Is OPEC A U.S. National Security Threat?
Pentagon National Securtiy Republican Kevin Cramer from North Dakota is cosponsoring a bipartisan bill that will set up a commission to probe whether OPEC has used unfair means to bolster Continue Reading
Saudi Arabia’s New Oil Plan Shows It’s Just Not That Into OPEC
Saudi Arabia, one of the founders of OPEC, is sounding the group’s death knell. The world’s biggest crude exporter has already undermined OPEC’s traditional role of managing supply, instead choosing Continue Reading
Iraq says total oil output 4.7 million bpd; exports at record
Iraq’s total oil output has reached 4.7 million barrels per day (bpd) and exports are running at a record 3.9 million bpd, the state-run Iraqi Media Network reported, citing an Continue Reading
Iran and India sign port deal, other economic agreements
India said Monday it will invest up to $500 million in a deal to develop a strategic port in Iran and both countries planned a number of projects they say Continue Reading
Win secured for Israeli gas
Partners aiming to exploit the rich natural gas reserves offshore Israel said they would take the steps needed for rapid development after a government nod. The Israeli Cabinet during the Continue Reading
Saudis Move Away from Crude with $1.4B In Deals With GE
GE Saudi Arabia Even as the International Monetary Fund (IMF) lent its backing to Saudi Arabia’s economic reform to diversify away from crude oil this week, General Electric (GE) accounted Continue Reading
Feature: Iran eyes major gas export boost, but doubts mount
Finally freed from international sanctions against its energy sector, Iran is working quickly to raise it natural gas production and export capacity — and its medium-term targets are truly ambitious. Continue Reading
PDVSA Offers Debt Exchange to Service Providers
Venezuela’s cash-strapped state oil company is offering service providers a debt exchange, proposing to swap $2.5 billion worth of debt for dollar bonds, according to two contractors who were offered Continue Reading
Eni facilities attacked again in Nigeria
Italian energy company Eni confirmed Monday that some of its infrastructure in Nigeria was once again the target of a militant attack. A spokesperson for the company confirmed through email Continue Reading
Eni’s Nigeria Pipeline Attacked For The Fourteenth Time This Year
An Italian Eni pipeline has been attacked again, for the fourteenth time this year, putting 4,200 barrels of oil per day of Eni production offline amid a resurgence in militancy. Continue Reading
Nigeria: Jonathan Goes Into Exile, Militants Move to Shutdown Oil Output
There are strong indications that former President Goodluck Jonathan may have gone into temporary self-exile in Cote d’Ivoire, following reports that the Economic and Financial Crimes Commission (EFCC) may arrest Continue Reading
Debt repayments in crude cripple poorer oil producers
Poorer oil-producing countries which took out loans to be repaid in oil when the price was higher are having to send three times as much to respect repayment schedules now Continue Reading
Oil’s Recovery Under Threat as Tankers Run in Circles Off China
In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world’s newest Continue Reading
BP Faces Setback In World’s Largest Unexplored Oil Basin
BP Australia Exploration As if the current oil markets weren’t tough enough for producers, companies are increasingly finding that regulators are making it harder to drill new sources of oil. Continue Reading
U.S. refiners see surprise surge in diesel demand
U.S. refiners are enjoying their strongest diesel margins in months as surprisingly robust overseas demand, combined with lower domestic production has triggered an unusually large drawdown in inventories for this Continue Reading
Canada’s Oil-Sands Producers Set to Re-Enter Evacuated Sites
All of the Canadian oil-sands facilities that workers fled last week as a wildfire spread are being allowed to prepare for restart as cool, humid weather has helped contain the Continue Reading
United States remains largest producer of petroleum and natural gas hydrocarbons
Source: U.S. Energy Information Administration The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2015, according to U.S. Energy Information Administration estimates. U.S. petroleum Continue Reading
Key Pipeline Could Unleash Alberta’s Oil Sands
Alberta Pipeline Canadian energy regulators handed a win to Alberta’s oil sands producers last week, recommending approval for a major oil pipeline expansion to the Pacific Coast. Canada’s National Energy Continue Reading
US can supply EU long term with LNG at $7-$8/MMBtu: Cheniere
The US can supply Europe long term with LNG at $7-$8/MMBtu, based on long-run marginal costs for additional infrastructure, US LNG pioneer Cheniere Marketing’s vice president for strategy, Andrew Walker, Continue Reading
North Dakota rig count low sets new record
State data in North Dakota show the number of rigs searching for or producing oil and gas as of Monday broke a record low set more than 10 years ago. Continue Reading
Exxon Investors Seek Assurance as Climate Shifts, Along With Attitudes
Exxon Mobil has been under pressure for over a year to explain its handling of climate change issues in the past. Now the company faces new pressure to explain its Continue Reading
French labour dispute: Strike hits all eight oil refineries
Image caption Police removed a blockade outside the Fos-sur-Mer refinery in Marseille early on Tuesday A strike over new labour laws has spread to all of France’s eight oil refineries, Continue Reading
U.K. Region Approves First Fracking Permit Since 2011
An English county government on Monday approved an application for what could be the first permit to frack for shale gas in Western Europe since 2011. The North Yorkshire County Continue Reading
BP’s Oil Search Strategy Shrinks With Budget Cuts
The surprise departure of BP’s exploration boss has turned the spotlight on an oil search strategy that, after years of spending cuts, is focusing mainly on expanding existing fields rather Continue Reading
Oil Dips on Supply Concerns
Oil prices opened the week lower on Monday on renewed concerns about a global glut in crude supply. The European benchmark, Brent, was trading down 1% at $48.24 a barrel Continue Reading
Oil prices dip on strong dollar, firm global supplies
Oil prices slipped in Asian trade on Monday, hit by a strong dollar and signs that global crude supply is holding up even as unplanned outages rise to at least Continue Reading
Oil Traders Are Borrowing From Banks to Store Crude at a Loss
The waters between Singapore and Malaysia used to heave with wooden ships carrying exotic spices. Now the Straits of Malacca are filled with vessels carrying a very different sort of Continue Reading
The Wildest Predictions For Oil Prices In 2016
Oil Tanks One reality in the markets is that despite the best efforts of analysts and traders, no one ever knows with any degree of certainty what will happen to Continue Reading
How The U.S. Dollar Influences Oil Prices
Fed Building Crude oil has reached a critical technical level, which is likely to test the resolve of the bulls to push prices higher. The bulls have a favorable tailwind Continue Reading
Turkish-Russian Relations Worsen As Turkish Helicopter Is Downed
Kurdish Militant The “game-changing” downing of a Turkish attack helicopter by Kurdish rebels with a Russian-made missile could further intensify still simmering hostilities between Ankara and Moscow. Coming nearly six Continue Reading
Saudi Arabia is planning for the post-oil era, why not the United States?
The world’s largest exporter of crude oil, the Kingdom of Saudi Arabia, recently announced a plan for its post-oil future . If a country almost synonymous with the oil economy Continue Reading
Iraq: Basra Under Curfew As Protests Turn Violent
A May 20 protest in Iraq’s southern city of Basra escalated in response to Baghdad’s Green Zone protest, leading demonstrators to march on provincial council buildings, Qawen news reported. Protesters Continue Reading
Iran has no plans to freeze oil exports, official says ahead of OPEC meeting
Iran has no plans to freeze the level of its oil production and exports, Deputy Oil Minister Rokneddin Javadi was quoted on Sunday as saying, as the country tries to Continue Reading
Netanyahu Approves Deal to Develop Israel’s Natural-Gas Fields
Israel’s Prime Minister Benjamin Netanyahu on Sunday approved an amended deal to develop the country’s natural-gas fields after months of legal wrangling that has stunted the growth of the domestic Continue Reading
Blasts kill more than 100 in Syrian government stronghold: monitor
A Syrian army soldier and civilians inspect the damage after explosions hit the Syrian city of Tartous, in this handout picture provided by SANA on May 23, 2016. SANA/Handout via Continue Reading
Wave of bombings kills at least 65 on Syria’s loyalist coast
A wave of bombings in Syria killed at least 65 people Monday in a coastal area where Russian troops are based, Syrian state media reported. The attacks struck at one Continue Reading
Africa’s largest oil producer has been dethroned
Nigeria has been dethroned as Africa’s largest oil producer. Nigeria’s oil production is now below that of Angola after various attacks on energy infrastructure by a new militant group called Continue Reading
Is An Energy Crisis Brewing In The Caribbean?
The Venezuelan economy is melting down, leading to a growing humanitarian crisis . Electricity shortages and a general shortfall in investment are also putting a dent in the country’s oil Continue Reading
Venezuela Descends Into Chaos… Europe and US Next
It has been less than two months since I visited Caracas, Venezuela. While things were already very bad when I was there, they are now worse. Power shortages have deepened Continue Reading
Oil sands companies losing up to $50 million a day as fires rage: analysts
A wildfire burns near Highway 63 south of Fort McMurray, Alberta, Canada, May 8, 2016. Out-of-control wildfires that have consumed over a million acres of land in Canada’s Alberta are Continue Reading
Suncor Poised to Get Back to Work as Fire Evacuations Eased
Cooler, humid weather that’s helping control a wildfire in the heart of Canada’s oil patch is allowing Suncor Energy Inc. and Syncrude Canada Ltd. to start getting back to work. Continue Reading
Oil Industry Maintains Country Club Culture During Downturn
Horizontal shales deep under the earth’s surface are important to an energy company’s balance sheet, but so is what happens above the grass line — especially if that grass is Continue Reading
Why The Arctic Oil Dream Is Not Over Yet
The race to discover oil and gas in virgin Arctic waters is now on, as Norway offered oil majors a lifeline on Wednesday by opening up what experts say could Continue Reading
Ruble Set for Longest Losses Since February as Citi Sees Risks
The ruble declined for a fourth day, poised for the longest losing streak since February, as oil retreated and Citigroup Inc. cautioned the Russian currency could depreciate further against a Continue Reading
BP’s oil search strategy shrinks with budget cuts
The surprise departure of BP’s exploration boss has turned the spotlight on an oil search strategy that, after years of spending cuts, is focusing mainly on expanding existing fields rather Continue Reading
This is Peak Oil
In the last press review of 2015 I asked if that had been the year petroleum peaked. The question mark was not just a precaution, the uncertainty was really there. Continue Reading
Expert Commentary: The Latest Rally Has Come To An End
WTI breached our $38/$48 forecast this week as supply disruptions in Nigeria, Latin American and Africa (estimated by Morgan Stanley to be ~2m bpd in total) took center stage. Seeing Continue Reading
Oil Prices Gain Ground on Supply Concerns
Oil prices advanced Friday, on track to end the week higher as traders continued to focus on the prospect of supply disruptions. Production outages around the world have fueled gains Continue Reading
Fed Pours Cold Water On Oil Price Rally
When looking at this week’s key figures from the oil and gas industry, we can see that U.S. average gasoline prices are still rising while crude stockpiles rising and imports Continue Reading
Four killed, 90 injured in Baghdad Green Zone riots: hospitals
At least four people were killed and 90 injured among anti-corruption protesters who stormed Baghdad’s heavily fortified Green Zone on Friday, hospital sources said on Saturday. Iraqi security forces used Continue Reading