A report by the Stockholm International Peace Research Institute has revealed that most of the world’s nations hiked their military budgets last year, marking the first increase in spending since Continue Reading
Five Latin American countries that met Friday in Quito called on their peers worldwide to work to stabilize crude prices, according to a joint communique released after the regional summit Continue Reading
Summary Who has been quickly preparing for a prolonged period of lower oil prices. Clearing out the rubble will be a good thing for the sector. Prolonging the inevitable would Continue Reading
Iraq increased crude output to a record level in March, ahead of a meeting in Qatar of OPEC members and other producers on capping production to curb a global glut. Continue Reading
Iran’s oil minister Bijan Zangeneh predicted that the nation’s exports will reach 4 million barrels… “Freeze” is a word rarely heard in balmy Doha, but it will be the talk Continue Reading
Nigeria is currently dealing with one of its worst fuel shortages in years. The crisis has been dragging on for over a month already, and, despite promises from the head Continue Reading
“From now on, Iran will trade oil only in euros,” Bijan Zanganeh told reports on the sidelines of Iran-India business conference at Tehran Chamber of Commerce. Earlier, Tehran and New Continue Reading
India may invest as much as $20 billion in Iran’s energy industry and ports and boost imports of crude from the Persian Gulf nation if it gets favorable terms, India’s Continue Reading
At the main morgue of central Caracas, the stench forces everyone to cover their nostrils. “Now things are worse than ever,” says Yuli Sánchez. “They kill people and no one Continue Reading
Share Demand for storage is reaching a fever pitch with tank capacity and utilization at all-time highs, but the storage market is volatile and at the same time could be Continue Reading
The traditional oilfield services business is broken and the only way to fix it is a complete rethink on how the industry does business. At least that’s what the Paal Continue Reading
TransCanada Corp. said Sunday it restarted its Keystone pipeline, shown in this 2013 photo, after… The Canadian company said it has completed repairs to the leak , which caused a Continue Reading
The price of regular unleaded gas is pictured at 2.65 U.S. Dollar per gallon (3.7 Liter) at a Arco gas station in Los Angeles, California January 22, 2016. The average Continue Reading
Nearly two years into an epic oil rout, U.S. shale drillers that have upended global energy markets are finally feeling a credit squeeze as banks make their biggest cuts yet Continue Reading
It is only April, but some on Wall Street are already predicting a rotten 2016 for U.S. banks. Analysts say it has been the worst start to the year since Continue Reading
The U.S. saw average retail gasoline prices drop below $2 per gallon in early January, the lowest prices observed since 2009 during the depths of the global financial crisis. Cheap Continue Reading
The U.S. oil industry handed out 23,200 pink slips in the first three months of the year as companies began cutting their once-flush spending budgets deeper than in the ferocious Continue Reading
When the Russian government needed to build up infrastructure in the southern city of Sochi ahead of the 2014 Winter Olympic Games, it turned to Russia’s most important lender: Vnesheconombank, Continue Reading
As part of its LiDAR sensor development, Ford has tested Fusion Hybrid autonomous research vehicles in complete darkness without headlights on desert roads, demonstrating the capability to perform beyond the Continue Reading
Oil prices spiked five percent on friday reaching two week highs on the back of stockpile draws and declining U.S. production. Oil prices increased from the mid-$30s per barrel this Continue Reading
Oil prices surged to one of their strongest performances of the year as signs that oversupply may wane and the global economy may improve keep encouraging traders to bet on Continue Reading
Well, this is a bit of a disappointment. We have oil flying (up nearly 7 percent!), we have a weak dollar, we have China quiet all week, and we have Continue Reading
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
Since the possible double bottom at $26 formed on February 11th the oil price has staged a rally to $40 (WTI). Traders lucky enough to buy at $26 and sell Continue Reading
Bringing natural gas through a pipeline from Turkmenistan will help address chronic energy shortages in Pakistan, the Asian Development Bank said. ADB officials were on hand for the signing of Continue Reading
An enormous fire erupted an ExxonMobil refinery in Texas on Thursday. The Baytown refinery caught fire, leading to huge black plumes of smoke into the air, visible from downtown Houston. Continue Reading
Weekly US coal production totaled an estimated 11 million st in the week ended April 2, down 5.4% from the prior week’s estimate and down 37.9% from the year-ago week, Continue Reading
Three of the world’s largest energy companies had their credit ratings lowered by Moody’s Investors Service on the expectation that oil prices will stay low for longer and cause leverage Continue Reading
Costs associated with shale oil exploration and production decreased by a third in 2015 thanks to implementation of more effective technologies. Experts are certain that this could affect crude oil Continue Reading
Pipeline company TransCanada said about 400 barrels of oil leaked near the Keystone pipeline in South Dakota, far more than the company originally estimated. The company started the process of Continue Reading
An energy group in Canada said it estimated the two-year spending trends in the oil and gas sector were at their lowest level in more than 60 years. The Canadian Continue Reading
Energy companies may start adopting tighter policies as the immediate pressure from lower oil prices increases, a report from the Dallas Federal Reserve said. The Houston Chronicle confirmed reports U.S. Continue Reading
Oil refineries are shifting into high gear to produce as much gasoline as possible for the world’s fuel-hungry drivers – kicking the problem of a worsening diesel glut further down Continue Reading
Royal Dutch Shell is under pressure from shareholders to cut annual spending below $30 billion after buying BG Group to ensure it can maintain its dividend given the slow oil Continue Reading
Oil and the Doha Meeting Russian oil and condensate production will rise through 2017, even as the nation prepares for talks on an output freeze with other producers, according to Continue Reading
The World Bank said it was standing ready to offer its unique leverage on the global stage to help address the growing challenges of climate change. Laura Tuck, a vice Continue Reading
Oil is poised for a weekly gain as U.S. crude output continues to drop before a meeting between suppliers to discuss freezing production. Futures climbed as much as 3.8 percent Continue Reading
Oil investors looking for signs of a sustained price recovery would do well to assess U.S. supplies rather than the banter between major producers on freezing output, according to Saxo Continue Reading
Oil prices rose on Friday, lifted by firm economic indicators from the United States and Germany which could support fuel demand, but analysts warned that crude markets were threatened by Continue Reading
Oil prices wavered in volatile trade Thursday, as investors weighed an unexpected decline in U.S. crude inventories against growing doubts that major oil producers will agree to curb their output. Continue Reading
Oil steadied at around $40 per barrel on Thursday as a surprise fall in U.S. inventories the previous day was offset by an increase in exports from Iraq, underlining global Continue Reading
After a 50 percent rally in oil prices between February and March, crude has retreated a bit as of late. The upcoming OPEC-Russia meeting in Doha looms over the markets, Continue Reading
The NYMEX May natural gas futures contract jumped 10.7 cents to $2.018/MMBtu Thursday, marking the first time a prompt-month contract has settled above the $2 mark since February 10. Amid Continue Reading
Natural-gas prices had one of their strongest surges of the year Thursday with investors betting the glutted market has hit a bottom. Prices have lingered at historic lows because of Continue Reading
One of Libya’s rival governments has resigned, a step that helps efforts by a new, UN-brokered unity government to assert itself in the capital Tripoli despite opposition from some local Continue Reading
The deputy coordinator of the Iranian Army’s Ground Forces General Amir-Ali Arasteh announced that his country will send “special forces from Brigade 65 and other units to Syria to work Continue Reading
Iran ratcheted up its offense in the oil market after breaking a pricing tradition, signaling it’s seeking to win market share at a time when rival producers are trying to Continue Reading
With the city under siege, an estimated 90,000 residents are threatened by starvation, indiscriminate shelling and IS brutality – and they cannot leave. View full article at iraqoilreport.com
Oil tankers are caught in a traffic jam near the Iraqi port of Basra, causing delays in loading. According to Reuters , around 30 very large crude carriers (VLCCs) are Continue Reading
As fighting rocks northern Iraq’s oil-rich Kirkuk area, and air strikes attempt to take out Islamic State positions, the dust will likely either settle in favor of the Iraqi Kurds, Continue Reading
