OPEC and Allies Gather as Oil Market Warns Them: Job’s Not Done
OPEC and allies reviewing the impact of their oil cuts this weekend face a market with an unambiguous message: their work is far from done. As producers meet in Kuwait Continue Reading
OPEC In Trouble As Saudis Becoming Weary Of “Free Riders”
From casual observation, one might be forgiven for referring to the OPEC production cut in place since November 2016 as the “Saudi production cut.” That’s because Saudi Arabia, OPEC’s leading Continue Reading
Russia, Saudis Move at a Different Pace as Oil Cuts Scrutinized
Russia and Saudi Arabia head to this weekend’s OPEC committee meeting as the tortoise and hare of a global deal to cut oil supply, with Moscow sticking to a slow Continue Reading
OPEC Cuts Pad Wallets of North American Heavy Oil Producers
OPEC’s supply cuts are providing a windfall for producers of heavy crude from Western Canada and the Gulf of Mexico. Prices for Western Canadian Select and Mars grades have strengthened Continue Reading
Saudi exports to U.S. to fall by 300,000 barrels per day in March
Shaybah oilfield complex is seen at night in the Rub’ al-Khali desert, Saudi Arabia, November 14, 2007. Saudi Arabia’s crude exports to the United States in March will fall by Continue Reading
Saudi pledges stable oil supply as market confused by data
Output or exports? OPEC members have argued for decades over which of the two they should monitor to gauge compliance with oil-output cuts. This month, Saudi Arabia has thrown a Continue Reading
Shell Oil Spills Led to ‘Astonishingly High’ Pollution in Nigeria
Royal Dutch Shell PLC oil spills that haven’t been cleaned up for over eight years have contributed to “astonishingly high” levels of pollution in a Nigerian community, according to a Continue Reading
Libya sets goals for higher oil production
Libya aims to increase crude oil production at some of its fields by 55,000 barrels to the extent that conditions permit, the nation’s main oil company stated. Officials with Libya’s Continue Reading
Venezuela’s Fuel Shortage Is Getting Worse
Venezuela’s state oil company was rushing to replenish gasoline supplies in various neighborhoods of Caracas on Thursday morning as drivers lined up at filling stations amid a worsening shortage of Continue Reading
Venezuela In Dire Straits As Oil Production Falls Further
Venezuela’s economic crisis continues to deepen. The South American OPEC member is thought to be sitting on nearly 300 billion barrels of oil, far more than any other country in Continue Reading
Oil breakthrough for Mexico with Eni discovery
Italian energy company Eni said Thursday it confirmed the potential for oil offshore Mexico in the first drilling campaign by a foreign company since 2013. Eni said it confirmed the Continue Reading
Six Years After Fukushima, Much of Japan Has Lost Faith in Nuclear Power
The Japanese government should consider a fundamental change in its current nuclear energy policy if it wants to recover the public’s trust in nuclear power, writes Tatsujiro Suzuki, Director of Continue Reading
PetroChina Mulls $85 Billion Spinoff
PetroChina may be considering a spinoff for its oil and gas pipeline business, which could be worth as much as $85 billion, according to investment analysts. The suggestion has been Continue Reading
Climate Change May Be Intensifying China’s Smog Crisis
Chinese leaders, grappling with some of the world’s worst air pollution, have long assumed the answer to their woes was gradually reducing the level of smog-forming chemicals emitted from power Continue Reading
Saudi Aramco inks term crude supply with China’s CNOOC for Huizhou refining project
Saudi Aramco has signed a one-year crude supply contract with China National Offshore Oil Corp. for its upcoming Phase 2 Huizhou refining project, as Saudi Arabia steps up efforts to Continue Reading
Norway’s Statoil top bidder for U.S. offshore licenses
As one of the companies with the largest take in a U.S. offshore auction, Norway’s Statoil said it reset its Gulf of Mexico position as the market improves. Statoil was Continue Reading
Record precipitation, snowpack in California expected to increase hydro generation in 2017
Drought Monitor Republished March 23, 2017, 11:30 a.m. to correct the percentage of California still in D1 status. For the first time since 2011, California’s drought is significantly weakening—a result Continue Reading
Gulf Of Mexico Lease Sale Nets $315M in Bids, Feds Suggest Trump Bounce
Top bidders included Shell Offshore, Statoil, Chevron and Hess Corp, each offering more than $44 million for access to offshore exploration and production, according to federal records. Offshore energy companies Continue Reading
There’s almost zero rationale for Arctic oil exploration
Drilling the Arctic region for oil cannot be justified against the background of the major shift in the global oil production paradigm, Goldman Sachs’ lead European commodities equity specialist said Continue Reading
Professor Tad Patzek on Oil in the Arctic
[Shell spent 10 years and $7 billion before withdrawing from exploring the arctic because the oil and gas reserves they found were too meager. The company needed “a multi-billion barrel Continue Reading
World Affairs – Cold Fusion: An Impossible Invention
What if there was an energy source that could provide clean water to planet Earth, zero-emission vehicles with unlimited mileage, a solution to the climate crisis and much more but Continue Reading
NEW REPORT: Global Coal Plant Development Freefall Sparks Renewed Hope On Climate Goals
On the heels of the 250th coal-fired power plant retiring in the United States yesterday, the Sierra Club, Greenpeace, and CoalSwarm have released their third annual survey of the global Continue Reading
All drill, no frack: U.S. shale leaves thousands of wells unfinished
U.S. shale producers are drilling at the highest rate in 18 months but have left a record number of wells unfinished in the largest oilfield in the country – a Continue Reading
Keystone Foes Prepare to Fight as Trump Readies Pipeline Permit
President Donald Trump is about to make good on his promise to approve the Keystone XL oil pipeline — but the fight is far from over. Instead, it shifts to Continue Reading
Latest Threat to U.S. Oil Drillers: The Rocketing Price of Sand
A stockpile of sand at the Superior Silica Sands facility in Barron, Wis., in 2015. The market for sand—a key ingredient in fracking—is surging once again as U.S. oil production Continue Reading
U.S. Electric Grid Could Cost $5 Trillion To Replace
Since Nikola Tesla and George Westinghouse lit up Buffalo from Niagara Falls at the end of the 19th century, electricity has been an integral part of American life, heating homes, Continue Reading
The Upcoming Surge In U.S. Oil Demand Explained In One Chart
Wow. It’s not often a chart can say so much about human behavior, economic theory, oil consumption and maybe even the future of energy all in one spreadsheet column. For Continue Reading
Weekly US coal production dips 4.4% as coal demand slows
Weekly US coal production totaled an estimated 14.1 million st in the week that ended March 18, down 4.4% compared with the prior week, but up 6.9% from the year-ago Continue Reading
As Trump targets energy rules, oil companies downplay their impact
President Donald Trump’s White House has said his plans to slash environmental regulations will trigger a new energy boom and help the United States drill its way to independence from Continue Reading
State Dept. to approve Keystone pipeline permit: Politico
A depot used to store pipes for Transcanada Corp’s planned Keystone XL oil pipeline is seen in Gascoyne, North Dakota, January 25, 2017. The U.S. State Department will approve by Continue Reading
Putin insists Europe needs expanded gas pipeline
An expansion to a Russian gas pipeline running offshore to Germany makes sense given production declines in Europe, Russia’s president said. Russian natural gas company Gazprom is one of the Continue Reading
Will Russia Ditch Its Ambitious Oil Tax Reform?
2018 was supposed to be a transformative year in Russia – presidential elections are looming, the Russian economy is expected to bust out of its current slump and the oil Continue Reading
The world’s deepest oil well is over 40,000 feet deep
In the world’s deepest gold mine , workers will venture 2.5 miles (4 km) below the Earth’s surface to extract from a 30-inch (0.8m) wide vein of gold-rich ore. While Continue Reading
Oil bounces off November lows, but bloated U.S. stockpiles pressure market
Oil prices on Thursday recovered from losses chalked up the session before, but the market remains under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to Continue Reading
Oil Prices Continue To Face Pressure From Brimming Inventories
Crude is heading lower today after a solid build to crude inventories from the weekly EIA inventory report. As U.S. inventories climb to a new record high, crude is having Continue Reading
Brent Oil Falls to Lowest Since November as U.S. Stockpiles Rise
Brent oil dropped to the lowest in almost four months as surging U.S. crude inventories dim optimism that OPEC and its partners will curb output enough to rebalance the market. Continue Reading
Russia will play OPEC ball, report finds
Russia is likely to play along with what’s expected to be another six months of OPEC production cuts despite lackluster compliance, a new report finds. Members of the five-member committee Continue Reading
Goldman Sachs: OPEC’s Influence On Oil Prices Is Dwindling | OilPrice.com
In a research note, Goldman Sachs has effectively demoted OPEC from a price setter to a mere inventory manager, with the cartel’s long-term control over international oil prices diminishing thanks Continue Reading
How OPEC Shot Itself In The Foot
At the start of March, we showed a fascinating chart from Rystad Energy, demonstrating how dramatic the impact of technological efficiency on collapsing U.S. shale production costs has been: in Continue Reading
OPEC Out Of Moves As Goldman Sachs Expects Another Oil Glut In 2018
Oil prices are heading down again on swelling U.S. crude oil inventories, with Brent dropping below $50 per barrel for the first time this year. The OPEC deal that has Continue Reading
Saudi Arabia may insist on Iran oil output cuts to continue OPEC deal: sources
Geopolitical rivals Saudi Arabia and Iran may be headed for another OPEC showdown, as the producer group enters negotiations over extending oil production cuts in force since January. Saudi Arabia Continue Reading
Libyan oil output rises to 700,000 bpd after port fighting ends: NOC
Libya’s oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two Continue Reading
Algeria’s Sonatrach to Invest $50 Billion, Boost Crude Output
Algeria’s state-run energy producer plans to boost crude oil output by 14 percent in the four years to 2019 and invest billions of dollars in exploration projects. Sonatrach Group expects Continue Reading
Saudi Arabia Rating Cut by Fitch on Worsening Public Finances
Saudi Arabia’s credit worthiness was cut one level by Fitch Ratings, which said low oil prices were worsening public and external finances. Fitch reduced Saudi Arabia’s rating to A+, the Continue Reading
Libya’s Oil Production Rebounds Back to Level Before Clashes
Libya’s oil production has climbed back to the level before clashes disrupted output three weeks ago and forced the OPEC nation’s two biggest oil ports to halt shipments. Output is Continue Reading
Why Libya Oil Revival Hinges on Fate of Two Ports
Libya’s ability to reclaim its role as a reliable supplier of crude depends on the fate of a pair of oil ports on the war-ravaged country’s coast. Es Sider and Ras Continue Reading
Are Banks About To Derail The New U.S. Shale Boom?
Just when international oil benchmarks are sliding down, banks are preparing to review the credit lines of U.S. E&Ps. Starting in April, lenders will reassess companies’ creditworthiness on the basis Continue Reading
A New Start For Egypt And Saudi Arabia’s Weathered Relationship
Saudi oil shipments to Egypt have resumed after several months of political crisis between Cairo and Riyadh. Egyptian oil ministry sources stated on 19 March that the first two oil Continue Reading
Shell gets access to oil hub in Panama: sources
Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro Corp, sources involved in the deal told Reuters, Continue Reading
Nations to Challenge Venezuela’s Authoritarian Regime
The U.S., Canada and Latin America’s leading nations have agreed to challenge Venezuela’s authoritarian regime, a joint effort that wouldn’t have been possible a decade ago. Fourteen nations plan to Continue Reading