The self-proclaimed Islamic State (IS) organization is taking advantage of security gaps in Salahaddin province to plunder the Alas oil field, despite a concerted campaign to dismantle the group’s improvised Continue Reading
The Nigerian National Petroleum Corporation (NNPC) on Tuesday said parts of the $12.9 billion dividends it received from the Nigeria Liquefied Natural Gas (NLNG) Ltd on behalf of the federation Continue Reading
Nigeria will float its embattled naira currency, the Central Bank governor announced Wednesday after months of pressure to control a spiraling crisis in Africa’s biggest economy. Gov. Godwin Emefiele told Continue Reading
The Nigerian National Petroleum Corporation, NNPC, yesterday, denied any wrongdoing over its failure to remit about $13.294 billion to the Federation account over a nine-year period, stating that the funds Continue Reading
With over 57 trillion cubic feet of gas, the government has boasted of a huge capacity that can accommodate serious investors in petrochemical manufacturing. Industry, Trade and Investment Minister Charles Continue Reading
Venezuelan security forces have arrested at least 400 people after the latest bout of looting and food riots in the crisis-hit OPEC member country, local officials said on Wednesday. Another Continue Reading
Russian Energy Minister Alexander Novak said on Thursday he discussed plans for a possible oil production freeze with his Venezuelan counterpart Eulogio del Pino on the sidelines of the St Continue Reading
Despite a crying need for better infrastructure, investment in it has actually fallen in 10 major economies since the financial crisis, including the U.S., according to a new study by Continue Reading
ABS to provide clarification to industry through an update of its rig layup and reactivation guide. With drilling activity down due to low oil prices, a number of offshore drilling Continue Reading
After relishing a cocktail of cheap crude mixed with profits from fuel sales, Asia’s oil processors are facing their reckoning over a lack of restraint. Profits from turning crude into Continue Reading
The Federal Reserve is expected to keep interest rates unchanged on Wednesday and signal if it still plans to raise rates twice in 2016 amid concerns about a U.S. hiring Continue Reading
The economic outlook for the state of Oklahoma is negative as the revenue stream ebbs as a result of lower oil prices, Moody’s Investors Service says. Moody’s said Oklahoma’s credit Continue Reading
US business leaders have offered a bleak view of the American economy, lowering their growth forecast for this year and urging the Federal Reserve to be cautious about raising interest Continue Reading
Oil Barrels Oil futures moved up slightly on Wednesday morning following the U.S. Energy Information Administration’s (EIA) official weekly report showing U.S. crude inventories down by 900,000 barrels for the Continue Reading
The deepest cuts in spending in the oil sector are coming out of the shale basins in the Lower 48 U.S. states, an analysis from Wood Mackenzie found. A report Continue Reading
The Bakken and North Dakota production data is out. Big surprise. The Bakken was down 69,420 barrels per day in April while all North Dakota was down 70,414 bpd. Largest Continue Reading
In a new report, researchers have challenged the belief that growing crops for bioenergy will cut food production, a concern they say is stalling new schemes. The report also identifies Continue Reading
North Dakota’s oil output fell the most in history in April, with low crude prices CLc1 and inclement weather forcing producers to cut back the drilling and fracking of new Continue Reading
Heavy-duty diesel-engine trucks (agricultural, cargo, mining, logging, construction, garbage, cement, 18-wheelers) are the main engines of civilization. Without them, no goods would be delivered, no food planted or harvested, no Continue Reading
The world’s biggest banks including Citi and Goldman Sachs will draft in senior traders to work through the night following Britain’s referendum on EU membership, set to be among the Continue Reading
Russia’s Gazprom has won licenses for rights to develop two large oil and gas fields in the Arctic, beating rivals Rosneft and Lukoil, an official at oilfield licenses regulator Rosnedra Continue Reading
A British environmental advocacy group said more than 150,000 signatures were added to a petition sent to the government against hydraulic fracturing plans. “Fracking poses risks to people and the Continue Reading
In terms of total dollar market value, Russian oil company Rosneft said it’s well ahead of its other counterparts in the nation’s energy sector. Rosneft President Igor Sechin , a Continue Reading
Siemens AG and Gamesa Corporacion Tecnologica SA are close to announcing an anticipated deal to combine their wind-power activities and create the world’s largest wind turbine maker, according to people Continue Reading
If the UK votes to leave the EU next week, the move could ultimately lead to the bloc’s disintegration, Germany’s foreign minister has warned. Frank-Walter Steinmeier was speaking near Berlin Continue Reading
Shell has plans to ink a deal with the Russian gas company Gazprom sometime this week. The deal is related to Gazprom’s plan to begin a liquefied natural gas project Continue Reading
Italy is now the second biggest buyer of Russian gas in Europe — overtaking Turkey — the head of Gazprom said Wednesday. CEO Alexei Miller said Italian demand for Russian Continue Reading
For seven years, the world has operated under a complete delusion that Central Banks somehow fixed the 2008 Crisis. All of the arguments claiming this defied common sense. A 5 Continue Reading
Probably you’ve heard of “peak oil,” the theoretical point at which maximum pumping of the planet’s oil resources is reached and production begins to decline for various reasons, including rising Continue Reading
Oil fell a fifth day, heading for the longest run of declines since February, as U.S. industry data showed crude stockpiles expanded, exacerbating an oversupply. Futures fell as much as Continue Reading
Oil prices fell Tuesday, pushed lower for the fourth consecutive day as market sentiment continued to turn, despite a bullish report from the International Energy Agency. The global benchmark, Brent, Continue Reading
Oil fell on Tuesday, as investor nervousness over next week’s vote on Britain’s possible European Union exit swept financial markets, eclipsing signs of a return to health for crude prices. Continue Reading
Natural gas rose Tuesday to the second-highest level of the year on expectations of rising demand. Prices have surged 14% in June as traders bet that summertime heat will boost Continue Reading
Crude futures fell on Wednesday as mounting concerns about Britain’s possible exit from the European Union and a surprise build in U.S. inventories left investors ignoring an IEA declaration that Continue Reading
The Syncrude Canada Ltd. refinery, Alberta. The IEA said unplanned shut-ins in Canada will help… Global oil markets are moving close to balance in the second half of this year Continue Reading
Investments in renewable energy made up more than half of all private investments last year, signaling a low-carbon shift is under way, the World Bank said. A report from the Continue Reading
The oil market is now in balance thanks to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tilt into surplus again early next year, the Continue Reading
According to the June IEA report, the global oil supply overall was down 0.8 mb/d for last month, due to outages in both OPEC and non-OPEC nations. Output was at Continue Reading
Oil’s battle to reclaim $50 a barrel may have left it in a sticky situation, where the price is too low to lure fresh investor bulls and too high to Continue Reading
Uranium Mine With prices set to double by 2018, we’ve seen the bottom of the uranium market, and the negative sentiment that has followed this resource around despite strong fundamentals, Continue Reading
With Iranian crude oil production moving past what it was during the sanctions era, the government said it was now looking to ensure a strong market position. Iranian crude oil Continue Reading
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
The Iraqi Army, with heavy support from a newly concerted wave of coalition airstrikes, retook tactically important territory in Ninewa province from the so-called Islamic State (IS) group Tuesday – Continue Reading
Nigeria’s central bank Governor Godwin Emefiele will unveil a new currency policy on Wednesday afternoon in Abuja, the capital, according to a spokesman. The governor’s announcement will be televised, Isaac Continue Reading
The Niger Delta Avengers militant group has threatened to sink oil tankers and “review” its stance of not taking lives in its latest warning to oil and gas companies operating Continue Reading
Nigeria plans to delay new capital rules for banks as regulators in Africa’s biggest economy follow fellow oil producer Kazakhstan in trying to boost lending and avoid a recession. The Continue Reading
The Association of Mega Filling Station Owners of Nigeria (AMFSON) has vowed to lock up their filling stations over pump price disparity, saying if the Minister of State for Petroleum Continue Reading
Latin American national oil companies need crude prices to surpass $55 per barrel to break even, a level that would allow them to invest capital enough to start reverting declining Continue Reading
Venezuela is in talks with China to obtain a grace period in its oil-for-loans deal that would improve the OPEC nation’s capacity to make bond payments amid an economic crisis, Continue Reading
The US and Venezuela announced on Tuesday they would launch high-level diplomatic talks to ease tensions in the South American country amid a deepening humanitarian crisis. John Kerry, US secretary of Continue Reading
