Specter of gasoline, diesel glut reverses oil’s gains
A growing overhang of gasoline and diesel fueled a sharp sell-off in oil futures on Monday that reversed a recent rally over the wildfires in the heart of Canada’s oil Continue Reading
Global Rig Count Continues To Fall
Oil Rigs Sunset Baker Hughes recently published its International Rig Count . This rig count is at the end of April. It does not include the U.S., Canada, any of Continue Reading
Iran cuts crude prices vs Saudis, Iraq in market share fight
Iran has set its June official selling prices (OSPs) for heavier crude grades it sells to Asia at the biggest discounts to Saudi and Iraqi oil since 2007-2008, raising the Continue Reading
Iran says it will ship more oil to Italy
Iran’s deputy oil minister claimed a deal was made with an Italian refining company for the delivery of around 65,000 barrels of oil per day. Rokneddin Javadi, chief of the Continue Reading
New Dhi Qar oil firm gets $42 million kick-start
The Iraqi Finance Ministry has approved $42 million in start-up capital and authorized a transfer of employees and equipment for the new state-run Dhi Qar Oil Company (DQOC), a crucial Continue Reading
Saudi Aramco prepares for global expansion as IPO looms
Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city in this file photo dated November 11, 2007. Saudi Arabia’s state-owned oil giant Aramco is Continue Reading
Bets for Saudi Devaluation Jump Most in 4 Months on New Governor
Contracts used to bet whether Saudi Arabia will allow its currency to weaken rose the most in four months after the kingdom replaced its central bank governor. Twelve-month contracts for Continue Reading
Saudi Aramco CEO Sees `Significant Growth’ in Oil Output in 2016
Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply Continue Reading
Saudi Aramco Likely to Step Up Production
DHAHRAN, Saudi Arabia—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 Continue Reading
Saudi Aramco to press ahead with oil expansion
Saudi Arabia will continue to meet rising demand for its oil and press ahead with global expansion plans in spite of the “challenging” backdrop for the industry. In some of the Continue Reading