Is Russia Winning The Oil Export War Against The Saudis?
Putin Sechin Russia is on track to set a new record in crude oil exports this year, and Iran is boosting exports to Europe, intensifying competition on the continent, which Continue Reading
Demand Destruction and Peak Oil
We are fully under the influence of petroleum demand destruction. The global oil market can’t function without real oil production price discovery, which doesn’t exist in the currently deflationary global Continue Reading
Brent Crude Declines With Global Equities Amid Adequate Supply
Nigeria output rose, U.S. East Coast gasoline stocks climb Three attacks hit Saudi cities of Qatif, Jeddah, Medina Brent crude dropped below $50 a barrel, sinking in tandem with equity 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
Brent Oil Trades Near $50 as Nigeria Militants Carry Out Attacks
Niger Delta Avengers claim five attacks in blow to cease-fire U.S. drillers bring back rigs as oil market seen stabilizing Brent crude traded near $50 a barrel as Nigerian militants Continue Reading
World’s Top Oil Trader Says Prices Won’t Rise Much Further
Vitol CEO Ian Taylor says crude to end 2016 near $50 a barrel Sees weaker demand growth in China and the rest of Asia Oil prices won’t rise much further Continue Reading
OPEC Crude Production Rises in June Led by Gains in Nigeria
Nigerian output increased to 1.53 million barrels a day OPEC pumped an extra 240,000 barrels a day last month OPEC’s crude production increased in June as Nigeria raised output following Continue Reading
Libya Oil Deal Doesn’t Mean It’s Ready to Pump More Oil
The end of a split in Libya’s National Oil Corp. marks a small step toward healing the divided country, but the political stalemate that shut down of most of its Continue Reading
Suicide Bombings Hit 3 Cities in Saudi Arabia, One Near a Holy Site
Bombings rocked three cities across Saudi Arabia on Monday, including near the Prophet’s Mosque in the holy city of Medina, raising the specter of increasingly coordinated attacks by militants seeking Continue Reading
Nigerian Government Overhauls State Oil Company’s Leadership
Petroleum minister Emmanuel Kachikwu becomes chairman of NNPC Kachikwu replaced as NNPC managing director by Maikanti Buri Nigeria’s government made wide-ranging changes to the leadership of its state oil company Continue Reading
Militants Attack Eni Oil Crew, Kill 2
Unnamed militants attacked a boat transporting Eni workers in the Niger Delta region June 29, killing two, an Eni spokesperson told Rigzone Monday. Unnamed militants attacked a boat transporting Eni 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
Chevron Approves $37 Billion Expansion of Kazakh Oil Project
Chevron Corp. has decided to go ahead with the $36.8 billion expansion of the Tengiz oil project in Kazakhstan. The company and its partners will spend $27.1 billion on facilities, Continue Reading
Crisis-struck Venezuela sends fuel oil tankers into tight Singapore market
Crisis-struck Venezuela is sending two supertankers filled with fuel oil across the oceans to Singapore, in what traders described as a surprise move that could help reduce a tight market. Continue Reading
Petrobras Puts Nine Small, Shallow-Water Oil Fields Up for Sale
Brazil’s state-run oil firm Petróleo Brasileiro SA said Monday that it is putting nine small, shallow-water oil fields up for sale, part of a previously announced divestment plan meant to Continue Reading
China revises GDP calculation method
China’s GDP stood at 15.9 trillion RMB yuan (2.4 trillion U.S. dollars) in the first quarter this year, growing up by 6.7 percent year on year, the National Bureau of Continue Reading
Why The Collapse Of The U.S. Economic & Financial System Has Accelerated
The collapse of the U.S. economic and financial system accelerated this year, thus pushing the country closer to a third-world status. Most Americans are unaware of the dire consequences facing Continue Reading
Energy-Dependent States Reeling From Two-Year Commodity Crunch
Governments’ mid-year revenue forecasts and tax receipts fall Officials face budget shortfalls in an election year Energy-dependent U.S. states stepped over the threshold of fiscal 2017 only to face revenue Continue Reading
Big solar is leaving rooftop systems in the dust
Solar power is on pace for the first time this year to contribute more new electricity to the grid than will any other form of energy – a feat driven Continue Reading
Hedge funds to U.S. refiners: produce more diesel, less gasoline
Hedge funds and other money managers are betting diesel and heating oil will take over from gasoline as the main driver of U.S. refinery profitability in the second half of Continue Reading
U.S. shale firms’ first-quarter hedging rush may squeeze margins, spur output
As oil prices began recovering from 13-year lows early this year, U.S. shale producers ramped up their hedges against another slump on a scale unseen for at least a year, Continue Reading
US oil reserves surpass those of Saudi Arabia and Russia
The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study. Rystad Continue Reading
Oil Rally Threatened as Gasoline Supply Surge Swamps U.S. Demand
U.S. consumption revised lower while supply at seasonal high Money managers cut bullish crude bets to lowest since March American drivers’ seemingly insatiable thirst for gasoline is running into a Continue Reading
Exclusive: Shell seeks $2 billion from Aramco in Motiva JV breakup
Royal Dutch Shell has asked Saudi Aramco for up to $2 billion as part of the breakup of their giant Motiva Enterprises refining joint venture in the United States, the Continue Reading
Skeleton Technologies joins Flying Whales program to develop next generation of heavy-lift, large-capacity airships
European ultracapacitor manufacturer Skeleton Technologies will join French firm Flying Whales’ program to build a 60-ton Large Capacity Airship (LCA60T, for the global transport market. Skeleton Technologies will join the Continue Reading
First public flight of Siemens 260kW electric motor; to be used in development of hybrid-electric aircraft
Siemens researchers have developed a new type of electric motor that, with a weight of just 50 kilograms, delivers a continuous output of about 260 kilowatts—five times more than comparable Continue Reading
Brent Oil Trades Near $50 as Nigeria Militants Carry Out Attacks
Niger Delta Avengers claim five attacks in blow to cease-fire U.S. drillers bring back rigs as oil market seen stabilizing Brent crude traded near $50 a barrel as Nigerian militants Continue Reading
Oil Deficit Dalliance Seen Ending as Disrupted Crude Returns
Surplus returning in July as outages moderate: Morgan Stanley Nigerian ceasefire risk to Goldman’s $50 oil forecast The oil market surplus that vanished last quarter, helping prices post the best Continue Reading
Saudi energy minister says oil market heading toward a balance, prices beginning to settle: state media
The energy minister of Saudi Arabia, the world’s largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that Continue Reading
Saudi Arabia’s Falih seeks to expand oil cooperation with China, South Korea – Oil | Platts News Article & Story
Just two months after his appointment as Saudi Arabia’s oil minister, Khalid al-Falih last week visited China and South Korea, seeking ways to expand trade flows and explore investment prospects, Continue Reading
Libya Oil Chiefs Reunify State Producer to End Row on Exports
National Oil Corp. leaders reach deal on unified budget NOC to be headed by Mustafa Sanalla, based in Benghazi Rival leaders of Libya’s National Oil Corp. reached an agreement to Continue Reading
Rival Libyan Oil Companies Agree to Merge
Rival Libyan oil companies have finalized a deal to merge, Libyan officials said, removing a key obstacle to the unification of the conflict-torn nation under the auspices of a single Continue Reading
Nigerian Oil Militants Claim 5 Attacks in Blow to Cease-Fire
Two Chevron wells, state-oil pipelines targeted, group says Country’s oil output in May was lowest in almost 30 years: IEA Niger Delta Avengers, a militant group operating in Nigeria’s southern Continue Reading
Top Indian Refiner Plans $6 Billion Expansion as Demand Climbs
IOC aims to boost refining capacity by 30% over next 6 years Country’s capacity may reach 340 million tons by 2030: Singh Indian Oil Corp. will spend about 400 billion Continue Reading
Oil Rally Threatened as Gasoline Supply Surge Swamps U.S. Demand
U.S. consumption revised lower while supply at seasonal high Money managers cut bullish crude bets to lowest since March American drivers’ seemingly insatiable thirst for gasoline is running into a Continue Reading
U.S. Crude Losses Outpace Supply From Some OPEC Members: Chart
U.S. oil production losses in April from a year earlier exceeded the monthly output of some members of the Organization of Petroleum Exporting Countries, signaling the success of the group’s Continue Reading
Big Oil Could Spark A Renaissance In U.S. Shale
The collapse of oil prices has killed off any appetite that the oil industry had for megaprojects that cost tens of billions of dollars. With scarce resources, oil companies have Continue Reading
NHTSA projects 7.7% increase in US traffic fatalities for 2015 year-on-year; significant increase in motorcyclist and non-occupant deaths
A just-released National Highway Traffic Safety Administration (NHTSA) statistical projection of traffic fatalities for 2015 estimates that 35,200 people died in motor vehicle traffic crashes—an increase of about 7.7% as Continue Reading
VW says U.S. ‘Dieselgate’ settlement not to be replicated in Europe
Volkswagen’s ( VOWG_p.DE ) CEO has rejected calls for the carmaker to compensate customers in Europe over the ‘Dieselgate’ emissions scandal along the lines of its $15 billion deal in Continue Reading
Russian Oil Exports Set for Record as Europe Competition Grows
Exports rose 4.9% in six months to 5.55 million barrels a day Iran also boosts supplied to region after sanctions lifted Russian crude exports are on track to set a Continue Reading
Oil prices rise on tight market outlook, expected fiscal stimulus
Oil prices rose early on Friday, with Brent jumping back above $50 per barrel, as investors positioned themselves for more price increases this year in expectation of a tighter market. Continue Reading
Oil Prices Fall on Demand Fears After Brexit Vote
Oil prices edged lower in volatile trade on Friday amid continued uncertainty about the impact of the Brexit referendum on crude demand. Brent crude, the global oil benchmark, fell 0.6% Continue Reading
Oil Trades Near $48 Following Biggest Quarterly Gain Since 2009
U.S. stockpiles slip sixth week, production extends slide Oil traded near $48 a barrel in New York after posting its biggest quarterly gain since 2009. Close all those tabs. Open Continue Reading
Why Oil Prices are Going Up, and Will Continue to Go Up
Oil prices are going up as oil supply and demand are approaching a more balanced situation, writes geophysicist Jilles van den Beukel. And they will continue to go up as Continue Reading
Oil price keeps rising, covering export slippage again
Iraqi oil earned more than $40 per barrel for the first time since September, a helpful boost as exports have dropped nearly 200 thousand bpd in two months. Indigenous IS Continue Reading
Barclays expects Brexit to weigh on oil markets, trims price forecasts
Barclays lowered its crude price forecasts on Friday, citing reduced expectations for growth in the global economy and oil demand following Britain’s recent vote to leave the European Union. While Continue Reading
Iraq’s June oil exports fall as domestic usage rises
Iraq’s oil exports from the southern ports fell slightly in June as power generators burning more fuel to keep up with demand for air conditioning increased domestic demand, an official Continue Reading
Paper: OPEC worked to derail U.S. shale
Members of the Organization of Petroleum Exporting Countries altered their behavior to limit the role of U.S. shale oil producers, a Norwegian paper found. “There is no consensus in the Continue Reading
Exclusive: BP-Exxon impasse blocks renewal of giant Azeri oil deal – sources
U.S. oil major Exxon Mobil ( XOM.N ) and Britain’s BP ( BP.L ) are at loggerheads over a giant oil production deal with Azerbaijan, blocking renewal of what was Continue Reading
Exxon Might Have Just Made The Largest Oil Find In Two Years
Offshore Guyana ExxonMobil and its partner Hess Corp. have announced that the major discovery off the coast of Guyana, is a discovery that is much larger than previously expected. The Continue Reading