European energy leaders in Budapest signed off on grants to help bolster energy diversity schemes they said Friday were already having tangible results. European Commission Vice President Maros Sefcovic and Continue Reading
A “very significant” reservoir of oil was uncovered during a pilot program in British waters west of the Shetland Islands, a British-based company said Friday. “A very significant hydrocarbon column Continue Reading
EIA data Imports cut as Tropical Storm Hermine entered Gulf of Mexico Oil trimmed its weekly gain after the biggest U.S. stockpile slump in 17 years was seen as a Continue Reading
Government data confirmed a surprisingly huge drawdown in U.S. crude inventories. London Brent crude for November delivery LCOc1 was down 36 cents at $49.63 a barrel by 0023 GMT. It Continue Reading
Oil prices rose Thursday as markets braced for potentially hectic trading after an extremely bullish U.S. inventory forecast from industry body the American Petroleum Institute late Wednesday. The November contract Continue Reading
Oil prices surged over 4 percent on Thursday, with Brent briefly touching $50 a barrel for the first time in two weeks, after a surprisingly huge drawdown in U.S. crude Continue Reading
U.S. crude stocks slumped more than 14 million barrels last week in the biggest weekly drawdown since 1999 as imports to the Gulf Coast hit a record low, which analysts Continue Reading
Natural gas prices posted their biggest daily increase since late July after government data showed a smaller than expected increase in the amount of natural gas in storage Thursday. Natural Continue Reading
As a humongous draw to oil inventories has wrong-footed the market, crude prices have ripped higher in response. Hark, here are five things to consider in oil markets today: 1) Continue Reading
One hundred years of natural gas? Not at these prices. U.S. gas production is declining and shale gas output is down almost 2.5 Bcf per day. Production is decreasing while Continue Reading
Most top experts from the oil industry do not expect oil prices to trade beyond $60 per barrel in the next 12 months. According to a Bloomberg survey at the Continue Reading
The largest oil traders are anticipating little relief to what has become the worst market slump in a generation. (Bloomberg) — The largest oil traders are anticipating little relief to Continue Reading
One of the enduring features of oil markets is a tendency to over-analyse and interpret every word uttered by the various players, with the current debate over a mooted output Continue Reading
Another day, another set of headlines about who’s on first – and indeed, who’s even a player – in the latest iteration of a potential OPEC (Organization of the Petroleum Continue Reading
Baghdad is considering a proposal to send Kirkuk crude to a private refinery in Sulaimaniya province and by truck through Iran, part of a plan to maximize the once-shut assets Continue Reading
A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. Iran’s steep oil output growth has stalled in the past Continue Reading
Kingdom’s production falls to 10.63 million barrels in August Saudi Arabia pumped record 10.67 million barrels a day in July Saudi Arabia told OPEC that its oil production dropped by Continue Reading
A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, Saudi Arabia June 23, 2008. Saudi Arabia’s crude oil production slipped Continue Reading
Algeria’s energy minister will meet his Saudi counterpart and OPEC’s secretary-general in Paris on Friday as part of moves towards clinching a global deal on stabilizing crude output to support Continue Reading
Two major Caspian Sea oil fields scheduled to come on stream this year will together produce at least 200,000 barrels of crude per day (bpd) by the end of 2016, Continue Reading
Finance Minister sees possible cut around 100 billion pesos Pemex budget cuts continue to exacerbate oil production losses Mexico will continue to hack into the budget of its oil producer Continue Reading
Equatorial Guinea’s economy will contract further this year due to falling oil output and low crude prices, the International Monetary Fund said. The outlook for the central African oil producer Continue Reading
The industry downturn continues to weigh on Asian oil and gas workers as redundancies continue to rise with no recovery in sight. Staff layoffs continue to rise for most Asian Continue Reading
Oil storage tanks Aging infrastructure could render the U.S. strategic petroleum reserve (SPR) increasingly ineffective, according to a new report from the Department of Energy. The U.S. has stored roughly Continue Reading
U.S. oil refiners, beset by the weakest profit margins in six years, have been laying off workers, revamping operations and ratcheting up pressure on regulators and lawmakers to tweak the Continue Reading
Protestors raise their fists in solidarity with a group from the Saginaw Chippewa Reservation in Mount Pleasant, Michigan as they enter an encampment. North Dakota’s governor activated 100 National Guard Continue Reading
French oil services company Bourbon said on Thursday that any rebound in oil and gas prices will take a while to reach companies in the offshore marine sector because of Continue Reading
Could add 300,000 b/d annual production at $47-$57/b With crude near $60/b, US may see incremental 500,000 b/d-plus Eagle Ford, Bakken need $55-$60/b to start production boost Production in the Continue Reading
The provincial Canadian government in oil-rich Alberta said it was pushing forward with a jobs plan as the region’s economy drags down the nation. The federal Bank of Canada said Continue Reading
Manufacturing, an economic backstop in shale-rich Texas, is witnessing a drop in payrolls in an otherwise mixed bag, the Federal Reserve Bank of Dallas said. “Employment reports varied across sectors,” Continue Reading
Gov. Jerry Brown extended the nation’s most ambitious climate change law Thursday by another 10 years as California charts a new goal to reduce carbon pollution. The Democratic governor signed Continue Reading
Turbines installed in Liverpool Bay at 640 feet tall are the largest of their kind in the world, Danish company DONG Energy said. The company announced it installed the first Continue Reading
Russian energy company Gazprom said it received the first permits from the Turkish government to start implementing a new natural gas pipeline project. Through “diplomatic channels,” the Russian company said Continue Reading
Oil prices rose more than 1.5 percent on Thursday after U.S. industry data showed a large drawdown in crude stocks, reflecting the temporary impact of an Atlantic storm. U.S. crude Continue Reading
Offshore Oil Rig Saudi Arabia and Russia announced their cooperation to stabilize global oil markets, and while crude oil jumped on the news, it quickly gave back more than half Continue Reading
Ahead of the OPEC meeting in Algeria, Oilprice.com sat down with Robin Mills, an expert on Middle East energy strategy and economics, to get a clearer view of the forces Continue Reading
Oil prices rose Wednesday on a slightly weaker dollar despite dwindling hopes for a production freeze agreement between major producers. The November contract for global crude benchmark Brent edged 0.66% Continue Reading
Drivers in the United States are seeing the price for retail gasoline slide as area refiners resolve issues and weather threats subside, motor club AAA reports. AAA reports a national Continue Reading
NIOC’s Ghamsari says output is shy of 4 million barrels a day Iran’s joining any output freeze is now up to oil minister With Iran’s oil production closing in on Continue Reading
High-sulfur crude not suitable for its refineries: Dongming Chinese refiner gets more than 50% of oil from Africa, Latam OPEC’s biggest producers are playing second fiddle to smaller suppliers in Continue Reading
ISIS oil tank trucks U.S. and coalition military forces have conducted air strikes and destroyed ISIS oil pump jacks and oil tanker trucks in Syria, the U.S. Department of Defense Continue Reading
An Iraqi Shi’ite militia said on Wednesday it had dispatched more than 1,000 fighters to the frontline in neighboring Syria, escalating foreign involvement in the battle for Aleppo, the biggest Continue Reading
Iraq can support freeze ‘for a certain period’: SOMO official Country sees its oil production growing; won’t flood market Iraq has given fellow OPEC members the level of crude production Continue Reading
Iran seeking to reach pre-sanctions level of production: NIOC May reach that level of output by end-2016 or early-2017: NIOC It will be too early for Iran to discuss freezing Continue Reading
Iran targets new fields, foreign contracts for output growth Exports may be the best measure of Iran’s oil-supply recovery Oil analysts are dusting off their favorite output statistics to figure Continue Reading
Pipeline fire At least one source of Nigerian oil exports is set to come back online after Royal Dutch Shell lifted its force majeure on Bonny Light crude exports. The Continue Reading
A man rides a vehicle past container boxes at a port in Shanghai, China, February 17, 2016. China’s imports unexpectedly rose in August for the first time in nearly two Continue Reading
Crude imports rise to 7.77 million b/d, highest since April Coal imports surge as domestic mining slows, prices increase China’s crude oil imports increased to the highest in four months, Continue Reading
Harold Hamm, Donald Trump’s top energy adviser, has urged Russia and Opec to rein in oil production in an effort to raise prices, saying US companies have already lowered output Continue Reading
Suncor Energy Inc., SU -0.58 % Canada’s largest oil producer, is in talks with government officials for permission to “strand,” or abandon, some high cost and greenhouse gas-intensive crude-oil deposits, Continue Reading
