OPEC Head: Oil Inventories Already Dropping From High Levels
Global oil stocks have already started falling, but they need to drop by another 270 million barrels so that OPEC can say that the oil market is coming to balance, Continue Reading
Oil Settles Higher After IEA Says OPEC Cuts on Track
Oil prices rose Thursday after the International Energy Agency’s monthly report suggested global oversupply is easing. The Paris-based IEA said production from the Organization of the Petroleum Exporting Countries was Continue Reading
OPEC Seeks to Quiet Doubts on Supply Cuts as Rally Falters
When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises. Oil prices rose 20 percent Continue Reading
Saudi Oil Shipments Soared Ahead of OPEC Production Cut
No compatible source was found for this media. OPEC’s Barkindo: ‘So Far, So Good’ on Production Cut Deal Saudi Arabia’s crude exports surged to a 13 1/2-year high in November, Continue Reading
China To Pour $3 Billion in Iran’s Refining Capacity
China will invest US$3 billion in the upgrade of Iran’s oil refining facilities, Iranian media reported, with the bulk of the investment going into the Abadan refinery. According to Deputy Continue Reading
IS guerilla campaign intensifies in Diyala, Salahaddin
Despite losing ground in Mosul, IS militants to the east have stepped up insurgent attacks, conducting deadly raids on security forces, oil infrastructure, and rural villages. Hadi al-Amiri (R), the Continue Reading
Nigeria: Militants Didn’t Blowup Pipeline in Ughelli, Says Military
The Nigerian Military has denied reports that militants blew an oil pipeline in Delta State after Vice President Yemi Osinbajo’s visit, saying it was a bush-burning incidence that was put Continue Reading
Exclusive: Brazil plans two subsalt auctions in 2017, another in 2018
A man works at the Cidade Angra dos Reis offshore platform at the Lula oil field, about 300 km (186.4 miles) from the coast of Rio de Janeiro, February 16, Continue Reading
Explorers in World’s Fastest-Growing Oil Market Seek Tax Breaks
Explorers in the world’s fastest-growing oil market are seeking lower taxes on crude produced domestically to encourage fresh drilling as India tries to reduce its dependence on energy imports. State-run Continue Reading
China’s Cnooc to Raise Spending First Time Since Oil’s Plunge
Cnooc Ltd. plans to raise capital spending for the first time since crude began its crash in 2014 as China’s biggest offshore oil and gas producer prepares for life after Continue Reading