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Month: October 2016

Category:
  • Prices

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Iraq

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Saudi Arabia

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • China

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • China

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Shale Oil

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • USA

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Electric Cars
  • Peak Oil

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

Posted On : 31 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Oil Supply

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • OPEC
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • OPEC

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • OPEC

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • OPEC
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Nigeria

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Iraq

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Nigeria

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Wind

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • USA

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies
  • Prices

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • International Oil Companies

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Russia

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

Posted On : 29 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Prices

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • OPEC
  • Saudi Arabia

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Oil Supply
  • OPEC
  • Saudi Arabia

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Iran

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Panama

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Venezuela

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Venezuela

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Venezuela

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • OPEC
  • USA

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • USA

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

Posted On : 28 Oct 2016 Published By : Tom Whipple
Category:
  • Electric Cars

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

Posted On : 28 Oct 2016 Published By : Tom Whipple

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