Oil Majors’ Costs Have Risen 66% Since 2011
The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and Continue Reading
OPEC Deal Cancelled Out By Rising Shale Output
U.S. oil production continues to rise, threatening to offset much of the output reductions from OPEC, and yet again pushing out the time horizon for the oil market balancing. There Continue Reading
OPEC Struggling To Hold On To Asian Market Share
Two years ago, OPEC took steps to increase its market share. It continued with this same policy for two years by pumping oil in an oversupplied market. The result: oil Continue Reading
Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO
Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up Continue Reading
Trillions or Billions – What Is Aramco’s IPO Actually Worth?
Since Saudi Arabia said last year that it planned to sell a small portion of its crown jewel Aramco, analysts and industry specialists have been questioning the Kingdom’s evaluation of Continue Reading
Nigeria Economy Contracts in 2016 for First Time in 25 Years
Nigeria’s economy shrank for a fourth consecutive quarter in the three months through December and contracted for the whole year, the first such move since 1991. Gross domestic product in Continue Reading
China takes climate mantle from U.S., Greenpeace says
A survey of data from China finds the world’s second-largest economy is advancing on efforts to cut emissions, an environmental group said. Environmental advocacy group Greenpeace said its review of Continue Reading
U.S. oil output fell 91,000 bpd in Dec to 8.783 million bpd: EIA
U.S. oil production in December fell 91,000 barrels per day to 8.783 million bpd, according to data from the U.S. Energy Information Administration released on Tuesday. Oil companies pared activity Continue Reading
U.S. gasoline demand hits record number last year: EIA
U.S. demand for gasoline hit record levels last year, averaging 9.326 million barrels per day, surpassing 2007 levels, according to new monthly figures released Tuesday by the U.S. Energy Information Continue Reading
Trump to shift biofuel blending burden off refiners: U.S. ethanol group
The head of the Renewable Fuels Association said on Tuesday that U.S. President Donald Trump’s administration would lift the responsibility for fuel blending off refiners, which had long requested this Continue Reading