Oil Investors See $7.4 Billion Vanish as Dividends Are Targeted
The check is not in the mail. Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve Continue Reading
Natural gas expected to surpass coal in mix of fuel used for U.S. power generation in 2016
For decades, coal has been the dominant energy source for generating electricity in the United States. EIA’s Short-Term Energy Outlook (STEO) is now forecasting that 2016 will be the first Continue Reading
Stocks Climb After Fed Pares Outlook for Rate Increases
U.S. stocks rose and Treasury yields fell after Federal Reserve officials suggested interest rates could rise less this year than they previously expected. The Fed held interest rates steady Wednesday Continue Reading
White House explains Atlantic drilling move
Military interests and concerns from coastal communities were factors influencing a decision on drilling in the Atlantic Ocean, a White House spokesman said. The Interior Department revised a lease plan Continue Reading
Coal fading from U.S. energy landscape
This year will be the first time in history natural gas overtakes coal as the main source of electricity, the U.S. Energy Information Administration reports. “In EIA’s forecast, natural gas Continue Reading
Peabody shares plunge; coal producer raises bankruptcy risk
Peabody Energy Corp ( BTU.N ), the largest U.S. coal producer, may have to seek bankruptcy protection, the company said in a regulatory filing on Wednesday, citing poor economies in Continue Reading
Canada’s Liard Basin among world’s biggest shale gas plays: study
Northwest Canada’s remote Liard Basin is the world’s ninth largest shale gas resource, according to a new assessment released by Canadian regulators on Wednesday, although it may take years to Continue Reading
Analysts: Europe Has Chance to ‘Pivot West’ for Gas Supplies
Europe’s at a crossroads in terms of ensuring reliable and sufficient natural gas supplies. According to figures from BP’s Statistical Review of World Energy 2015 , nearly 45 percent of Continue Reading
Oil rises as producers announce meeting on output freeze
Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016. Oil prices edged Continue Reading
Oil Prices Drop on Oversupply Worries
Oil prices retreated Tuesday and a month-long rally is faltering as traders return their focus to a heavy oversupply in storage. Light, sweet crude for April delivery settled down 84 Continue Reading
Oil prices fall 2 percent as oversupply lingers, economic slowdown looms
Oil prices fell around 2 percent on Tuesday, extending losses from the previous session as concerns took hold that a six-week recovery may have petered out due to ongoing oversupply. Continue Reading
OPEC, non-OPEC producers to meet in Doha on April 17: Qatari minister
OPEC and non-OPEC producers will hold a meeting in the Qatari capital on April 17, the Qatari energy minister, who is also the current OPEC president, said on Wednesday. “This Continue Reading
April oil freeze meeting likely to go ahead without Iran
A OPEC flag is seen during the presentation of OPEC’s 2013 World Oil Outlook in Vienna , November 7, 2013. Oil producers including Gulf OPEC members support holding a meeting Continue Reading
Oil Leaks and Disruptions Doing the Job That Producers Won’t
Pipeline leaks and shipping disruptions are doing more to reduce the global oil glut than producers who can’t seem to agree on whether to cap output. Outages from Iraq and Continue Reading
Pressures Build in Oil-Shipping Business
A wave of new tanker construction and the prospect of tighter oil supplies are putting pressure on the booming business of shipping oil, a rare bright spot for the global Continue Reading
Russian oil producer gains foothold in Kurdish Iraq
Russian oil producer Gazprom Neft said it was taking a stronger hold over reserves in the Kurdish north of Iraq by assuming control of the area’s Sarqala field. Gazprom Neft’s Continue Reading
IMF sees oil price risk for Algeria
The International Monetary Fund warned Algeria’s government that deep structural reforms are necessary to buffer against pressure from low oil prices. Algeria has the 10th-largest natural gas deposits in the Continue Reading
Moody’s Cuts Outlook on Saudi Banks to Negative on Oil Slump
Moody’s Investors Service changed its outlook for Saudi Arabia’s banks to negative from stable on the expectation that bad loans will rise over the next 12 to 18 months because Continue Reading
New Guard Rises in Saudi Arabia as Oil Crisis Forces Rethink
After a year of plunging oil prices, all eyes were on Ibrahim Al-Assaf, Saudi Arabia’s finance minister for two decades, to deliver a budget that could restore confidence in the Continue Reading
Nigeria’s NNPC accused of withholding $16.2 bil oil export proceeds: report
State oil firm Nigerian National Petroleum Corp failed to remit Naira 3.2 trillion ($16.2 billion) in proceeds from the sale of crude oil into the government account in 2014, local Continue Reading
Nigeria: PENGASSAN Urges Buhari to Declare State of Emergency in Petroleum Industry
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Tuesday urged President Muhammadu Buhari to declare a ‘State of Emergency’ in the petroleum industry to end fuel Continue Reading
Nigeria’s NNPC ‘failed to pay’ $16bn in oil revenues
Nigeria’s state-owned oil company has failed to pay the government $16bn (£11bn) in a suspected fraud, according to an official audit. The Nigerian National Petroleum Corporation (NNPC) provided no explanation Continue Reading
Battery-hungry world turns to South America’s ‘lithium triangle’
Workers use a boat to take samples from a brine pool at the Rockwood Lithium plant on the Atacama salt flat, the largest lithium deposit currently in production, in the Continue Reading
Japan to import U.S. crude in May, second cargo since export ban lifted: sources
Japan will receive a U.S. crude cargo in May, the country’s second purchase from the United States since Washington lifted a four-decade ban on crude exports, industry sources said on Continue Reading
A Big Win for the Arctic Ocean
President Obama and Prime Minister Trudeau announced an ambitious, broad array of initiatives that herald a new day in our cross-border partnership to combat dangerous climate change, transition to a Continue Reading
US crude refiners ask for more specifications as shale shifts oil at Cushing
Share US refiners are once again calling for a domestic crude benchmark that covers more than the standard gravity and sulfur pairing offered by the existing NYMEX contract. The push Continue Reading
Battered Oil Industry Sees Options Shrink in Obama Offshore Plan
President Barack Obama’s decision to close the door to offshore drilling along the U.S. East Coast — just a year after opening it — inflicts more pain to an oil Continue Reading
Fooled by oil’s false bottom, most US shale firms skipped hedging in fourth-quarter
Last October, as U.S. oil prices seemed to be stabilizing around $45 a barrel, some bullish traders chuckled at the notion of U.S. shale firms racing to hedge production at Continue Reading
Linn Energy Widens Loss, Warns About Debt Payments
Linn Energy LLC, the largest energy producer operating as a partnership, drastically widened its loss in the final quarter of the year on sharply lower revenue amid a steep decline Continue Reading
Retail gas prices moving sharply higher
A spike in oil prices, coupled with seasonal events at U.S. refineries, means gas prices should increase for consumers, but savings remain, analysis finds. Motor club AAA reports a national Continue Reading
Almost half of new U.S. oil from fracking
Nearly half of the oil produced in the United States came as a result of hydraulic fracturing last year, the U.S. Department of Energy said. The department’s U.S. Energy Information Continue Reading
Obama Bars Atlantic Offshore Oil Drilling in Policy Reversal
An oil platform stands in deep water off the Brazilian coast. The Obama administration is reversing course on opening Atlantic waters to a new generation of oil and gas drilling, Continue Reading
Russia’s Gazprom says arbitration claims against Ukraine up to $31.76 billion
Russian gas giant Gazprom said on Tuesday its total claims in Stockholm arbitration against Ukraine’s energy firm Naftogaz have increased to $31.76 billion. The Kremlin-controlled company said the new claims Continue Reading
Ruble Weakens as Sub-$40 Oil Eclipses Syria Pullback Optimism
Russia’s ruble declined more than any other emerging-market currency as falling oil prices overshadowed optimism that relations with Europe and the U.S. will improve after President Vladimir Putin ordered some Continue Reading
Galp project breakeven price below $30 a barrel: CEO
Portuguese oil company Galp Energia has a project breakeven price below $30 a barrel, making it one of the lowest cost producers in the industry, its chief executive said on Continue Reading
Oil prices fall 2 percent as oversupply lingers, economic slowdown looms
Oil prices fell around 2 percent on Tuesday, extending losses from the previous session as concerns took hold that a six-week recovery may have petered out due to ongoing oversupply. Continue Reading
Crude oil slides back below $40 a barrel
Oil fell back below $40 a barrel on Monday after Iran said that it would increase output before joining talks on a production freeze and a pipeline carrying crude from Continue Reading
Oil Prices Fall Sharply on Oversupply Concerns
Oil prices fell sharply Monday after Iran said it wouldn’t abide by the terms of a production freeze sought by other nations, raising the prospect of a fresh new source Continue Reading
Oil prices fall as oversupply lingers, economic growth prospects darken
Oil prices fell on Monday, weighed down by global oversupply and slowing economic growth prospects, although the prospects of falling production lent crude some support. U.S. crude was trading at Continue Reading
Natural Gas Futures Settle Down
Natural-gas prices fell Monday, ending a string of six straight trading sessions, as revised forecasts left investors with a mixed picture for end-of-winter gas-fired heating demand. The market wavered between Continue Reading
Oil Output Deal `Brilliant Communications Strategy,’ JBC Says
The Costa Rica-sized area is home to the world’s largest oil reserves and about half of Venezuela’s current production. Saudi Arabia’s agreement with Russia to cap oil production was a Continue Reading
OPEC Says Crude Production Fell in February
OPEC pumped less crude in February amid efforts by big oil producers to negotiate a deal that would limit oil output and raise prices, the group said on Monday, pointing Continue Reading
Oil Output Negotiations Hit Obstacles
Big oil producers have been negotiating for weeks on a deal to limit crude output in the hope of raising oil prices. Now their talks are hitting obstacles. Countries including Continue Reading
OPEC sees lower 2016 demand for its oil, pointing to higher surplus
OPEC on Monday predicted global demand for its crude oil will be less than previously thought in 2016 as supply from rivals proves more resilient to low prices, increasing the Continue Reading
OPEC Says Iran Output Surges Most Since 1997 as Sanctions End
Iran output rises 187,800 b/d to 3.13 million b/d in February Iranian oil production climbed last month by the most in almost two decades following the end of international sanctions, Continue Reading
If Oil Prices Have Hit Bottom, the Top May Not Be Too Far Away
The top of the oil market may be closer than you think. With Brent futures having bounced back as high as $41 a barrel, the International Energy Agency sees “ Continue Reading
Russian Warplanes Redeployed From Syria
The Russian Ministry of Defense said its warplanes began redeploying from Syria on Tuesday, after a surprise announcement by Russian President Vladimir Putin that Moscow would withdraw the bulk of Continue Reading
Putin Orders Start of Syria Withdrawal, Saying Goals Are Achieved
Photo Russian pilots climbing into a fighter jet at the Hemeimeem air base in Syria in October. Credit Vladimir Isachenkov/Associated Press MOSCOW — President Vladimir V. Putin of Russia on Continue Reading
Kirkuk crude shut in despite export pipeline restart
Oil production under federal control in Kirkuk is likely being intentionally kept from export, days after the Iraq-Turkey Pipeline (ITP) reopened, in an escalation of the long-standing but ever-evolving dispute Continue Reading
Russia eyes global deal on oil output in April, Iran seen exempt
A global deal to freeze oil production could be signed in April and exclude Iran, which has the right to boost output after years of sanctions, Russian energy minister Alexander Continue Reading