Saudi Arabia Said to Report Record Oil Output on Summer Demand
Production said to be 10.67 million barrels a day in July Figures were submitted to OPEC, according to two people Saudi Arabia told OPEC that it pumped a record 10.67 Continue Reading
Venezuela Seen Staving Off Default Again Even as Crisis Worsens
PDVSA to pay $4.1 billion due by year-end, Aberdeen says Goldman Sachs says country has now fallen into a ‘depression’ Even as Venezuela’s economic collapse deepens, the nation has a Continue Reading
Venezuela issues timeline for presidential recall drive
AP Photo/Fernando Llano CARACAS, Venezuela (AP) — Venezuelan elections officials have set a late October date for a recall drive against President Nicolas Maduro, a timeline that makes it unlikely Continue Reading
Can Mexico Reverse Its Steep Output Decline?
The petroleum industry in Mexico dates back over a century to 1901 where the commercial production of crude oil began. Since then, both Great-Britain and the United States played major Continue Reading
China Inc. Pursues Power, Glory With Big Brazil Deal
China Inc. is looking to win a gold medal in deal making with a $13 billion takeover of a Brazilian electric company. State Grid Corp. of China, the world’s largest Continue Reading
EIA Sees Smaller Drop In US 2016 Crude Output As Drilling Picks Up
The U.S. Energy Information Administration said on Tuesday that it expects a smaller decline in U.S. crude oil production in 2016 than it forecast a month ago as an uptick Continue Reading
Short-Term Energy Outlook
Market Prices and Uncertainty Report This is a regular monthly supplement to the EIA Short-Term Energy Outlook . Contact: James Preciado ( [email protected] ) Contributing authors: Rebecca George and Jeff Continue Reading
Southern California natural gas inventories nearly flat this injection season
During the summer, when storage operators are typically injecting natural gas into storage facilities to build up inventories before the winter months, natural gas inventories in Southern California have remained Continue Reading
Midwest states skew gas price average higher
An issue at a BP refinery in Indiana and an uptick in road travel strained supplies, though retail prices are holding relatively stable overall, AAA said. The motor club reports Continue Reading
Colorado voters to see oil, gas limits on ballot
Colorado voters may see issues on the November ballot on oil and gas development, an issue both sides of the debate said is important for state interests. Supporters were able Continue Reading
Chevron: Game up — again — in Ecuador
U.S. supermajor Chevron Corp. said it was victorious in a long-running legal battle against alleged misconduct in Ecuador and a fraudulent lawyer. The U.S. Court of Appeals for the Second Continue Reading
Chevron’s Pollution Victory Opens Door for Companies to Shirk Foreign Verdicts
Chevron wasn’t the only winner in Monday’s ruling by a federal appeals court over its long-running Ecuadorian pollution litigation. The victory, in which the court affirmed that a lawyer for Continue Reading
Oil Production in U.S. Proves Resilient as Forecast Grows
Global fuel consumption to outpace production next year: EIA EIA reduces WTI, Brent crude price projections for 2017 Oil producers in the U.S. are proving more resistant to low prices, Continue Reading
U.S. coal regulator to crack down on cleanup coverage
U.S. states should force coal companies to set aside collateral to pay for future mine cleanups and protect taxpayers as the industry braces for further declines, a leading federal regulator Continue Reading
BP seeks buyers for China petchem JV stake in up to $3 billion deal
British oil major BP is seeking buyers for its 50 percent stake in a Chinese petrochemicals joint venture, its single largest investment in China, in a deal that would fetch Continue Reading
Russia sees tighter energy ties with Iran, Azerbaijan
Projects meant to exploit the strategic position of the Caspian Sea and its oil and natural gas are national priorities, Azerbaijan, Iran and Russia said. The Iranian and Russian presidents Continue Reading
Statoil starts drilling work above Arctic Circle
Norwegian energy company Statoil said it started drilling operations at a field above the Arctic Circle to prepare to rebuild area natural gas stocks. Statoil said it started drilling an Continue Reading
Oil Rig Washes Aground on Scotland Shore
The Transocean Winner oil rig ran aground at Dalmore on the Isle of Lewis in… British authorities have opened a probe into how a Transocean RIG -2.65 % Ltd. oil Continue Reading
Turkey-Russia Rapprochement Spells Bad News for Azerbaijan
Russia and Turkey signaled that they would resuscitate the development of a natural-gas pipeline between them, potentially undermining European efforts to reduce reliance on Russian energy with fuel piped in Continue Reading
Oil pares near 3-percent gains amid oil glut worries
Crude prices inched down on Tuesday in Asia, paring gains of nearly 3 percent from a day earlier, as worries over a global oil glut tempered speculation that OPEC would Continue Reading
Oil Falls as Informal OPEC Talks Seen Unlikely to Tighten Supply
Members will meet next month at industry conference in Algiers Qatar minister says OPEC members in ‘constant deliberations’ Oil dropped from the highest close in two weeks amid doubts that Continue Reading
The Consequences Of Big Oil’s Exploding Debt
How do you ride out low oil prices and still pay dividends and CEO salaries? You double down on debt, apparently. All oil majors posted plunging profits or accumulated losses Continue Reading
Iran Set to Lose Oil Market Share in India as Rosneft Elbows In
Essar Oil to trim Iran imports once Rosneft deal is finalized Iran fourth-biggest supplier to India in April-June period Iran’s biggest oil buyer in India is ready to throttle back Continue Reading
OPEC bullish on oil demand in H2 2016, says current price slide ‘temporary’
OPEC on Monday sounded an optimistic tone about the oil market, saying that higher demand is expected in the third and fourth quarters. The comments, from Qatar energy minister Mohammed Continue Reading
Oil market on path to rebalancing, OPEC monitoring situation: Qatar
Qatar’s energy minister, and current OPEC president, said on Monday the oil market is on the path to rebalancing despite the recent decline in global oil prices, adding that OPEC Continue Reading
OPEC Still Faces the Same Obstacles to Agreeing Oil-Output Limit
Some members aren’t ready to accept production curbs: UBS Holding an informal meeting is a ‘low risk strategy’: Fyfe An informal OPEC meeting next month is unlikely to deliver any Continue Reading
DNO shorted for Kurdish oil exports
Norwegian energy company DNO said it received from the government a partial payment for the oil it exported in June from the Kurdish north of Iraq. The company reported receiving Continue Reading
Libyan Militia Attacks Oil Terminal
Libya forces Operation Dignity, a Libyan militia, has attacked the Zueitina oil terminal near Benghazi, local media report . The attack, which took place on Friday, was repelled by Petroleum Continue Reading
Pemex Has Imported Exactly Zero Barrels of U.S. Crude Oil
Producer has deferred purchases of light crude from U.S. Refinery woes, smaller profit margins said to stall plans Ten months after Mexico won special dispensation to import U.S. crude oil, Continue Reading
More Angolan Soldiers Reportedly Killed in Oil-Rich Cabinda Area
At least ten Angolan soldiers were killed during the last clash with the Front for the Liberation of the Enclave of Cabinda (FLEC) in the oil-rich Cabinda enclave, according to Continue Reading
Venezuela says OPEC, non-OPEC countries may meet in ‘coming weeks’
Venezuela’s Oil Minister Eulogio del Pino talks to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 2, 2016. A meeting between OPEC and non-OPEC countries may Continue Reading
Chevron Wins Big in $9.5 Billion Oil Pollution Case. But It’s Not Over Yet
The lawyer for Ecuadorian victims fails to sway a U.S. court that he didn’t act illegally. Now, more appeals in the 23-year-old case. Protesters demonstrate in front of a New Continue Reading
China Could Quadruple Gas Imports By 2030
Natural Gas Flare China has become the usual suspect when it comes to commodity prices. Whether it’s crude oil or copper, LNG or gold, China is almost invariably the first Continue Reading
China’s July exports, imports fall more than expected
China’s exports and imports fell more than expected in July in a rocky start to the third quarter, suggesting global demand remains weak in the aftermath of Britain’s decision to Continue Reading
China Ramps Up Predatory Acquisitions In Canadian Oil & Gas
Oil workers Chinese companies have been a major acquirer of Canadian oil & gas companies as they look for a strong presence in the country with the 3rd largest oil Continue Reading
Product Glut Sees Chinese Crude Oil Imports Fall To Six-Month Low
Oil Tanker Sunset China’s crude imports stood at about 7.35 million barrels a day in July, the slowest import trend since January, Bloomberg reported on Monday, citing figures by the Continue Reading
Bumper U.S. jobs data boosts world stocks, dollar
Stocks and the dollar jumped on Friday on strong U.S. employment data that boosted expectations of an acceleration in economic growth and raised the probability of a Federal Reserve interest Continue Reading
North Dakota rig count moves lower
North Dakota exploration and production activity moved slightly lower after a steady string of modest gains, state data published Monday show. State data show 34 rigs actively exploring for or Continue Reading
High natural gas-fired generation leads to rare summer net national weekly storage draw
Working natural gas storage inventories posted a rare summer net withdrawal of 6 billion cubic feet (Bcf) for the week ending July 29, 2016, according to EIA’s Weekly Natural Gas Continue Reading
Can Trump Stage a Comeback for Keystone?
Donald Trump campaign suggests that if elected president, he would ask TransCanada to try again on the Keystone XL pipeline. Among the pledges Donald Trump is making to the oil Continue Reading
Donald Trump Pledges to Roll Back Energy Regulations, Bolster Coal Industry
Republican presidential nominee Donald Trump promised Monday to repeal a host of energy and environmental regulations, save the coal industry and lift restrictions on energy sales. But many of those Continue Reading
Is This A Death Sentence For U.S. Strippers?
Old Oil Rigs There were a lot of predictions last year that 2016 would lead to the disappearance of many strippers – the oil well producers who take nearly depleted Continue Reading
20 Months, 90 Bankruptcies In North-American Oil & Gas
Gas Pipeline A report published earlier this month by Haynes and Boone found that ninety gas and oil producers in the United States (US) and Canada have filed for bankruptcy Continue Reading
An Updated Version of the “Peak Oil” Story
The Peak Oil story got some things right. Back in 1998, Colin Campbell and Jean Laherrère wrote an article published in Scientific American called, “ The End of Cheap Oil. Continue Reading
Oil Gains as OPEC Plans Informal Talks, Predicts Higher Prices
Market on path to rebalancing, Qatar energy minister says OPEC members will meet at Sept. industry conference in Algier Oil gained after OPEC’s president said the group will hold informal Continue Reading
Oil Bear Market Attracts Record Bets on Further Price Slide
U.S. crude supply rose, imports surged to highest since 2012 Astenbeck’s Hall sees oil poised for ‘violent reversal’ higher Hedge funds have gone all-in on lower oil prices, counting on Continue Reading
Oil prices slip as short-covering rally fizzles
A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq December 21, 2015. Oil prices dipped on Friday, ending a two-day rally, as a glut of crude Continue Reading
Oil’s Drop Stokes Worries About a Slippery Slope in Stocks, Junk Bonds
Concern is again growing that the oil market could turn into a negative for stocks and high-yield bonds, despite Friday’s record closes in the S&P 500 and Nasdaq NDAQ -0.35 Continue Reading
OPEC Plans Informal Talks Next Month, Sees Oil Dip Temporary
Oil prices set to increase in late 2016 as demand recovers Qatar minister says price slide partly linked to Brexit vote The Organization of Petroleum Exporting Countries will hold informal Continue Reading
OPEC to Hold Talks in September
OPEC will hold informal talks at an energy conference in September, the cartel’s president said Monday, as oil-producing nations worry over a recent downturn in the crude market. The Organization Continue Reading