OPEC warns oversupply persists amid record inventories OPEC believes crude supply outside the producer group is set to fall more than expected, with weaker Chinese, Colombian, UK and US oil Continue Reading
An agreement by producing countries to freeze crude production at the Doha meeting on Sunday would have a limited impact on oil flows, the International Energy Agency said Thursday. OPEC Continue Reading
“It may be the world’s biggest traffic jam.” Last week we revealed what we thought was a “ shocking photo ” of nearly 30 oil tankers caught in a traffic Continue Reading
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The U.S. needs to clarify its position on Iranian sanctions if any progress is to be made in the Islamic Republic’s oil sector, according to the chief executives of several Continue Reading
The preliminary agreement by Russia, Saudi Arabia, Venezuela and Qatar to freeze output has already put a floor under crude prices and a deal this weekend to include other producers Continue Reading
Iraqi and Iranian officials began laying a natural gas pipeline across the Shatt al-Arab waterway dividing the two countries – a concrete step toward implementing a plan to fuel Basra Continue Reading
A record number of rigs are drilling for oil and gas on the Arabian peninsula even as drilling in the rest of the world tumbles in response to low prices. Continue Reading
An oil field offshore Senegal may be viewed as a world-class reservoir following an update to the reserve estimate, Australia-based explorer FAR Ltd. said. FAR said an independent assessment of Continue Reading
Mexico’s government said Wednesday it will support troubled state-oil firm Petróleos Mexicanos, or Pemex, with $4.2 billion in fresh capital and money to make this year’s pension payments, a step Continue Reading
The Mexican government will provide a capital injection of Peso 73.5 billion ($4.2 billion) for Pemex that analysts described as the first salvo in a battle to defend the survival Continue Reading
Slower demand growth in China has a significant effect on the ongoing oil crisis, but growth in India is expected for decades to come. Pictured, Indians spend time near a Continue Reading
An advocacy group in Nebraska said it was calling on U.S. regulators to shut down the Keystone oil pipeline following a spill from TransCanada’s system. “We cannot accept this continued Continue Reading
The U.S. Gulf of Mexico may return as the primary source of additions to crude oil production as onshore production fades, a federal report finds. A short-term market report from Continue Reading
The bankruptcy filing of coal giant Peabody Energy Corp. Wednesday comes after a failed effort earlier this year to use its Australian unit to avoid chapter 11 and restructure out Continue Reading
Demand for lithium—the hottest commodity on the planet and the only commodity to show positive price movement in 2015—is poised to continue on its upward trajectory, becoming the world’s new Continue Reading
The Obama administration is set to issue final rules aimed at preventing the kind of explosion that erupted nearly six years ago on BP PLC’s Deepwater Horizon rig and caused Continue Reading
The Houston-based energy firm, filed for protection under the Chapter 11 Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, after signing a Continue Reading
Former President Bill Clinton is worried that a “crisis” of global proportions is around the corner, but that presumptive president Hillary Clinton will “know what to do” when it happens. Continue Reading
Peabody Energy Corp. said Wednesday it’s the latest coal industry leader to face sector-wide pressures and seek U.S. bankruptcy protection. “This was a difficult decision, but it is the right Continue Reading
Lower-for-longer market forecasts mean megaprojects on hold The era of megaprojects in Canada’s oil sands is probably over as crude is seen staying lower for longer, some of the biggest Continue Reading
A Wells Fargo bank logo is pictured on a building in North Miami, Florida March 19, 2016. When Cubic Energy Inc’s bankruptcy plan took effect on March 1, shareholders of Continue Reading
The first volumes of oil are flowing from a well at the Solan field in the North Sea, which should reach steady production rates yet this year, Premier Oil said. Continue Reading
A recent speech by the European Commission’s vice-president in charge of energy Maroš Šef?ovi? has added fuel to an ongoing debate about the second part of the Nord Stream gas Continue Reading
The world will begin to wean itself off its reliance on oil starting in about 20 more years. According to Bernstein analyst Neil Beveridge, the world will hit peak oil Continue Reading
The heads of the world’s largest oil trading houses sought to draw a line under nearly two years of falling prices on Tuesday as Brent crude rose to its Continue Reading
Oil prices rose to the highest level of the year Tuesday on increased expectations that major oil producers will agree to freeze output at a meeting coming on Sunday. The Continue Reading
Anticipation over a weekend meeting in Doha on a possible oil production freeze overshadowed a subdued IMF report, giving oil prices a lift early Tuesday. Russian Energy Minister Alexander Novak Continue Reading
The debate among the world’s biggest oil nations over whether to freeze production is beginning to be overtaken by a rapid slide in output around the world. On Tuesday, as Continue Reading
Natural-gas futures rose Tuesday on expectations of a drop in U.S. production. The natural-gas market is oversupplied as moderate weather has limited demand for the heating fuel this winter and Continue Reading
Global oil markets have hit the bottom of the barrel, according to a host of the world’s most senior oil traders. The chief executives of some of the world’s biggest Continue Reading
Saudi Arabia and Russia have reached an agreement that means the Persian Gulf nation will make a final decision on freezing oil production regardless of whether Iran agrees to join, Continue Reading
Top executives at the world’s largest oil-trading houses said the worst of the market’s woes are probably over, with some predicting prices will climb to $50 a barrel by next Continue Reading
A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. U.S. commercial crude oil inventories were forecast to see a build last week, while gasoline stockpiles probably Continue Reading
The LNG Glut and the Golden Age of Gas, Part 1 ‘Where are all the LNG postponements?’ was the puzzled, plaintive warning heard from Oil & Gas experts Wood Mackenzie Continue Reading
The world economy is increasingly at risk of stalling, the International Monetary Fund warned Tuesday as it once again cut its forecast for global growth prospects. The IMF said it Continue Reading
Shipping vessels and oil tankers line up on the eastern coast of Singapore in this July 22, 2015 file photo. It may be the world’s biggest traffic jam. As ports Continue Reading
Saudi Arabia’s credit worthiness was downgraded at Fitch Ratings after the plunge in oil prices. The kingdom’s rating was lowered one level to AA-, the fourth-highest investment grade, the rating Continue Reading
Jabbar Allibi, a former director general of Iraq’s South Oil Company (SOC), has been proposed as Iraq’s next oil minister, as part of Prime Minister Haider al-Abadi’s second attempt to Continue Reading
Kuwait Oil Co. will soon offer contracts for offshore rigs and support services to drill its first undersea wells as the Persian Gulf nation tries to boost crude output to Continue Reading
A fragile and partial cease-fire in Syria is coming under new strains, with ground clashes and airstrikes intensifying as the government promises a new offensive and prepares to hold controversial Continue Reading
Social and economic activities have been paralysed in five states of the North West as the scarcity of petrol bites harder, the News Agency of Nigeria (NAN), reports. A check Continue Reading
In February 2016, Royal Dutch Shell plc announced in its fourth quarter 2015 financial statement that it was postponing the final investment decision (FID) on the Bonga South West/Aparo (BSWA) Continue Reading
Even as drought and the effects of climate change grew visible across this land, the Kariba Dam was always a steady, and seemingly limitless, source of something rare in Africa: Continue Reading
The United States is seeking to block a deal between OPEC and non-OPEC nations to stabilize oil markets, Venezuelan President Nicolas Maduro said on Tuesday, accusing Washington of applying “war-like” Continue Reading
Schlumberger Ltd. will reduce activity in Venezuela after the world’s largest oil services provider failed to collect enough payments from the national oil company. The reduction will take place this Continue Reading
China’s economic data has long been questioned by investors dubious of its elevated official growth rates, year-in, year-out. Now, as the nation’s expansion moderates, it’s the uncanny consistency of the Continue Reading
In January 2016, the Russian media reported that Russia’s gas giant, Gazprom, had discontinued all purchases of natural gas from Turkmenistan and was not planning to resume imports any time Continue Reading
China is facing increasing international pressure to tackle a steel supply glut that has flooded global markets and left beleaguered overseas producers at risk of closure. China produces half the Continue Reading
Nation imported 91.1m tons crude in 1Q, up 13% year-on-year China’s crude imports climbed to a record in the first quarter as higher refining margin encouraged refiners to boost purchases. Continue Reading
