OPEC Is Dead, What’s Next?
OPEC is dead, Rosneft’s head Igor Sechin has told Reuters . In a fine example of stating the obvious – at least to those who have been keeping an eye Continue Reading
Iran Oil Output Rose to Pre-Sanctions Levels in April, IEA Says
Iranian crude production rose to levels last seen before sanctions were imposed more than four years ago, helping to drive OPEC output to the highest in almost eight years, according Continue Reading
Saudi Arabia’s Desperation Hits a Peak
“Off with his head!” Okay, so maybe the order to fire Ali al-Naimi, Saudi Arabia’s oil minister, didn’t sound that drastic when it was issued. However, that doesn’t diminish how Continue Reading
Islamic State Bombings Kill Dozens in Baghdad
A series of Islamic State bombings on Wednesday killed at least 88 people in Baghdad, marking one of the deadliest days of insurgent violence in Iraq’s capital in years and Continue Reading
More gas for Eni coming out of Egypt
Italian energy company Eni said Wednesday it was able to boost its production at a gas field in Egypt within a year of making the initial discovery. Eni said production Continue Reading
Nigeria rules out negotiations with oil pipeline attackers
Nigerian military high command Wednesday ruled out engaging militants sabotaging oil production facilities in the Niger Delta, saying it would rather deploy “every available resources to deal decisively” with the Continue Reading
Nigeria: We Won’t Stop Pipeline Bombing, Says Niger Delta Militants
In defiance of President Muhammadu Buhari’s order for security forces to curtail militants’ violence in the South South geo political zone of the country, the Niger Delta Liberation Force (NDLF), Continue Reading
Nigerians Groan As Fuel Scarcity Resurfaces
Barely 24 hours after reports indicated the possibility of partial deregulation of the downstream petroleum sector, and days the country had a breather from scarcity, long queues have resurfaced at Continue Reading
Pipeline Outage Adds to Nigerian Oil Disruptions
Royal Dutch Shell RDS.A -0.20 % PLC on Wednesday said its exports of Nigerian crude oil had been significantly disrupted, adding to a slew of stoppages that have knocked out Continue Reading
Nigeria Oil Output Drops Again as Leak Adds to Security Woes
The Resilience of Oil Nation’s crude output reduced by about 400,000 barrels a day At least a fifth of Nigerian oil production, equivalent to almost 400,000 barrels a day, has Continue Reading
Nigeria Raises Price of Gasoline 67 Percent Amid Shortages
Nigeria raised the price cap for gasoline 67 percent as President Muhammadu Buhari’s administration moved to tackle months of fuel shortages in the OPEC-member country. Gasoline will now sell for Continue Reading
After British corruption slip, Nigeria demands stolen assets back
Nigerian President Muhammadu Buhari demanded on Wednesday that Britain return assets held there by corrupt Nigerians, pointing the finger back at London after Britain’s prime minister suggested Nigeria was “fantastically Continue Reading
Rousseff Impeachment May Breathe Life Into Petrobras
Petrobras’ stock has been a disaster for investors for years. Even when virtually every other oil company on the planet was seeing their stock move higher, PBR still somehow managed Continue Reading
As LPG demand balloons, India to become more reliant on imports
A raft of government initiatives has propelled India’s insatiable appetite for LPG to record highs, leading analysts to believe that growth is expected to hover close to double digit levels Continue Reading
IEA Sees Smaller Global Oil Surplus as India Drives Demand Gains
The global oil surplus in the first half of this year will probably be smaller than previously estimated because of robust demand in India and other emerging nations, the International Continue Reading
No big bang, but quiet reforms reshaping China’s oil and gas sector
A labourer works at a PetroChina refinery in Suining, southwest China’s Sichuan province November 22, 2007. Expect no radical “big bang” in China’s shake-up of its giant state-run energy firms, Continue Reading
China auto sales up 6.3 pct in April
Auto sales in China, the world’s biggest auto market, surged 6.3 percent year on year to 2.12 million units in April, data from an industry association showed on Wednesday. Sales Continue Reading
U.S. crude stockpiles fall for first time since March: EIA
U.S. crude stockpiles fell unexpectedly last week for the first time since March as imports slipped, U.S. government data showed on Wednesday. Gasoline and distillate inventories also dropped more than Continue Reading
Canada Fire Deals Staggering Blow to Oil Sands Industry and Economy
Oversize transport trailers typically barrel dangerously along Highway 63 as they deliver heavy loads of equipment and even prefabricated metal buildings to the multibillion-dollar oil sands projects that dominate this Continue Reading
Linn Energy Files for Bankruptcy
Linn said Wednesday that it expects available cash during the bankruptcy process will be sufficient… Oil and gas producer Linn Energy LLC filed for chapter 11 bankruptcy Wednesday after reaching Continue Reading
Cheniere Energy to Name Jack Fusco as CEO, Sources Say
The Amazon Brilliance oil tanker sails past a storage tank at the Cheniere Energy Inc…. Cheniere Energy Inc., LNG -2.30 % the U.S. natural gas exporter that ousted its founder Continue Reading
EPA Ready to Issue Methane Limits for New Oil and Gas Wells
The Environmental Protection Agency is set to issue on Thursday the first federal standards aimed at curbing methane emissions from the oil and natural gas industry, according to multiple people Continue Reading
U.S. refiners seek alternatives to crude from Canada oil sands
Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Continue Reading
Bulk of Canada’s Oil Sands Plants Seen Up in Days to Weeks
Canadian oil sands facilities representing more than 90 percent of production taken offline during a wildfire in northern Alberta have emerged unscathed and are expected to restart within days to Continue Reading
Solar Hits Millionth Installation In The U.S. – Faster Growth Ahead
Solar Roof Installation In February, the millionth solar installation was completed in the United States. That momentous number has taken forty years to arrive. Fortunately for renewable energy advocates everywhere, Continue Reading
Big Oil Pulls The Plug On Arctic Oil, Relinquishes Drilling Rights
The prospect of producing oil from the U.S. Arctic looks increasingly remote as the oil industry walks away from drilling leases. After Royal Dutch Shell pulled the plug on its Continue Reading
Texas drilling permits down 20 percent
The number of oil and natural gas drilling permits issued by Texas regulators in April was lower year-on-year by 20 percent, state data show. The Railroad Commission of Texas said Continue Reading
U.S. refiners tighten belts as golden era fades
Gasoline prices are displayed at a Phillips 66 station in Moscow Mills, Missouri January 17, 2015. U.S. independent oil refiners, such as Marathon Petroleum and Phillips 66, are shelving projects Continue Reading
Temporary housing first step as wildfire-ravaged Fort McMurray recovers
Reconstructing Fort McMurray will be easier than first feared since much of the city’s critical infrastructure remains intact but the once booming oil town will be smaller than before, according Continue Reading
OMV expects rough waters ahead
Austrian energy company OMV said it expects the natural gas market in particular to be challenging this year, focusing its sentiment on European strategies. Rainer Seele, the chief executive officer Continue Reading
Oil dips on record U.S. inventories; Canada output to improve soon
Oil prices dipped on Wednesday as Canadian oil sands production was expected to gradually ramp up following forced closures due to wildfires, and as record crude inventories especially in the Continue Reading
Oil Jumps; Canada, Nigeria Outages Bolster Prices
Brent jumped more than 4 percent on Tuesday while U.S. crude settled up more than 2 percent, after a late burst of buying driven in part by expectations that record Continue Reading
Increasing Outages Continue To Stabilize Oil Prices
Oil Markets When looking at this week’s key data of the oil and energy industry, we see that prices have stabilized in the mid $40 range as global outages continue Continue Reading
US EIA says gas output growth seen slowing after near-record levels
Declines in rig activity triggered by sustained low natural gas prices are starting to take their toll on US gas production forecasts, the Energy Information Administration said Tuesday in its Continue Reading
Crude Oil Exploration Drops to 60 Year Low in 2015
Exploration of new crude oil deposits has fallen to its lowest level in over 60 years, pointing out the potential lack of the fossil fuel within the coming decade. In Continue Reading
OECD and IEA ponder divorce after years of friction: document
The West’s energy watchdog, the International Energy Agency, faces a possible legal split from its parent body following decades of friction and fresh disagreements over cooperation with China, a document Continue Reading
Short-Term Energy Outlook
North Sea Brent crude oil prices averaged $42/barrel (b) in April, a $3/b increase from March. Improving economic data, growing supply disruptions, and falling U.S. crude oil production and rig Continue Reading
90% Off Sale On Offshore Drilling Rigs?
Offshore drilling rig It might not be a great time to start offshore drilling, with oil prices as depressed as they are, but it might just be a great time Continue Reading
Libya’s oil output slashed as export row rages
(Adds statement from NOC in Tripoli) By Ayman al-Warfalli May 9 Libya’s crude oil output has fallen to a trickle amid a standoff over export rights that prevented trading giant Continue Reading
Libya’s Oil Exports Could To Go To 0 bpd Within One Month
Libya Hariga Oil Export Terminal Libyan officials attached to the government in Tripoli are warning that the country will have to halt the majority of its output from southeastern fields Continue Reading
Libya’s Eastern Oil Fields May Halt Amid Port Blockage
Fields responsible for the bulk of Libya’s oil exports will be forced to halt production within a month unless a blockade is lifted on the port of Marsa el-Hariga, according Continue Reading
Saudi Aramco Likely to Step Up Production
Saudi Arabia’s state-owned oil company is likely to increase its production to meet rising demand this year, its chief executive said Tuesday, potentially adding a new flood of crude to Continue Reading
Iranian oil minister accuses Saudi Arabia of undercutting prices
Iran’s Oil Minister Bijan Namdar Zanganeh has reportedly accused Saudi Arabia of discouraging customers from buying Iranian crude by offering lower prices. In comments made at a meeting of incoming Continue Reading
Car bomb in Baghdad’s Sadr City kills 22, sources say
A car bomb claimed by Islamic State in a Shi’ite Muslim district of Baghdad killed at least 22 people and wounded more than 60 others on Wednesday, Iraqi police and Continue Reading
Can Saudi Arabia Really Break Its Dependence On Oil?
Saudi Refinery Saudi Arabia appears committed to its recently-announced long-term economic plan, dubbed Vision 2030, which aims to remove the country’s economic dependence on oil exports within the next several Continue Reading
Kuwait courts South Korea in the face of drop in crude market share
Kuwait is making a concerted effort to retain its importance as a reliable crude oil supplier to South Korea, where it has seen its market share dip as Korean refiners, Continue Reading
Mystery deepens as ghost tanker washes up in Liberia
A Panama-registered oil tanker that disappeared from radar three weeks ago en route to Senegal has now reportedly washed up in Liberia without its crew, sparking fears of a pirate Continue Reading
More oil than thought in Kenya
A Canadian oil company with a focus on Africa said an independent survey of its holdings in Kenya led it to increase its reserve estimate by 24 percent. Africa Oil Continue Reading
Wave Of Violence Causes Nigerian Oil Output To Fall To 20 Year Lows
Nigerian Pipeline Attacked The oil markets have suddenly been hit with a multitude of unexpected supply disruptions, the largest of which comes from the more than 1 million barrels per Continue Reading
Nigeria: Govt Set to Deregulate Oil Sector As Scarcity Persists
There are indications that the Federal Government will abandon its price modulation policy this week and embrace deregulation in order to allow private marketers resume importation and sell at profitable Continue Reading