Rising U.S. oil production isn’t the only thing getting in the way of OPEC’s efforts to drain a global glut. American drivers aren’t helping either. The Organization of Petroleum Exporting Continue Reading
The Interior Department is weighing Eni SpA ’s request to explore for oil in waters north of Alaska, giving the Trump administration a chance to reverse course from former President Continue Reading
The company that built the United States’ first offshore wind farm says the powerful storm that hit the Northeast this week was a chance to go “full throttle” and put Continue Reading
More than 100,000 acres off the coast of North Carolina go on the auction block Thursday for potential wind energy development, the U.S. government said. The U.S. Department of Interior Continue Reading
Following a review of fuel economy standards from the White House, the Sierra Club said it filed a complaint against the EPA for violating integrity rules. President Donald Trump vowed Continue Reading
The Trump Administration has released its “America First” budget blueprint for the FY 2018 budget. The core of the blueprint is a $54-billion increase in defense spending in 2018 that Continue Reading
President Donald Trump’s administration is proposing a 31 percent cut to the Environmental Protection Agency’s budget, eliminating its climate change programs and trimming back core initiatives aimed at protecting air Continue Reading
Climate-warming emissions from burning fossil fuels have remained flat for a third year in a row in a development that suggests a shift to a greener global economy is happening Continue Reading
A tax reform proposed by the Trump administration could free up to $10 billion annually for the U.S. oil industry and maybe encourage more investments in additional production. Leaving aside Continue Reading
It’s reasonable to give serious consideration to extending a production agreement led by OPEC, the head of Russian oil company Lukoil said Thursday. Russia is contributing as a non-member state Continue Reading
Oil prices rose Wednesday, snapping a week-long losing streak, as a drop in U.S. stockpiles supported a rally from Tuesday’s three-month lows. Light, sweet crude for April delivery settled up Continue Reading
Iran is on track to out-produce Qatar, the world’s biggest LNG exporter , at the vast natural gas deposit they share in the Persian Gulf. But as much as they Continue Reading
Global oil inventories rose for the first time in six months in January, despite OPEC’s production cuts, but if the group maintains its output limits, the market may tilt into Continue Reading
Buy oil now, and count on Saudi Arabia for support, according to Citigroup Inc. OPEC’s output cuts aimed at easing a global glut are “real” and is cleaning up the Continue Reading
Oil rebounded above $48 a barrel amid a reported decline in U.S. crude stockpiles as the International Energy Agency said the market needs time to drain a global inventory glut. Continue Reading
There’s nothing shocking in the steady build of crude oil inventory levels and those waiting for the market to balance out should be patient, the IEA said. The Organization of Continue Reading
Having expanded by 1.6 mb/d in 2016, global oil product demand growth is expected to ease back to 1.4 mb/d in 2017. Early indicators of 1Q17 demand support this, with slowdowns seen in Continue Reading
Saudi Arabia’s Oil Minister Khalid al-Falih has tried to reassure markets of The Kingdom’s commitment to the rebalancing of crude oil’s fundamentals, after benchmarks yesterday slid down on an announcement Continue Reading
OPEC’s relentless output increase before their November deal to curtail supply has led to the first global stocks increase in six months, the International Energy Agency (IEA) said on Wednesday, Continue Reading
The U.S. shale cowboys are back on their horses and leading a strong recovery in the oil patch that is not expected to falter even as WTI prices dropped last Continue Reading
Saudi Arabia’s King Salman oversaw the signing of deals worth potentially $65 billion as he began a visit to Beijing on Thursday, as the world’s largest oil producer looks to Continue Reading
A spokesperson for Austrian energy company OMV said oil production in Libya is ongoing and the opportunity for gains is expected this year. Libya is one of the members of Continue Reading
A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton Nasdaq Inc is touting its technology Continue Reading
The bitter political standoff between Venezuela’s government and opposition may have cost the crisis-torn country nearly half a billion dollars in loans from one of its last active multilateral lenders Continue Reading
Saudi Arabian state oil company Aramco will resume oil product shipments to Egypt some six months after halting them suddenly, the Egyptian Petroleum Ministry said on Wednesday, signaling a potential Continue Reading
Crude prices are rebounding today, bouncing off the trampoline of price support at $48 for WTI and $50 for Brent. A surprise draw to U.S. crude inventories ( not to Continue Reading
French supermajor Total said it started production at a deep-water prospect off the Congolese coast with a production capacity of 100,000 barrels per day. “Moho Nord is the biggest oil Continue Reading
Iraq pumped 4.57 million barrels a day of oil in February and plans to boost output later in the year even as the OPEC member reaffirmed its commitment to the Continue Reading
Venezuela’s government has threatened to seize control of bakeries that fail to implement regulations to combat bread shortages. President Nicolas Maduro said the government will expropriate industrial bakeries , which Continue Reading
Brazil’s federal auditing court overturned a preliminary ruling Wednesday that had frozen asset sales by Petróleo Brasileiro SA since December, removing a major roadblock to the state-run oil company’s plan Continue Reading
U.S. crude stocks fell last week as imports plummeted, dropping after nine consecutive increases, while gasoline and distillate inventories declined more than expected, the Energy Information Administration said on Wednesday. Continue Reading
Donald Trump on Wednesday ordered the reopening of a review of future fuel economy and emissions standards for US cars, in a move that could slow down development of electric Continue Reading
Rosneft could take control of 49.9 percent of Citgo – the troubled U.S. business of Venezuela’s state-owned oil company, media are warning. PDVSA used the stake as collateral for a Continue Reading
Administrator Scott Pruitt and Department of Transportation Secretary Elaine Chao announced that EPA intends to reconsider its final determination issued on 12 January 2017 which recommended no change to the Continue Reading
Oil rebounded above $48 a barrel amid a reported decline in U.S. crude stockpiles as the International Energy Agency said the market needs time to drain a global inventory glut. Continue Reading
Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC’s compliance Continue Reading
For traders who were paying attention, the weekly COT (Commitments of Traders) reports from the CFTC (U.S. Commodity Futures Trading Commission) have recently been screaming out a warning…crude oil bear Continue Reading
Global oil markets are gradually rebalancing, but progress has been slower and more uneven than the Organization of the Petroleum Exporting Countries and bullish hedge funds expected. OPEC as well Continue Reading
1. Shale The US shale industry has come back with a bang, with oil prices back above $50 a barrel. After two years of contraction, the US Energy Information Administration Continue Reading
The possibility of OPEC deciding to extend the deadline of its November 30 oil output cut agreement is growing, according to one former senior U.S. energy official. Former Assistant Secretary Continue Reading
Global oil inventories rose for the first time in six months in January, despite OPEC’s production cuts, but if the group maintains its output limits, the market may tilt into Continue Reading
In an attempt to improve the quality of Beijing’s polluted air , the authorities are planning to mandate that every new taxi in the city must be electric or gas-fuelled, Continue Reading
OPEC said on Tuesday oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside Continue Reading
When OPEC reached a deal last year to cut oil output, the decision to exclude Nigeria and Libya from the restrictions was seen as a risk to the group’s efforts Continue Reading
Some members of OPEC are producing more oil and Saudi Arabia has breached a psychological threshold for February, based on the organization’s first report since enacting production limits for members Continue Reading
The double whammy of yesterday’s EIA drilling productivity report – showing rampantly rising shale production next month – combined with a bearish OPEC monthly oil market report, has sent oil Continue Reading
Global oil supplies rose by 260,000 barrels a day in February to 96.52 million b/d, as both OPEC and non-OPEC producers pumped more crude, the International Energy Agency said on Continue Reading
OPEC’s monthly report for February was released Tuesday morning, and total output appears to have fallen from 32.097 million bpd in January to 31.958 million bpd. Members which agreed to Continue Reading
One of my go-to analysts on oil production is former Italian oilman Leonardo Maugeri, who now works at the Belfer Center at Harvard University. In my book, The End of Continue Reading
All data below is in thousand barrels per day and is through February 2017. (Click to enlarge) OPEC crude oil production dropped to 31,958,000 bpd in January. That was a Continue Reading
