Bakken Oil Production Up Over 70,000 BPD
North Dakota just released their production numbers for the Bakken as well as for all North Dakota The numbers are shocking. The Bakken is up 70,798 bpd to 991,722 bpd Continue Reading
BLOG: Post-bankruptcy E&Ps – Ravenous Zombies May Cost Crude Price Rally
Formerly overleveraged oil and gas companies that now boast clean post-bankruptcy balance sheets may slow commodity price rebound. The thing about zombies in popular culture is that they’re never completely Continue Reading
After Alaska flop, Shell’s search for oil moves closer to home
In the waters off Malaysia, Royal Dutch Shell ( RDSa.L ) is finding gas quickly and cheaply to replenish depleting fields where only a few years ago geologists had lost Continue Reading
Big Oil Gets a Huge Role in Trump’s Administration
No compatible source was found for this media. Ever since the U.S. Supreme Court broke up John D. Rockefeller’s Standard Oil in 1911, the energy industry has been at loggerheads Continue Reading
Leaked Memo Reveals Trump’s Energy Priorities
The major news out of Trumpland this week was his selection of ExxonMobil CEO Rex Tillerson to lead the State Department. Tillerson has sparked a bit of backlash, mainly revolving Continue Reading
Oil Prices Near One-Year High
Oil prices firmed Tuesday, holding near more than 1-year highs, buoyed by commitments from oil producing countries to cut global production by around 2%. Brent crude, the global oil benchmark, Continue Reading
Oil Holds OPEC-Driven Rally as Focus Shifts to U.S. Stockpiles
Oil held gains near the highest level since July 2015 as market focus shifts to U.S. crude stockpile and production data after OPEC and other nations agreed to coordinated output Continue Reading
Oil prices soar on global producer deal to cut crude output
Oil prices shot to their highest levels since mid-2015 on Monday after OPEC and other producers reached their first deal since 2001 to jointly reduce output in order to rein Continue Reading
Hedge funds establish record bullish position in oil after OPEC: Kemp
Hedge funds were badly caught out by the production cuts announced by OPEC at the end of last month, triggering a furious rally as managers raced to buy back loss-making Continue Reading
Iraq to abide by OPEC cut, expects output growth in future
Iraq is committed to cutting its production to comply with a global pact to support prices, the country’s oil minister said, adding he was nevertheless confident OPEC’s No. 2 producer Continue Reading
OPEC’s Oil Cuts Deal Shifts Focus to Compliance: QuickTake Q&A
For the first time in 15 years, the Organization of Petroleum Exporting Countries has sealed a global petroleum-cuts deal that includes non-members such as Russia. Can the parties to the Continue Reading
OPEC-Russia Deal Could Drain Almost Half the Global Oil Surplus
On paper, OPEC’s supply deal could drain almost half the global oil glut within six months. Record inventories accumulated since 2014 will dwindle at a rate of about 760,000 barrels Continue Reading
Watch Out OPEC, the Americans Are Coming
OPEC’s decision to cut output for the first time in eight years has put a rocket under oil prices. They’ve gained almost 20 percent since Nov. 30 when OPEC officials Continue Reading
OPEC’s Ideal Price Is $60 to Avoid Shale Oil Revival
Oil prices at $60 a barrel would be “ideal” for OPEC as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The Continue Reading
Are Airlines The Real Losers Of The OPEC Deal?
The Saudis have managed to come through with a double win. Following the production cuts agreed to by OPEC members, the Saudis were able to work with Russia and other Continue Reading
OPEC Deal Will Create Oil-Supply Deficit in First Half, IEA Says
Global oil markets will swing from surplus to deficit in the first half of 2017 as OPEC and other producers follow through on an agreement to cut supply, according to Continue Reading
Gazprom Neft Signs Oil Deal as Russia Adds to Presence in Iran
Gazprom Neft PJSC signed an agreement with Iran’s state oil company to study the potential for oil production from two fields, becoming at least the third Russian energy producer in Continue Reading
Can OPEC Send Oil To $70?
OPEC managed to convince almost a dozen non-OPEC producers to take part in oil production cuts over the weekend, and the news immediately sent international benchmarks higher, prompting a fresh Continue Reading
Goldman Sachs Warns The Saudis: ‘’U.S. Shale Will Respond’’
Even if OPEC and non-OPEC producers deliver the promised cuts and oil spikes to US$60, a recovering U.S. shale production would drag crude prices back to US$55, and the Saudis Continue Reading
Erasing The Glut: Is 1.8 Million Bpd Enough?
Oil jumped by more than 4 percent on Monday, with WTI moving up to $53 per barrel and Brent topping $56 per barrel. It is very possible that we could Continue Reading
Eni to sell 30 percent stake in Egyptian gas field to Rosneft
Italian energy company Eni has agreed to sell a 30 percent stake in a giant Egyptian offshore gas field to Russia’s Rosneft for $1.575 billion, pressing ahead with asset sales Continue Reading
Leviathan gas field start date approved
Partners behind one of the larger natural gas fields off the coast of Israel unveiled plans to start formal production operations in roughly three years. Delek Drilling Ltd. and Avner Continue Reading
Oil prices firm as Abu Dhabi cuts exports amid soaring Asian demand
Oil prices were stable on Tuesday, supported by strong demand in Asia and a supply cut by Abu Dhabi as part of production curbs organized by OPEC and other exporters. Continue Reading
Sinopec Said to Eye Takeover of Kurdistan’s Gulf Keystone
China Petroleum & Chemical Corp., the world’s biggest refiner, is weighing a takeover of beleaguered Kurdish oil producer Gulf Keystone Petroleum Ltd., people familiar with the matter said. The state-owned Continue Reading
As The Power Struggle Endures, Libya Eyes 900,000 Bpd Oil Output
Libya will be increasing oil output by a third in the near future – bringing national production to 900,000 barrels per day, according to spokesperson Ashraf Ali of the Presidential Continue Reading
Ghana: Airlines Panic As Nigeria, Ghana Run Out of Aviation Fuel
Foreign airlines operating in Nigeria are panicking over current fuel shortage on the West African coast that may affect their operations especially as the Yuletide season beckons. While Nigeria, which Continue Reading
The Venezuelan Crisis Continues To Spiral Out Of Control
Venezuela’s economic, humanitarian and political crisis has not shown any sign of improving since the opposition and the government started “the dialogue” mediated by the Vatican and UNASUR. The crisis Continue Reading
China suitor tightens grip on Curacao oil project
China’s Guangdong Zhenrong Energy Co will submit a plan by April to revamp a century-old oil refinery in Curacao, as it seeks to secure a $5.5 billion project that will Continue Reading
Why Would a Chinese Insurance Giant Want to Own a Gas Pipeline?
For all the talk of China’s promised market reforms and economic rebalancing, it is increasingly proving to be more about spreading risk within the vast network of state-backed enterprises, rather Continue Reading
Oil recovery may be emerging in North Dakota
If state records are accurate when measured against industry data, the rig count in North Dakota gained significant ground after a weekend OPEC agreement. North Dakota, the No. 2 oil Continue Reading
As U.S. Shale Seeps Into Top Oil Market, Saudis Hone Defense
As Saudi Arabia goes on a shock and awe attack to curb a global oil glut, it’s also playing defense to hold on to its most prized customers. The kingdom Continue Reading
U.S. Sees Higher Shale Output First Time in Six Months on OPEC
Crude output at major U.S. shale plays is poised to climb for the first time in six months, as oil prices rise on planned cuts by OPEC and other producers. Continue Reading
Pipeline 150 miles from Dakota Access protests leaks 176,000 gallons of oil
A ruptured pipeline has spilled more than 176,000 gallons of crude oil into a hillside and a Little Missouri River tributary about 150 miles west of Cannon Ball, N.D., where Continue Reading
Leaked BP report reveals risk of lethal accidents
BP has come close to at least two potentially lethal accidents as a result of shortcomings in the way it monitors the safety of its refineries and petrochemicals plants, according Continue Reading
This stunning Antarctic lake is buried in ice. And that could be bad news
Atop the ice sheet covering the Arctic island of Greenland, you now see dramatic melting in the summer. It forms lakes, rivers and even dangerous “moulins” in the ice where Continue Reading
Oil Climbs as More Producers Join Output Cuts
Crude futures surged by more than 4% in Monday-morning trade in Asia after more oil-producing nations agreed to slash production , a move aimed at pushing the oversupplied oil market Continue Reading
Oil Seen Headed to $60 as Saudis Signal Deeper Output Cuts
Oil may climb to $60 a barrel for the first time in almost a year and a half after Russia and other unaffiliated nations joined an OPEC pledge to reduce Continue Reading
OPEC Skeptics Flee as Production Cut Rockets Oil Past $50
Investors skeptical that OPEC would cut output fled the market after the group came to an agreement. Money managers slashed bets on lower West Texas Intermediate crude prices by the Continue Reading
Growth in global coal demand to slow over next five years: IEA
Growth in global coal demand will slow over the next five years due to lower consumption in China and the United States and as renewable energy sources gain ground, the Continue Reading
International Energy Agency Oil Market Report
Global oil supply rose 0.8 mb/d in October to 97.8 mb/d after producers in OPEC and non-OPEC opened the taps. World oil output was 0.8 mb/d above a year ago, Continue Reading
Saudi Minister Jolts Oil Market With ‘Whatever It Takes’ Moment
Saudi Oil Minister Khalid al-Falih emerged from the OPEC meeting room on Saturday evening having endured months of secret petro-diplomacy, late-night phone calls and, a few times, disagreements that almost Continue Reading
Deepest Oil Cuts in World’s Top Market Didn’t Need OPEC Deal
Malaysia and Brunei are doing their bit for the global pact to rebalance oil markets, but the biggest production cuts in Asia are coming from a country that didn’t sign Continue Reading
OPEC Has a Deal, But Will Its Members Cheat?
In reaching November’s landmark agreement to reduce oil production, OPEC members labored for months to overcome their mutual suspicions and frequent mistrust. But reaching the deal could turn out to Continue Reading
Advantage OPEC in global crude game, but no checkmate
The global crude oil market is starting to resemble a gigantic game of chess, with a bold opening gambit by OPEC and its allies giving them an advantage, but the Continue Reading
Hack of Saudi Arabia Exposes Middle East Cyber Security Flaws
Hackers hit region more often and with greater severity: PwC More than a year after a drowned Syrian toddler washed up on a beach in Turkey, the tiny refugee’s body, Continue Reading
Distressed Deals Seen Rising From Dubai to Lagos After Oil Slump
Are Mispriced Distressed debt opportunities are increasing across the Middle East and Africa as companies struggle with slumping currencies and tighter government spending, according to Sancta Capital Group Ltd. “We’re Continue Reading
The Latest: Syria says 98 percent of east Aleppo retaken
The Latest on the Syrian conflict (all times local): 12:30 p.m. Syria’s military says it has gained control of 98 percent of eastern Aleppo, leaving only a tiny enclave packed Continue Reading
Israel, Greece, Cyprus to push for gas pipeline to Europe: sources
Israel, Greece, and Cyprus have decided to take their proposal for a pipeline from gas fields offshore Israel and Cyprus to Europe, Israeli energy sources said late Thursday. This followed Continue Reading
Iraq invites bids to build first phase of oil export pipeline to Jordan
Iraq has invited energy companies and investors to bid to build and finance the first phase of a pipeline that will eventually connect the southern city of Basra with Jordan’s Continue Reading
Oil slump prompts Gulf states to take shine off cushy government jobs
Ahmed, a Qatari civil servant, used to arrive at his office at a government ministry in Doha late in the morning and leave for home after lunch, collecting a monthly Continue Reading