Oil discoveries slump to 60-year low
Discoveries of new oil reserves have dropped to their lowest level for more than 60 years, pointing to potential supply shortages in the next decade. Oil explorers found 2.8bn barrels Continue Reading
Can Iran And Saudi Arabia’s Production Claims Be Believed?
Saudi Arabia And Iran It’s always the ultimate test when trading oil stocks – what to believe and what not to believe. Normally, you take earnings season with a grain Continue Reading
Saudi Minister Has Task of Easing Dependence on Oil
He was known as the “maestro,” the man whose every word was dissected by oil traders and moved markets. For two decades,Saudi Arabia’s oil minister, Ali al-Naimi, was the architect Continue Reading
Saudi Arabia says to maintain stable petroleum policies
Khalid al-Falih speaks to the media at the company’s booth during Petrotech 2014 (a petrochemicals conference) at the Bahrain International Exhibition Centre in Manama May 19, 2014. Saudi Arabia’s new Continue Reading
Managing Saudi’s new energy mega-ministry may bring challenges
Managing Saudi Arabia’s new energy mega-ministry, set to oversee over half the economy and designed to cut through a tangled bureaucracy to make government more coherent and efficient, will be Continue Reading
China Continues to Props Up Its Ailing Factories, Adding to Global Glut
China is doubling down on efforts to keep unprofitable factories afloat despite for years pledging to curb excess capacity, adding to a glut of basic materials flooding the global economy. Continue Reading
China Oil Imports Rise as Teapot Refinery Demand Overwhelms Port
Inbound shipments in April gain 3.2% m/m to 7.96 million b/d Oil imports by China, the world’s biggest consumer after the U.S., rebounded amid strong buying by independent refiners that Continue Reading
Alberta’s `Vicious’ Wildfires Spread to Suncor Oil-Sands Site
Wildfires raging through Alberta have spread to the main oil-sands facilities north of Fort McMurray, knocking out an estimated 1 million barrels of production from Canada’s energy hub. Fire officials Continue Reading
Alberta oil sands producers shut most power generation due to wildfires
Cogeneration power plants in the fire-ravaged Canadian oil town of Fort McMurray were operating at about 18 percent of capacity early Sunday, down from around 30 percent Friday afternoon, as Continue Reading
Canadian Wildfires Slow Their Spread as Workers Reach Safety
Cooler temperatures on Sunday helped slow the spread of wildfires that ravaged the hub of Canada’s oil sands, as the last of 25,000 evacuees from work camps around Fort McMurray Continue Reading
Coal May Survive, But Its Profitability Is Dead
Coal Mining Trucks With the market capitalization of the coal industry down 94 percent since 2011 , one question has to be paramount on the minds of all investors in Continue Reading
It’s Not Looking Good For Canadian LNG
As the Keystone XL saga made clear, Alberta has had trouble getting its oil and gas to markets outside of the province. That trouble continues for Canada’s oil industry. The Continue Reading
The Reported Death of Peak Oil Has Been Greatly Exaggerated
Baker Hughes recently published their International Rig Count . This rig count is at the end of April. It does not include the US, Canada, any of the FSU countries Continue Reading
Don’t let the low prices fool you: peak oil will be upon us soon
The end of the oil era has been predicted for so long that it has ceased to attract much interest. Critics rightly say it’s now difficult to know who to Continue Reading
Oil Prices Buoyed As Global Supply Outages Accumulate
This week the oil markets experienced something that used to be common but has become a rarity since the collapse of oil prices almost two years ago: major unexpected supply Continue Reading
Natural Gas Reverses Losses, Rises as Canada Wildfires Spread
Natural-gas prices shook off early declines Friday and rose in tandem with oil and other energy contracts as Canadian wildfires spread, increasing estimates of lost production. Natural-gas futures were down Continue Reading
Oil Prices Dip on Global Glut
Oil futures fell Friday as traders looked beyond recent supply disruptions in Canada and Libya and focused on the global crude glut. The U.S. oil benchmark was down 0.6% at Continue Reading
Iran to close key oil shipping lanes if U.S. proceeds with military drills
Iranian officials threatened to close the vital Strait of Hormuz to the U.S. and its allies if it proceeds with its military drills in the area. Pictured, the Nimitz-class aircraft Continue Reading
Persistent U.S. labor woes drag on oil prices
Lower employment gains in the United States caught up with other market factors Friday to push the price of crude oil lower in early trading. The U.S. Labor Department said Continue Reading
Oil prices dip as strong dollar outweighs supply disruptions
Oil prices dipped on Friday, dragged down by a surging dollar that at least temporarily outweighed supply disruptions in North America, where a massive wildfire was threatening Canada’s huge oil Continue Reading
World’s Largest Shipping Company Preparing For Another Oil Price Crash
It was almost a year ago, when having tumbled in early 2015, oil proceeded to rebound strongly into the summer, where it traded at about $60 for three months, before Continue Reading
Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount
Nigeria is suffering a worsening bout of oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the energy-rich but impoverished nation increase Continue Reading
Chevron knocked offline, Nigerian militant group says
Militant group the Niger Delta Avengers said it’s knocked Chevron operations offline in the region after attacking oil and gas installations. Photo by Lilac Mountain/Shutterstock ABUJA, Nigeria, May 6 (UPI) Continue Reading
Halliburton Joins Schlumberger in Cutting Venezuelan Activity
Halliburton Co. has joined rival Schlumberger Ltd. in curbing activity in Venezuela due to lack of payment during the oil industry’s worst financial crisis. “During the first quarter of 2016, Continue Reading
Canadian oil prices little changed, production shutins increase
Canadian crude prices were little changed on Friday following a two-day rally as a wildfire in northern Alberta kept nearly one-half of Canadian oil sands production shuttered, forcing BP’s Canadian Continue Reading
Alberta Fires Set to Double as Companies Declare Force Majeure
Wildfires ravaging the center of Canada’s oil patch in northern Alberta and leading more than 80,000 to flee are set to double in size over the weekend. Phillips 66 declared Continue Reading
Fort McMurray fire impact on Canadian oil market
Canadian crude prices continued to rise Friday as oil production remained shut in because of a wildfire, although companies were in the process of returning output. The fire, which started Continue Reading
Alberta Wildfire Risk Seen Biggest for Storage Tanks, Equipment
As a wildfire rages across Alberta’s oil-sands region, pipelines, tanks full of chemicals, buildings and equipment are more at risk than the thick, tar-like deposits that are mined from the Continue Reading
Imported crude congests U.S. Gulf storage, pressuring prices
A slew of crude imports from Iraq, Angola and other countries has storage tanks in the eastern U.S. Gulf bulging, pressuring physical prices, causing port congestion and delaying deliveries into Continue Reading
U.S. oil drillers cut rigs for 7th week to Oct 2009 lows: Baker Hughes
Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. U.S. oil drillers cut rigs for a seventh week in a row to the lowest level Continue Reading
Hercules Offshore: Recovery not strong enough
The recovery in crude oil prices since the 2016 low point hasn’t been enough to translate to improved business conditions, the head of Hercules Offshore said. Crude oil prices have Continue Reading
Oil-Field-Equipment Makers Need Oil Prices Above $60 a Barrel
Small and medium-size oil-field-equipment companies attending an energy conference this week in Houston said oil prices need to go much higher before their corner of the industry starts seeing a Continue Reading
Enbridge Seeks 3-Year Extension for Northern Gateway Pipeline
Canadian pipeline operator Enbridge Inc. ENB 0.49 % said it had asked the country’s energy regulator for a three-year extension on the deadline to begin construction of its proposed Northern Continue Reading
Recent U.S. imports of oil tend to be heavier than domestic production
In 2015, more than 70% of the crude oil produced in the Lower 48 states was light oil with an API gravity above 35 degrees. At the same time, 90% Continue Reading
Hydraulically fractured wells provide two-thirds of U.S. natural gas production
For decades, hydraulic fracturing had been referred to as an unconventional completion technique, but over the past 10 years it has become the technique by which most natural gas is Continue Reading
Beleaguered Chesapeake to Sell Off More Assets to Reduce $9B Debt
The second-largest producer of natural gas in the United States, Chesapeake Energy Corp., has announced plans to sell part of its Oklahoma shale acreage in order to prop up finances Continue Reading
Rigzone Polls: Readers Veer Toward Conservative Platform, Support Trump
Rigzone readers tended toward the conservative side of responses in a recent series of political polls related to the oil and gas industry we posted on Twitter during the first Continue Reading
Debt: The Key Factor Connecting Energy and the Economy
There are many who believe that the use of energy is critical to the growth of the economy. In fact, I am among these people. The thing that is not Continue Reading
Russia’s Rosneft ships its first cargo of LNG
For the first time in its history, Russian energy company Rosneft said Friday it delivered a shipment of liquefied natural gas to an Egyptian customer. A trading arm of Rosneft Continue Reading
Abrupt Sea Level Rise Looms As Increasingly Realistic Threat
Ninety-nine percent of the planet’s freshwater ice is locked up in the Antarctic and Greenland ice caps. Now, a growing number of studies are raising the possibility that as those Continue Reading
More delays for ITER, as partners balk at costs
Last week, an independent review committee delivered a report that was supposed to show that ITER, the troubled international fusion experiment under construction in Cadarache, France, finally has a reliable Continue Reading
Oil falls as investors cash in on month-long gains
Oil prices fell on Friday as investors cashed in on a 20-percent rise over the past month, outweighing the impact of crude production cuts in Canada where a huge wildfire Continue Reading
As Oil Markets Tighten, Geopolitical Events Matter Again
Oil prices jumped on Thursday as surprise outages came from Canada and Libya, reversing several days of losses. WTI and Brent surged by more than 4 percent in early trading Continue Reading
Oil Heads for Weekly Loss as Ample Supplies Counter Disruptions
Oil headed for its first weekly decline in more than a month as rising U.S. stockpiles and OPEC production cushioned the impact of declines in North American output. Futures slid Continue Reading
Oil Market at Crossroads as Big Rally Masks Risks Lurking Ahead
If the oil market needed a theme song for now, it might turn to the one where Taylor Swift nervously sings: “Are we out of the woods yet?” A slump Continue Reading
Oil prices recover after two straight days of loss
An increase in Russian oil production and price expectations balanced against shortages in Canada sparked by wildfires, pushing oil higher early Wednesday. Oil exports from Russia in April increased to Continue Reading
U.S. seen as strategic energy partner for Europe
The United States has an important role to play in adding diversity to a European energy sector that depends heavily on Russia, a joint regional committee said. European Energy Commissioner Continue Reading
Shift in Saudi oil thinking deepens OPEC split
As OPEC officials gathered this week to formulate a long-term strategy, few in the room expected the discussions would end without a clash. But even the most jaded delegates got Continue Reading
Hits to Americas oil output show global glut not invincible
Wildfires in Canada. Pipeline sabotage in Colombia. Instability in Venezuela. U.S. frackers at a standstill. Drops in oil output are happening so fast that it looks as if the Americas Continue Reading
Oil rivals cooperate to slash equipment costs: Shell
Ten oil companies including Royal Dutch Shell ( RDSa.L ), Chevron ( CVX.N ) and BP ( BP.L ) are working together to develop standard production equipment, a rare cooperation Continue Reading