Saudi Arabia will agree to freeze crude oil production levels only if Iran and other major producers do so, the kingdom’s deputy crown prince said in an interview with Bloomberg. Continue Reading
Saudi Arabia plans to set up a $2 trillion megafund for post-oil era, Bloomberg reported on Friday, citing Saudi deputy crown prince Mohammed bin Salman. “Deputy Crown Prince Mohammed bin Continue Reading
Saudi Arabia plans to sell a stake “of less than 5 percent” in the parent of its state-owned oil company, the kingdom’s deputy crown prince said, revealing details of a Continue Reading
Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets. Over a five-hour conversation, Continue Reading
President Barack Obama opened the second day of a nuclear-security summit here by boasting of the deal world powers reached to stem Iran’s nuclear ambitions , despite new criticism from Continue Reading
Algeria’s state-owned hydrocarbon firm has endured recent policy adjustments that now provide foreign investors with new opportunities. But increasing energy insecurity threatens to nullify the potential for gain. In the Continue Reading
Ten Libyan cities which were under control of the non-recognized government of Tripoli have broken away and pledged their support to the UN-backed government, one of the municipalities announced online Continue Reading
A member of the force assigned to protect Libya’s unity government stands on a road leading to where the government has their offices, in Tripoli, Libya March 31, 2016. Libya’s Continue Reading
Iraq’s monthly oil revenue has risen by more than 30 percent to $2.9 billion despite low global prices that have placed a major strain on the country’s economy. Oil Ministry Continue Reading
Fuel lines stretched for more than a kilometer (half-mile) on Friday in Nigeria’s capital because of a fuel shortage in sub-Saharan Africa’s top oil-producing country. Drivers in Abuja groaned and Continue Reading
Mexico plans to cut spending next year in order to meet its zero deficit target as manufacturing exports slowed and lower oil prices weighed on revenue. After slashing 2016 spending Continue Reading
An employee walks at Pemex refinery in Salamanca, Guanajuato state. Mexico’s proven oil reserves fell… MEXICO CITY–Mexico’s proven oil and gas reserves fell sharply last year as oil prices dropped Continue Reading
Brazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed-up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs. Petrobras Continue Reading
Asian VLCC tanker rates jumped more than 50% week on week, with port delays thinning vessel supply against a background of higher-than-usual cargo demand, market participants said Friday. The key Continue Reading
Chinese oil and gas companies are among the government-related entities facing credit pressures over the next two years, Standard & Poor’s said Friday. More than a dozen Chinese companies with Continue Reading
The U.S. economy continued to shrug off fears of a global economic downturn on the back of consistent job gains, wage growth and resilient consumer spending. After entering the year Continue Reading
U.S. auto sales rose 3% in March over a year earlier, but new warning signs emerged that car companies are stretching to keep demand humming after record results last year. Continue Reading
Shares in General Motors, Ford and Fiat Chrysler — the three biggest US carmakers — all fell on Friday after weaker than expected domestic sales increases reignited debate about a 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
Danish oil company Maersk said it would manage its U.S. assets in the Gulf of Mexico from Copenhagen as it moves to shut down its offices in Houston. Directly employing Continue Reading
Murphy Oil Corp. in joining U.S. producers in cutting jobs at home and abroad as a prolonged collapse in crude prices crimps cash flows. The company is reducing jobs in Continue Reading
Companies should report their climate risk exposure to avoid legal issues faced by Peabody and Exxon, says lead analyst Former New York mayor and financial data baron Michael Bloomberg is Continue Reading
Plummeting coal use in 2015 led to a fall of 4% in the UK’s annual carbon dioxide emissions, according to government energy statistics published on Thursday. Coal is now burning Continue Reading
Economy contracted 3.8% in fourth quarter after drop of 3.7% Russia’s economy shrank less than forecast in the fourth quarter, using a flexible exchange rate to ride out the collapse Continue Reading
A dip in China’s appetite of Russia’s popular ESPO blend crude is driving the grade’s price sharply lower, nearly wiping out the premium it often commands over rival Middle Eastern Continue Reading
Russia’s oil output set a post-Soviet high in March as the success of a proposed crude production freeze between OPEC members and other major producers appeared to be in doubt. Continue Reading
Oil headed for the first weekly decline since February as OPEC production rose and expanding U.S. stockpiles kept inventories at the highest level in more than eight decades. Futures declined Continue Reading
Oil and Natural Gas Corp’s (ONGC) wells are pictured in an oil field on the outskirts of the western city of Ahmedabad, India, March 16, 2016. Oil futures fell in Continue Reading
Shutterstock Natural-gas futures ended March with a more than 14% climb — the best monthly performance in more than two years — but the commodity likely won’t enjoy its newfound Continue Reading
Oil analysts have raised their average price forecasts for 2016 for the first time in 10 months, but cautioned that investor sentiment may sour short-term without solid improvement in market Continue Reading
Big banks have slightly raised their oil-price forecasts for the first time since August but remain cautious about crude’s outlook. A survey of 13 investment banks by The Wall Street Continue Reading
Iraqi Prime Minister Haider al-Abadi has nominated Nazar Numan – a Kurdish geologist who is relatively unknown in Iraq’s oil sector – to lead the Oil Ministry as part of Continue Reading
Though the fundamentals of the oil-based economy remain weak, the United Nations and Western leaders expressed support for prosperity in Libya. Members of a U.N.-backed national administration arrived in Tripoli Continue Reading
OPEC crude production rose in March as Iranian output climbed to the highest level in almost four years. The Organization of Petroleum Exporting Countries increased production by 64,000 barrels to Continue Reading
The Obama administration is preparing to give Iran limited access to U.S. dollars as part of looser sanctions on Tehran, according to congressional staff members and a former American official Continue Reading
Nigeria will propose Mohammed Barkindo, former group managing director of state-owned Nigerian National Petroleum Corp., for the position of OPEC secretary-general, according to two people familiar with the matter. Barkindo Continue Reading
For the past eight decades, Mexican drivers have had only one choice of filling stations: state oil firm Petróleos Mexicanos. But that is going to change in coming months as Continue Reading
Venezuela’s opposition-controlled National Assembly is questioning the legality of a $500 million deal Rosneft OJSC made with the state oil company to increase its stake in a local oil venture. Continue Reading
A view of Mexico’s national oil company Pemex’s refinery in Salamanca, in Guanajuato state, Mexico, February 8, 2016. Picture taken, February 8, 2016. Mexican state-run oil company Pemex expects to Continue Reading
Japan’s domestic oil product demand except for power generation is forecast to fall 1.6% year on year to 169.348 million kl, or 2.92 million b/d, in fiscal 2016-17 (April-March), according Continue Reading
BP plc and China National Petroleum Corporation (CNPC) have signed the first production sharing contract (PSC) for shale gas exploration, development and production in the Neijiang-Dazu block in the Sichuan Continue Reading
China’s manufacturing activity rebounded in March to its highest level since last August, thanks to the government’s continued structural reforms, official data showed on Friday. The purchasing managers’ index (PMI) Continue Reading
Strong growth in consumption of gasoline while demand for other fuels remains more subdued is creating a headache for oil refiners in the United States and around the rest of Continue Reading
U.S. crude oil production fell for the fourth consecutive month in January, but rising output from shale formations in Texas highlighted U.S. producers’ ability to keep output near record levels Continue Reading
U.S. regional banks with large energy exposures including Comerica Inc. and Zions Bancorp could suffer higher losses than analysts predict if oil prices continue to fall, according to a Standard Continue Reading
In the three months since the U.S. lifted its 40-year ban on crude oil exports, a curious thing has happened. Rather than flooding global markets, U.S. crude shipments to foreign Continue Reading
Investors are sending a message to oil and gas companies: Think less like wildcatters and more like accountants. During the first quarter, stocks of the oil and gas companies that Continue Reading
The sharp swoon in oil prices is spooking the banks… Bah, humbug. While it is the wrong season for “A Christmas Carol,” U.S. oil and gas producers are bracing for Continue Reading
As oil prices nosedived by two-thirds since 2014, a belief took hold in global energy markets that for prices to recover, many U.S. shale producers would first have to falter Continue Reading
Beginning in January 2015, ten states were added to the EIA-914, bringing to 16 the number of states/areas with individual coverage, and crude oil production estimates were introduced. Estimates based Continue Reading
