The Rise and Deadly Fall of Islamic State’s Oil Tycoon
Islamic State oil man Abu Sayyaf was riding high a year ago. With little industry experience, he had built a network of traders and wholesalers of Syrian oil that at Continue Reading
Middle East Economies Facing Oil Revenue Falls, IMF Says
The International Monetary Fund estimates the Middle East’s oil-dependent economies have missed out on $390 billion in oil revenues last year alone and face up to $150 billion in income Continue Reading
IMF cuts Gulf states’ GDP growth forecast to 1.8%
Economic growth in Gulf states is forecast to slow to 1.8 percent this year as the oil-dependent region cuts spending to battle fiscal deficits reaching 11.6 percent of gross domestic Continue Reading
The Real Reason Saudi Arabia Killed Doha
Saudi Arabia single-handedly scuttled the Doha meeting, knowing all along that Iran would not participate, with a valid reason. The Russians and others agreed to proceed without Iran, planning to Continue Reading
Will Oil And Refugees Force European Intervention In Libya
Europe is on track to send security experts to Libya after it successfully installed a so-called unity government that is willing to work with international agencies. A primary goal of Continue Reading
Kurd-Hashid rivalries again explode into violence
A long-standing conflict in the multi-ethnic flashpoint town of Tuz Khurmatu exploded into sustained violence late Saturday night and Sunday, as several forces nominally allied against the so-called Islamic State Continue Reading
Mexican Petrochemical Explosion Death Toll Reaches 32
Rescue teams recovered four bodies Sunday at the site of an explosion at a petrochemical plant in southern Mexico , bringing the number of workers killed in the accident to Continue Reading
Crude Oil Tankers Bound For China Surge Amid Stockpiling Signals
China, the world’s second-biggest crude consumer, may be poised for another increase in imports after the number of supertankers bound for the Asian country’s ports rose to a 16-month high Continue Reading
Cheap Oil Doesn’t Light Fire for Big Japanese Utility
Like most energy importers, Japan’s gas utilities have enjoyed the collapse in crude oil prices. Yet the market is understating the risks at one utility, including its duplicate role as Continue Reading
Tesla’s Elon Musk simplifies how dumb our oil dependency is
Both recyclable Now compare how much gasoline is needed for an average car: say 15000 miles / year, 25 mpg, that’s about 600 gallons, or about 3600 pounds of gas Continue Reading
Halliburton Fires One Third Of Global Staff: “What We Are Experiencing Today Is Far Beyond Headwinds”
In a brutally frank and painfully honest first quarter operational update, Halliburton president Jeff Miller poured freezing cold water all over the “oil is stabilizing, and everything is going to Continue Reading
Exxon says planned maintenance underway at Beaumont refinery
A sign is seen at the entrance of the Exxonmobil Port Allen Lubricants Plant in Port Allen, Louisiana, November 6, 2015. Planned maintenance has begun on units at Exxon Mobil Continue Reading
Wary Energy Bankers Trying to Sell Loans Backed by Oil Reserves
Banks are trying to unload loans once thought to be the safest form of energy credit. Debt backed by oil and gas reserves are being offered at discounts as increased Continue Reading
AP Exclusive: Test finds Chernobyl residue in Belarus milk
On the edge of Belarus’ Chernobyl exclusion zone, down the road from the signs warning “Stop! Radiation,” a dairy farmer offers his visitors a glass of freshly drawn milk. Associated Continue Reading
30 Years After Chernobyl Disaster, an Arch Rises to Seal Melted Reactor
Enter the Chernobyl zone, and you might expect the worst: Security guards at a checkpoint 19 miles away from the site of the world’s worst nuclear accident scan departing vehicles Continue Reading
The peak is back
An extensive new scientific analysis published in Wiley Interdisciplinary Reviews: Energy & Environment says that proved conventional oil reserves as detailed in industry sources are likely “overstated” by half. According Continue Reading
Oil Prices Rise as Panic Eases
Oil kick-started its rally during a week many expected it to fall apart, the product of a clear change of heart among investors: The panic is gone. Oil made gains Continue Reading
Oil Market Analysis and The Week Ahead
We currently see limited near term risk of a move back into the mid $30s with peak daily inventory builds in the rearview mirror amidst accelerating non-OPEC supply declines while Continue Reading
Oil prices set for one of the biggest weekly rises in 2016
Oil prices rose in Asian trade on Friday, setting crude futures on course for one of their biggest weekly gains this year, as sentiment has become more upbeat despite ongoing Continue Reading
Goldman says commodities rally not backed by fundamentals
The recent rally in commodity prices is not supported by fundamentals in the physical markets, Goldman Sachs said, adding that oil could see downside risks in the near term. “While Continue Reading
Libya’s Eastern Government Says It Is Poised to Send First Crude Exports
An oil company affiliated with the government running eastern Libya said it was poised to export its first load of crude oil, setting up a potential clash with authorities in Continue Reading
Mexichem declares force majeure on internal contract post blast: CEO
Mexichem has declared force majeure on one internal contract in the wake of a blast at a petrochemical plant that killed at least 24 people, the company’s Chief Executive Officer Continue Reading
India’s Reliance looking at long-term oil supplies from Iran
Indian energy conglomerate Reliance Industries reported a nearly flat profit of 55.11 billion rupees ($895 million) for the December quarter but beat analyst… Reliance Industries Ltd, India’s biggest oil refiner, Continue Reading
Oil Majors’ $100 Hangover Hurts Profit as Cost Cuts Fall Short
How High Will It Go? Shell, BP costs surpass 2005, when oil last averaged in $50s The world’s biggest oil companies, set to report their worst quarterly earnings in more Continue Reading
Halliburton says it cut 6,000 jobs in first quarter, delays earnings call
Halliburton Co said on Friday that it reduced headcount by more than 6,000 during the first quarter due to the prolonged slump in oil prices. The oilfield services provider said Continue Reading
Weekly U.S. Oil-Rig Count Falls by Eight
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
U.S. gasoline demand soars
U.S. gasoline demand reached the highest levels since record-keeping began as consumers took advantage of lower prices, a petroleum group said. The American Petroleum Institute published data for March that Continue Reading
Schlumberger revenue takes nose dive
Oil field services company Schlumberger says its first quarter revenue suffered one of the steepest declines in years. File Photo by ekina/UPI HOUSTON, April 22 (UPI) — Schlumberger, the largest Continue Reading
Halliburton Reports $2.1 Billion Charge on Job Cuts, Assets
Halliburton Co. booked a $2.1 billion expense in the first quarter for cutting jobs and writing off assets, giving some results early and delaying the full earnings release as it Continue Reading
Oil Gloom Hurts GE Results
General Electric said it is dealing with a ‘very challenging environment.’ The global oil-market rout continued to weigh on General Electric Co. GE -0.71 % , which posted a quarterly Continue Reading
New contracts surface for struggling Transocean
After reporting a string of lost contracts, rig company Transocean said it landed three new contracts for work largely in offshore Asia and Latin America. The company said in its Continue Reading
We Could Be Witnessing the Death of the Fossil Fuel Industry—Will It Take the Rest of the Economy Down With It?
In just two decades, the total value of the energy being produced via fossil fuel extraction has plummeted by more than half. Now $3 trillion of debt is at risk. Continue Reading
Oil prices set for one of the biggest weekly rises in 2016
Oil prices rose in Asian trade on Friday, setting crude futures on course for one of their biggest weekly gains this year, as sentiment has become more upbeat despite ongoing Continue Reading
Oil Prices Drop in Volatile Trade
Oil prices fell Thursday as bullish comments from top global oil officials were offset by macroeconomic data and changing expectations around monetary policy. Oil prices, along with other commodities including Continue Reading
Crude oil prices fall as major producers hint at output hike
Crude prices fell early on Thursday as concerns over a global glut took center stage after Russia and Iran said they were ready to raise oil production further, while inventories Continue Reading
Oil Megaprojects Dreamed Up a Decade Ago Thrive Amid Price Slump
Oil production in some of the riskiest, highest-cost regions of North America is still thriving, even as the worst slump in a generation takes a bite out of U.S. shale. Continue Reading
Oil producers to discuss output freeze at June OPEC meeting: Saudi advisor
Oil-producing nations will discuss an oil output freeze at OPEC’s meeting in June, a senior Saudi oil advisor said on Thursday, keeping open the prospect of action to boost prices Continue Reading
Kuwait Oil Output Almost at Capacity One Day After Strike Ends
Kuwait’s oil production is almost back to capacity one day after workers called off a strike that had disrupted output and sent prices rising. OPEC’s fourth-largest producer boosted output to Continue Reading
Saudi Aramco IPO Could Be 5% of Value
Saudi Arabian Oil Co., the largest energy firm in the world, is considering listing up to 5% of its value on a stock exchange in New York within the next Continue Reading
The $2 Trillion Project to Get Saudi Arabia’s Economy Off Oil
Eight unprecedented hours with “Mr. Everything,” Prince Mohammed bin Salman. Prince Mohammed Early last year, at a royal encampment in the oasis of Rawdat Khuraim, Prince Mohammed bin Salman of Continue Reading
Eni Hopes To Develop Supergiant Gas Field By 2017
Egypt offers a bright spot for natural gas development, a lone bright spot in an energy world undergoing harsh austerity. The friendly business environment in Egypt right now stems, in Continue Reading
Police Patrol Gas Stations as Nigeria Gripped by Fuel Crisis
Nigeria deployed police and soldiers to gasoline stations to maintain order as fuel shortages grip Africa’s biggest oil producer. The most severe fuel scarcity in a year in Africa’s most Continue Reading
Death Toll in Mexico Petrochemical Plant Blast Rises to 13
The death toll from an explosion at a petrochemical plant owned by chemicals company Mexichem SAB and state oil company Petróleos Mexicanos has risen to 13, Pemex Chief Executive José Continue Reading
Venezuela Plans Electricity Outages to Save Energy
President Nicolás Maduro’s government said on Thursday that it would cut electrical power by four hours a day for 40 days across much of Venezuela to save energy, even though Continue Reading
Venezuela cuts power for four hours a day to save energy
The drought has dried up the massive Guri Dam in Bolivar state seriously depleting the country’s ability to generate energy. Venezuela is introducing power cuts of four hours a day Continue Reading
Venezuela to face electricity rationing for four hours daily: minister – Electric Power | Platts News Article & Story
Venezuela will begin rationing electricity Monday for four hours daily in the 10 most-populated states, including five states with oil operations, electricity minister Luis Motta said Thursday. The states affected Continue Reading
As market braces for Mexico hedging, U.S. oil options volatility surges
A marked rise in U.S. oil options volatility for contracts expiring in 2017 has sparked speculation among traders that the market is preparing for Mexico’s annual hedging program, worth billions Continue Reading
Pre-Salt Bonanza Begins In Brazil With First Oil Produced
The Brazilian pre-salt bonanza has now officially begun, with Norway’s Statoil and partners announcing production of the first oil and gas from the offshore Gavea field in Brazil—part of the Continue Reading
First U.S. Gas Shipment En Route to Europe
A tanker from Louisiana loaded with U.S. natural gas is en route to Portugal, the first shipment in a trade relationship that could shake up the European market. The 970-foot Continue Reading
As Oil Jobs Dry Up, Workers Turn to Solar Sector
Workers install massive racks that will hold solar panels at the Alamo 6 solar farm… A few years ago, Sean and Stormy Fravel were riding the oil and gas boom Continue Reading