Why Oil Companies Should Stop Looking For Oil
Oil companies are getting hammered by investors for being oil companies. The price of a barrel of crude is down 60 percent in the last two years. The New York Continue Reading
Iran says oil exports near pre-sanctions level
Iranian oil exports may have reached a level on par with the average volume from before nuclear-related sanctions were enacted, a minister said Thursday. Iran opened a domestic oil and Continue Reading
Libya oil output could fall if Hariga port dispute continues
Libya may be forced to cut oil production within days if a stand-off between eastern and western factions that has prevented loadings at the Marsa al-Hariga port continues, an official Continue Reading
Libyan Oil Revival Less Likely as East-West Standoff Escalates
The odds of a Libyan oil revival are diminishing amid intensifying conflict between factions that is crippling production and exports. After failing to sell a cargo independently of Libya’s National Continue Reading
BP to Open Iran Office in Summer, Iranian Oil Firm Says
British oil giant BP will open an office in Iran this summer, according to Rokneddin Javadi, chairman of the National Iranian Oil Company. Quoted on the state-owned oil news service Continue Reading
50,000 Laid Off In Saudi Arabia As Oil Crisis Bites Deeper
Saudi construction giant Binladin group has laid off tens of thousands of workers, leading to rare protests, as workers torch seven buses demanding compensation as low oil prices begin to Continue Reading
Nigeria: Fuel Queues Ease in Abuja, Environs
Normalcy has returned to most filling stations in Abuja as the long fuel queues that characterized them in the past months have eased. But the scarcity of petrol is still Continue Reading
Nigeria: Militants Blow Up Chevron Oil Facility, Vow More Attacks
Militants in the Niger Delta yesterday blew up the Chevron Valve Platform located on the high sea near Escravos in Warri, Delta State in a renewed attack on oil installations Continue Reading
Ghana: Ten Fields to Deliver First Oil in July
Tullow Oil says its TEN field project is now over 90 percent complete and that, its first oil remains on target for July and August this year. FPSO Professor John Continue Reading
Militants attack Chevron platform in Niger Delta: navy spokesman
Militants attacked a Chevron ( CVX.N ) platform in Nigeria’s oil-rich Niger Delta region late on Wednesday, a navy spokesman said on Thursday, amid growing fears of a revived militant Continue Reading
New Zealand aims to double use of electric vehicles
The government of New Zealand said Thursday it was taking additional steps to adopt a low-carbon economy by creating incentives to use more electric vehicles. “It’s clear that electric vehicles Continue Reading
El Nino Strikes India Refinery as Lack of Water Shuts Crude Unit
The worst drought in decades is leaving an oil refinery in southern India parched. Mangalore Refinery & Petrochemicals Ltd. shut a crude-processing unit at its facility on Thursday because of Continue Reading
Continental Resources betting on market rebound
U.S. shale oil player Continental Resources said it expected its production to recover during the second half of the year on the back of market improvements. Harold Hamm, the CEO 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
The Party’s Over in Alaska
Governor Walker is seeking a tax overhaul to fix Alaska’s budget. On an early morning in late March, a Beechcraft turboprop plane takes off from Juneau, Alaska, the only U.S. Continue Reading
GM, Lyft to Test Self-Driving Electric Taxis
General Motors Co. GM 0.26 % and Lyft Inc. will begin testing a fleet of self-driving Chevrolet Bolt electric taxis on public roads within a year, a move central to Continue Reading
EOG Revenue Falls While Cost-Cutting Exceeds Goal
EOG Resources Inc. posted a wider loss and a sharp revenue decline in the first quarter, but the oil-and-gas producer said it exceeded its goals for cost-cutting and U.S. oil Continue Reading
El Nino Added to Alberta’s Fire Woes Before Fort McMurray Burned
As it drives tens of thousands from their homes and turns whole neighborhoods to ash, the wildfire raging through Canada’s oil-rich Alberta province is feeding on conditions that got their Continue Reading
A Third of Power From Canada’s Oil Sands Wiped Out by Wildfire
Electricity flowing from plants at Canada’s oil sands operations has shrunk by almost a third as a wildfire ravages the region, forcing tens of thousands of people to evacuate in Continue Reading
500,000 Barrels And $1 Billion In Losses: The True Cost Of Canada’s Wildfire
It took the market over a day to appreciate the fallout from the devastating Canadian wildfire which has led to a state of emergency in Alberta, the evacuation of over Continue Reading
Russians demonstrate record pessimism as economic slump goes on
Russian consumers are more negative about their economic prospects than they have been for the last 11 years, according to new data. The Nielsen Consumer Confidence Trend Tracker, a data Continue Reading
Shell’s Profits Plunge 83%
More earnings reports are trickling in. Royal Dutch Shell is the last oil major to report first quarter earnings, and like its peers, the Anglo-Dutch company saw its profits tumble. Continue Reading
Oil rallies as Canada fire and Libya violence threaten supply
A huge wildfire near Canada’s oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time Continue Reading
Oil Fluctuates As U.S. Crude Import Surge And Refining Margins Fall
Here are five things to consider regarding crude today: 1) Jumping straight into the data (like Han and Chewie into an intergalactic dog-fight), we have had a deluge of global Continue Reading
Crude Prices Waver as U.S. Stocks Could Reach Weekly Record
Oil prices fluctuated Wednesday ahead of key U.S. supply data as investors assessed the scale of the global supply glut. Oil prices have jumped by more than 60% since their Continue Reading
Oil prices knocked by US inventory data
Oil prices were volatile after two days of losses as investors weighed potential production outages in Canada against data showing another increase in US crude stocks. Brent crude traded as Continue Reading
Why Oil Prices Will Likely Drop Below $40 Soon
The 70 percent rise in crude oil prices from the lows of $27.1 per barrel to a high of above $46/b in a matter of three months is being driven Continue Reading
Oil Majors Use Billions to Profit From Contango Before It Fades
The largest energy companies in Europe bolstered first-quarter earnings by pumping several billion dollars’ worth of oil into storage tanks and holding it there, although the trading opportunity is starting Continue Reading
Dire strait? Iran threatens to close Hormuz to US
Iran sank a replica of a US aircraft carrier near the strait in February 2015 and has said it is testing ‘suicide drones’ that could attack ships. (File photo: Reuters) Continue Reading
Saboteurs bomb Khabbaz oil field again
The Khabbaz oil field in Kirkuk has shut down and at least two wellheads are burning, after saboteurs set off explosives late Tuesday night – the second attack in a Continue Reading
Pakistan Seals Major LPG Deal with Iran
Pakistan and Iran have signed a deal under which the former will import 75,000 tons of liquefied petroleum gas within a year, months after a similar agreement was inked with Continue Reading
Saxo Bank: Upside For Crude Diminishes As Traders Shift Focus
The dollar’s gyrations remain a key source of inspiration for traders with the fundamental focus continuing to switch between falling U.S. and rising OPEC production, according to Saxo Bank’s Ole Continue Reading
Libya’s Eastern Government Moves to Block Oil Exports
The authorities that control the eastern half of Libya moved Tuesday to block oil exports from areas under their control, escalating a fight over petroleum revenue that threatens a fragile Continue Reading
DNO gets boost from Kurdish oil exports
Norwegian energy company DNO says its optimistic about its future following a steady string of payments for oil exported from the Kurdish north of Iraq. Photo courtesy of DNO International Continue Reading
OMV signs agreement with Iranian counterpart
Austrian energy company OMV said Wednesday it made the first steps toward resuming operations in Iran after signing an agreement with a national oil entity. OMV signed a memorandum of Continue Reading
Iran Opens Ratings Talks With Moody’s, Fitch Ahead of Debt Sales
Iran is in talks with Moody’s Investors Service and Fitch Ratings about restarting sovereign credit ratings for the oil-rich state, Economic Affairs and Finance Minister Ali Tayyeb Nia said. The Continue Reading
Nigeria: Country’s Oil Exports Drop, 20 Cargoes Remain Unsold
Indications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market. The preliminary Continue Reading
Venezuela 2016 Oil Production Expected to Fall Further
Venezuela’s oil output in the first quarter of the year has fallen more than investors had expected, with a production level expected to remain at a lower level for the Continue Reading
Oil Price Drop Vanquishes Cutting-Edge Projects
The Prelude, a floating LNG tanker, is one of the first to test a new… The world’s largest energy companies are sidelining big ideas that they touted just a couple Continue Reading
Deepwater Projects Delayed as Low Oil Prices Linger
Deepwater exploration and production (E&P) activity continues to suffer as operators defer deepwater investment to lower cost, more flexible options such as onshore shale. Struggling to maintain cash flow and Continue Reading
Declining Energy Prices Lower the Cost of Living
Since June 2014, decreases in crude oil and natural gas prices have reduced household energy costs. According to initial figures from the U.S. Bureau of Labor Statistics (BLS), the chained Continue Reading
Colder winter could save distillate market
A heating oil delivery truck is used to fill a residential oil tank in Alexandria, Virginia January 6, 2010. The warmest winter for more than 30 years reduced fuel oil Continue Reading
DUCs in a row: Oilfield servicers to gain as more wells completed
U.S. shale producers are returning to unfinished business – completing previously drilled wells – offering a ray of hope for oilfield service providers battered by the oil slump. Halliburton Co Continue Reading
Encana cutting costs with little impact on output
After declaring a loss for the first quarter, Canadian energy company Encana said it is working to cut overall costs by more than $400 million. Encana reported its revenue for Continue Reading
Alberta Forest Fire Halts Shell Oil-Sands Operation
Raging forest fires in Canada’s oil-rich province of Alberta forced the closure of one major oil-sands mining operation on Wednesday and reduced output at another, a day after tens of Continue Reading
Almost all U.S. gasoline is blended with 10% ethanol
Blends of petroleum-based gasoline with 10% ethanol, commonly referred to as E10, account for more than 95% of the fuel consumed in motor vehicles with gasoline engines. Ethanol-blended fuels are Continue Reading
Biofuel Breakthrough: Production Jumps 64%
This week I wrote an update on the progress toward cellulosic ethanol commercialization, and given my previous coverage on the topic (especially Why I Don’t Ride a Unicorn to Work Continue Reading
US oil output could recover in 6-12 months at $60-$65/b, says Birol – Oil | Platts News Article & Story
* Fall in upstream oil investment could lead to future price spikes * Recent rally in oil prices supported by fall in non-OPEC production * Urges G7 countries to find Continue Reading
Wildfire Cuts Canadian Oil Output as 80,000 Flee Expanding Blaze
A fire fueled by shifting winds that forced more than 80,000 people to flee their homes and disrupted oil-sands operations in Western Canada is poised to expand. The fire will Continue Reading
Canadian wildfire forces evacuation order for entire city
The Canadian province of Alberta raced to evacuate the entire population of Fort McMurray where an uncontrolled wildfire was taking hold in the heart of the country’s oil sands region, Continue Reading