Demand for oil storage soars amid supply glut — FT.com
With crude oil piling up around the world the space inside terminals is now a hot commodity. The market for crude oil storage futures has been expanding since last year’s Continue Reading
Violent Struggle Over Oil and Money Rattles Global Energy Market
After years of relative peace, militants are again blowing up the pipelines that criss-cross the mangrove swamps of Nigeria’s Niger River delta, reducing oil output to the lowest in almost Continue Reading
Industry Needs to Make Tough Call on Deepwater Projects in Challenging Time
Difficult decisions are needed to tackle challenges in the current market as the number of deepwater projects dropped 42 percent in the past year to 122. Weak crude prices, the Continue Reading
Predictions for the change in oil price through to 2017
After a dismal start to the year, oil prices staged a partial recovery, with dated Brent Blend, the global benchmark, rising by almost 70% from a 13-year low of US$26/barrel Continue Reading
Saudi Arabia Considers Paying Contractors With IOUs
The King Abdullah financial district sits on the horizon seen from a skyscraper under construction in Riyadh, Saudi Arabia, on Sunday, Jan. 10, 2016. Saudi Arabia has told banks in Continue Reading
Saudi Oil Stockpiles Hit 18-Month Low in March as Output Capped
Saudi Arabia’s crude oil stockpiles fell in March for the fifth month in a row reaching the lowest level in 18 months as the kingdom kept shipping crude to meet Continue Reading
Iran’s Government and Revolutionary Guards Battle for Control of Economy
Iran’s South Pars natural-gas field has extensive infrastructure that an Islamic Revolutionary Guard Corps engineering… TEHRAN— Ebadallah Abdollahi, a commander of Iran’s Revolutionary Guards, was surprised last summer to find Continue Reading
Are The Saudis Facing A Full-Blown Liquidity Crisis?
Riyadh Saudi Arabia Previously we documented that as a result of the still low oil prices, largely a result of Saudi Arabian strategy to put high cost producers out of Continue Reading
New investment revives modest hopes for KRG oil sector
After two years of non-payments and security concerns, Kurdistan-focused oil companies are gingerly starting to reinvest. The drilling platform at the Akri-Bijeel field in Iraqi Kurdistan. (SEBASTIAN MEYER/Iraq Oil Report/Metrography) Continue Reading
How the Mideast’s Second-Richest Nation Is Reacting to Oil Shock
The man in charge of helping Kuwait navigate the global oil-price shock said the Middle East’s second-richest nation is responding to the crisis by “spending as much as possible” to Continue Reading
What Does The Next OPEC Meeting Have In Store?
The next OPEC meeting on the 2nd of June will act as little more than a forum for continued altercations between Saudi Arabia and Iran The 2 June 2016 OPEC Continue Reading
Iraq Facing Perfect Storm
Basrah Oil Field Iraq has been pumping oil at record-high rates since the start of the year, with daily output reaching 4.31 million barrels last month, most of which was Continue Reading
Israel, Egypt Said Nearing Compromise on Natural Gas Dispute
Israel and Egypt are close to a compromise that would sweep away a major obstacle to a multibillion-dollar natural gas deal. (Bloomberg) – Israel and Egypt are close to a Continue Reading
China seeks coal production capacity cuts by state-owned companies
Following a clampdown on illegal mines, China has now asked state-owned coal companies to cut their capacity by 10% and improve their efficiency, the Ministry of Finance said on its Continue Reading
Anti-Maduro protests blocked in Venezuela, tear gas fired
Venezuelan security forces fired tear gas at protesters in Caracas on Wednesday amid nationwide rallies demanding a recall referendum to end President Nicolas Maduro’s socialist rule. In the third day Continue Reading
The ice finally begins to crack in Venezuela
Venezuela is the great failure of the western hemisphere. A large, seemingly wealthy, apparently modern and resource-rich country, only a three-hour flight from the US, is on the brink of Continue Reading
Venezuela crisis deepens
It was around noon when a food truck rolled up to a Venezuelan state-subsidized supermarket in the town of Guarenas just east of the capital. But, to the fury of Continue Reading
For Fuel-Importing India, $50 Oil Seen as Economic Sweet Spot
India hasn’t run out of luck just yet. While oil that plunged below $30 a few months ago helped India contain inflation and shrink its trade deficit, a rebound to Continue Reading
China sets aside $4 billion to finance steel, coal capacity cuts
The Chinese central government will earmark 27.64 billion yuan ($4.23 billion) to help local governments pay for capacity closures in the steel and coal sectors this year, the finance ministry Continue Reading
India Sustains Crude Buying at Record, Boosts Diesel Imports
Imports at 4.39 million bbd; diesel buying at five-year high India sustained crude oil imports at a record and purchased more diesel than it has in the previous three years Continue Reading
Column: China’s surging crude oil imports for storage may ease
China appears to be stockpiling crude oil at a faster pace than the market had expected, taking advantage of low prices but perhaps also pulling forward its demand for imported Continue Reading
In North Dakota’s oil patch, a humbling comedown
Dave Van Assche didn’t fret too much when oil prices started to slide in late 2014. The postal services business he had built over three short years was thriving, catering Continue Reading
U.S. crude inventories rise unexpectedly; product stocks slump: EIA
U.S. crude oil stockpiles rose unexpectedly last week even as gasoline and distillate inventories fell more than expected, data from the Energy Information Administration showed on Wednesday. Crude inventories USOILC=ECI Continue Reading
Continental Resources making Oklahoma breakthroughs
Continental Resources boasted of record performance at a shale well on Oklahoma that it said was performing near the lowest costs ever for the company. Continental said it completed an Continue Reading
Trump ally wants Opec probed over unfair trade
A US congressman who has been advising Donald Trump on energy policy is leading a plan to investigate Opec, the oil producers’ cartel, for unfair trade practices. Kevin Cramer, a Continue Reading
Wildfire Nears Canada’s Major Oil Sands Plants
Alberta Wildfires A massive wildfire raging through the northern part of Alberta has swelled in size and surged north of Fort McMurray, destroying an evacuated oil sands camp on Tuesday Continue Reading
Fed signals interest rate hike firmly on the table for June
Federal Reserve officials felt the U.S. economy could be ready for another interest rate increase in June, according to the minutes from the central bank’s April policy meeting released on Continue Reading
Alberta Plans Reentry to Oil-Sands Town Ravaged by Wildfires
Albertans who fled the wildfire devastation in the oil-sands community of Fort McMurray can tentatively expect to return in a couple of weeks, while the blaze still rages elsewhere in Continue Reading
Oil services groups to merge to form $13bn company
Two major oil services companies have agreed to a $13bn merger as they consolidate and cut costs to cope with the effects of a prolonged low oil price. Technip, which Continue Reading
Who Will Benefit From The Electrification Of Transport?
Electric Transport The recent launch of the Tesla Model 3 has proven a massive global demand for electric vehicles . Thus, it is no longer the question if the electrification Continue Reading
Can EVs Save Electric Utilities?
Electric Vehicle Charging Electric cars hold the potential to destroy the oil business and save the electricity business. The big question now is when this will happen. Last year the Continue Reading
Trump Threat to Renegotiate UN Climate Deal Causes Dismay Abroad
Donald Trump’s threat to renegotiate the global accord on climate change if elected U.S. president caused dismay abroad on Wednesday, with many experts saying it was in his interests to Continue Reading
Faced With a Fracking Giant, This Small Town Just Legalized Civil Disobedience
Pennsylvania township first to legalize civil disobedience. Photo from A tiny community sitting on a 27-square-mile piece of Western Pennsylvania wanted to send a big message to the energy company Continue Reading
Bring on the zombie killers to clear the way for the energy revival
Oil prices may be headed higher, but a bust like this one isn’t over until bankruptcies, mergers and acquisitions clean up the detritus left behind. Almost two years after oil Continue Reading
The Real Economy Is Already In Recession
You are about to see a chart that is undeniable evidence that we have already entered a major economic slowdown. In the “real economy”, stuff is bought and sold and Continue Reading
Gazprom confident Nord Stream II will get built
Despite regional reservations, Russia’s Gazprom said expanding a Baltic Sea gas pipeline would add another layer of reliability for European energy markets. Gazprom said it gathered the relevant parties in Continue Reading
Greek Pipeline Breakthrough To Challenge Russian Gas Dominance
After years of debate, political jockeying and acrimony, a major pipeline project to bring natural gas to Southern Europe has broken ground. The Trans-Adriatic Pipeline ( TAP ) will connect Continue Reading
Norway Opens Arctic Oil Exploration in Russian Border Area
Norway awarded licenses to 13 oil companies as it expands into an entirely new part of the Arctic Barents Sea in an area previously disputed with Russia in a bid Continue Reading
Brent Crude Continues March Higher to $50 a Barrel
The international Brent crude benchmark crawled closer to $50 a barrel in early Asian trade on Wednesday as outages in Africa and Canada and production declines outside of the Middle Continue Reading
Oil Holds Near Seven-Month High as U.S. Stockpiles Seen Falling
Oil held gains near the highest close in seven months as U.S. industry data showed crude stockpiles declined, trimming a glut. Futures climbed as much as 0.6 percent in New Continue Reading
Can Oil Prices Hold Onto Gains At $50 Per Barrel?
Shale Oil Tower For the past few weeks, maintenance, sabotage, wildfire, strikes and rebel attacks have added to supply-side disruptions, as shown in the chart below . So now, everyone’s Continue Reading
Oil Climbs on Canadian Fires
U.S. oil prices are rallying for the eighth time in 10 sessions as uncontrolled forest fires are threatening to delay the return of at least one million barrels a day Continue Reading
Oil Sands Restart Plans Thwarted as Alberta Fire Threat Returns
Plans to bring back more than 1 million barrels a day of lost production in Canada’s oil sands are being delayed as wildfires sweeping across northern Alberta threaten operations again, Continue Reading
World Powers Want to Arm Libya’s Government. Who Gets the Guns?
A member of the Libyan pro-government forces patrols a rural area on the outskirts of Benghazi, on April 19, 2016. Top officials from 21 countries and four major international organizations Continue Reading
Venezuela Offers Discounted Oil in Battle for U.S. Refineries
Venezuela Oil Output May Go All the Way to Zero Venezuela is offering oil at the biggest discounts in seven years as the third-largest supplier to U.S. refineries fights to Continue Reading
Iraq violence: Blasts in Baghdad kill dozens
Four bomb blasts in Baghdad have killed more than 60 people, medics say, in the latest in a series of recent attacks in the Iraqi capital. Three of the bombings Continue Reading
Russia Remains Determined To Stop Israel-Turkey Pipeline Deal
It has been six years since the Israeli raid on the Mavi Marmara ship that was aiming to reach the Gaza coast in May 2010. In the wake of the Continue Reading
Iran’s May oil exports set to surge nearly 60 percent from a year ago: source
Iran’s oil exports are set to surge in May, climbing nearly 60 percent from a year ago, with European shipments recovering to about half of pre-sanction levels, according to a Continue Reading
Faced with dominant rival, competing Kurdish parties reunite
Sulaimaniya’s PUK and Gorran parties have agreed to electioneer and vote together, hoping to clip the wings of acting President Massoud Barzani’s KDP. At a ceremony in Dabashan, Sulaimaniya, Kosrat Continue Reading
Analysis: Drought triggers unusual thirst for gasoil in Asia
* India, Vietnam step up gasoil purchases * MRPL idles refinery because of water shortages * Incremental demand may fade once rains set in Hit hard by an El Nino-induced Continue Reading