Brent and WTI see small gains as end of year approaches
Crude futures closed up slightly Tuesday, getting some relief from a weak dollar but not making significant strides as traders prepared for the end of the year. The dollar is Continue Reading
Oil drops on doubts output cut will be deep enough to end glut
Oil prices fell on Wednesday on persistent doubts a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang that has dogged Continue Reading
Oil Reacts Stoically As API Reports Biggest Cushing Inventory Build Since 2008
This week’s American Petroleum Institution (API) report showed the second consecutive week of crude inventory draws that exceeded expert predictions. The report estimates a 2.21 million barrel drop in inventories, Continue Reading
Oil Prices Slip After Rallying to One-Year High
Oil prices slipped off one-year highs Tuesday with OPEC skeptics taking control of the market again after several days of surging prices because of cutbacks promised by the world’s oil Continue Reading
Oil prices crash as reality sets in
Growing sentiment Tuesday that the rally in crude oil prices will lead to more appetite for production helped put an end to an OPEC-fueled run for the bulls. Crude oil Continue Reading
OPEC expected to deliver only half of target production cut: Kemp
OPEC will achieve some but not all of the production cuts the organization agreed last month, according to an informal survey of energy professionals conducted after the agreement was announced. Continue Reading
IEA Chief Expects OPEC Deal To Work
Fatih Birol Fatih Birol, the executive director of the International Energy Agency, expects oil’s fundamentals to regain balance soon, thanks to the output cut deal agreed by OPEC last week. Continue Reading
OPEC wants oil price to be moderate, not too high: TASS quotes Venezuela’s Del Pino
OPEC is aiming for a moderate but not too high oil price, Venezuelan Oil Minister Eulogio Del Pino told Russia’s TASS news agency in Caracas. “Our aim is to reach Continue Reading
U.A.E. Oil Minister Says OPEC Will Act Again If Prices Decline
U.A.E. Oil Minister: OPEC to Act Again If Prices Decline A cut in global oil output by 1.8 million barrels a day would be enough to balance the crude market, Continue Reading
Shell and Total Said to Sign Initial Oil Deals With Iran
Royal Dutch Shell Plc and Total SA will sign initial agreements on Wednesday to develop oil and gas fields in Iran, in the first European petroleum deals in the Persian Continue Reading
OPEC Cheating Will Cap Oil At $52
OPEC HQ Vienna OPEC succeeded in pulling off what many thought was impossible, overcoming mutual disdain and mistrust to reach a deal on reducing its oil output. Oil prices skyrocketed Continue Reading
Libyan forces taking last few buildings from Islamic State in Sirte: officials
Libyan forces said on Tuesday they were securing the last few buildings where Islamic State militants had been making a final stand in their former North African stronghold of Sirte. Continue Reading
Saudi Arabia cuts January oil price to Asia to four-month low to keep market share
Saudi Aramco has cut the January price for its Arab Light crude for Asian customers to the lowest in four months as it holds to a strategy of preserving market Continue Reading
Glencore raises money for Kurdish oil deal, likely short of target: sources
Glencore ( GLEN.L ) will likely fall short of its target of raising $550 million to pre-finance the purchase of Kurdish oil, with investors exercising caution despite the offer of Continue Reading
Joint Kuwait-Saudi Oil Fields to Stick to OPEC Caps If Restarted
Kuwait and Saudi Arabia agreed that any resumption of crude production from shared oil fields along their border won’t raise their output beyond limits set at an OPEC meeting last Continue Reading
Iran says it can sell as much oil as it wants
Iran can sell as much crude oil as it wants to thanks in part to a multilateral nuclear agreement that eased crippling sanctions, the country’s president said. Iran has been Continue Reading
Iran’s President Says Donald Trump Can’t Tear Up Nuclear Pact
Iran ’s president said on Tuesday that he simply would not allow President-elect Donald J. Trump to tear up last year’s nuclear agreement and warned of unspecified consequences if he Continue Reading
Monitor says Syrian army seizes Aleppo Old City from rebels
The Syrian Observatory for Human Rights said on Wednesday the Syrian army seized control of all parts of the Old City of Aleppo which had been held by rebels. The Continue Reading
Shell to sign three deals to develop Iran oil and gas fields: Iran oil ministry
Royal Dutch Shell will sign three initial agreements on Wednesday to develop Iranian oil and gas fields, an Iranian oil ministry official said. Shell will sign the agreements in Tehran Continue Reading
Cuban oil program accelerating
A Cuban-focused oil company said it was taking a closer look at the business climate there with the goal of accelerating its drilling program next year. Melbana, a company known Continue Reading
Venezuela’s Maduro Praises The OPEC Deal, But How Good Is It Really? | OilPrice.com
Nicolas Maduro, the Socialist president of recession-hit and hyperinflation-stifled Venezuela, was the most vocal supporter and promoter of an OPEC deal to reduce oil supply in a bid to lift Continue Reading
Oil firms and carmakers diverge in costly debate
Many carmakers are predicting a significant shift to electric vehicles in the next decade. Advances in battery technology and the growth of autonomous driving and ride sharing – suited to Continue Reading
Standing Rock Sioux Chairman Asks Dakota Protesters to Leave
Standing Rock Sioux’s Tribal Chairman asked protesters camped near the site of the Dakota Access oil pipeline to return to their homes following the Obama administration’s decision to block the Continue Reading
India pushes Nigeria for more oil term contract volumes
Indian state-run oil refiners have called for Nigeria to increase its total term contract volumes next year by more than 20% as demand from the South Asian country climbs, an Continue Reading
With Dakota Access in limbo, more Bakken crude to move on trains
Messages of support adorn the side of a tipi inside of the Oceti Sakowin camp as ”water protectors” continue to demonstrate against plans to pass the Dakota Access pipeline near Continue Reading
Google to purchase only renewable energy for operations in 2017
Google plans to buy enough renewable energy next year to match the entire needs of all its data centres and offices around the world, in one of the biggest gestures Continue Reading
Chesapeake to tap debt markets for first time in 2 years
Chesapeake Energy, the indebted US energy group that was among the pioneers of the country’s shale revolution, prepared to tap debt markets for the first time in more than two Continue Reading
Many Dakota Pipeline Protesters Dig in for the Long Haul
Many of the demonstrators who came here to protest a pipeline are planning to stay, despite a recent win against the building of the pipeline, the wishes of the chairman Continue Reading
Exxon Chief Tillerson To Interview For Secretary Of State
Rex Tillerson Rex Tillerson, the chief executive of Exxon, is scheduled to interview with President-elect Donald Trump later this week, as Trump widens the net for prospective candidates for the Continue Reading
Trump needs to think long term to really help coal: industry executives
A Donald Trump White House will likely give a boost for the US coal industry and do away with key current and pending environmental regulations, but significant policies need to Continue Reading
Exclusive: In mammoth task, BP sends almost 3 million barrels of U.S. oil to Asia
Oil major BP is shipping almost 3 million barrels of U.S. crude to customers across Asia, pioneering a lengthy and complex operation likely to become more popular after OPEC last Continue Reading
Russian oil firms not seeking compensation for planned output cuts: Kremlin
Russian oil firms have not sought financial compensation for planned output cuts under a deal with OPEC, Kremlin spokesman Dmitry Peskov said on Wednesday. Russian Energy Minister Alexander Novak is Continue Reading
Trump Could Fuel A Nuclear Energy Boom In 2017
Nuclear power plant With Trump at the helm, sentiment gives way to practicality in the energy industry. For the vast untapped potential of the nuclear energy industry and the uranium Continue Reading
BP Is Most-Exposed Among Oil Majors to OPEC-Russia Cuts
Big Oil may have to play a part in cutting supply after the landmark agreement between OPEC and non-OPEC producers last week. BP Plc has the highest exposure in the Continue Reading
Statoil: Producers should play role in climate fight
Norwegian energy company Statoil said the fight against climate change depends in large part on how oil and gas companies conduct business. “In a low-carbon future, we need oil and Continue Reading
Oil-Output Cuts Could Hit Russian Energy Companies
The Russian government is committed to cutting oil production in line with world producers but now comes the hard part: making it happen. Russian Energy Minister Alexander Novak pledged last Continue Reading
Oil Falls From 16-Month High as OPEC Seeks Wider Cut Cooperation
Oil retreated from the highest close in 16 months as OPEC prepares to meet producers from outside of the group on Saturday to widen cooperation with supply curbs. Futures slid Continue Reading
Oil prices fall as production creeps up ahead of announced 2017 output cut
Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer Continue Reading
Oil Prices Continue OPEC Rally
Oil prices edged up to a fresh one-year high Monday, adding to last week’s sharp rally from OPEC’s agreement to cut production. The market is extending gains as many analysts Continue Reading
Oil Market Turns Upside Down as Shale Rushes to Hedge Post-OPEC
U.S. shale oil companies are using the post-OPEC rally to hedge their oil price risk for next year and 2018 above $50 a barrel, bankers, merchants and brokers said, pushing Continue Reading
Oil prices fall as production creeps up ahead of announced 2017 output cut
Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer Continue Reading
IEA’s Birol sees oil market rebalancing well before end-2017
The balance of supply and demand in global oil markets may soon change as a result of OPEC’s decision to cut production, International Energy Agency chief Fatih Birol said on Continue Reading
World Energy Outlook 2016 – Fatih Birol in Brussels
Two days later on 18 November, Fatih Birol presented WEO-2016 at the Centre for Strategic and International Studies in Washington. On 21 November it was the turn of the Friends Continue Reading
After two years, why an OPEC deal now? Kemp
OPEC has finally agreed to cut production, but only after two years of fruitless negotiations. So what changed to make an agreement possible now, after it had eluded negotiators at Continue Reading
OPEC says members investing heavily to ensure oil supply
OPEC members are investing heavily to ensure supplies can meet global oil demand, which is likely to continue to rise steadily, the group’s secretary general told an energy conference on Continue Reading
OPEC Seeks Cuts From Nations Pumping a Fifth of Oil
No compatible source was found for this media. OPEC has invited 14 other crude producers, who together pump about a fifth of the world’s oil, to talks this week in Continue Reading
OPEC November Production Hits Record Highs
The greatest trick OPEC ever pulled was convincing the world to buy oil even as production kept rising to new all-time highs. Case in point, just out from Reuters: o Continue Reading
The Wider Ramifications Of The OPEC Deal
Contrary to many analysts’ expectations, OPEC successfully reached a deal to cut production on Wednesday. The deal, while still contingent upon non-OPEC production cuts, would see total OPEC production drop Continue Reading
Haftar’s Forces Take Control Of Ras Lanuf, Es Sider Oil Ports In Libya
Libya oil General Khalifa Haftar, chief of the Libyan National Army (LNA), and his forces have taken control over two of the four export terminals in the Oil Crescent, according Continue Reading
OPEC to meet non-OPEC oil producers in Vienna December 10: Barkindo
OPEC has invited 14 non-OPEC oil producers to finalize details of coordinated cuts on Saturday December 10, at the oil producer group’s headquarters in Vienna, secretary general Mohammad Barkindo said Continue Reading