Russian Crude Losing Out as Iranian Oil Returns to Europe
The return of Iranian oil to the international market is hurting Russia’s main crude grade, forcing it to trade at the biggest discount in two years. The discount of Russia’s Continue Reading
BP Can Keep Reduced Spending Level for Another 3 Years, CEO Says
BP Plc can keep spending at a reduced rate of about $17 billion for another three years without affecting growth, Chief Executive Officer Bob Dudley said. The explorer has enough Continue Reading
Global oil majors look to shed refineries as crude prices rebound
Global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds Continue Reading
Crude oil rises for first time in seven days
Crude oil prices rose in early Asian trade on Friday for the first time in seven days as markets took a breather from concerns about the impact of Britain’s possible Continue Reading
Oil Prices Continue to Slide on Market Uncertainty
Oil prices slipped for a sixth straight session Thursday, dragged down by market jitters over the looming U.K referendum and mixed U.S. oil data. Crude prices have been on a Continue Reading
Oil Dips 6th Day as U.S. Drillers Seen Tapping Uncompleted Wells
Oil fell a sixth day, heading for the longest run of declines since February, as concern prices near $50 a barrel will trigger new U.S. production outweighed government data that Continue Reading
Oil hits three-week low on weak U.S. stock draw, Brexit fear
Oil prices hit their lowest in more than three weeks on Thursday, the sixth straight day of losses and longest bearish run since early 2016, as U.S. crude stocks fell Continue Reading
A Vote for Brexit Could Pose Threat to Oil-Price Recovery, Analysts Say
Oil prices, recently buoyed by improving market fundamentals, could suffer collateral damage if the U.K. votes to leave the European Union next week, investors and analysts say. Oil usually moves Continue Reading
Comparing The EIA And OPEC Production Numbers
Oil Rig The latest OPEC Monthly Oil Market Report is out, showing OPEC crude only production numbers for May, 2016. I have compared these numbers with those published by the Continue Reading
Oil Bosses See Volatility Easing With Crude Around $50 a Barrel
Russia’s Novak Says 2017 Oil Price May Average $50 P/B Price ‘more or less’ steady, may only average $55 in 2017: OMV Crude is stabilizing around $50 a barrel and Continue Reading
Increase In U.S. Rig Count Will Not Cap Oil Prices
Oil Rig The impact of rising oil prices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 Continue Reading
Iran to build oil terminal with China
A $550 million contract with a Chinese partner envisions the construction of a new oil loading terminal in the Persian Gulf, Iranian media reported. The semi-official Fars News Agency reports Continue Reading
Saudi deputy crown prince promotes his bold reform plans in US
Mohammed bin Salman, Saudi Arabia’s powerful deputy crown prince, has taken his plan to transform the oil-dependent kingdom to the US as he attempts to sell his bold vision and Continue Reading
Iran Oil Comeback That Startled Doubters Approaches Roadblock
Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery Continue Reading
Middle East worst hit by rise in sand and dust storms
Image caption UN scientists predict that Iraq could witness 300 dust events in a year within 10 years, The Middle East has been the worst hit by significant rise in Continue Reading
Nigeria Militants Claim Pipeline Attack Despite Appeal for Talks
Nigerian oil militants claimed to have blown up a pipeline belonging to the Nigerian National Petroleum Corporation in what would be their first attack since they expressed a willingness to Continue Reading
Niger Delta Avengers bombs another pipeline
The assault on oil installations in the Niger Delta continued Thursday with a group taking credit for blowing up a pipeline run by a national oil company. At 4:00am @NDAvengers Continue Reading
Nigeria changes course with painful devaluation
Nigeria has lost a year. By imposing capital controls and sticking mulishly to a fixed exchange rate out of sync with the shifting fortunes of the economy, President Muhammadu Buhari Continue Reading
Venezuela still hopes for OPEC, non-OPEC deal as Iran oil output rises
Venezuela’s Oil Minister Eulogio del Pino attends a meeting with President Nicolas Maduro at Miraflores Palace in Caracas, in this handout picture provided by Miraflores Palace on January 6, 2016. Continue Reading
Venezuela Says Oil at $50 Enough to Avoid PDVSA Default
Crude prices around $50 a barrel are enough for Venezuela’s state oil producer to avoid a default on its debt, company president and national oil minister Eulogio Del Pino said Continue Reading
Monsoon to wash away diesel demand surge
India’s monsoon is expected to dump above-average rainfall on the South Asian nation after two years of drought, cutting its use of diesel for irrigation pumps and generators over the Continue Reading
Gasoline appeal fades as refiners chase the next profit boost
Just as drivers hit the road for summer holidays, refiners are turning the taps down on gasoline as a global excess cuts into their profits. Refiners in Europe, Asia and Continue Reading
In China, Venezuela Default Talk Is Front-Page News
Whether crisis-ridden Venezuela will default is a question increasingly on the minds of bond traders. It’s now also one that is getting front-page treatment from China, one of the Latin Continue Reading
China’s March to Biggest Oil Importer Hits U.S. Shale Roadblock
The world’s biggest oil importer. The title nobody wants. For decades the U.S. held undisputed rights to the crown. Last year, China squeaked ahead for the first time amid growing Continue Reading
Coal use plunges as China cuts back and US turns to gas
The world’s use of coal fell by the largest amount on record last year as the fossil fuel that powered the industrial revolution was struck by tumbling US gas prices Continue Reading
Chinese Investors Looking To Dethrone Tesla As Electric Car Kingpin
Electric Vehicle Charging Tesla is still a synonym for luxury electronic vehicles (EV), but this may change in the not-too-distant future as fresh competition emerges—not just from the likes of Continue Reading
Canadian gas exports expected to drop
Even with the addition of exports of liquefied natural gas, exports from Canada are expected to drop off substantially in the years ahead, a regulator said. Canada relies heavily on Continue Reading
Plans for Electric Planes Gain Traction
The National Aeronautics and Space Administration is poised to designate an all-electric plane concept as its newest, futuristic aircraft in the biggest boost yet for the idea of building airliners Continue Reading
Environmental Groups Change Tune on Nuclear Power
Some of the nation’s most influential environmental groups are softening their longstanding opposition to nuclear power, marking a significant shift in the antinuclear movement as environmentalists’ priority shifts to climate Continue Reading
Local Motors debuts first self-driving vehicle using IBM Watson Internet of Things for Automotive
Local Motors, creator of the first 3D-printed cars ( earlier post ), introduced the first self-driving vehicle to integrate the advanced cognitive computing capabilities of IBM Watson. The vehicle, dubbed Continue Reading
Biggest U.S. Airlines Miss Cheapest Jet Fuel Prices in 12 Years
The biggest U.S. airlines missed their chance to lock in the cheapest energy costs in more than 12 years after jet fuel surged as much as 80 percent since January. Continue Reading
Gazprom, Shell to invest $13 billion in projects in Russia: Russian Energy Minister
Energy major Shell and Russia’s gas major Gazprom will jointly invest $13 billion in three projects in Russia, Russian Energy Minister Alexander Novak said on Thursday. Novak said that Shell Continue Reading
Lukoil CEO says ready to invest in Iran, eyes October International Petroleum Contract – Oil | Platts News Article & Story
Lukoil is ready to re-enter Iran and is hopeful that the necessary laws will be in place soon, with the terms of the International Petroleum Contracts, or IPCs, likely to Continue Reading
Halliburton, Schlumberger bid for fracking jobs in Ukraine: UkrGazVydobuvannia
Halliburton, Schlumberger and Weatherford are among nine companies that submitted bids to carry out hydraulic fracturing operations for Ukraine’s largest natural gas producer UkrGazVydobuvannia (UGV), the company said Thursday. UGV, Continue Reading
VW Group strategy calls for >30 new BEVs by 2025 with annual EV sales of 2-3M units; mobility services
« Local Motors debuts first self-driving vehicle using IBM Watson Internet of Things for Automotive | Main Volkswagen Group CEO Matthias Müller presented the company’s new new strategic plan—TOGETHER – Continue Reading
Oil hits three-week low on weak U.S. stock draw, Brexit fear
Oil prices hit their lowest in more than three weeks on Thursday, the sixth straight day of losses and longest bearish run since early 2016, as U.S. crude stocks fell Continue Reading
Oil Prices Continue to Decline on Oversupply Concerns
Oil prices retreated Wednesday as oversupply worries lingered and the prospect of the U.K. leaving the European Union weighed heavily on investors. The August contract for global benchmark Brent was Continue Reading
Oil prices take a beating
Pessimism about the strength of the oil market recovery and concerns over the consequences of the so-called Brexit strategy dragged oil prices lower Wednesday. Short-term supply disruptions triggered by wildfires Continue Reading
Oil’s Recovery Looks Fragile to Goldman Sachs as Supplies Return
Play VideoPlayMuteCurrent Time 0:00/Duration Time 0:00Loaded: 0%Progress: 0%Stream TypeLIVERemaining Time -0:00Playback Rate1Chapters Chapters Subtitles subtitles off Captions captions settings captions off Fullscreen This is a modal window. No compatible source Continue Reading
Goldman Sachs Says Oil Isn’t Recovering
Oil Rigs Goldman Sachs has rejected analysts’ opinions that the global oil market is recovering, noting that while it expects a “modest” deficit in the coming months based on the Continue Reading
OPEC Turmoil Could Turn IEA’s Balanced Market Into Shortfall
The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output Continue Reading
Hedge Funds Betting On $100 Oil
Oil Rig Options traders expect oil prices to rise above $80 per barrel and reach close to $110 per barrel within the next four years, according to data from the Continue Reading
Expect Much Higher Oil Prices As The Cycle Comes To An End
Oil Rig In my last article for OilPrice.com (May 16, 2016), I laid out my reasoning for a prediction that the Global Oil Markets would soon be back in balance. Continue Reading
Renewables getting cheaper, report finds
The costs for electricity generated by solar and wind technologies is cheap and getting cheaper, a report released Wednesday by an international group said. With the right policies in place, Continue Reading
Oil Industry to Cut $1 Trillion in Spending After Price Slump
The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to Continue Reading
Oil, Gas Drillers Said Facing $2 Trillion Funding Gap
Drillers forced to slash spending during the oil slump may soon be facing another hurdle: a funding shortfall to the tune of $2 trillion over the next five years. That Continue Reading
OPEC oil export revenue seen down for third straight year: U.S. EIA
OPEC’s full-year 2016 oil export revenues will probably fall 15 percent, down for the third straight year and possibly the lowest in more than a decade before rising in 2017, Continue Reading
Kurds Ready For New Oil Deal With Baghdad If They Get $1B A Month
Iraq’s Kurds are ready to strike an agreement with the central government in Baghdad on a deal to increase oil exports, if it guarantees them a monthly revenue of $1 Continue Reading
Iran Oil Comeback That Startled Doubters Approaches Roadblock
Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery Continue Reading
Bribery, Corruption And Changing Contracts: Oil Investment In Iran
The Islamic Republic (IR) of Iran’s disputed nuclear program, which was widely viewed as a concern for international security, ended on January 16. After international sanctions were ended, the expectation Continue Reading