Oil Patch Relieved by Price Rebound
Oil prices finished their best month in a year on Friday and are headed back toward $50 a barrel, bringing some relief to beleaguered energy producers even though they reported Continue Reading
Oil Falls From Day’s High, Back Below $46
Oil prices fell Friday as supply data raised concerns that the global glut of crude won’t shrink as quickly as some traders expected. Oil prices have surged in recent weeks Continue Reading
Oil ends steady near $50; best monthly gain in Brent in seven years
Oil prices ended steady on Friday after hitting 2016 highs but finished April trading about 20 percent higher, with Brent crude having its best monthly gain in seven years. A Continue Reading
Oil on track for biggest monthly gain in seven years
Oil is on track for its biggest monthly gain in seven years, boosted by a weak dollar and a decline in US production that has helped to ease concern about Continue Reading
Oil Rallies On As Traders Ignore Red Flags
In the latest key figures from the oil and gas industry we see that oil rallied throughout the week, ignoring the fact that U.S. crude oil stocks have risen to Continue Reading
Weaker Dollar Continues To Drive Oil Prices Up
Two hundred and three years after J.F. Hummel patented rubber, and the oil market is bouncing once again. Yesterday’s dollar weakness was encouraged by a super-strong yen; today’s has been Continue Reading
Oil rally is not just about hedge funds: Kemp
Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts. “Even as oil rallies, analysts have Continue Reading
OPEC oil output near record high in April as Iran, Iraq growth offsets outages: Reuters survey
OPEC’s oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more Continue Reading
OPEC Oil Output Surges as Iran Looks to Regain Market Share
The 13-member group boosted output by 484,000 barrels a day OPEC crude production surged in April, led by Iran, which is seeking to regain market share after sanctions were lifted Continue Reading
Partial Truce Said to Be Restored in Syria, but Not Yet in Aleppo
BEIRUT, Lebanon — As Syria convulsed from the bloodiest week there in months, the United States and Russia declared on Friday that they had won agreement for a new partial Continue Reading
‘Monstrous’ violence in Syria as government excludes Aleppo from truce
Syria called local truces near Damascus and in a northern province on Friday but no halt to combat on the main battlefield in Aleppo, after a surge in fighting the Continue Reading
Bomb in Baghdad suburb kills at least 17: police sources
Shi’ite pilgrims gather at Imam Moussa al-Kadhim shrine to mark his death anniversary in Baghdad’s Kadhimiya district, Iraq May 25, 2014. A suicide bomber driving a car killed at least Continue Reading
Uganda: Tanga Pipeline to Take More Than Just Oil to Sea
Officials from Uganda and Tanzania will in the coming days meet to fine-tune the work plan for the development of the proposed Shs11 trillion crude oil export pipeline. The 1,400km Continue Reading
Nigeria: Fuel Scarcity – CNPP, Labour Threaten to Occupy NNPC Towers
The Conference of Nigeria Political Parties (CNPP) has issued a seven-day ultimatum to the Ministry of Petroleum Resources to end fuel queues cross the country or face organised labour, civil Continue Reading
Fears Venezuelan imports heading for 60% slide
Venezuela’s imports have plunged 40 percent in the past year, heightening the misery of its beleaguered people, according to estimates by Bank of America Merrill Lynch. The country, which boasts Continue Reading
Venezuela’s Electricity Blackout Could Cut Off Oil Production
On Tuesday, Venezuela shortened its workweek to just two days as the country suffers through a deepening power crisis. Venezuela sources about 60 percent of its electricity from hydroelectric dams, Continue Reading
Eni Sees Venezuela Payment Delays Amid Country’s Economic Crisis
Eni SpA warned it expects payment delays from Venezuela as the Italian energy explorer faces the same challenges that forced Schlumberger Ltd. to cut back activity in the country with Continue Reading
China’s Oil Companies Produce Mixed Results Despite Government Aid
PetroChina, the country’s largest producer by volume, swung to a first-quarter net loss of 13.8… BEIJING—China’s efforts to support its state-controlled oil giants have so far yielded mixed results, showing Continue Reading
Investors Optimistic About Oil-Company Stocks After Earnings
Exxon Mobil Corp. XOM 0.42 % reported its smallest quarterly profit since 1999 on Friday, the latest in a parade of woeful earnings out of oil and gas producers this Continue Reading
Exxon Mobil’s Profit Plunges 63%
Exxon Mobil is the world’s largest publicly traded oil company. Exxon Mobil Corp. XOM 0.42 % , the world’s largest publicly traded oil company, saw its profit plunge 63% to Continue Reading
Weekly U.S. Oil-Rig Count Falls by 11
The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the sector, has fallen sharply since oil prices began to fall. But it hasn’t fallen enough to Continue Reading
Chevron to Cut More Jobs as It Reports Wider-Than-Expected Loss
Chevron reported its quarterly results Friday. Chevron Corp. on Friday said it would cut another 1,000 jobs as it reported a wider-than-expected loss as oil prices continued to languish during Continue Reading
Oil opposition grows on both U.S. shores
Seattle activists who took on Shell offshore Alaska turned their eye to Exxon, while opponents on the east coast raised objections to ongoing energy work there. Activists from 350 Seattle Continue Reading
Report: U.S. wind energy sector booming
With the industry reporting one of its strongest performances on record, the American Wind Energy Association said it expects a boom over the next five years. A quarterly report from Continue Reading
Exxon squeaks out a profit, though Chevron stumbles
Exxon Mobil said Friday it managed to report a profit during the first quarter downturn, though pressure continued to build for U.S. counterpart Chevron. Exxon said its first quarter earnings Continue Reading
US rig count drops 11 this week to 420, another all-time low
The number of rigs exploring for oil and natural gas in the U.S. dropped by 11 this week to 420, again reaching an-time low amid depressed energy industry prices. A Continue Reading
Pennsylvania probes possible link between quakes, fracking
Pennsylvania environmental regulators want to determine whether a series of minor earthquakes in the state this week were caused by nearby fracking operations by an oil and gas company. Five Continue Reading
U.S. February oil demand rises 1.5 percent year-on-year: EIA
U.S. total oil demand rose 1.5 percent in February from a year ago as strong demand for gasoline helped offset a steep drop in appetite for distillates, federal data released Continue Reading
Refining’s silver lining loses luster at Exxon and Chevron
Exxon Mobil Corp and Chevron Corp on Friday reported their most dismal quarterly results in more than a decade on low oil prices and an oversupplied fuel market that hurt Continue Reading
Chevron Posts a Wider-Than-Expected Loss in the First Quarter
Chevron Corp. reported a loss that was double analysts’ estimates amid an oil-market collapse that’s sparked currency crises, corporate bankruptcies, credit downgrades and hundreds of thousands of layoffs across the Continue Reading
Weatherford says it’s ready for anything
The top executive at oil services company Weatherford International said he was taking a constructive approach to what he said was a “violent downturn.” The company said in its February Continue Reading
For Eurozone Economy, It’s Back to the Future
By one measure, the economic crisis that has long ravaged Europe is finally over. On Friday, the European Union released data showing that the overall economy of the 19 countries Continue Reading
As Russians Struggle to Pay Bills, Debt Collectors Mimic the Mob
In March, for the first time since 2008, Russians spent over half their income on food, beverages and cigarettes, according to government statistics, and more people are resorting to borrowing Continue Reading
The Coming World of “Peak Oil Demand,” Not “Peak Oil”
In a Greater Middle East in which one country after another has been plunged into chaos and possible failed statehood , two rival nations, Iran and Saudi Arabia, have been Continue Reading
Peak Oil: Are We Not Better Than This? Pt 5
[T]he West’s energy security is assured to a degree that has not existed in the past. That’s good news for the American people and for the world, even if it Continue Reading
Oil’s Slump-to-Jump at 5-Month High Outpacing Forecasts: Chart
Guerrillas and Rebels Do for Oil Market What Producers Couldn’t Leftist guerrillas in Colombia, rebels in Libya and militants in Nigeria are succeeding where the world’s biggest oil producers failed, Continue Reading
Oil prices dip on looming OPEC production rise
Crude oil prices fell in early trading on Friday as a looming rise in Middle East output may drag on the stronger markets seen in April, although falling U.S. production Continue Reading
Natural Gas Retreats on Strong Supply
Natural gas prices fell further Thursday, retreating from the higher prices that came with a new June front-month as heavy supplies continue to weigh on the market. The U.S. Energy Continue Reading
Column: Rising oil prices throw lifeline to shale producers – Kemp
Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil Continue Reading
Unsold crude at sea raises warning flag to oil price bounce
Dozens of tankers with unsold crude have been amassing at sea in the past few weeks, vividly reminiscent of 2015 when a recovery in oil prices was scuppered by rising Continue Reading
Analysts grow more bullish on oil, OPEC poses no threat to rebalancing: poll
Analysts are growing increasingly confident that a near-two-year rout in oil has ended, and raised their price forecasts for a second month running, as healthier demand and a drop in Continue Reading
Analysts Aren’t Buying the Oil Rally
Even as oil rallies, analysts have barely nudged up their price forecasts as they worry that crude’s current gains might not be sustainable. The price of oil has jumped by Continue Reading
Oil’s Magic Number Becomes $50 a Barrel for Promise of Recovery
BP, Nabors Industries and Pioneer Natural Resources all say that prices above $50 will encourage more drilling or provide the needed boost to cash flow. (Bloomberg) — The new magic Continue Reading
Iran Hints at Retaliation Over U.S. Use of Seized Assets
Photo Iran’s foreign minister, Mohammad Javad Zarif, center, at the United Nations last week. Mr. Zarif sent a letter to the secretary general of the United Nations in protest against Continue Reading
Libya outlines ambitious plans to restore oil output
Libya’s National Oil Corporation has ambitious plans to restore output to pre-2011 levels after years of violence and disruption, officials said. Oil output is now less than a quarter of Continue Reading
Drain on Saudi Foreign Assets Slows as Government Cuts Spending
The decline in Saudi Arabia’s net foreign assets slowed for a third month, helped by a rebound in oil prices as well as spending cuts and domestic bond sales. Net Continue Reading
Saudis to push oil output higher but won’t flood market: sources
A view of the Khurais oilfield, about 160 km (99 miles) from Riyadh, June 23, 2008. Saudi Arabia’s oil output will edge up close to record highs in coming weeks Continue Reading
With Iraq Mired in Turmoil, Some Call for Partitioning the Country
With tens of thousands of protesters marching in the streets of Baghdad to demand changes in government, Iraq ’s Shiite prime minister, Haider al-Abadi, appeared before Parliament this week hoping Continue Reading
South oil workers moonlighting as weapon designers
Iraqi oil engineers are moonlighting as weapons developers, inventing remote-controlled rocket launchers and other devices for al-Hashid al-Shabi (Popular Mobilization) militia forces fighting against the self-proclaimed Islamic State (IS) organization.The Continue Reading
Guerrillas and Rebels Do for Oil Market What Producers Couldn’t
Short-term disruptions take out 800,000 barrels/day of supply Leftist guerrillas in Colombia, rebels in Libya and militants in Nigeria are succeeding where the world’s biggest oil producers failed, helping keep Continue Reading