Oil Trades Near One-Month Low as OPEC Accord Remains Unresolved
Oil traded near the lowest level in a month in New York after weekend talks between OPEC and other major producers failed to yield concrete details on an accord to Continue Reading
More OPEC Exemption Requests Spur Wagers on Oil Price Slump
Bets on lower WTI crude gain for first time in 5 weeks: CFTC Internal splits prevent accord with other major producers The growing list of OPEC members seeking exemptions from Continue Reading
Oil falls as non-OPEC yet to pledge concrete oil output steps
Oil prices extended declines on Monday after non-OPEC producers made no specific commitment to join OPEC in limiting oil output levels to prop up prices – a stance that suggested Continue Reading
Will Oil Majors Ever Recover?
The oil majors began reporting their third quarter earnings in recent days, and the figures do not look good. The three-month period ending in September saw oil prices sink to Continue Reading
Is the Era of Oil Megaprojects Over?
BP said earlier this year that its capex for 2016 would come in at less than the US$17 billion it had initially planned for the year. Shell boasted a 20-percent Continue Reading
Iraq Reveals Oilfields Output to Win Over OPEC Ahead of Meeting
State marketing agency shows rare details of crude production Iraq wants OPEC to accept its figures before November meeting Iraq published data showing a rare level of detail for its Continue Reading
Saudi Arabia’s Oil War Gained It 1% Market Share – Which It Is About To Lose
Al Falih Saudi Arabia has wielded immense power over both the oil producers and consumers based on its proven oil reserves. It not only has the second largest proven oil Continue Reading
Big Oil’s Shrinking Act Has More to Go in China
China’s oil output slump shows no signs of abating as the country’s state-run energy giants hold back spending to cope with the crash in prices. China’s Big Three producers, led Continue Reading
China’s Oil Giants Shrink Their Spending
China’s once-freewheeling oil giants are singing a new tune: They’d rather sit on stockpiles of cash than produce more energy. As the commodities slump stretches into its third year with Continue Reading
Skyrocketing West Texas Land Prices Have Oilmen Uneasy
Wall Street investors have fallen in love with properties in the Permian Basin, and that is making some West Texas oil men nervous. Even though a barrel of oil commands Continue Reading
Has The Long Awaited Recovery Of Texan Oil Started?
Texas Oil Some positive signs indicate the long-awaited recovery in the Texas oil and gas industry may finally be on the way. But the climb back out of the hole Continue Reading
Obama May Be The Most Pro-Oil President In US History Photo of Robert Donachie Robert
Despite nearly eight years of anti-oil rhetoric, President Barack Obama may be the most pro-oil president in U.S. history. Chief among the reasons supporting this claim are that, under Obama’s Continue Reading
Batteries upend Peak Oil debate
If “peak oil” conjures up thoughts of when oil output will reach its maximum then you’re way behind the times. Now it’s all about demand. And rather than a debate Continue Reading
Oil Prices See Biggest Weekly Loss In Six Weeks
Despite a weaker dollar, oil prices are limping lower into the weekend, set for a first weekly decline in six. Next week we get a new month, and an onslaught Continue Reading
Offshore oil production in deepwater and ultra deepwater is increasing
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or production in water of Continue Reading
Oil Prices Sag Ahead of OPEC Vienna Meeting
Oil prices sagged on Friday as investors locked in earlier gains ahead of a meeting of oil producers this weekend, looking for more hints on a proposed deal to scale Continue Reading
Oil Heads for Weekly Drop as OPEC Meets to Discuss Output Quotas
OPEC committee gathers Friday as Iraq says it should be exempt Brazil to join other non-OPEC producers at meeting on Saturday U.S. oil is set for the first weekly drop Continue Reading
Oil prices dip on doubts OPEC can coordinate output cut
Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets Continue Reading
OPEC officials start meeting on implementing supply cut
OPEC officials began talks in Vienna on Friday aimed at working out details of their oil supply-cut agreement, which they concede is looking more complicated by the day. The meeting Continue Reading
OPEC Deadlocks Over Iran, Iraq Oil Production
A meeting of OPEC national delegates on Friday ended in a deadlock as Iraq and Iran disputed the data being used to allocate production cuts, officials said. Iraq and Iran Continue Reading
OPEC And The Upcoming Oil Crash: U.S. Producers Are Ready
As warned one month ago after the farcical OPEC meeting in Algiers, the cartel’s latest jawboning ploy to keep prices artificially higher – if only for one more month – Continue Reading
Expert Commentary: The OPEC Oil Rally Is Over
• Oil moved in a narrow $49-$51 range early this week before settling near $49.70 Thursday afternoon. On the bearish side, Russia and Iraq offered uncooperative sound bites regarding production Continue Reading
Nigerian oil company working with security forces
With an eye on the national budget, Nigeria’s state oil company said it would work closely with police in an effort to tackle militant threats. The Nigerian National Petroleum Corp. Continue Reading
Choking on oil fires, Qayarah strains to recover
At noon, the sky is so dark with smoke that cars drive down Qayarah’s main road with their headlights on. People walk with their heads down, masks or scraps of Continue Reading
Nigeria: ExxonMobil Discovers Another 1 Billion Barrels of Oil in Bayelsa
American oil giant, ExxonMobil, has announced the discovery of about 1 billion barrels of crude oil in a Nigerian offshore oilfield. In an emailed statement on Thursday, the firm described Continue Reading
New York set for offshore wind after environmental review
Areas off the New York coast will be open for offshore wind energy bidders, but some area is reserved because of ecological concerns, the U.S. government said. The U.S. Interior Continue Reading
U.S. oil drillers cut rigs for first week since June: Baker Hughes
U.S. oil drillers cut rigs this week for the first time since June, ending a 17-week recovery in the rig count, even as crude prices mostly held over $50 a Continue Reading
Exxon warns low oil prices may dent reserves nearly 20 percent
Exxon Mobil Corp, whose oil field assets are being investigated by the U.S. government, warned on Friday it may need to slash proved reserves on its books by nearly 20 Continue Reading
Chevron Posts First Profit Since ’15 as Oil Inches Higher
Production of crude and natural gas misses analysts’ estimates Company’s U.S. wells lost $212 million during the quarter Chevron Corp. posted its first profit in a year as a recovery Continue Reading
Exxon Facing Historic Reserves Reduction as Slump Persists
Energy giant says 4.6 billion barrels of reserves at risk Company produces least oil, natural gas in seven years Exxon Mobil Corp. warned it may be facing the biggest reserves Continue Reading
Exxon Enters No Man’s Land
Slowly, in fits and starts, Exxon’s investors are pushing it to take better account of climate-change risks. At ExxonMobil’s annual shareholders meeting in May, Rex Tillerson, the silver-haired chief executive Continue Reading
Chevron, Exxon still facing headwinds
Earnings reports from some of the largest U.S. oil companies, Exxon and Chevron, reflect what top executives said Friday were persistent industry challenges. “While the operating environment remains challenging, the Continue Reading
Exxon Mobil Profit, Revenue Slide Again
Exxon Mobil Corp. on Friday posted a 38% decline in quarterly profit as revenue slid more than expected amid the prolonged swoon in oil prices. Shares lost 1.7% premarket to Continue Reading
ExxonMobil on course to cut reported proved oil reserves by 19%
ExxonMobil, the world’s largest listed oil company, said it was on course to cut its reported proved reserves by about 19 per cent, as it recognises the impact of lower Continue Reading
ExxonMobil’s 3Q Earnings Down 38% from a Year Ago
ExxonMobil earned $2.7 billion in the third quarter, down 38% from last year due in part to low commodity prices. Exxon Mobil Corp. reported Friday 3Q 2016 earnings of $2.7 Continue Reading
EU confirms to lift cap on Gazprom’s use of Russia’s Nord Stream pipeline link
The European Commission confirmed on Friday it had lifted limits on Gazprom’s use of a key link from its offshore Nord Stream pipeline to Germany, allowing Russia to pump more Continue Reading
Oil Heads for Weekly Drop as OPEC Meets to Discuss Output Quotas
OPEC committee gathers Friday as Iraq says it should be exempt Brazil to join other non-OPEC producers at meeting on Saturday U.S. oil is set for the first weekly drop Continue Reading
Oil prices dip on doubts OPEC can coordinate output cut
Oil prices dipped early on Friday, weighed down by lingering doubts over whether OPEC can coordinate a crude production cut big enough to rein in oversupply that has dogged markets Continue Reading
Oil Prices Rally On Saudi Rhetoric
Wax on, wax off; oil prices are rallying after selling off for the last three days, egged on by yesterday’s supportive inventory report and the ebb and flow of OPEC Continue Reading
Oil Trades Near 3-Week Low as U.S. Gulf, East Coast Supply Rises
Decline in national stockpiles caused by West Coast drop: EIA Gulf, East Coast inventories expand; U.S. production increases Oil traded near a three-week low below $50 a barrel as U.S. Continue Reading
As cracks emerge in global oil pact, Saudis may need to compromise
Tough negotiations await a group of OPEC experts as they meet their counterparts from other oil producers such as Russia on Oct. 28-29 to hammer out details of an output-capping Continue Reading
Saudis, Gulf OPEC Members Offer To Cut 4% Of Oil Output
Just when a potential OPEC deal was looking more like wishful thinking than a reality, sources told Reuters on Thursday that Saudi Arabia and its Gulf OPEC producer allies had Continue Reading
Iran crude oil exports to hit four-month low in November: source
Iran’s crude oil exports are set to decline 5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal demand Continue Reading
Panama Canal readies for surge in tonnage after upgrade
The Panama Canal is likely to attract up to 15 percent more tonnage next year after an upgrade which means it can now accommodate gas tankers previously too large to Continue Reading
Venezuela crisis enters dangerous phase as Maduro foes go militant
In a curious convergence of events on the same day last week, four Venezuelan provincial courts issued identical rulings, state governors quickly hit Twitter to celebrate, then the election board Continue Reading
Venezuela’s mass street protest calls for general strike
Venezuela’s opposition stepped up its dispute with the socialist government on Wednesday with mass street protests, calls for a general strike on Friday and a fresh march on the presidential Continue Reading
Crisis at Venezuela’s PDVSA deepens as Caribbean debts pile up
Unpaid debts and broken promises are making Venezuelan oil giant PDVSA an outcast in several Caribbean countries where it had been a guest of honor. The state-run company’s crumbling finances Continue Reading
Would the US ever attend an OPEC meeting?
The recent invitation by OPEC for US officials to join in production freeze talks is clearly a nod to the production powerhouse Americas has become as a result of the Continue Reading
General Electric in Talks to Buy Baker Hughes
GE has approached the oil-field services company Baker Hughes about a takeover. General Electric Co. is in talks to buy Baker Hughes Inc., according to people familiar with the matter, Continue Reading
Will Electric Cars Be Cost Competitive By 2020?
The energy market is constantly transforming and advancing the way we use everyday products. Very soon, the internal combustion engines we’ve been accustomed to for over 100 years, may be Continue Reading