NATO allies fret over security of Libya’s oil
The escalation of violence in and around the oil installations of Libya are cause for growing international concern, a joint statement from NATO allies said. A joint statement from the Continue Reading
Saudi oil min says no ‘free rides’ for non-OPEC producers
Saudi Oil Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving as an agreement to curb supply by OPEC and non-OPEC producers took effect. But he said Continue Reading
Burning less oil at home will help Saudi exports and Aramco IPO
Saudi Arabia is likely to reduce the amount of oil it burns to generate power this summer as the kingdom hikes domestic energy prices and uses more natural gas in Continue Reading
Saudi Energy Minister Says OPEC Will Remain Stabilizing Force for Oil Prices
Saudi Arabia’s energy minister said Tuesday that the Organization of the Petroleum Exporting Countries will continue to be the world’s “only catalyst” for stabilizing oil prices, but he warned that Continue Reading
As Trump Makes Threats, Iran Makes Friends
The Islamic Republic is expanding its reach and raising questions over U.S. ambitions to contain the country. Nigerian carpenter Bashir Muhammad has never been to Iran, but he would fight Continue Reading
Saudi Aramco to Pay Royal Dutch Shell $2.2 Billion in Motiva Breakup
State-oil giant Saudi Arabian Oil Co. will pay Royal Dutch Shell PLC $2.2 billion to finalize the breakup of their two-decade Motiva Enterprises refining partnership in the U.S. The deal Continue Reading
Saudi Oil Minister Says Market Intervention Is Ineffective
Saudi Arabia will only play steward of global oil production for a limited period before stepping back and allowing the free market to complete the supply rebalancing act, Saudi Oil Continue Reading
What the Saudi Aramco sale says about the state of the oil industry
As the oil and gas industry gathers in Houston for CERAWeek, a major annual event, geopolitical drivers to oil prices will be a focus. U.S. shale producers will be particularly Continue Reading
Saudi oil min says no ‘free rides’ for non-OPEC producers
Saudi Oil Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving as an agreement to curb supply by OPEC and non-OPEC producers took effect. But he said Continue Reading
Saudi Energy Boss Al-Falih Says Peak Oil Demand Talk Misguided
Saudi Arabia ’s top oil official dismissed the notion that global demand may soon peak and leave billions of barrels of untapped crude stranded in fields that will never be Continue Reading
Saudi Arabia, Russia Offer United Front on Oil Supply Cuts
Saudi Arabia and Russia, the architects of an oil production cut that has stabilized prices, presented a united front on compliance just as rising U.S. inventories have sparked doubts about the Continue Reading
Libya Crude Output Edges Higher After Clashes at Main Oil Ports
Libya’s crude production made a partial recovery after clashes between rival armed groups led to a halt in shipments from two of the OPEC member’s biggest oil ports. Output rose on Tuesday to Continue Reading
Iran’s Crude-Oil Exports Increase to Level Last Seen in 1970s
Iran’s crude-oil exports touched 3 million barrels a day for the first time since the 1979 Islamic Revolution. That level, lasting just one day, was reached in the current Iranian Continue Reading
Wellheads burn at Hamrin field after deadly IS attack
Militants from the self-proclaimed Islamic State (IS) militant group attacked the Hamrin oil field late Monday night, killing four guards and setting multiple wellheads on fire.The attack highlighted the IS Continue Reading
What the Saudi Aramco sale says about the state of the oil industry
As the oil and gas industry gathers in Houston for CERAWeek, a major annual event, geopolitical drivers to oil prices will be a focus. U.S. shale producers will be particularly Continue Reading
More oil progress offshore Senegal
A Scottish energy company focused on reserves offshore Africa said it’s assessing data from a reservoir estimated to hold more than 2 billion barrels of oil. Cairn Energy, which has Continue Reading
Nigeria: Shell Shuts Down Bonga, Reduces Nigeria Oil Production
Shell Nigeria Exploration and Production Company (SNEPCo) has halted production at Nigeria’s Bonga oil field. The exercise, which commenced on March 4, was put in place for maintenance that will Continue Reading
Colombia’s Oil Sector Faces ‘Post-Conflict’ Security Problems
Colombia’s oil industry continues to face bombings and other security challenges even after last year’s peace deal that ended a long-running guerrilla conflict, a top Colombian oil official said Tuesday. Continue Reading
Oil-for-loan debts cost Venezuela’s PDVSA hard-won India market share
Venezuela’s state-run oil company, PDVSA, has spent at least a decade trying to build business ties and boost shipments to refineries in India, where crowds once welcomed the late socialist Continue Reading
Brazilian crude threatens Oceania, Middle East suppliers’ Asian market share
China’s strong appetite for Brazilian crude has set off alarm bells among various producers in Oceania and the Middle East, prompting Australian and key Persian Gulf crude suppliers to slash Continue Reading
Vietnam’s Only Crude Exporter Attracts Oil Majors for Stake Sale – Bloomberg
PetroVietnam Oil Corp., Vietnam’s sole crude exporter, said it’s in talks to sell as much as 40 percent to strategic investors and expects to narrow down to a list of Continue Reading
China’s February crude oil imports hit second highest on record
China’s crude oil imports rose to the second-highest level on record in February, as strong demand from independent “teapot” refiners continues to drive growth. February’s imports came in at 31.78 Continue Reading
China’s February exports up 4.2 pct, imports up 44.7 pct
China’s exports in yuan-denominated terms rose 4.2 percent year on year in February, while imports up by 44.7 percent, customs data showed on Wednesday. That led to a monthly trade Continue Reading
Gas prices steady, but wild swings reported regionally
Steady crude oil prices kept U.S. retail gasoline prices in check, though some regions posted major swings on the back of refinery issues, AAA reported. AAA listed a national average Continue Reading
Oil industry costs will rise as focus shifts to growth: Kemp
Oil industry costs are notoriously pro-cyclical, which is one of the main reasons for the pattern of boom and bust that has afflicted in the industry from the beginning. The Continue Reading
US natgas output seen up in 2017, but still below 2015 record: EIA
The U.S. Energy Information Administration (EIA) on Tuesday projected dry natural gas production would rise in 2017 after falling in 2016, while gas consumption would decline in 2017 after rising Continue Reading
Exxon’s $20 Billion Spending Plan Points to U.S. Energy Surge
Exxon Mobil Corp. plans to spend about $20 billion on refineries, petrochemical plants and other projects in and around the Gulf of Mexico, Chief Executive Darren Woods said Monday, underscoring Continue Reading
White House tries to join CERAWeek party
Share Shortly after ExxonMobil Chairman and CEO Darren Woods took the stage at CERAWeek by IHS Markit in Houston, the White House sent out a statement congratulating Woods and his Continue Reading
ConocoPhillips CEO Talks Talent Shortage and Learning in the Downturn
ConocoPhillips’ CEO Ryan Lance addresses the oil and gas industry’s impending talent shortage during Houston’s CERAWeek by IHS Markit conference. The oil and gas industry has been plagued with the Continue Reading
Shell accelerates plan to boost U.S. shale output: exec
Royal Dutch Shell is ramping its North American shale output earlier than planned to lock in quick returns from what has become one of its most profitable businesses, the head Continue Reading
Norway Buries Oil-Tax Incentives as Crude Crisis Fades
Norway’s government won’t propose any tax incentives for oil companies to boost recovery at aging fields and marginal offshore discoveries before parliamentary elections later this year. “There are no planned Continue Reading
Chesapeake CEO: Downturn Challenges Helped Oil, Gas Companies
Doug Lawler, chief at shale gas forerunner Chesapeake Corp., tells CERAWeek audience the commodity price downturn forced independent upstream companies to become stronger. The dramatic price downturn that bankrupted more Continue Reading
British North Sea oil and gas sector still facing headwinds
An industry trade group sees confidence returning to the British North Sea, but lingering challenges remain for oil and natural gas. File photo by Maryam Rahmanian/UPI. March 7 (UPI) — Continue Reading
Wind energy gaining traction, U.S. trade group says
A General Electric wind turbine on display. An industry trade group said wind energy is the new American “cash crop.” File photo by Alexis C. Glenn/UPI. March 7 (UPI) — Continue Reading
Tapping into Ocean Power
The oceans of the world are a vast unexploited source of clean, reliable and predictable renewable energy. Could this energy help replace fossil fuels and be a solution to climate Continue Reading
Oil Slips as U.S. Shale Boom Counters Libyan Production Decline
Oil fell in New York as clashes between armed factions in Libya curbed crude output, while U.S. drilling increased. Futures slipped 0.2 percent. Libyan production dropped after clashes forced two Continue Reading
Investors Start Doubting Oil Rally After Failure to Top $55
The oil market’s failure to break out of the tightest range in more than a decade is sapping investor interest. After hitting a record high last week, hedge funds reduced Continue Reading
Oil prices fall on doubts over Russian output curbs
Workers look at a drilling rig of the Rosneft-owned Prirazlomnoye oil field outside Nefteyugansk, Russia, August 4, 2016. Oil prices slipped in Asian trade on Monday, wiping out some of Continue Reading
Oil Declines as Investors Continue to Weigh OPEC’s Production Cuts
Oil prices edged lower Monday, as investors continued to weigh OPEC’s production cuts against rising production in the U.S. U.S. crude futures fell 13 cents, or 0.24%, to $53.20 a Continue Reading
Oil majors reverse decade of stalled growth to beat supply crunch fears
Oil majors have long been passive watchers of the pump war between OPEC and U.S. shale producers, but not any more. Majors were unable to grow output for the past Continue Reading
IEA Doubles Forecast for New OPEC Oil by 2022 as Iraq Ramps Up
OPEC will increase its production capacity by about twice as much as previously thought, led by expansion in Iran and Iraq, the International Energy Agency said. The Organization of Petroleum Continue Reading
IEA Sees Oil Investment Revival After a Two-Year Rout
Oil companies are reviving investment after a two-year rout as OPEC output cuts boost prices, easing but not eliminating the risk of a future supply crunch, the International Energy Agency Continue Reading
IEA: Oil investment drought threatens price surge
Drastic cuts in oil industry investment risk creating a shortfall in supply that by 2020 will expose the market to a surge in prices, the International Energy Agency has warned. Continue Reading
IEA warns of oil ‘supply crunch’ by 2020 with no capex renaissance
Global oil supply may struggle to match demand after 2020, when the pinch of a two-year decline in investment in new production could leave spare capacity at a 14-year low Continue Reading
Too early to discuss oil deal’s extension: Russia, Iraq
Russia and Iraq said on Monday it was too early to discuss an extension of a historic deal to curb oil output beyond June while cash-strapped Angola supported the move Continue Reading
IEA: Oil investment drought threatens price surge
Drastic cuts in oil industry investment risk creating a shortfall in supply that by 2020 will expose the market to a surge in prices, the International Energy Agency has warned. Continue Reading
IHS CERAWeek: Hess CEO sees global oil supply crunch looming
A significant, years-long oil supply crunch may be approaching due to insufficient investment in exploration and production, Hess CEO John Hess said Monday at IHS CERAWeek. “As an industry we’re Continue Reading
Oil And Gas IPOs Return Amid Oil Price Recovery
The oil price crash has left energy companies scrambling to shore up balance sheets and streamline costs. But the recent recovery of crude prices has instilled cautious confidence among oil Continue Reading
Too soon to say if OPEC should extend output curbs: Iraq
The Iraqi oil minister said on Monday that it was too early to say if OPEC should extend output curbs and that Baghdad was ready to participate if the producer Continue Reading
OPEC not entirely in compliance with production deal
While compliance with an OPEC-led agreement to curb production is strong, the way the deal was configured reveals output above a threshold, a survey found. A survey from S&P Global Continue Reading