Oil prices rise on Nigeria, Venezuela disruptions
Oil prices edged up in early trading on Monday as output falls in Nigeria and worries about political instability in Venezuela tightened the market, although rising OPEC output and a Continue Reading
Goldman Surprised by Sudden Oil-Market Turn as Glut Vanishes
Oil Advances as Goldman Forecasts a Deficit The global oil market has flipped to a deficit sooner than Goldman Sachs Group Inc. had expected. A decline in production driven by Continue Reading
OPEC signals greater oil glut in 2016 as its output surges
OPEC said the global oil market is oversupplied and signaled the glut may increase this year, as surging output from its members makes up for losses from other countries whose Continue Reading
Oil Markets Balancing Much Faster Than Thought
Russia Oil Oil markets are only a few months away from a much closer balance as demand holds steady and supply drops off. Several reports from the three major energy Continue Reading
Big Oil’s Big Plans for New Gas Markets
Natural gas transported across the world’s oceans by ship has helped to displace coal burned in European power plants and Chinese household cookers. Now, producers want it to become a Continue Reading
Research cutbacks hit oil groups’ ability to invest
Most of the world’s largest oil companies have cut research spending sharply since 2013 as they strived to save money in the face of the slump in crude prices, raising Continue Reading
Yergin: Where Oil Prices Go From Here
Leaders of major oil-exporting countries used to talk about “saving the oil” for their grandchildren. But now the grandchildren are in charge, and they want to monetize the oil. That Continue Reading
Iraq Sees $15 Billion in Aid Through 2017 as IMF Deal Looms
Iraq’s possible loan accord with the International Monetary Fund may unlock at least $15 billion in aid this year and next, central bank chief Ali al-Allaq said, helping OPEC’s second-biggest Continue Reading
Libyan Oil Blockade Partially Lifted
Libya’s divided oil officials have agreed to allow petroleum to flow again between the country’s east and west but have yet to end a crisis that is blocking exports, Libyan Continue Reading
Islamic State Attacks Iraqi Gas Plant
A team of Islamic State bombers assaulted a natural-gas plant north of Baghdad on Sunday, killing at least 12 people, officials said, the fifth straight day of attacks in Iraq Continue Reading
IS attacks gas plant near Baghdad
The latest in a string of asymmetric attacks around the capital, IS militants partially destroyed a propane filling station in Taji before Energy Police regained control. Iraqi firefighters try to Continue Reading
Nigerians brace for more fuel queues
Motorists queue to buy petrol at a fuel station in Ahaoda in Nigeria’s oil state in the Delta region, December 6, 2012. The growing fleet of tankers stuck off Nigeria Continue Reading
China admits overcapacity not yet falling in bloated steel sector
A view inside a steel production facility at Shanxi Zhongsheng Steel in Fenyang, Shanxi Province, China, April 28, 2016. Massive overcapacity in China’s steel industry is not yet falling, a Continue Reading
China Helping Balance Oil as Thirsty Refiners Rely on Old Fields
China’s tumbling crude production amid record-high demand from its oil refineries is helping tighten a global market recovering from a glut. Output in April from the world’s second-biggest consumer fell Continue Reading
Goldman Sachs emerges as growing natural gas player
Goldman Sachs has quietly overtaken Chevron and ExxonMobil to become one of the biggest natural gas merchants in North America, expanding in physical commodities trading even as other banks pull back. Continue Reading
Fracking: Oklahoma’s New F-Word
Oklahoma Earthquake Damage Fracking in Oklahoma, as well as elsewhere, has been on the decline, thanks to the oil price slump. Quakes, however, are continuing at alarming rates. A CBC Continue Reading
Bakken’s 1 Million b/d Production Unlikely to Hold
With the number of uncompleted wells continuing to rise in the Bakken Shale, it is doubtful the 1 million b/d production level can be maintained into next year, North Dakota Continue Reading
BP doubles stake in North Sea gas field
BP logo is seen at a fuel station of British oil company BP in St. Petersburg, October 18, 2012. Oil major BP Plc said it doubled its stake in the Continue Reading
Crude Prices Fall as Investors Take Profits
Crude oil prices fell on Friday as investors took profits following Thursday’s steep gains and the dollar added to its recent rally. Light, sweet crude for June delivery settled down Continue Reading
Holding 30% Of June Brent Crude Contracts, Is Glencore Manipulating Oil Prices?
Glencore Building While oil bulls were delighted by Wednesday’s DOE news of an inventory drawdown refuting the prior day’s API news of a major build, what was ignored was the Continue Reading
Appreciating Dollar Caps Crude Rally Again
In fitting fashion, crude was screaming lower earlier, chased off by a stronger dollar (apparently in a hockey mask), before positive economic data has helped improve the mood a bit Continue Reading
Dollar Rally Has Legs as Fed Divergence Trade Comes Back to Life
The dollar’s two-week rally has room to run, with Goldman Sachs Group Inc. citing scope for greenback strength versus the yen, while Bank of America Corp. projects gains against the Continue Reading
OPEC: Energy industry spending to decline
Global spending in exploration and production over the next two years is expected to be about half what it was between 2012 and 2014, OPEC said in a monthly report. Continue Reading
OPEC Sees Rival Oil Production Declining as Markets Rebalance
OPEC forecast U.S. production this year will fall to 13.56 million barrels a day. Shrinking U.S. output and massive cuts to investment in new projects will reduce the global oil Continue Reading
OPEC Output Jump Highest Since 2008
Offshore rig OPEC countries produced 32.44 million barrels per day of oil in April, indicating a 188,000 bpd increase over the month before, while forecasting that the supply glut will Continue Reading
Saudi Arabia Loses No. 1 Spot to Iraq in Crude Exports to India
Tanker India Iraq has now overtaken Saudi Arabia in crude oil exports to India, shipping some 960,700 barrels per day (bpd) to India in April, against Saudi Arabia’s 787,700 bpd Continue Reading
Kuwait deputy FM says Iran, oil producers must not increase production
Kuwait’s deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Continue Reading
Saudi Arabia and Bahrain See Low Oil Price Prompt Ratings Cut
Middle Eastern oil producers including Saudi Arabia and Oman had their ratings downgraded by Moody’s Investors Service because of a collapse in oil prices, according to a statement from the Continue Reading
Exclusive: Iraq oil projects face delays as companies resist spending cuts
A general view shows a lake of oil at Al-Sheiba oil refinery in the southern Iraq city of Basra, in this January 26, 2016 file photo. International oil firms have Continue Reading
Nigeria: Militants Give Oil Firms Two Weeks to Shut Operations, Evacuate Staff
The Niger Delta Avengers (NDA), the new face of violent agitation in the oil-rich Niger Delta, yesterday issued a two-week ultimatum to owners and operators of oil concessions in the Continue Reading
Kenya creates 17 new oil exploration blocks: media
Kenya has created an extra 17 new oil exploration blocks, bringing its total to 63 and aims to auction them in a licensing round in 2017, Kenyan newspapers quoted Ministry Continue Reading
Exxon Mobil Says Nigerian Exports Hit After Pipeline Damage
Exxon Mobil said a drilling rig damaged some of its pipelines in Nigeria. The incident is the latest blow for Nigeria’s oil sector, which has been plagued by a series Continue Reading
Hungry Venezuelans Hunt Dogs, Cats, Pigeons as Food Runs Out
Ramón Muchacho, Mayor of Chacao in Caracas, said the streets of the capital of Venezuela are filled with people killing animals for food. Through Twitter, Muchacho reported that in Venezuela, Continue Reading
Crowds steal flour, chicken and underwear in looting spree in Venezuela
Crowds of people in Venezuela have stolen flour, chicken and even underwear this week as looting increases across the country in the wake of shortages of many basic products. Many Continue Reading
Gasoline Shortage Looms in Oil-Producing Venezuela
Complejo Paraguaná Refinery operates at a 108,000-barrel capacity, but reported it was only processing 60,000 barrels per days. ( ACN ) Español Venezuelans have yet another hardship to overcome in Continue Reading
Venezuela president declares emergency, cites U.S., domestic ‘threats’
Venezuela’s President Nicolas Maduro gestures as he talks to supporters during a rally to commemorate May Day, in Caracas, Venezuela, May 1, 2016. Venezuelan President Nicolas Maduro declared a 60-day Continue Reading
U.S. intelligence officials: Venezuela could be headed for collapse
Venezuela, where clashes erupted this week between security forces and demonstrators protesting food shortages, power blackouts and political gridlock, may be headed toward an all-out popular uprising that could lead Continue Reading
Refiners struggle to stay afloat as Asia drowns in gasoline
A fisherman rows his dinghy past oil refineries near port terminals in Singapore November 5, 2013. Asia’s refined product markets are being swamped by a wave of gasoline as a Continue Reading
China to boost energy storage 10-fold to cut power waste: industry
Wind turbines and solar panels are seen at a wind and solar energy storage and transmission power station from State Grid Corporation of China, in Zhangjiakou of Hebei province, China, Continue Reading
China April economic activity data disappoints, hiking recovery doubts
A woman stands on an overhead bridge near the construction site of ”Kaisa Plaza”, then named ”Changan No. 8” (L), on a hazy day in Beijing’s central business district in Continue Reading
China Processes Record Crude on Boost From Independent Refiners
China processed record crude on a daily basis in April as the nation’s independent plants boosted operations amid a surge in oil imports. Crude refining in the world’s second-largest oil Continue Reading
Trump taps climate change skeptic as energy adviser, pushes back on taxes
Republican U.S. presidential candidate Donald Trump speaks at the end of a campaign rally in Eugene, Oregon, U.S., May 6, 2016. Donald Trump on Friday pushed back against renewed calls Continue Reading
U.S. oil drillers cut rigs for 8th week to Oct 2009 lows: Baker Hughes
A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma September 15, 2015. U.S. oil drillers cut rigs for an eighth week in Continue Reading
U.S. energy bankruptcy wave surges despite recovering oil prices
The wave of U.S. oil and gas bankruptcies surged past 60 this week, an ominous sign that the recovery of crude prices to near $50 a barrel is too little, Continue Reading
Colorado touts leadership in methane rules
Federal rules on emissions tied to the oil and gas industry follows an example set by state regulators in shale-rich Colorado, the state’s governor said. The federal government released new Continue Reading
Canada’s oil production weakened by Fort McMurray fire
Even as the situation becomes less severe, it may be the third quarter of 2016 before Canadian oil sands operations return to normal, a government report shows. Fires in the Continue Reading
Oil and Gas Giants to Join Wind-Energy Battle, Says Dong CEO
The offshore wind-energy industry will soon be flooded by competition as big oil companies join utilities and small renewable players in the growing sector, said the chief executive of the Continue Reading
U.S. Oil Rig Count Falls by Ten in Latest Week
The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the sector, has fallen sharply since oil prices began to tumble in 2014. The number of oil Continue Reading
28% of US bees wiped out this winter, suggesting bigger environmental issues
More than a quarter of American honeybee colonies were wiped out over the winter, with deadly infestations of mites and harmful land management practices heaping mounting pressure upon the crucial Continue Reading
Big Oil Gobbles Up Record Debt as Borrowing Costs Decline
The world’s biggest oil companies are borrowing record amounts of money to cope with a slump in crude prices. Luckily, there’s rarely been a better time to go on a Continue Reading