Saudi Arabia’s government, its finances strained by low oil prices, is opening a fresh austerity drive by ordering ministries to cut their spending on contracts by at least 5 percent, Continue Reading
Saudi Arabia kept its crude oil production steady in February, pumping 10.22 million barrels per day (bpd), an industry source told Reuters on Monday, after the top oil exporter struck Continue Reading
Iran may join other oil suppliers in freezing production after restoring its own output to levels before sanctions were imposed, Russian Energy Minister Alexander Novak said after meeting with the Continue Reading
Caveats to a proposed freeze in oil production from Iran pushed crude oil prices sharply lower, moving Brent to below $40 per barrel after last week’s rally. An expected downturn Continue Reading
Energy companies with U.S. headquarters are welcome to do business in Iran, though sanctions may be prohibitive, the country’s oil minister said. Iranian Oil Minister Bijan Zangeneh confirmed the state-run Continue Reading
Kuwait’s plan to impose corporate taxes and cut fuel subsidies to reduce the OPEC member’s reliance on oil faces a familiar obstacle: a parliament that has resisted previous attempts to Continue Reading
Total SA has funds to build a pipeline linking oil fields in landlocked Uganda with a port on Tanzania’s Indian Ocean coast, the Tanzanian government said, after its president met Continue Reading
Royal Dutch Shell said Monday it started production from the third and final phase of operations in the deep waters off the coast of oil-rich Brazil. “The safe, early delivery Continue Reading
For nearly seven years, Li Wei rose before dawn for his 10-hour shift at the steel plant, returning home each night soaked in sweat, the clank of heavy machinery still Continue Reading
Another year, another U.S. Energy Information Agency (EIA) assessment report that makes the agencies own forecasters look foolish. In the latest Electric Power Monthly report, which covers all twelve months Continue Reading
Electricity sales in 2015 totaled about 3.72 billion kWh, down 1.1% from 2014, driven by a decline in sales in the Midwest, the US Energy Information Administration said Monday. The 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 Continue Reading
A lack of interest in a recent federal auction for Nevada acreage is the result of an ongoing, concentrated regulatory effort by the Obama administration to gradually push oil and Continue Reading
Five seismic events were reported by the U.S. Geological Survey in Oklahoma in the last 24 hours as the state works to stem incidents tied to oil and gas work. Continue Reading
Despite last week’s rally in crude oil prices, North Dakota continued to witness a decline in exploration and production activity, state data show. The state government reports 32 rigs engaged Continue Reading
The first major upstream oil and gas bankruptcy filing of the year could occur this week as SandRidge Energy Inc, Venoco Inc [DNVRPV.UL] and Energy XXI Ltd reach the end Continue Reading
Almost 300 institutional investors in Volkswagen have filed a multi-billion euro suit against the carmaker for what they see as breaches of its capital markets duty in the emissions scandal, Continue Reading
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
Our current society is one based on whim. Whatever we want can be had if we have the money. Not only can we have what we want any time we Continue Reading
In 1900, the world surpassed 1.7 billion. By 1950 it had almost doubled that number at over 2.5 billion. By the year 2000, after only 100 years with two world Continue Reading
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
Brent crude, the global benchmark, swung between gains and losses near $40 a barrel as a dwindling rig count in the U.S. countered Iran’s plans to expand production. Futures in Continue Reading
Hedge funds are the most bullish on oil in almost a year as the U.S. shale boom unravels and demand for gasoline strengthens. Signs that producers won’t be able to Continue Reading
The slide in oil prices has paused after crude fell more than 70% from its 2014 peak. Now the question is whether the recent rise itself could spark another downward Continue Reading
Oil prices should fall, possibly hard, in coming weeks. That is because fundamentals do not support the present price. Prices should fall to around $30 once the empty nature of an OPEC-plus-Russia production freeze Continue Reading
Russia is ready to coordinate its actions with the U.S.-led coalition in Syria to push the Islamic State group out of Raqqa, Interfax news agency quoted Russia’s Foreign Minister Sergei Continue Reading
Oil Minister Bijan Zanganeh said Iran would join discussions between other producers about a possible freeze of oil production after its own output reached four million barrels per day (bpd), Continue Reading
Iran plans to boost crude output to 4 million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the global oil market. “They should Continue Reading
Nation’s oil demand rose by 300,000 b/d last year: report says India is replacing China as the center of the world’s oil demand growth as it’s economy expands faster than Continue Reading
China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy Continue Reading
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy Continue Reading
The U.S. has ramped up oil production so dramatically that it’s joined Saudi Arabia and Russia as one of the world’s largest producers. Just glance at the chart below. Since Continue Reading
Fifty-stage frack jobs. Fifteen-foot cluster spacing. More than 2,000 pounds of proppant concentrate per foot. Top U.S. shale producers are pushing fracking technology to new extremes to get more oil Continue Reading
A judge ruled that a bankrupt oil-and-gas producer could shed expensive contracts it made with pipeline companies when energy was booming, rejecting pipeline firms’ claim that even bankruptcies couldn’t break Continue Reading
Canadian crude exports to the US Gulf Coast more than doubled in 2015 while non-US exports tumbled, according to the latest data from Canada’s National Energy Board. Bolstered by new Continue Reading
The two energy companies at the heart of Russia’s economy are on the verge of a historic reversal that could subtly shift the balance of power in the corridors of Continue Reading
After long delays and cost overruns, Italian oil company Eni SpA has started to pump oil from the world’s most northern offshore platform, Goliat, which is located in the Arctic Continue Reading
Oil prices rose on Friday after a top energy monitor said that prices might have bottomed on hopes that falling supply would help alleviate the global glut of crude. The Continue Reading
Oil prices jumped on Friday supported by fresh investment and a weaker dollar, which makes fuel cheaper for importers using other currencies, but analysts warned that a stronger price rally Continue Reading
Oil prices may have “bottomed out”, the west’s energy adviser said on Friday, seeing an end to a 20-month rout that is finally forcing high-cost producers to curtail output. The Continue Reading
Money managers and hedge funds raised their bullish bets on U.S. crude oil for a third week in a row; data showed on Friday, on conviction the market has bottomed Continue Reading
“International crude oil prices have recovered remarkably in recent weeks,” the International Energy Agency (IEA) wrote in this month’s oil market assessment, which struck a note of cautious optimism. “This Continue Reading
Markets have been waiting for U.S. energy producers to slash output during a period of depressed crude prices. But these companies have been paying their top executives to keep the Continue Reading
A month after promising co-operation that would re-balance global oil markets, the producer coalition forged by Saudi Arabia and Russia is having difficulty taking its first step. (Bloomberg) — A Continue Reading
Catching a falling knife is hard, especially when it’s covered in oil. The International Energy Agency today said oil prices may have bottomed out. Several people have tried to call Continue Reading
Money managers never saw the six-day rally in U.S. natural gas futures coming. Hedge funds missed out on the biggest rebound so far this year, boosting their net-short position in Continue Reading
The rise of moderates in Iran’s elections has increased the odds of the nation joining an oil-producer coalition to freeze output and bolster global crude prices, the Institute for International Continue Reading
Oil flows from Iraqi Kurdistan to Turkey’s port of Ceyhan have resumed after a three-week outage, Reuters reported March 11. According to the Kurdish Ministry of Natural Resources, the disruption Continue Reading
Turkey’s security authorities allow the Iraq-Turkey Pipeline to reopen after 23 days. Oil tanks at Turkey’s Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), where Continue Reading
The Cheniere-operated Sabine Pass LNG terminal in Louisiana is preparing to load its second cargo, market sources said Friday. The facility is understood to be taking more feed gas than Continue Reading
