Schlumberger Ltd. cut another 2,000 jobs in the first quarter as the world’s largest provider of oilfield services sees the industry in an unprecedented downturn. The global headcount dropped to Continue Reading
Forty-seven years (!) after Simon and Garfunkel released ‘The Boxer’, and the bulls and the bears are slogging it out again. After trading blows in recent days, the bulls appear Continue Reading
Schlumberger Ltd. said earnings and revenue fell as energy companies continued to spend less on… Schlumberger Ltd. on Thursday said it laid off another 2,000 employees during the first quarter Continue Reading
A central tenet in the thesis by analysts about the oil markets rebalancing has been that as prices declined, oil companies would be forced into bankruptcy. That in turn would Continue Reading
At some point – hopefully sooner than most think – the price of crude oil and natural gas will rise to levels reflecting full replacement cost, including the cost of Continue Reading
Oil production from the North Sea posted gains in 2015 for the second year in a row, but the recent uptick in output could be a blip in the region’s Continue Reading
Think sea level rise will be moderate and something we can all plan for? Think again. Sea levels could rise by much more than originally anticipated, and much faster, according Continue Reading
While the oil industry continues to cut jobs, projects and costs amid low crude prices, one region is making a surprise comeback after years of declining activity, company executives and Continue Reading
A U.N. expert says commitments so far under the Paris Climate Agreement are short of what’s needed to keep climate change in check. Photo by Debbie Hill/ UPI GENEVA, Switzerland, Continue Reading
The great ice sheets on the continent are starting to melt. An airport hangar outside Paris shook with cheers, toasts and foot-stomping in December as diplomats ushered a landmark climate Continue Reading
A report commissioned on behalf of a cross-party group of British MPs authored by a former UK government advisor, the first of its kind, says that industrial civilisation is currently Continue Reading
Crude oil charged to its highest level since early November on Thursday, before pulling back slightly, as traders looked past the current glut to signs of a stronger market in Continue Reading
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 prices surged to a five-month high Wednesday after an unexpected and sharp decrease in U.S. distillate stockpiles convinced traders to shrug off a rising crude surplus and the end Continue Reading
Global refining margins have improved significantly in recent weeks which should support strong demand for crude and lend some strength to both spot prices and spreads in the short term. Continue Reading
The “new normal” for U.S. oil prices could be as much as double the current $40 per barrel, but don’t expect $65 to $80 crude until around 2018, long-time industry Continue Reading
Oil companies seeking cash have found a well that keeps producing: the stock market. Callon Petroleum Co. CPE 12.11 % , a small oil producer, has sold new shares three Continue Reading
International Energy Agency’s (IEA) Executive Director Fatih Birol speaks at a news conference on the sidelines of G20 Energy Ministers Meeting in Istanbul, Turkey, October 2, 2015. International Energy Agency Continue Reading
OPEC Secretary-General Abdullah El-Badri attends a news conference after the EU-OPEC Energy Dialog in Vienna June 27, 2011. The oil market will begin rebalancing by the third quarter of this Continue Reading
All charts are updated through March 2016 The latest OPEC Monthly Oil Market Report is out out. The charts are “Crude Only” production and do not reflect condensate production. Also Continue Reading
Saudi Arabia has turned to borrowing as major oil exporters in the Persian Gulf feel… DUBAI—Saudi Arabia is set to secure a $10 billion loan from international banks as the Continue Reading
President Obama and King Salman of Saudi Arabia spent more than two hours in a closed-door meeting that American officials said was cordial but underscored deep differences with the kingdom Continue Reading
Saudi Arabia is being forced to borrow $10 billion as the world’s top oil exporter seeks to fill a record budget deficit caused by low crude prices. The kingdom had Continue Reading
Kuwaiti oil workers sit at the union’s headquarters in Al-Ahmadi, south of Kuwait City, on… Oil workers in Kuwait have ended a three-day strike that had almost halved crude output Continue Reading
Late last week, just ahead of the Doha meeting, we reported that Iran’s existing oil tanker armada, which until recently had been on anchor next to the Iranian coast and Continue Reading
As the world changes for Iran post-sanctions, it’s paying calls to those who benefitted from the country’s sanction shackles in one way or another, and India—whose refiners are said to Continue Reading
Iran is determined to recover its share of the world oil market following the lifting of sanctions, and can withstand low prices since it has sold oil for as little Continue Reading
Major OPEC and other crude producers will meet in Russia, possibly next month, in a new push to agree on an output freeze to shore up oil prices, Iraq’s Deputy Continue Reading
Though a game-changing gas discovery for Israel and for the discoverer, Texas-based Noble Energy, the giant Leviathan offshore gas field in the Eastern Mediterranean has been one bureaucratic headache after Continue Reading
The former director general of the state-run North Oil Company (NOC) and nearly two dozen other people have been arrested and, pending an ongoing investigation, could be charged with using Continue Reading
An explosion rocked a major petrochemical facility of Mexican national oil company Pemex in the Gulf state of Veracruz on Wednesday, killing at least three people and injuring dozens more, Continue Reading
The oil pipeline route puzzle has been solved, with Uganda choosing to export her crude oil to the East African coast through Tanzania and not Kenya, The Observer can reveal. Continue Reading
India’s crude oil imports resumed climbing in the year ended March, after stagnating in the previous period, as a new refinery on the country’s east coast started and fuel demand Continue Reading
Mergers and acquisitions activity steadies from the end of 2015 into the current year, but the dollar value of those transactions was down year-over-year. Constrained cash flow, highly leveraged assets Continue Reading
As recently as a week ago, the energy bill that the U.S. Congress was considering was stalled and faced an uphill battle. But the Senate has sprung into action, and Continue Reading
Enbridge Inc.’s crude oil storage tanks are seen during a tour of their tank farm in Cushing, Oklahoma, March 24, 2016. Picture taken March 24, 2016. U.S. crude oil inventories Continue Reading
In response to continued low oil prices, onshore crude oil production in the Lower 48 states is expected to decline from an average of 7.41 million barrels per day (b/d) Continue Reading
Russia said on Wednesday it was prepared to push oil production to new historic highs, just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened Continue Reading
Russian inflation is at risk of stalling at 6 percent to 7 percent after slowing for seven months, a level that central bank Governor Elvira Nabiullina called “unacceptable” for speeding Continue Reading
Russia is planning to revamp its fiscal policy to insulate the economy from swings in crude prices, the latest energy producer to prepare an overhaul for the post-oil era. A Continue Reading
Rig company Transocean said it was delaying the delivery of two ultra-deepwater drillships to 2020 in an agreement with a shipyard company in Singapore. Transocean said it reached an agreement Continue Reading
Russian Energy Minister Alexander Novak told news agencies Wednesday that he wasn’t sure oil-producing countries would be able to reach a deal to freeze production, but that the need to Continue Reading
Low-carbon polices needed to push electric cars New policies to promote low-carbon transport such as electric vehicles would curb future oil price rises and could lower global demand for crude Continue Reading
Russia beat Saudi Arabia as China’s top crude oil supplier in March, a follow-on to taking the No.1 spot in four months of 2015, customs data showed on Thursday, due Continue Reading
From crippling droughts to rising seas, scientists warn of global warming impacts. Representatives from more than 150 countries will gather at the United Nations on Friday to officially sign a Continue Reading
first we’ll take a quick look at some of the critical figures and data in the energy markets this week. (Click to enlarge) (Click to enlarge) Chart of the Week Continue Reading
Oil prices are up Tuesday as the markets continue to grapple with the fallout of the Doha production-talks fiasco. At 0800 GMT, Global benchmark Brent was up 1.42% at $43.52 Continue Reading
Oil-producing governments across the world are scrambling to address petroleum outages that have taken nearly 2 million barrels a day off the market and sent crude prices rallying. The outages Continue Reading
Natural gas futures prices jumped by their highest margin in more than three months on Tuesday, amid hope that booming U.S. gas production is slowing and as forecasts for cooling Continue Reading
There are some signs that the influence of oil on other assets may be fading…. Here’s a number to focus on: $50. That’s per barrel, the price of Brent crude Continue Reading
