Baghdad bombing death toll rises to 281
Iraqi officials have again raised the figure for the number of people killed in Sunday’s suicide bombing in Baghdad. The health ministry said 281 were now known to have died Continue Reading
KRG’s June oil exports fall on pipeline outage
First pipeline problem in over two months causes exports to drop, but Kurdistan looks ahead to production hikes through the end of the year. Oil tanks at Turkey’s Mediterranean port Continue Reading
Saudi Strategy Working: OPEC Captures Largest Market Share Since 1975
OPEC has captured its largest share of the oil market since 1975, which could be seen as a vindication of the cartel’s strategy over the past two years. But it Continue Reading
Libyan Oil Unity May Not Happen After All
Last week the two administrations of Libya’s National Oil Company made a breakthrough , reaching an agreement to unify their oil operations for the greater good, but now the eastern Continue Reading
Nigeria Rebels Strike Chevron, Put Output Recovery in Doubt
Oil producers seen struggling to restore ‘normal’ volumes soon Worker walkout starts, threatening to hobble industry further Nigerian militants claimed an attack on oil pipelines less than two weeks after Continue Reading
Shell Nigeria lifts force majeure on Bonny Light crude oil
Shell on Thursday announced it had lifted force majeure on the export of Nigeria’s benchmark Bonny Light crude oil, almost two months after militant attacks on a pipeline. Such attacks Continue Reading
Niger Delta Avengers strike Chevron infrastructure
A Nigerian militant group maintained it was not negotiating a suspension to hostilities with the government, claiming responsibility for an attack on Chevron. The Niger Delta Avengers surfaced early this Continue Reading
Nigerian Oil-Export Terminal Back On Line
Crude-oil exports can resume from a Nigerian terminal capable of exporting 200,000 barrels a day after two months of outages there had contributed to a petroleum-price rally, Royal Dutch Shell Continue Reading
Shrinking Chinese Demand About To Slam Oil Prices
The oil markets have fallen back from the $50 per barrel mark due to questionable Chinese demand and an expectation of early restoration of supply outages. Crude is currently entering Continue Reading
Pemex sees oil output boost from looming joint ventures
Mexican state oil company Pemex expects to boost crude output over the next few years with a handful of joint ventures that will focus on onshore and offshore fields, a Continue Reading
Despite Industry Pleas, Obama Imposes Costly Arctic Drill Rules
Oil industry leaders say mandates will thwart development Regulations to cost an estimated $2 billion over 10 years Energy companies that hunt for crude in icy Arctic waters will have Continue Reading
House leader threatens subpoena over Exxon climate probe
Legal force may be needed to compel state attorneys general and environmental groups to clarify their climate charges against Exxon Mobil, a House leader said. Rep. Lamar Smith, R-Texas, the Continue Reading
Lockheed Tech Breakthrough Is About To Revolutionize Oil Exploration
A new sensor developed by Lockheed Martin and Neos will be able to find the location of precious metals and fossil fuels buried under the Earth’s surface by detecting the Continue Reading
Oil Drillers On Thin Ice As Banks Tighten Credit
Two years on from the beginning of the decline in oil prices, lenders continue to tighten access to finance for oil and gas drillers. Having been burned repeatedly by false Continue Reading
Oil-Sands Crude Returns to U.S. Market When It’s Less Needed
U.S. oil imports from the north fell to lowest since April Canadian oil is back to market after Alberta wildfire Canadian oil-sands producers who are restoring production after wildfires are Continue Reading
Big Oil Ready To Start Spending Again
Large oil and gas companies seem to be looking at new opportunities to invest, to capitalize on the future growth in oil demand. The confidence to invest in operations with Continue Reading
Chesapeake hit with another Barnett Shale suit
Chesapeake Energy has once again become the target of a lawsuit by property owners in the North Texas Barnett Shale region alleging the producer underpaid millions of dollars of royalties Continue Reading
Hot weather along US East Coast sends power prices, demand soaring
US East Coast power markets saw prices spike into triple-digit territory Thursday as loads approached the highest levels so far this year. High temperatures along the East Coast Thursday were Continue Reading
Exclusive: Shell CEO warns Brexit could slow $30 billion asset sale plan
Royal Dutch Shell’s ( RDSa.L ) chief executive, Ben van Beurden, has told investors that Britain’s decision to exit the European Union could slow its $30 billion asset sale plan, Continue Reading
Oil prices rise on U.S. stock draw but economic worries remain
Oil prices edged higher on Thursday for a second day, supported by a report of another fall in U.S. crude oil inventories and a weaker U.S. dollar, although a glut Continue Reading
IEA warns of ever-growing reliance on Middle Eastern oil supplies
The world risks becoming ever more reliant on Middle Eastern oil as lower prices derail efforts by governments to curb demand, the west’s leading energy body has warned. The head Continue Reading
Nigeria: Oil Output Rose in June, As Prices Decline
Nigerian oil output rose last month following repairs to infrastructure that had been damaged by militant attacks. An average of 1.53 million barrels a day was pumped in June, up Continue Reading
Nigeria: Fuel Scarcity Looms, As Oil Workers Go On Strike
Nigeria’s senior oil workers union will go ahead with a planned strike on Thursday over some unresolved industry issues with the federal government. The Petroleum and Natural Gas Senior Staff Continue Reading
Niger Delta Avengers suspended from Twitter
A militant group targeting oil companies in the Niger Delta said its social media account was suspended and observers should be on the lookout for imposters. The Niger Delta Avengers Continue Reading
U.S. crude oil exports hit record 662,000 bpd in May: Census Bureau
U.S. crude oil exports rose to a record 662,000 barrels per day in May from 591,000 bpd in April, foreign trade data from the U.S. Census Bureau showed on Wednesday. Continue Reading
Cruel summer for U.S. refiners as margins tank
Summer driving season is in full swing and American motorists are filling their tanks at a healthy clip, but that is not swelling the profit margins as much as usual Continue Reading
Lost Generation of Oil Workers Leaves Few Options for Next Boom
The oil, natural gas and petrochemical industries employed 1.4 million people last year, according to the American Petroleum Institute. Shortage of new leaders is hangover from last market downturn ‘A Continue Reading
Revving Up Oil Fields Won’t Be So Easily Done
Oil-field-services companies are depleted after slashing prices and laying off workers, and their slow recovery could crimp the energy industry’s overall ability to bounce back from the oil bust. The Continue Reading
Bill Gates And Other Billionaires Backing A Nuclear Renaissance
Let’s for a second imagine a world without nuclear energy. That’s a tough one but let’s try. No nuclear bombs, of course, no Chernobyl and Fukushima, no worries about Iran Continue Reading
Alberta oil sands producers will eye new projects at $55-$60/b WTI: execs
Investments in additional oil sands production capacity in Alberta will be boosted with a WTI price hovering between $55/b and $60/b even as producers spare no effort to reduce their Continue Reading
Russia Said to Mull Oil Tax Revamp to Remove Neighbors’ Benefits
Finance Ministry said to consider zero oil-export tax in 2018 Move would eliminate duty-free oil benefits for Belarus Vladimir Putin’s government is considering shifting the burden of oil taxes from Continue Reading
Energy Limits: Why We See Rising Wealth Disparity and Low Prices
Last week, I gave a fairly wide-ranging presentation at the 2016 Biophysical Economics Conference called Complexity: The Connection Between Fossil Fuel EROI, Human Energy EROI, and Debt (pdf). In this Continue Reading
Oil Trades Near 1-Week Low Before Supply Data Amid Risk Aversion
Futures little changed as stocks drop while gold, yen surge U.S. crude oil inventories forecast to slip seventh week Oil traded near a one-week low as investors fled to haven Continue Reading
Gold races to 28-month high, oil slides on renewed Brexit fears
Gold rallied to a more than two-year high and oil extended its losses on Wednesday, as renewed fears over the impact of Britain’s exit from the European Union prompted investors Continue Reading
Oil falls below $50 on economic concerns
Oil fell below $50 a barrel on Tuesday as concern about a potential slowdown in economic growth that would weigh on demand trumped supply outages in Nigeria and other exporting Continue Reading
Investors Pile Back Into Oil
The United States Oil Fund that tracks West Texas Intermediate oil prices attracted $59.9 million in June, the first inflow since February, as crude jumped to the highest level in Continue Reading
Oil Prices Lower as Speculative Investors Exit Market
Oil prices fell Tuesday as concerns over the global economy led speculative investors to exit the market. The global benchmark, Brent, was trading down 0.25% at $48.97 a barrel in Continue Reading
Why An Oil Price Crash Remains Unlikely
There has been a lot of optimism returning to the energy markets of late as oil prices have climbed to the $50 a barrel region. Ironically, while a few years Continue Reading
Saudi Arabia’s oil reserves: how big are they really? – Kemp
“How much oil lies beneath the desert sands of Saudi Arabia and how long will it last before running out?” is a question that has intrigued and confounded oil experts Continue Reading
Will Iran Scare Away Big Oil Once Again?
Just when big oil was preparing to sign the new Iranian Petroleum Contracts and start working the country’s vast fields, hardliners once again took the upper hand. On Monday, the Continue Reading
Consolidation In Libyan Oil – A Major Red Flag For Oil Markets?
A political breakthrough in Libya could potentially contribute to the return of some of the country’s disrupted oil production. Libya has been torn apart by civil war, political gridlock, and Continue Reading
Chevron, Exxon Commit to $36.8 Billion Expansion Project in Tengiz
The investment in the expansion of the field known as Tengiz—one of the world’s largest—comes on top of around $37 billion already spent by Chevron, the operator, and its partners: Continue Reading
Grade-Grubbing Oil Producers Are Threatening to Boost U.S. Output Yet Again
Shale producers are tapping their crown jewel assets in response to the latest oil price rally, according to Morgan Stanley. The recovery in crude to close to $50 per barrel Continue Reading
Record Heat Wiping Out U.S. Gas Glut Fuels Best Rally Since ’08
Hot weather will lead to boost in demand from power plants Drillers are refilling storage at half the 2015 pace A blistering start to summer is helping put U.S. natural Continue Reading
Oil Bust Continues To Take Its Toll On Canadian Economy
The fallout from the commodities price rout may prove to be more lasting than that of the 2008 global financial crisis. Economies dependent on oil and minerals have borne the Continue Reading
Breakthrough In Oil Sands Tech Could Transform The Industry
Oil Sands Factory Oil sands extraction evokes dark scenes of toxic trailing ponds and apocalyptic wastelands—but that’s Alberta. Welcome to Utah, where extraction leaves no trace as MCW Energy positions Continue Reading
Move Over Canada, U.S. Shale Gas is Here to Stay
A Canadian Energy Research Institute survey has found that the country’s natural gas exports will continue to slide over the coming years, with their market share eaten up increasingly by Continue Reading
Number of Oklahoma earthquakes down this year: state geologists
In recent weeks, the number of earthquakes felt in Oklahoma has decreased compared with this time last year, which might reflect measures state officials took earlier this year to severely Continue Reading
Russia’s Savior From Oil’s Drop Is Now Snuffing Out Recovery
Stronger ruble hampers economic rebound as recession persists Government says growth will resume next year as oil stabilizes Russia is finding the flip side of a flexible currency less and Continue Reading
Russia Blows Through Wealth Funds as Plans Said to Focus on Debt
Cabinet may drain one wealth fund, tap another, officials say Finance Ministry proposal calls for greater domestic borrowing Russia won’t spare one of its two sovereign wealth funds and plans Continue Reading