices in Japan Signal Tough Test for Abenomics
During the final months of 2015, Japan’s economy contracted. Many sectors deteriorated, such as consumption, housing investment and exports. Credit Kazuhiro Nogi/Agence France-Presse — Getty Images Japan ’s economy shrank Continue Reading
Ukrainian Trucks Banned From Russia
Moscow has banned Ukrainian trucks from driving within Russia in retaliation of the blocking of Russian trucks in Ukraine, Russia’s transport ministry said Sunday. “The measures will be in place Continue Reading
Ruble Strengthens as $15 Billion Tax Bill Spurs Exporter Demand
Russia’s ruble strengthened for a second day as exporters bought the local currency to prepare for almost $15 billion of tax deadlines this month. The ruble advanced 0.6 percent to Continue Reading
And Now Bottled Sunlight?
A few days before German Chancellor Andrea Merkel threw the switch to power on the Wendelstein WX-7 fusion torus, Randell Mills demonstrated working version of Brilliant Light (formerly Blacklight) Power’s Continue Reading
The Return of Crisis
Bubbles always burst Financial markets the world over are increasingly chaotic; either retreating or plunging. Our view remains that there’s a gigantic market crash in the coming future — one Continue Reading
Foiled by Oil
“Pemex revenues are down 70% in the past 18 months. That is what Peak Oil looks like.” “Oil in the ground is wealth only on paper – you may own Continue Reading
Natural Gas Sinks on Weather Outlook
Natural-gas prices fell Friday morning toward a seven-week low as warm weather forecasts for late February reinforce concerns about weak demand and bulging stockpiles. Futures for March delivery recently fell Continue Reading
Today’s 12% Pop In Oil Changes Nothing
The oil market may look crazy, but, really just take a deep breath, keep calm and carry on. Oil’s sharp rise of 12% so far today — the biggest one-day Continue Reading
Oil Rebounds From 12-Year Low
Oil-futures prices on the New York Mercantile Exchange rebounded Friday on short-covering after touching a more than 12-year low the previous day. Light, sweet crude futures on Nymex for delivery Continue Reading
OPEC rumors again drive oil higher
Speculation that major world oil producers could at least curb increases caused crude oil prices to soar Friday, though underlying economic pessimism remains. Several media outlets reported the government of Continue Reading
Oil prices jump but weekly losses and physical excess loom
Oil prices jumped on Friday on hopes of a coordinated production cut sparked by comments from the energy minister of OPEC member United Arab Emirates. Still, analysts said such a Continue Reading
The Latest: Aid group says over 100,000 have fled Aleppo
The Latest on the conflict in Syria and international diplomatic efforts to end the violence (all times local): 10:30 p.m. A medical aid organization estimates that more than 100,000 people Continue Reading
Why the Syrian cease-fire probably won’t work
Questions about how and when a Syrian truce will be implemented deepened skepticism that the cease-fire will work, as Russian and Syrian warplanes on Friday sustained their relentless bombardment of Continue Reading
In Syria, Skepticism That Cease-Fire Will Stop Fighting
The morning after the United States and Russia agreed on a cease-fire plan for Syria ’s nearly five-year-old war, a dozen Syrians huddled at the border gate here on Friday Continue Reading
Syria Truce Deal Makes Aid a Political Tool, Critics Say
Leaders of humanitarian aid organizations have, over the last few months, repeatedly implored the warring parties in Syria and their backers not to use the delivery of food and medicine Continue Reading
Iran again postpones London energy summit
Organizers of an Iranian petroleum conference scheduled in London said the event was postponed because Iranian delegates were having visa issues. CWC Group Ltd. said the National Iranian Oil Co. Continue Reading
Iran Gets Help With Oil Cargoes as Insurer Says U.S. Curb Lifted
A U.S.-based insurer to the global shipping industry said it got government authorization to cover non-American companies transporting oil from Iran, potentially helping the Persian Gulf country to revive exports Continue Reading
Kuwait Petroleum International says oil prices could reach $50 a barrel mid-2017
Kuwait Petroleum International (KPI) said on Saturday oil prices could reach a range of $50 to $60 a barrel by mid-2017, the official state news agency reported. The agency quoted Continue Reading
Sunni Resentment Muddles Prospect of Reunifying Iraq After ISIS
When Iraqi ground forces and American aircraft began assaulting the city of Ramadi more than a month ago, Ghusoon Muhammed and her family fled to the government’s front line, as Continue Reading