Former PDVSA President Rafael Ramirez denied as “irresponsible lies” a Venezuelan congressional investigation accusing the state oil company of corruption to the tune of $11 billion during his decade-long tenure. Continue Reading
Official selling prices lowered for all published grades Nigeria seeking to regain market share lost during attacks Nigeria cut the price of every type of crude it sells in an Continue Reading
Billionaire businessman Oswaldo Cisneros is investing in a state-controlled oil field as part of the… CARACAS, Venezuela—Billionaire businessman Oswaldo Cisneros, one of Venezuela’s richest men, is investing $1 billion in Continue Reading
Venezuela is the main supplier of crude to the Gulf Coast Creditors may go after crude tankers and oil payments A potential default by Petroleos de Venezuela SA would cause Continue Reading
Venezuela’s supreme court has been asked to rule on whether bond payments due in the next two weeks adding up to more than $3.2bn can be made in local currency Continue Reading
A worker prepares to transport oil pipelines to be laid for the Pengerang Gas Pipeline Project at an area 40km (24 miles) away from the Pengerang Integrated Petroleum Complex in Continue Reading
The problem with coal’s spectacular rally this year is that it’s largely a Chinese political phenomenon, and what Chinese politicians give they can just as easily take away. Australian thermal Continue Reading
Diesel exports jump nearly 50% m/m to 1.6 million metric tons Outbound gasoline shipments in September gain 25% from August China’s fuel exports rebounded in September, with diesel hitting a Continue Reading
An increase in rigs being put back to work in U.S. shale fields is largely being driven by smaller oil companies drilling less-complex wells that don’t need costly, high-tech services Continue Reading
Adjusted per-share profit of 25 cents beat analysts’ estimates Sales dropped 17% from year earlier to $7.02 billion Schlumberger Ltd.’s earnings beat expectations after the world’s largest oilfield services provider Continue Reading
Mega amounts of sand are used to prop open cracks in the rock Production boosted 70 percent as a result of the new method The era of the monster frack Continue Reading
Rosneft CEO says country has capacity to add 200m tons a year Energy minister set to meet Saudi counterpart for supply talks Russia’s largest oil company said the nation is Continue Reading
Oil prices will move past $55 per barrel as supply-side pressures ease next year, though Russia has the ability to boost output if need be, Rosneft’s CEO said. Igor Sechin Continue Reading
Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices. However, Russian oil and natural gas companies’ capital investment programs have been Continue Reading
Here’s something that most of you probably knew but didn’t really want to see written in a report: the number of jobs in the UK’s oil and gas sector has Continue Reading
Royal Dutch Shell has agreed to sell Western Canadian shale-oil and gas assets valued at… Shell said Thursday it would sell developed and undeveloped acreage in the Canadian provinces of Continue Reading
Oil prices dipped on Thursday on profit taking after markets rallied the previous day due to a draw in U.S. stocks and an expectation of an OPEC-led cut in production. Continue Reading
Oil is closing in on the highs for the year in response to a surprise draw to crude inventories (all paths lead back to energy, all inventory surprises lead back Continue Reading
Big Oil is clawing its way back. After a heart-stopping plunge in the price of crude over the last two years, along with slashed dividends and the elimination of tens Continue Reading
U.S. oil prices shot up to a one-year high after another week of draining stockpiles further convinced traders that a longstanding glut may be waning. U.S. crude storage levels have Continue Reading
Natural gas prices lost more on Wednesday than any session in the last seven weeks as warm weather and expectations for limited heating demand force bullish traders from the market. Continue Reading
The offshore rig market is currently in its worst slump since the mid-1980s, according to the October 2016 issue of RigOutlook. Offshore drilling in many parts of the world is Continue Reading
Many have doubted forecasts calling for the onset of the first La Niña in almost five years, believing that its failure to materialize in convincing fashion last summer – as Continue Reading
Surviving boom and bust cycle affirmed shale viability: Exxon U.S. executives say they can grow output at $50 a barrel When the Organization of Petroleum Exporting Countries started its price Continue Reading
The Year Ahead In an effort to get prices off the mat, Saudi Arabia looks to pull back on the amount of crude it pumps. The Shaybah oil field in Continue Reading
The King Abdullah financial district in Riyadh, Saudi Arabia. Saudi Arabia joins other oil exporters… Saudi Arabia launched the sale of $17.5 billion of debt on Wednesday, according to two Continue Reading
Saudi Arabia’s ambitious plan to chart a course away from oil dependence and towards a more diversified economy is off to a flying start — with a blockbuster$17.5bn debut sovereign Continue Reading
Venezuela’s regional elections, originally scheduled for December 2016, will now be held in 2017, National Electoral Council President Tibisay Lucena said Oct. 19, Panorama reported. Regional election primaries will be Continue Reading
Venezuela’s congressional investigations commission said on Wednesday some $11 billion dollars were unaccounted for between 2004 and 2014 at state oil company PDVSA [PDVSA.UL] Describing the amount as “more than Continue Reading
Asian shares inched ahead on Wednesday after Wall Street got a lift from encouraging corporate earnings and investors wagered a coming barrage of Chinese data would confirm the economy had Continue Reading
Chinese crude oil output fell by 9.8 percent in September to 3.89 million bpd in continued efforts to rein in costs amid the persistent price rout. The total September output Continue Reading
Exxon Mobil’s boss Rex Tillerson and Saudi Arabia’s energy minister on Wednesday took opposing views on declining investment in the oil sector setting the stage for a possible major supply Continue Reading
Tillerson disagrees with Saudi Arabia about future supplies Exxon boss presents upbeat outlook for U.S. shale production The world’s largest publicly listed oil company says ample production from U.S. shale Continue Reading
Oilfield services company Halliburton said Wednesday it turned a profit after a downturn in the industry characterized by its CEO as devastating. Halliburton said its cash flow topped $1 billion. Continue Reading
Huge deals struck in both the energy and mining sectors this past week — with one rising nation at the hub of them all. Russia. Russian resource firms kicked off Continue Reading
Gloom and doom has been the dominant mood on international gas markets for a while now, and the latest news from Russia is likely to add fuel to the pessimism: Continue Reading
American crude oil supplies have plunged by 3.8 million barrels this week, according to the American Petroleum Institute (API) report released on Tuesday. This is a variance of almost 6 Continue Reading
Oil prices rose by around 1 percent on Wednesday, lifted by a report of a drop in U.S. crude inventories and declining production in China, while an upbeat OPEC statement Continue Reading
IEA sees price impact from OPEC deal spurring U.S. production Oil majors focusing investment on most profitable projects The world should get used to oil prices between $50 and $60 Continue Reading
LONDON—The prospect of rising oil prices has the global energy industry considering a strategy that has been unthinkable for much of a two-year-long market slump: Making new investments. Big oil Continue Reading
People carrying umbrellas walk by the Ogranization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria October 4, 2016. OPEC should be able to reach a deal next month Continue Reading
Aramco said to sell 1.2-1.3 million b/d to China in September Saudi Arabia, which is marshaling a potential deal with global crude producers to limit output, is said to have Continue Reading
Nigeria, other states withholding payments to foreign airlines CEO says ‘not a good idea’ to carry on serving offender states Persian Gulf airline Emirates said it could scrap flights to Continue Reading
Officials from Saudi Arabia and Kuwait, key protagonists in shaping OPEC policy, said oil at $50 to $60 a barrel would ensure adequate global supply, setting out a potential price Continue Reading
OPEC will wait until after the U.S. presidential election on November 8 before deciding whether it will invite the US head of state to attend the cartel’s Vienna meeting on Continue Reading
As we reported last week, just as OPEC announced a new monthly production record, with total output rising by 220kbpd to a record 33.4mmbpd… (Click to enlarge) … driven by Continue Reading
OPEC oil Saudi Arabia pumped a daily average of 10.63 million barrels of crude in August, a 400,000 bpd decline on peak production in July, prompted by seasonally high demand. Continue Reading
Benchmark day rates for oil tankers at highest since June Tanker surplus in Persian Gulf matches lowest level in a year Oil tanker rates jumped to a four month high Continue Reading
Libya Waha oil field Libya continues to ramp up its oil production, and resumed last week output at the major Waha oilfield, which raised its total crude output to 580,000 Continue Reading
Diesel use drops 11.4% y-o-y, first decline since July 2015 Monsoon rains, violence in southern states hurt demand: BPCL India’s oil product demand contracted for the first time in almost Continue Reading
