EU Approves French State Aid for Areva
The European Union approved a restructuring plan for French nuclear group Areva SA on Tuesday, saying a planned €4.5 billion ($4.76 billion) capital injection was in line with the bloc’s Continue Reading
Oil recovers some previous losses, but doubts over supply cuts linger
Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts Continue Reading
Oil Prices Running Out Of Reasons To Rally
Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in U.S. shale production. For the better part of Continue Reading
Iraq December oil exports from Basra at record 3.51 million bpd: ministry
Oil exports from Iraq’s southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said on Monday. Iraq’s Oil Minister Jabar Continue Reading
Iraq Cuts Oil Production by 160,000 Barrels a Day in OPEC Deal
Iraq has reduced its oil production by 160,000 barrels a day as it starts to make the cuts it agreed to in a deal with other OPEC members last year. Continue Reading
Kuwait Says OPEC, Russia to Fulfill Pledged Oil-Output Cuts
OPEC and its partners will fulfill their implementation of a deal to cut output, having already announced 60 to 70 percent of the promised curbs, Kuwait said. Countries including Saudi Continue Reading
More oil flowing from Kurdish north of Iraq
Results from a well in the Kurdish north of Iraq that was sidelined by lower crude oil prices are promising so far, Norwegian energy company DNO said. DNO said testing Continue Reading
Oil Majors Prepare For Mega Tender In Lebanese Levant Basin
After a four-year wait, the Lebanese cabinet has approved two oil and gas decrees on energy tax provisions and blocking last week – allowing offshore drilling ventures in 96 trillion Continue Reading
Total Pays $900 Million for Control of Ugandan Oil Project
An oil exploration tower in Lake Albert, Uganda. Total SA agreed to buy a stake in a project in Uganda from Tullow Oil Plc for $900 million as a recovery Continue Reading
Nuclear Plants Fall Victim to Economic Pressures
Utilities are closing U.S. nuclear-power plants at a rapid clip as they face competition from cheaper sources of electricity and political pressure from critics. New York’s Indian Point plant about Continue Reading
China’s Clean Air Bid Scares Rivals in Duel Over Dirty Fuel
China’s recent push to clean up its air is leaving some of its neighbors feeling threatened. The Asian country’s road to cleaner air has been gradual, with lead-free gasoline only Continue Reading
China’s economy likely to grow 6.7 pct in 2016: top economic planner
China’s economy was estimated to grow about 6.7 percent in 2016, top economic planner said Tuesday. The world’s second largest economy registered the same growth rate in the first, second Continue Reading
Texas $1 billion carbon project to curb emissions, up oil recovery
NRG Energy Inc and JX Nippon Oil & Gas Exploration Corp said on Tuesday they had begun operations at a $1.04 billion carbon capture facility at a Texas coal-fired power Continue Reading
Oil Drillers Are Expanding Again After Losing Half-Million Jobs
The oil industry is expected to boost spending for the first time in three years after slashing almost half a million jobs globally during the downturn, according to industry consultant Continue Reading
Secretary of State Kerry: Science confirms climate change
Scientific data show the atmosphere may be past a tipping point when it comes to global climate change, outgoing U.S. Secretary of State John Kerry said. With his tenure coming Continue Reading
Gas prices higher on average because of regional issues
Refinery issues for western U.S. states and higher crude oil prices pushed the national average price for gas to its highest point since June, retail data show. Motor club AAA Continue Reading
Climate Deniers and Oil Flacks Who Love Trump’s EPA Pick
Scott Pruitt, Oklahoma’s attorney general and Donald Trump’s pick to lead the Environmental Protection Agency, has been a longtime opponent of federal environmental regulations and a denier of climate change. Continue Reading
Kremlin says Russia carrying out obligations under oil output deal
Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia, August 4, 2016. Russia is fulfilling all its obligations under a deal between OPEC and Continue Reading
Russia: Few economic burdens with oil above $40
Russia needs clear economic policies to prevent shocks from oil prices, though stability is expected at $40 per barrel, a development minister said. The Central Bank of Russia in late Continue Reading
The Secrets Behind Russia’s 2016 Oil Success
For every one dollar reduction in the price of oil, Russia suffers a staggering two billion dollar loss in its revenue. On top of the economic sanctions slapped on Russia Continue Reading
Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling
Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid Continue Reading
Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs
Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for Continue Reading
Is A Full Recovery Possible For Iranian Oil And Gas?
In January 2016, the Islamic Republic of Iran (IR) agreed to scale back its nuclear facilities in exchange for the lifting of economic sanctions. During the sanction years, it had Continue Reading
Iraq’s Southern Oil Exports Hit Record Before OPEC Cuts
Iraq’s oil exports from its southern ports in the Gulf reached a record high in December, just before the country was due to join other major producers in cutting output Continue Reading
Kuwait Says Saudi Arabia to U.A.E. Comply With OPEC Output Cuts
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Continue Reading
Minister: Iraq’s oil exports from south climb further
Iraq’s oil minister says crude oil exports from the country’s southern ports inched up last month. Jabar Ali al-Luaibi says the exports for the first time stood at 3.510 million Continue Reading
China to cut annual energy consumption growth to 2.5% over 2016-20
China has set its energy consumption annual growth target at averaged 2.5% during over 2016-2020, 1.1 percentage points slower than the 3.6% in 2011-15, according to the country’s newly released Continue Reading
As Donald Trump Denies Climate Change, These Kids Die of It
She is just a frightened mom, worrying if her son will survive, and certainly not fretting about American politics — for she has never heard of either President Obama or Continue Reading
Lithium Prices Set To Jump As Tesla Doubles Global Battery Production
Tesla fired up the gigafactory in the first week of 2017, which could mark a turning point for the energy storage industry. The gigafactory in Nevada will begin mass production Continue Reading
Oil Price Rebound May Come Too Late For UK Oil Sector
The ‘lower for longer’ oil price reality of the past two years has spared virtually no one in the industry, and the UK’s oil and gas companies have been among Continue Reading
Oil Up As Saudi Arabia Cuts
Oil prices are set to end the week slightly up from where it started, following a few rocky days of trading. After a sharp correction earlier in the week, oil Continue Reading
Oil Prices Swing Between Gains and Losses
Oil prices flipped between gains and losses Friday, as investors weighed the prospects for lower production levels against building oil products in storage. Light, sweet crude for February delivery was Continue Reading
Brent Oil Closes at 18-Month High After Positive U.S. Jobs Data
Brent oil rose to the highest close in almost 18 months after U.S. government data showed strong job and wage gains while Kuwait and Saudi Arabia signaled they are curbing Continue Reading
Oil market’s fireworks fade in first week of 2017
Oil started the first week of 2017 with a bang but ended it with a whimper, as the Opec fireworks that dominated the last quarter gave way to the more Continue Reading
Expert Commentary: Why Oil Is Struggling To Hit $60
WTI traded in a $52.11 – $55.25 range this week driven by sharp moves in currencies, updates related to good and bad behavior on production cuts from OPEC and non Continue Reading
Platts Sees OPEC Cuts Eliminating Oversupply By Q3
The agreement between OPEC and non-cartel oil producers to reduce supply would help draw down the huge global inventory build by the third quarter of this year, S&P Global Platts Continue Reading
Will OPEC Deliver Its Output Cut Deal? Here’s How We’ll Know
The promise of production cuts from OPEC and its partners sent oil rallying in 2016. Now traders want proof they’re delivering on those vows. It won’t come easy. The challenge: Continue Reading
Saudis, Russia to diverge on speed of oil output cuts: Kemp
OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of Continue Reading
Exclusive: Iran capitalizes on OPEC oil cut to sell millions of barrels – sources
Iran has sold more than 13 million barrels of oil that it had long held on tankers at sea, capitalizing on an OPEC output cut deal from which it is Continue Reading
Nigeria remains upbeat over tentative output recovery
Despite intractable militancy and ongoing theft from pipelines which has hobbled its oil production, Nigeria’s government remains resolutely upbeat over its plans to turn things around in 2017. Nigeria, which Continue Reading
Shell battles Nigerian communities in high-stakes London lawsuit
A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts Continue Reading
More Beijing schools to install air filters due to smog
Beijing’s education authorities have said the city will accelerate the installation of air purifiers in schools and kindergartens to protect student health on polluted days. The municipal education commission of Continue Reading
China Foreign-Exchange Reserves Continue Drop
China’s foreign-exchange reserves fell to the lowest level in nearly six years last month, testing the central bank’s resolve to control the weakening yuan’s descent to a pace it dictates. Continue Reading
AP source: Aging New York nuclear plant to close by 2021
The aging Indian Point nuclear power plant just north of New York City will close within four years under a deal with Gov. Andrew Cuomo, who has long argued it Continue Reading
Gas prices last year were the lowest in 12 years
A federal survey of retail gasoline prices in the United States in 2016 found consumers paid the lowest average price at the pump last year in 12 years. The U.S. Continue Reading
U.S. Oil-Rig Count Climbs by Four, Baker Hughes Says
The number of rigs drilling for oil in the U.S. rose by four in the past week to 529, oil-field services company Baker Hughes Inc. said Friday The U.S. oil-rig Continue Reading
U.S. Rig Count Rises To Highest Point In 1 Year
Oilfield services provider Baker Hughes is ringing in the new year with a 7-rig increase this week to the number of active oil and gas rigs in the United States, Continue Reading
Venezuela’s Oil Company Sued Over Latest Citgo Deal
Petróleos de Venezuela SA is facing new legal action from North American multinationals over financial maneuvers they say are designed to shield the state-owned oil giant’s U.S. assets from seizure. Continue Reading
Cost Reduction, Greater Efficiency Focus of Technology in 2017
Companies will continue focus on technology to keep costs low while enhancing efficiency and safety, industry observers tell Rigzone. A possible oil price recovery in 2017 won’t change the oil Continue Reading
US to sell 8 million barrels of sweet crude from three SPR sites
The US government plans to sell up to 8 million barrels of light, sweet crude from three of the Strategic Petroleum Reserve’s four sites later in January, with first deliveries Continue Reading