Gas prices finally edge lower
Relief in the form of stagnant crude oil prices and a good outlook for the nation’s refineries means U.S. gas prices edged a bit lower, a retail analysis found. An Continue Reading
U.S. shale oil output set to grow in February as prices rise
U.S. shale production is set to snap a three-month decline in February, the U.S. government said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month Continue Reading
U.S. oil and gas industry has turned the corner: Kemp
U.S. petroleum producers are looking forward to better times in 2017 as the industry has passed the low-point in the cycle and embarked on the road to renewed expansion. Domestic Continue Reading
Russia hints at economic stimulus
After hinting at a new tax policy on the oil industry, the Russian government said nearly $2 billion will be set aside to help the economy. Russia’s currency lost considerable Continue Reading
Norwegian oil and gas production up for the year
Production from offshore Norway slumps in December, though full-year output recorded another consecutive year of gains, government data show. File Photo by A.J. Sisco/UPI STAVANGER, Norway, Jan. 17 (UPI) — Continue Reading
So-so future for British North Sea
Oil and natural gas activity off the British coast should wax and wane in the short-term after one of the industry’s worst years, Wood Mackenzie finds. Lower crude oil prices Continue Reading
Exxon Mobil to Buy Permian Basin Land From Bass Family for More Than $5.6 Billion
Exxon Mobil Corp. said Tuesday that it was buying land in the much sought after Permian Basin region from the Bass family for $5.6 billion in stock and up to Continue Reading
ExxonMobil buys drilling rights in big bet on US shale
ExxonMobil has placed a big bet on US shale oil, agreeing a deal worth up to $6.6bn to buy companies with drilling rights on about 250,000 acres in the Permian Continue Reading
Russia launches new domestic oil and gas pipelines
Russia on Wednesday launched a new domestic gas pipeline and two new oil pipelines at a ceremony attended by President Vladimir Putin. The Bovanenkovo-Ukhta 2 gas pipeline, which has the Continue Reading
No Ruble Tripwire Seen for Russia as Currency Strains Mount
The ruble is settling in a range where the Bank of Russia purchased foreign currency in 2015, but this time policy makers are looking the other way. The central bank Continue Reading
Global sea ice is at lowest level ever recorded
t’s a new low point. The area of the world’s oceans covered by floating sea ice is the smallest recorded since satellite monitoring began in the 1970s. That means it Continue Reading
Peak Oil is Baaaack
A great report published last year by HSBC called: Global oil supply – Will mature field declines drive the next supply crunch https://drive.google.com/file/d/0B9wSgViWVAfzUEgzMlBfR3UxNDg/view They make a good many points frequently Continue Reading
Crude Prices Boosted by Saudi Oil Minister Comments
Oil prices rose Tuesday after positive remarks on the supply and demand balance from the Saudi Arabian energy minister on Monday. The March contract for global crude benchmark Brent gained Continue Reading
Brent Oil Trades Above $56 as Saudis See Market Balanced by June
Brent oil traded above $56 a barrel after Saudi Arabia said output cuts from OPEC and other producers will balance the market by June. Futures added 0.8 percent in London Continue Reading
Dana Gas CEO Says 1 Billion Barrels of Oil in Way of Ending Glut
Dana Gas CEO: ‘Latent Capacity’ in Global Oil Supply Almost 1 billion barrels of oil held in inventories must be used up before global supply and demand are closer to Continue Reading
The Rebound Is Here: Megaprojects Back On The Table
Hey 2017 – get you. Straight out of the box and it’s delivered some prestantious news, in the form of a Wood Mackenzie report. We don’t know how you feel, Continue Reading
Saudis, Kuwait, Algeria Cut More Than Pledged To OPEC
Saudi Arabia, Kuwait and Algeria may have cut their respective production below the levels they had promised in the OPEC deal, because all three are eager to show not only Continue Reading
OPEC questions take wind out of oil rally’s sails
Doubts about whether all parties to an OPEC-led agreement to cut production will do enough to balance markets pushed oil prices lower early Friday. Saudi Arabia, the de facto leader Continue Reading
Exclusive – Global ship insurers to resume near full coverage for Iran oil: officials
Global shipping insurers have devised a way to ensure nearly full coverage for Iranian oil exports from next month after striking a deal to provide cover without involving U.S.-domiciled reinsurers, Continue Reading
OPEC Production Cuts: Here’s The Cheat Sheet
OPEC will present its Monthly Oil Market Report on the 18th of January, at a time when OPEC and non-OPEC members are making their first production cuts in line with Continue Reading
Saudi pledges adherence to oil cut, confident others will
Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC’s plan to Continue Reading
IMF Slashes Saudi Arabia Growth Forecast on Lower Oil Output
The International Monetary Fund cut its growth outlook for Saudi Arabia on lower oil production, underscoring the challenges facing the kingdom as it seeks to overhaul its economy. Gross domestic Continue Reading
Saudi Plans for Early End to OPEC Pact Risk Leaving Job Undone
Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year. That would leave its aim of clearing a global oil glut Continue Reading
Saudi-Led Coalition, Houthis Clash Near Major Oil Passage
Forces of the Saudi-led coalition against the Houthi rebels in Yemen and the rebel group are fighting in the southwestern Yemeni region of Bab el-Mandeb, a vital passage for around Continue Reading
Saudis Seek Up to $50 Billion in Renewable-Energy Expansion
Saudis Seek Up to $50 Billion for Renewables Plan Saudi Arabia will start soliciting bids in the next few weeks for the first phase of a “massive” renewable-energy program costing Continue Reading
Venezuela Issues New Bank Notes Because of Hyperinflation
Venezuela ’s government began to issue new bank notes on Monday to replace the 100-bolívar bill, made virtually worthless by hyperinflation. President Nicolás Maduro announced early last month that new Continue Reading
Venezuela debuts new banknotes amid soaring inflation
Venezuelans are standing in long ATM lines to take out new, larger-denominated bills that President Nicolas Maduro hopes will help stabilize the crisis-wracked economy. Maduro last month said he was Continue Reading
China’s crude oil juggernaut to roll on, but more slowly: Russell
There is little doubt China’s crude oil imports enjoyed a robust 2016, hitting a record high. The question is how long the party can continue? Customs data released on Jan. Continue Reading
China’s crude oil output will fall 7 percent by 2020 – government
China’s crude oil output is expected to drop by 7 percent by 2020 compared with the previous five-year plan as output from some of the nation’s largest, but oldest, wells Continue Reading
China’s Oil Collapse Is Unintentionally Helping OPEC
OPEC’s campaign to prop up oil prices is getting unlikely support from its biggest customer. China’s production is forecast to fall by as much as 7 percent this year, extending Continue Reading
Natural gas prices in 2016 were the lowest in nearly 20 years
Natural gas spot prices in 2016 averaged $2.49 per million British thermal units (MMBtu) at the national benchmark Henry Hub, the lowest annual average price since 1999. The monthly average Continue Reading
Noble Buys Clayton for $2.7 Billion to Expand in Permian
Noble Energy Inc. agreed to buy Clayton Williams Energy for $2.7 billion in stock and cash to expand in America’s hottest shale play. The combination will create the second-largest acreage Continue Reading
For Shale Drillers, Rising Oil Prices Also Come With Rising Costs
U.S. shale drillers that proved resilient during the oil downturn face a new test in 2017: Can they make money producing more now that prices have stabilized? The price of Continue Reading
Will the US Really Be a Major Energy Exporter?
The analytical arm of the U.S. Department of Energy now says the United States will become a major energy exporter in a few years. Will this eventually prove to have Continue Reading
U.S. Shale’s Great Reawakening
OPEC and its friends have just received some uncomfortable reading. The latest forecasts from the U.S. Energy Information Administration suggest that their agreements to boost prices and hasten the rebalancing Continue Reading
Icy conditions, non-OPEC cut could hit Q1 Far East Russian crude exports
A double whammy of icy conditions in the oil fields in the Russian Far East and the major non-OPEC producer’s latest promise to cut production could lead to a decline Continue Reading
Oil prices edge up on weaker dollar, expected crude output cuts
Oil prices inched up on Monday, supported by a weaker dollar and expectations that OPEC and other producers will cut output as part of a deal to curb global oversupply. Continue Reading
Oil prices will be much more volatile in 2017: IEA
Global oil prices will witness “much more volatility” in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, Continue Reading
As OPEC Acts on New Year’s Resolution, U.S. Shale Pumps Away
U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market. Producers and merchants increased their bets on lower West Continue Reading
Leaner And Meaner: Oil Majors Capitalize On Higher Crude Prices
The recent recovery of oil prices couldn’t have come at a better time for the world’s top oil majors that have ridden the rough oil price crash with huge investment Continue Reading
Iran oil minister certain that oil prices will rise: Mehr
Iran’s oil minister said that he was confident the OPEC and non-OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise Continue Reading
Saudi energy minister: unlikely to extend producers’ agreement
OPEC and non-OPEC producers are unlikely to extend their agreement to cut oil output beyond six months, because of the level of compliance with the deal and the rebalancing of Continue Reading
Saudi Arabia Sees No Need to Extend OPEC Deal Beyond Six Months
OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given the level of their compliance with the reductions and the outlook for Continue Reading
Iran Oil Minister Certain That Oil Prices Will Rise
Iran’s oil minister said that he was confident the OPEC and non-OPEC members would commit to the output cut deal agreed in November, noting that prices of oil would rise Continue Reading
Venezuela will circulate new proposal next week to support oil prices
Venezuela’s President Nicolas Maduro holds speaks during his annual report of the state of the nation at the Supreme Court in Caracas, Venezuela January 15, 2017. REUTERS/Carlos Garcia Rawlins Venezuela Continue Reading
Despite Plunging Peso, Wildcatters Try Making Money on Oil in Mexico
Wildcatters are crossing the border into Mexico to pour money into the country’s recently deregulated energy sector, betting that the plunging peso and other economic stress won’t disrupt their business. Continue Reading
It Can Power a Small Nation. But This Wind Farm in China Is Mostly Idle.
On the edge of the Gobi Desert, the Jiuquan Wind Power Base stands as a symbol of China ’s quest to dominate the world’s renewable energy market. With more than Continue Reading
China, Europe drive shift to electric cars as U.S. lags
Electric cars will pick up critical momentum in 2017, many in the auto industry believe – just not in North America. Tighter emissions rules in China and Europe leave global Continue Reading
EPA Locks in Tougher Fuel-Economy Rules
Environmental regulators issued a final decision Friday to hold to tougher fuel-economy standards, rushing to lock in one of President Barack Obama’s signature climate policies a week before President-elect Donald Continue Reading
U.S. Shale To Kill Off Oil Price Rally
Oil prices have been showing signs of weakness in recent days as concerns over excess supply are starting to crop up once again, potentially slamming the breaks on an almost Continue Reading