Oil prices edge up on reports of Saudi supply cuts, but details murky
An attendant prepares to refuel a car at a petrol station in Rome January 4, 2012. Oil edged up on Wednesday, lifted by reports of Saudi supply cuts to Asia, Continue Reading
Too early to decide on extending OPEC’s production cut deal: UAE minister
As OPEC producers begin cutting back their output, UAE energy minister Suhail al-Mazrouei said Wednesday producers were committed to making the necessary cuts, but it was premature to discuss whether Continue Reading
OPEC secretary-general expects oil inventories to fall by Q2
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC’s headquarters in Vienna, Austria December 10, 2016. OPEC expects to Continue Reading
OPEC Boss Says Producers Will Decide in May If More Oil Cuts Needed
Global oil inventories will start to fall by the second quarter of the year, and crude-producing countries will decide in May whether to extend their collective output cuts beyond the Continue Reading
OPEC members to meet in Vienna next week to evaluate output cut commitments: UAE minister
The progress made by a group of major producers from OPEC and outside the organization towards cutting oil output by a combined 1.8 million b/d will be assessed next week Continue Reading
Saudi energy minister: still expects Aramco IPO in 2018
Faisal Al Nasser Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he still expected national oil giant Saudi Aramco IPO-ARMO.SE to conduct a public offer of its shares Continue Reading
U.A.E. Says $50 Oil ‘Isn’t Going to Cut It’ for Producers
Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Prices have climbed almost 20 percent to Continue Reading
Saudi Arabia to cull billions of dollars of projects
Saudi Arabia is planning to cull billions of dollars of projects as part of its latest cost-cutting measures to narrow a gaping budget deficit and balance the books by 2020. Continue Reading
Oil, Trump, leave Mexico in dire economic straits
Mexico, the second largest economy in Latin America, is facing economic headwinds because of lower oil prices and U.S. trade policy, a study finds. The New Year brought new challenges Continue Reading
China’s CNPC forecasts record oil demand, warns on product glut
China’s crude oil demand will grow by 3.4 percent this year to a record of almost 12 million barrels per day (bpd), the country’s top state-owned oil producer forecast on Continue Reading
Trans-Mountain Pipeline Clears Final Hurdle for Expansion
The Canadian province of British Columbia said Wednesday Kinder Morgan Inc. could proceed with plans to expand its Trans Mountain crude-oil pipeline, representing the final regulatory hurdle for the multibillion-dollar Continue Reading
Cruise Line Exec: LNG Represents the Future
Carnival opting for LNG instead of marine diesel oil. As this series on natural gas utilization has shown, initiatives to develop new markets for abundant natural gas supplies are prompting Continue Reading
Trump taps well of protest with calls for more drilling in national parks
The view from Comb Ridge is pictured in Utah’s Bears Ears area of the Four Corners Region, Utah, U.S. December 18, 2016. REUTERS/Annie Knox President-elect Donald Trump aims to open Continue Reading
As Russia’s gas market gets weaker, Europe gets stronger: Grigas
Europe’s Trans Anatolian natural gas pipeline in Turkey has hit a major milestone. It passed the halfway mark to completion at the end of 2016, bringing the Southern Gas Corridor Continue Reading
As Russia’s gas market gets weaker, Europe gets stronger: Grigas
The logo of Gazprom is pictured at the 26th World Gas Conference in Paris, France, June 2, 2015. Europe’s Trans Anatolian natural gas pipeline in Turkey has hit a major Continue Reading
The Peak Oil President?
The frequency of Internet searches for the term “peak oil” has waned dramatically in recent years; now even the number of articles announcing the “death” of peak oil has dwindled, Continue Reading
Oil Rises From One-Month Low as Saudi Cuts Counter U.S. Output
Oil advanced from the lowest level in a month as investors weighed production cuts from Saudi Arabia and other OPEC members against a projected gain in U.S. crude output. Futures Continue Reading
Oil prices edge up on reports of Saudi supply cuts, but details murky
Oil edged up on Wednesday, lifted by reports of Saudi supply cuts to Asia, but prices were prevented from rising further over a lack of detail of these reductions and Continue Reading
Oil Prices Fall As Markets Question OPEC Cuts
Oil markets are showing signs that optimism in crude prices might be reaching its limit as many speculative bets are reversing (Click to enlarge) Chart of the Week (Click to Continue Reading
Low Oil Prices Could Last As OPEC Cuts Won’t Suffice
An OPEC production cut offers oil producers hope for higher prices in 2017. But there is a dark cloud hanging over that expectation. Global storage inventories must be substantially reduced Continue Reading
Big Oil Hits Sweet Spot as Projects Reap Rewards of Recovery
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts. Seven of the world’s largest energy companies Continue Reading
Non-OPEC Delivers More Than a Quarter of Promised Cuts so Far
Russia and Kazakhstan said they’ve met or exceeded their initial goals for trimming oil output, bringing cuts by non-OPEC nations in the first 10 days of this year to more Continue Reading
Short-Term Energy Outlook
Benchmark North Sea Brent crude oil spot prices averaged $53/barrel (b) in December, a $9/b increase from November. This was the first month since July 2015 in which Brent spot Continue Reading
Oil Discoveries Seen Recovering After Crashing to 65-Year Low
The amount of oil discovered last year was the lowest since the 1950s as explorers slashed spending amid the worst downturn in a generation, according to Wood Mackenzie. The good Continue Reading
More oil potential from Kurdish north of Iraq
The Kurdish north of Iraq continued to show its oil potential after a driller said operations were paving the way for additional exports. Oryx Petroleum Corp., a Canadian company focused Continue Reading
Iraq plans record February Basra oil exports despite OPEC cut in force
Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month. 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
Libya Ramps Up Oil Production, Threatening OPEC Plans
Libya’s crude-oil production has more than tripled in the past six months, imposing an obstacle to the Organization of the Petroleum Exporting Countries’ plans to raise petroleum prices by collectively Continue Reading
Iran Close To Hitting 4-Million-Bpd Output Target
When Saudi Arabia initiated the latest OPEC discussion about an oil production cut, Iran insisted that it would only consider joining market rebalancing efforts when it reached a daily output Continue Reading
Iraq Could Kill The OPEC Deal
OPEC made an early New Year’s resolution when it promised the world that it will get thin – or more accurately that it will thin its output in an effort Continue Reading
Sonangol considering return to Iraq
Three years after security problems forced them out, Iraq is courting the Angolan state firm back to the Qayarah and Najmah fields. Iraqi Oil Minister Jabbar al-Luiebi (right) meets in Continue Reading
Nigeria Reclaims Africa’s Top Oil Producer Spot
Nigeria may have reclaimed its position as Africa’s top oil producer which it lost to fellow African oil producer, Angola earlier in March 2016. According to the December 2016 Monthly Continue Reading
Nigeria: Fuel Scarcity Looms As Nation’s Marketers Fail to Repay Loans
The inability of petroleum marketers to pay or service banks loans in the last two years is threatening further importation and could worsen the financial position of banks. The marketers Continue Reading
Argentina strikes $15bn a year shale investment deal
President Mauricio Macri is pushing to revamp flagging production at Argentina’s massive shale reserves, with companies agreeing on Tuesday to invest as much as $15bn a year in exchange for Continue Reading
Argentina clinches deal to attract investment in Vaca Muerta shale
Argentina has clinched a deal with labor unions and energy companies aimed at luring investors to the Vaca Muerta formation in Patagonia, one of the largest shale reserves in the Continue Reading
India’s Auto Sales Trigger Oil Demand Rising 11% to Record
No compatible source was found for this media. India’s oil consumption surged 11 percent to the most on record last year as rising income levels spur greater use of cars, Continue Reading
As OPEC cuts, traders send European oil volumes to Asia
European and Chinese traders are shipping a record 22 million barrels of crude from the North Sea and Azerbaijan to Asia this month, seeking to plug any supply gap left Continue Reading
India’s gasoline thirst shows no sign of being slaked: Kemp
India’s gasoline consumption continues to grow rapidly as an increasing number of individuals purchase their first motorized vehicle, helping drive the fastest growth in fuel demand in the world. India’s Continue Reading
China Launches A $361 Billion Secret Takeover… In Renewable Energy
A lot of press in recent weeks about solar power finally getting price-competitive with fossil fuels. Due to rapidly falling production costs for solar cells. That’s largely due to cheap Continue Reading
Saudis Curb Oil to China, Southern Asia as Others Spared
Saudi Arabia was said to cut February crude sales to China and southern Asian nations while largely sparing countries including Japan and South Korea, as it curbs supply as part Continue Reading
U.S. strategic oil sale will have few market consequences
The pending sale of crude oil from strategic reserves in the United States should have no major impact on global markets, energy economists said. On Monday, the U.S. Energy Department Continue Reading
U.S. crude output for 2018 to rise by 300,000 bpd: EIA
The U.S. Energy Information Administration expects U.S. crude oil production in 2018 to rise by 300,000 barrels per day (bpd) year-on-year, according to its monthly short term energy outlook released Continue Reading
VW close to $4.3bn US criminal settlement over emissions scandal
Volkswagen said on Tuesday it was in advanced talks to pay $4.3bn in penalties and plead guilty to criminal charges to settle with the US Department of Justice over the Continue Reading
Renewable generation capacity expected to account for most 2016 capacity additions
The last two months of 2016 are based on planned reported additions and are subject to change. Once final data are in, EIA expects 24 gigawatts (GW) of new generating Continue Reading
Oil, Gas Industry Looks to Trump for Opening Federal Lands to Development
President Obama’s onslaught of 11th hour rules and regulations to stifle oil and gas will be vulnerable to a motivated Congress’ retribution and incoming Trump Administration, experts say. Despite presiding Continue Reading
Energy’s Drunken-Sailor Legacy Hangs Over Plans for Debt Rescues
Debt-laden energy companies that still don’t have a financial escape plan in place are running out of time and willing lenders even after oil doubled from its February lows. Crude Continue Reading
Trump’s Oil Men Inherit Industry That Boomed During Obama Tenure
U.S. President-Elect Donald Trump’s cabinet will have strong ties to the oil industry if nominees such as Rex Tillerson and Scott Pruitt are confirmed by Congress. As the former chief Continue Reading
Seismic Industry Still Reeling From Oil Price Bust
The exploration and production business has been bearing the brunt of slashed investment and reduced budgets in the wake of the oil price crash. Yet, another industry dependent on E&P Continue Reading
U.S. Oil And Gas Jobs See First Gains In 2 Years
Rising rig counts and an uptick in drilling activity is leading to a rebound in employment in the oil and gas industry, according to recent data. Payrolls in the oil Continue Reading
General Frost to the rescue: cold helps Russia comply with OPEC deal
It has defeated armies trying to invade Russia in the past, and now the fabled Russian winter has come to Moscow’s rescue again, this time helping it comply with a Continue Reading