Shrinking EU Market Share Forces Gazprom To Action
For all the talk that Brexit would spell the end to the EU drive for energy market liberalization, the European Commission seems to have no intention to halt its ambition Continue Reading
Is Oil Going Back Under $40?
In recent weeks the oil market has seen negative sentiment drive prices lower based on expectations of heightened output (some of which have been realized) from recent problem areas including Continue Reading
Oil Settles Near $46 Amid Nigeria Force Majeure, US Fuel Glut
Oil closed near $46 a barrel in New York as the market weighed a force majeure declared by Exxon Mobil Corp. on crude shipments out of Nigeria against excess U.S. Continue Reading
Oil Prices Tick Higher on Demand Expectations
Oil prices rose Friday as better-than-expected Chinese economic data boosted expectations for oil demand from that nation, the world’s No. 2 oil consumer. But U.S. drilling data showed an uptick Continue Reading
Oil bounces after big losses but glut persists
Oil prices rallied from sharp losses on Thursday but brokers said the downtrend could resume soon as record-high stocks and worries over slowing economic growth dampened sentiment. Brent crude oil Continue Reading
Brimming Gasoline Stockpiles Cap Oil Prices
We begin by taking a quick look at some of the critical figures and data in the energy markets this week, which show that renewed concerns about the supply glut Continue Reading
Thousands of Sadr supporters defy army
Thousands of supporters of Muqtada al-Sadr, the powerful Iraqi cleric, defied army warnings to demonstrate against the government, highlighting simmering political unrest in Iraq. Protesters packed in to Baghdad’s Tahrir Continue Reading
Petrobras Gets Permission To Halt Production At 16 Oil Platforms
The Brazilian government gave permission to Petrobras to suspend production at sixteen oil platforms as the troubled state-owned firm attempts to reduce costs. As reported in The Rio Times on Continue Reading
Schlumberger in $300 million deal offshore Australia
More than $300 million in contracts for the upstream side of the energy sector goes toward developing offshore Australia, a division of Schlumberger said. Schlumberger subsidiary OneSubsea secured an engineering Continue Reading
China’s Oil Output Tanks , Hits 4 Year Low
China Imports China’s crude oil output over the first half of the year stood at 101.59 million metric tons, down 4.6 percent and the lowest six-month figure since 2012, Bloomberg Continue Reading
As China’s Economy Slows, Beijing’s Growth Push Loses Punch
Mo Ping for years made his living by tending the mango and jujube trees that he grew on less than an acre on this tip of land in the far Continue Reading
Alaskans Brace for Spending Cuts as Oil Prices Tumble
The impact of falling oil prices in Alaska, which has seemed for many residents like a distant worry until now, is about to land. The turning point came on Friday, Continue Reading
Trump’s Expected VP: Governor Who Defied Obama’s Climate Agenda
Republican Donald Trump’s selection of Indiana Governor Mike Pence as his running mate cheered the U.S. energy industry and dismayed green advocates, with both sides citing Pence’s support for coal Continue Reading
North Dakota Production and STEO
The Bakken and North Dakota production data is out. Bakken production was up 6,540 barrels per day while all North Dakota production was up 5,383 bpd. This was not posted Continue Reading
U.S. Oil Rig Count Increases For 6th Time In 7 Weeks
The US oil and gas rig count rose by 7 this week, with Baker Hughes adding 6 more oil rigs to the count and one more gas rig, bringing the Continue Reading
Several nonpowered dams along the Ohio River to be converted to hydroelectric dams in 2016
In 2016, nearly 300 megawatts (MW) of electricity generating capacity is expected to come online from dams that did not previously have electric generating units, commonly referred to as nonpowered Continue Reading
Clean-Coal Project Slammed by Watchdog Gets Late U.S. Reprieve
Millions in federal government support hang in the balance Project had faced midnight deadline to line up financing A Texas clean-coal project was given more time to persuade the Obama Continue Reading
U.S. gas prices must rise to rebalance market: Kemp
The U.S. natural gas market is on an unsustainable course as low prices stimulate strong growth in consumption while production is flat or falling. U.S. power producers burned a record Continue Reading
Oklahoma rocked by a week of seismic events
Shale-rich Oklahoma experienced more than a dozen seismic events in the five days ending Friday, data from the U.S. Geological Survey show. A magnitude-2.7 tremor was reported shortly after midnight Continue Reading
May dismantles Department of Energy and Climate Change
With the British Cabinet evolving, industry group Oil & Gas U.K. said it was incumbent upon the new leadership to focus on one of the country’s best assets. British Prime Continue Reading
Oil Falls Amid Warnings of Retreat to $40 on Rocky Rebalance
BNP Paribas and JBC see risk of renewed crude price declines China oil refining rises to record in first six months of year Oil fell amid a growing number of Continue Reading
Oil bounces after big losses but glut persists
A worker looks at a pump jack at an oil field Buzovyazovskoye owned by Bashneft company north from Ufa, Bashkortostan, Russia, July 11, 2015. Oil prices rallied from sharp losses Continue Reading
Oil Is Facing The Perfect Storm
Since at least the end of 2014 there has been increasing uncertainty over oil prices, from whether so-called “Peak Oil” has already happened, to matters of EROI (or EROEI) values Continue Reading
The Glut Is Far From Over As Offshore Oil Storage Continues To Swell
Nine tankers carrying as much as nine million barrels of crude are floating in the North Sea as traders can’t afford to sell the crude they have—at least not profitably Continue Reading
Does This Estimate Suggest We Are Heading For $30 Oil?
Crude oil and refined products are once again begin stored on tankers floating at sea, a sign that the two-year oil glut is far from over. Short-term floating storage is Continue Reading
Oil deal and payment promises in Iraq’s IMF pledge
In its formal request for $5.3 billion in new loans from the International Monetary Fund (IMF), Iraq’s finance ministry has suggested a new version of an oil and revenue deal Continue Reading
This Big OPEC Member Might Be The Next Big Opportunity For Oilfield Services
There’s been a global trend toward privatization of natural resources the last several months. With lower commodities prices prompting governments like Saudi Arabia to raise cash through the sale of Continue Reading
Angola sees gloomier economic prospects on oil price slump
Angola is at a critical juncture as its government sees a bleak year ahead as the continued oil price slump has made it halve its 2016 growth forecast. The oil Continue Reading
Nigeria: Crude Oil Production Rises to 1.5mbpd
Country loses top Africa producer status to Angola After hitting two-yea low last month due to Niger Delta militant attacks on oil facilities, Nigeria’s crude oil production has managed to Continue Reading
Maduro’s Threats Fail to Stop Companies From Exiting Venezuela
Kimberly-Clark became latest company to pull out this month Goverment blames U.S.-led conspiracy and backs factory seizure The multinationals that remained in Venezuela through more than a decade of nationalizations, Continue Reading
China Oil, Coal Output Decline Signals More Imports to Come
Crude oil production fell 4.6% in first half of the year Coal output declined 9.7% from year ago to 1.63 billion tons The world’s biggest consumer of energy is producing Continue Reading
China’s Oil Refining Rises to Record on Margins, Teapots
June crude processing gains 3.2% to 11 million barrels a day $9-$10 a barrel refining margin ‘quite decent’ in June: ICIS China processed a record amount of crude oil into Continue Reading
China GDP grows 6.7% in second quarter on boost from property
China’s economy grew 6.7 per cent in the second quarter, unchanged from the previous three-month period, as a buoyant property market and government stimulus boosted demand for factory output. The latest quarterly Continue Reading
The Fuel That May Halt The Electric Car Revolution
Gas Storage Electric cars are often touted as the nail in the coffin for gasoline-powered vehicles. However, there’s another fuel revolution in the developing world, which is changing the economics Continue Reading
Link between U.S. oil drilling and rise in earthquakes
Stopping an earthquake before it starts? It sounds like a feat possible only for a superhero. But in Kansas and Oklahoma state policymakers are showing that insofar as humans are Continue Reading
Refiners Seen Killing Market’s Golden Goose in Shift to Gasoline
Glut likely to persist through U.S. summer driving season U.S. gasoline pump price have dropped for 33 days straight Less than three months ago, gasoline was viewed as the bright Continue Reading
Shale Revolution Extended to Old Wells Seen Unleashing More Oil
IHS Markit Energy assessed 46,000 horizontal wells in U.S. Study shows big potential for reviving conventional plays U.S. oil explorers are yet to fully reap all the rewards of horizontal Continue Reading
Natural gas-fired electricity generation expected to reach record level in 2016
Natural gas-fired electricity generation in the United States is expected to reach a record level this year, providing an average of 3.8 million megawatthours per day in 2016, or 4% Continue Reading
Chinese Energy Giant’s Big Bet on Oil Sands Backfires
Three years after spending $15 billion on an ambitious bid to revitalize a troubled oil-sands project in a northern Canadian swampland, one of China’s largest state-controlled oil companies has run Continue Reading
CNOOC Cutbacks at Long Lake Oil-Sands Site Caps Years of Trouble
Long Lake upgrader mothballed after January explosion Northeastern Alberta site had history of underperformance CNOOC Ltd.’s decision this week to idle part of its Long Lake oil-sands operation in Alberta Continue Reading
Energy companies spend big to fight Colorado ballot initiatives
Energy companies in Colorado are spending millions of dollars to derail a push by environmentalists to put measures on November’s ballot that would stifle oil and gas drilling in the Continue Reading
BP puts 2010 Gulf of Mexico penalties at $62 billion
BP on Thursday estimated costs from its deadly 2010 Gulf of Mexico spill will total $61.6 billion after it agreed to a new $5.2 billion charge it said largely drew Continue Reading
U.S. refiners pay price for making too much gasoline
An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, Continue Reading
IMF: Russia still facing risk from low oil prices
Russian economy clings to growth next year, but faces medium-term risks because of weaker crude oil prices, the International Monetary Fund said. Photo by Denis Larkin/Shutterstock WASHINGTON, July 14 (UPI) Continue Reading
Green campaigners furious as climate change ministry scrapped
Theresa May’s decision to abolish the department of energy and climate change in Thursday’s ministerial reshuffle has provoked angry criticism from environmental groups and some MPs. “It sends a terrible Continue Reading
Oil bounces after big losses but glut persists
Oil prices rallied from sharp losses on Thursday but brokers said the downtrend could resume soon as record-high stocks and worries over slowing economic growth dampened sentiment. Brent crude oil Continue Reading
No balance: oil markets still oversupplied, now growth is stuttering
Oil industry hopes that markets are about return to balance, ending a global glut that pulled down prices by over 70 percent between 2014 and early 2016, might be abruptly Continue Reading
IEA Says High Oil Stocks Pose Threat to Price Stability
A gas flame in the desert near the Khurais oil field, about 160 kilometers from… Global crude markets have undergone an “extraordinary transformation,” swinging from a major surplus to near Continue Reading
Iran extends energy hand to Europe
Iran could step in to help address European energy security concerns once the doors to financial regimes open, the speaker of the Iranian parliament said. Speaker Ali Larijani told visiting Continue Reading
OPEC delegates say Saudi comments show higher oil price desire
OPEC delegates say comments from top exporter Saudi Arabia, which two years ago led the group to drop its historic role of supporting oil prices, are a change in tone Continue Reading