Where Will Gulf Of Mexico Oil Production Go From Here?
In this post, I will address 3 topics relating to the Northern Deepwater Gulf of Mexico – 1. Historical oil production 2. One view of the future of exploration 3. Continue Reading
Saudi Aramco-Motiva in lead to buy Lyondell’s Houston refinery: sources
Saudi Aramco IPO-ARMO.SE and its U.S. refining joint-venture Motiva Enterprises [MOTIV.UL] lead the race to buy LyondellBasell Industries ( LYB.N ) Houston refinery, according to three sources familiar with the Continue Reading
Column: U.S. gasoline stockpiles look manageable as summer ends
U.S. gasoline stockpiles remain at record highs for the time of year but excess inventory is smaller than it appears once adjusted for the higher level of domestic consumption and Continue Reading
Volkswagen faces fresh EU claims over emissions scandal
Volkswagen faces claims that it broke consumer protection laws in 20 European countries by marketing cars at the centre of the “dieselgate” scandal as “green”. Vera Jourova, the EU justice Continue Reading
Why Statoil’s $25 North Sea Break-Even Claim Is A One Off
North Sea Rig In a crippling environment of low prices, the recent announcement from Statoil’s chief executive Eldar Saetre, that due to their cost saving measures, the Johan Sverdrup oil Continue Reading
World Population Growth Is Speeding Up, Not Slowing Down; No Peak in Sight and Consequences Will Be Catastrophic
In a career that spans three decades, three countries and more than 30 states, Leon has managed environmental impact statements for many federal agencies on projects ranging from dams and Continue Reading
Oil Prices Rally on Hopes of Greater Cooperation Between Producers
Oil prices rallied on Monday on hopes of greater cooperation between major oil producers but gave up some of the gains as investor’s questioned the likelihood of any plans gaining Continue Reading
Crude edges down on oil glut worries
Crude prices inched down on Monday in Asia, paring 3 percent gains in the previous session amid worries over a global oil glut. London Brent crude for November delivery LCOc1 Continue Reading
Oil Rally Fervor Cools as OPEC Output at Record Before Talks
Investors cut bets on oil rally by most in two years: CFTC OPEC production reached 33.69 million barrels a day last month Investors are realizing that OPEC’s talk of a Continue Reading
Oil Pares Gains as Saudi Arabia, Russia Fall Short of Freeze
Russia ready to join output freeze, Energy Minister says Saudi minister says no need for freeze now: Al Arabiya Oil pared gains as talks between Russia and Saudi Arabia over Continue Reading
Is Putin’s Support For An OPEC Freeze A Game Changer?
Putin Oil In August, when OPEC floated the idea of meeting once again to discuss the possibility of a production freeze, oil prices skyrocketed, ending the bear market that had Continue Reading
Russia and Saudi Arabia to Work Toward Oil-Market Stability
Russia’s Putin discusses oil with Saudi Deputy Crown Prince Countries agree cooperation needed to stabilize oil markets Saudi Arabia and Russia agreed to work together to ensure oil market stability Continue Reading
Iran’s Ready to Pump More as OPEC Faces ‘Prisoner’s Dilemma’
Iran can raise output to 4 million b/d in 2-3 months: NIOC Oil producers meeting in Algiers this month for output talks As speculation swirls over whether oil producers will Continue Reading
Saudi, Russia Discuss Actions to Bolster Oil, Including Freeze
Vladimir Putin pictured meets with Prince Mohammed Bin Salman Al Saud as part of the G-20 Summit in Hangzhou, China. Saudi Arabia and Russia discussed actions to stabilize the global Continue Reading
Saudi Oil Minister Says No Need Now to Freeze Crude Output
Al-Falih says markets improving in interview with Al Arabiya Minister speaks after news conference with Russian counterpart There is currently no need to limit oil output, Saudi Energy Minister Khalid Continue Reading
Saudi-Russia cooperation will help oil market: deputy crown prince
Cooperation between Russia and Saudi Arabia will bring benefits to the global oil market, Saudi Arabia’s powerful deputy crown prince Mohammed bin Salman told Russian President Vladimir Putin on Sunday. Continue Reading
Russia, Saudi Arabia to set up task force to secure oil market stability
Russia and Saudi Arabia agreed to set up a task force to review oil market fundamentals and to recommend measures and actions that will secure oil market stability, according to Continue Reading
Iran ready to help restore oil market balance after it regains share: official
A gas flare on an oil production platform is seen alongside an Iranian flag in the Gulf July 25, 2005. Iran is ready to support any decision to help restore Continue Reading
Iran ready to raise oil output to 4 mln bpd depending on demand: NIOC
Iran is ready to raise its oil production to 4 million barrels per day (bpd) in a couple of months depending on market demand, a senior official from the National Continue Reading
Saudi Arabia Raises Pricing for October Crude to Asia on Demand
State-owned Saudi Aramco trims Arab Light discount by 90 cents Pricing raised to U.S., cut to Europe and Mediterranean Saudi Arabia, the world’s largest crude exporter, raised pricing for October Continue Reading
Nigeria Police Say They’re Closing In on Kidnapped Oil Workers
Nigerian staff of Nestoil abducted near Port Harcourt Friday NNPC says it may be crippled if attacks aren’t halted in delta Nigeria’s police are closing in on 15 kidnapped oil Continue Reading
Baghdad-Erbil export deal moves forward
The KRG has begun an oil transfer to the federal government’s storage tanks in Turkey after political leaders finalized details for temporary export cooperation. Iraqi Prime Minister Haider al-Abadi (center) Continue Reading
Revolution Rising: Colossal Protests Rock Socialist Venezuela
Anti-socialist protesters flooded Venezuela’s capital in one of the largest mass protests against President Nicolas Maduro’s rule in over a decade – and one of the largest protests in world Continue Reading
Oil-Pipeline Protest Turns Violent in North Dakota
A protest of a four-state, $3.8 billion oil pipeline turned violent Saturday after tribal officials said construction crews destroyed American Indian burial and cultural sites on private land in southern Continue Reading
‘Rolling Coal’ in Diesel Trucks, to Rebel and Provoke
MONTROSE, Colo. — There is a new menace on America’s roads: diesel truck drivers who soup up their engines and remove their emissions controls to “roll coal,” or belch black Continue Reading
Russia’s Gazprom, China’s CNPC ink pipeline construction deal
Russian gas giant Gazprom said on Sunday it had signed a contract with China National Petroleum Corp (CNPC) to build a section of the Power of Siberia gas pipeline under Continue Reading
Russia’s Putin, Turkey’s Erdogan support increased oil trade: Kremlin
Russian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan expressed joint support for Russian oil major Rosneft increasing oil supplies to Turkey, Kremlin spokesman Dmitry Peskov said on Sunday. Continue Reading
Can Norway Supply Europe With Gas Long-Term?
Arctic pipeline As the EU has pushed to reduce greenhouse gas emissions and lower the portion of energy that comes from nuclear sources, the greatest benefactors have been natural gas Continue Reading
Oil Up 3% As US Jobs Data Hits Dollar; Tumbles On Week
Oil settled up nearly 3 percent on Friday after a weak U.S. jobs report hurt the dollar and boosted commodities, but crude prices still ended the week sharply lower on Continue Reading
Oil Prices Rally As OPEC Deal Seems More Likely
After selling off strongly so far this week, oil prices are mustering a bounce into the holiday weekend, encouraged higher by an underwhelming employment report and an (initial) strong sell-off Continue Reading
Oil Prices Rally In Spite Of Rising Rig Count
The number of active oil and gas rigs in the United States increased by eight sites this past week, which marked the return of modest growth in American drilling activity, Continue Reading
Oil Snaps Four-Day Losing Streak
Oil prices snapped a four-day losing streak Friday following a report of more muted than expected hiring in August but were still down from the beginning of the week amid Continue Reading
Oil prices jump on rumors and labor numbers
Crude oil prices moved sharply higher in early Friday trading as investors reacted to data less Crude oil prices jumped in early Friday trading on renewed speculation about production moves Continue Reading
Expert Commentary: Traders Turn A Blind Eye To OPEC Rumors
WTI fell from $47 to under $43.40 through Thursday this week with help from a strong USD, growing fatigue among market participants about OPEC’s production ceiling talk and, of course, Continue Reading
OPEC Output Rises to Record Before Talks With Russia on Freeze
Gains in Iraq, Iran, Kuwait counter Nigeria losses: survey Saudi Arabia pumps at all-time peak of 10.69 million b/d OPEC’s crude production climbed to a record last month as increased Continue Reading
Iran planning more oil drilling
One of the first oil fields likely on tap for post-sanctions contracts in Iran is on schedule for further exploration and production work, a director said. SHANA, the Iranian oil Continue Reading
Venezuela’s Oil Output Set To Collapse As 1 Million Take To The Streets
Hundreds of thousands of protesters took to the streets in Caracas on September 1, demanding the removal of Venezuelan President Nicolas Maduro. Estimates peg the number of protesters at about Continue Reading
Rare Peek at China’s Emergency Oil Reserve Data Shows 22.5% Gain
Strategic reserves grew to 234 million barrels in early 2016 Second government update on strategic storage data in 9 months China reported it added about 43 million barrels of crude Continue Reading
U.S., China Agree on Implementing Paris Climate Change Pact
U.S. President Barack Obama and Chinese President Xi Jinping on Saturday outlined new plans for expanding their joint efforts on climate change, showcasing one of the few areas of agreement Continue Reading
Enbridge: North Dakota oil output too low for pipeline
North Dakota crude oil production is too low to support the development of the planned east-bound Sandpiper pipeline, Enbridge Energy announced. “Enbridge Energy Partners has completed a review of Sandpiper Continue Reading
U.S. Oil-Rig Count Rises by One
The number of rigs drilling for oil in the U.S. climbed one in the past week to 407, resuming a rise after a string of recent increases was snapped last Continue Reading
Gasoline prices prior to Labor Day lowest in 12 years
Source: U.S. Energy Information Administration, Gasoline and Diesel Fuel Update The U.S. average retail price for regular gasoline was $2.24/gallon (gal) on August 29, the lowest price on the Monday Continue Reading
Baker Hughes Implements 5% Pay Cut to US Workers
Oilfield services company Baker Hughes is implementing a pay cut to its employees as the industry continues to adjust to the low oil price environment. In an emailed statement to Continue Reading
US Jobs Report: Mining Down 4,300
The United States added 151,000 jobs in August, though jobs in mining continued their decline. According to seasonally adjusted figures, the United States shed 4,300 mining jobs in August, bringing Continue Reading
Permian Fields Profitable With Oil Below $30, Pioneer CEO Says
Oil wells in the biggest U.S. oil field remain profitable even when crude prices drop below $30 a barrel, said Pioneer Natural Resources Co. Chairman and Chief Executive Officer Scott Continue Reading
Russia Backs OPEC Deal With Wild Card for Iran’s Output
Shale Well The latest chapter in the oil production freeze chatter saw Russia and Saudi Arabia issuing remarks about a possible deal, but while the Saudi foreign minister said that Continue Reading
Dollar Strength Takes Its Toll On Oil Prices Again
As we move into September, the return of oversupply fears are clobbering the crude complex lower, with gasoline leading the charge. With Nonfarm Friday on deck tomorrow, bringing the prospect Continue Reading
Oil prices sink as balance sentiment fades
Tepid labor reports from the United States and signs that global crude oil supplies were accumulating sent oil prices lower at the start of trading Thursday. Crude oil prices started Continue Reading
Oil steadies as Saudi sees OPEC ‘common position’
Oil prices steadied on Thursday after Saudi Arabia said OPEC was moving towards a common position on oil production that some investors think could support prices. Brent crude futures for Continue Reading
Analysts say oil market balance hasn’t appeared yet
A lauded possibility of a narrowing gap between supply and demand in the market for crude oil has yet to materialize on the global stage, analysts said. For nearly two Continue Reading