Libya Starts Work at Biggest Oil Port in Step to Increase Output
Es Sider terminal has been closed since December 2014 Six of 19 storage tanks at port damaged in past two years Libya has started maintenance work at Es Sider port, Continue Reading
Syrian rebels vow to take Aleppo after breaking siege
Syrian opposition fighters vowed to capture all of Aleppo after breaking a weeks-long siege of the northern city that has become a critical battleground of the country’s five-year civil war. Continue Reading
KRG revenue plummets in July, IOCs await payment
Lower prices and a huge cut in advances from oil traders cause monthly oil proceeds to fall by $90 million, while most oil companies remain unpaid for July production. A 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
Heatwave spurs record gas burn by U.S. power producers
Record gas consumption at power plants this summer is accelerating the rebalancing of the U.S. natural gas market. Working gas stocks in underground storage started the year at a seasonal Continue Reading
Ending $4 Billion U.S. Oil Subsidy Seen Having Minimal Impact
Domestic oil production could fall 5 percent by 2030 Eliminating subsidies wouldn’t affect demand, carbon emissions Eliminating $4 billion of petroleum subsidies in the U.S. would have only a minor Continue Reading
Surprise Natural Gas Drawdown Signals Higher Prices Ahead
The U.S. electric power sector burned through a record amount of natural gas in recent weeks, a sign of the shifting power generation mix and also a signal that natural Continue Reading
Russia Sees No Need for Oil Freeze Talks Currently, Novak Says
Alexander Novak. Photographer: Christian Marquardt/Getty Images Russia ready to discuss freeze if other nations raise issue Novak may meet Saudi oil minister in Algiers next month Russia sees no need Continue Reading
Western Europe’s Biggest Oil Producer Has a Surprise for Markets
Oil output poised to defy predicted decline again in 2016 More efficient operations increasing output regularity: Petoro For Norway, the collapse in crude prices has a silver lining: output has Continue Reading
People Are Calling Natural Gas a ‘Bridge’ to a Sustainable Future—They’re Wrong
For America to reach full renewable energy, we need to re-focus our investments — and divest ourselves of some dangerous ideas about natural gas. Natural gas coming out of the Continue Reading
Can the World Sustain 9 Billion People by 2050?
The world’s population is topsy-turvy, and its exponential and uneven growth could have disastrous consequences if we aren’t ready for it. Humanity recently hit a benchmark, a population of 7.9 Continue Reading
Oil Correction Stalls On Strong Dollar, Rising Rig Count
Oil prices reversed on Friday morning after a strong rally on Wednesday and Thursday while U.S. oil production continued to fall after a few weeks of respite. (Click to enlarge) Continue Reading
Oil Prices Fall as Dollar Rises, Volatility Persists
Oil prices fell Friday, as the dollar strengthened off the back of a strong July jobs report. Prices briefly broke into positive territory after the U.S. Labor Department said Friday Continue Reading
Oil prices slip as short-covering rally fizzles
Oil prices dipped on Friday, ending a two-day rally, as a glut of crude and refined products weighed on markets and investors eyed a possible stutter in China’s imports. U.S. Continue Reading
Natural Gas Prices Fall on Production Concerns
Natural gas prices fell Friday as concerns about an uptick in production put pressure on the market. Contracts for September delivery recently fell 4 cents, or 1.6%, to $2.790 a Continue Reading
Strong Job Gains, for Second Month, Reframe Economic Outlook
After months of conflicting signals and economic uncertainty, it became clear on Friday that the American jobs machine has moved back into high gear. A report from the Labor Department Continue Reading
Saudi Arabia Cuts Asian Oil Prices to Counter Rivals Russia, Iraq and Iran
Under pressure from Russian, Iraqi and Iranian oil exports, Saudi Arabia discounted its crude last weekend to maintain its share of big Asian markets. The price cut, which applies to Continue Reading
Islamic State ‘almost completely’ ousted from Syria’s Manbij city: Observatory
U.S.-backed forces trying to oust Islamic State militants from the Syrian city of Manbij took “almost complete control” of the city on Saturday, the Syrian Observatory for Human Rights said. Continue Reading
Venezuela Announces Effort to Reduce OPEC Production Rates
Maduro Eulogio Venezuelan President Nicolas Maduro said on Thursday that his country had begun discussions with the Organization of Petroleum Exporting Countries (OPEC) on mechanisms to increase the global oil Continue Reading
Nigeria: ‘Nigeria’s Shallow, Onshore Production Output Decreased By 70 Percent’
The renewed attacks by new militant groups in Niger Delta region since early this year have reduced Nigeria’s oil production in the onshore and shallow water by 70 per cent, Continue Reading
Panama Canal revises upward draft restriction for Neopanamax locks
The Panama Canal Authority has revised upward the draft restriction for vessels transiting the Neopanamax locks to 13.41 meters (44 feet) effective immediately. “This draft limit is based on the Continue Reading
Occidental’s Colombia Woes Prolonged as Pipeline Outage Persists
Rain, security situation hampering pipeline repairs: union Three fields operated by company halted since July 15: union Occidental Petroleum Corp. will have to wait at least a few more days Continue Reading
U.S. Adds 255,000 Jobs in July; Unemployment Rate Steady at 4.9%
U.S. employers hired at a steady pace in July, a sign of underlying strength for the labor market despite a host of mixed economic signals. Nonfarm payrolls rose by a Continue Reading
U.S. Oil-Rig Count Rises by Seven in the Past Week
The number of rigs drilling for oil in the U.S. rose by seven in the past week to 381, the sixth straight week of increases, according to oil-field services company Continue Reading
U.S. Oil-Rig Count Caps First Six-Week Gain in a Year
U.S. oil producers are returning to the shale patch, adding rigs for a sixth-straight week in the longest streak of expansion since last August. Rigs targeting crude in the U.S. Continue Reading
Shale Drillers Add Oil Rigs for Longest Streak in a Year
Permian Basin oil rigs rise by 5, Eagle Ford adds 4 rigs U.S. oil producers bring back rigs for sixth consecutive week U.S. oil drillers added rigs for the sixth-straight Continue Reading
Sales of U.S. Oilfield, Mining Equipment Plummet
Two years ago during the fracking boom, money was pouring into America’s oil and gas industry at a record clip. Now it’s leaving just as fast. A report Thursday from Continue Reading
Apache Falls Short of Analyst Expectations with $244M Loss
Apache Corporation ( NYSE:APA ) reported on Thursday a second-quarter net loss, dropping to US$244 million from US$860 million for the same period of 2015, but still falling short of Continue Reading
The Reported Death of Peak Oil Has Been Greatly Exaggerated
World C+C using EIA data, but substituting the Russian Ministry of Energy Data for Russia shown in the chart below. The monthly peak was 81, 047 kb/d in Nov 2015. Continue Reading
Oil Pares Biggest Two-Day Rally in a Month Before U.S. Rig Data
WTI rose 6.1% previous two days after falling into bear market Baker Hughes reports rig data Friday as U.S. drilling expands Oil declined after the biggest two-day increase in more Continue Reading
Oil prices slip as short-covering rally fizzles
Oil prices dipped on Friday, ending a two-day rally, as a glut of crude and refined products weighed on markets and investors eyed a possible stutter in China’s imports. U.S. Continue Reading
Oil Prices Decline on Crude Stocks Growth
Oil prices slipped on Thursday, after a sharp fall in U.S. gasoline stocks was outweighed by an increase in crude stocks. Brent crude, the global oil benchmark, fell 0.7% to Continue Reading
Oil prices give up early gains as oversupply weighs
Oil prices slipped after gains earlier on Thursday and the previous day as overproduction and large volumes of unsold crude and ample refined products around the world weighed on markets. Continue Reading
Oil Soars 6 % As Andy Hall Warns Of A “Violent Reversal”
WTI Crude is up over 6 percent in 24 hours since yesterday’s surprise build (and production cut), as the machines squeeze out an over-exuberant short positioning once again. However, just Continue Reading
Crude Slump Sees Oil Majors’ Debt Burden Double to $138 Billion
Net debt for top five oil firms has risen tenfold since 2008 Big oil companies tell investors debt load will rise further When commodity prices crashed in late 2014, oil Continue Reading
Major Banks Growing More Bearish On Oil Prices
The renewed downturn in oil prices has forced major banks to slash their price forecasts for 2017 as a new bear market induces heightened pessimism. The Wall Street Journal surveyed Continue Reading
OPEC’s New Chief Says Oil Above $100 a Barrel Was ‘Abnormal’
Oil above $100 was ‘unsustainable’ risk to economy: Barkindo Rise in U.S. rigs unlikely to boost output or hurt price: OPEC Oil’s climb above $100 a barrel before prices crashed Continue Reading
Angolan/OPEC Relations: Toxic or Worse?
On Tuesday, news broke of Angola’s decision to back out of a deal with Cobalt International Energy to purchase an oil discovery for $1.8 billion. Sonangol, Angola’s state energy firm, Continue Reading
Amid economic hard times, Venezuelans turn to city farming
Facing a national food crisis, Venezuela’s pumpkin-growing socialist president is exhorting compatriots to grow fruit and vegetables on balconies and roofs and in barracks across the country. His government’s “Great Continue Reading
Continental Resources expecting production gains
Though reporting both a net loss for the second quarter and declining output, U.S. shale player Continental Resources raised its forecast for production. Continental said in emailed results for the Continue Reading
Work slated for Barents, North seas
The Norwegian government said it gave its consent for new oil and natural gas operations offshore in the North Sea and Barents Sea, with Statoil the big winner. Statoil was Continue Reading
Chesapeake Energy cut debt by $1 billion
Struggling U.S. shale player Chesapeake Energy said it reported a loss for the second quarter, but reduced debt by more than $1 billion. The company said second quarter revenue declined Continue Reading
Chevron to Sell Assets in Asia Worth Up to $5 Billion
Chevron Corp. is paring its Asia operations, selling assets worth up to $5 billion in an effort to raise cash, according to people familiar with the situation. The California-based energy Continue Reading
$40 Billion In Spending Planned For Canada’s Oil Sands
The oil sands of Alberta have attracted a lot of attention recently, not just because of the wildfires that took a lot of production offline in May, but also because Continue Reading
Stripper Well Producers to Face Failure if Methane Rule Allowed
Smaller oil and gas producers could be at risk of failing if stripper wells are not exempted from the U.S. Environmental Protection Agency’s (EPA) new methane rules, according to the Continue Reading
Might the fossil fuel industries implode faster than the clean energy industries can grow to replace them?
In a memorable recent statement, some of Germany’s top scientists argued that “controlled implosion of fossil industries and explosive renewables development” can deliver the targets in the Paris agreement on Continue Reading
Russian economic woes spreading beyond borders
Five straight quarters of economic decline in oil-rich Russia are starting to have a spillover effect on the economies of its neighbors, a data review finds. A review by the Continue Reading
Oil Prices Decline on Crude Stocks Growth
Oil prices slipped on Thursday, after a sharp fall in U.S. gasoline stocks was outweighed by an increase in crude stocks. Brent crude, the global oil benchmark, fell 0.7% to Continue Reading
Oil prices give up early gains as oversupply weighs
Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. Oil prices slipped after gains earlier Continue Reading
As U.S. crude wobbles near $40, new oil rally in doubt
U.S. crude’s slide below $40 a barrel this week has hardened the resolve of oil market bears to drive prices lower, with oversupply, refining cutbacks and a breakdown in the Continue Reading