Saudi King Visits Japan, Seeks Help on Diversifying Economy
King Salman and hundreds of business leaders from Saudi Arabia are in Japan for talks Monday mainly expected to focus on economic ties. The visit is the first by a Continue Reading
Saudi deputy crown prince to meet Trump, investment in focus
Saudi Deputy Crown Prince Mohammed bin Salman attends a graduation ceremony and air show marking the 50th anniversary of the founding of King Faisal Air College in Riyadh, Saudi Arabia, Continue Reading
Iran leapfrogs Iraq as India’s no. 2 oil supplier in February: trade data
India’s oil imports from Iran rose nearly 17 percent in February from a month earlier as refiners received less crude from key OPEC producers Saudi Arabia and Iraq after an Continue Reading
Nigeria’s Proposed Sale of Oft-Bombed Oil Assets Won’t Be Easy
For sale: stakes in oil fields. Bids from world class energy companies preferred. Pipelines and terminals associated with the deposits only blown up about a dozen times in the past Continue Reading
Energy sector weighs rewards and risks of Trump presidency
ExxonMobil, the largest US oil group, proclaimed this week that it was creating more than 45,000 construction and production jobs by investing $20bn in petrochemical, refining and liquefied natural gas Continue Reading
Oil Extends Slide After Sharp Selloff
Oil prices continued to slide Friday on fears that coordinated production cuts won’t be enough to eliminate a glut of oil that has weighed on the market. U.S. crude futures Continue Reading
Oil Trades Down 1.6% As Baker Hughes Reports 12 Rig Gain In U.S.
This week’s Baker Hughes report shows the U.S. domestic oil rig count up eight sites this week, bringing the total to 617 active oil rigs – the highest since the Continue Reading
How Much Further Can Oil Prices Fall?
Oil prices fell nearly 8 percent this week as speculators rushed for the exit and closed near record long positions. (Click to enlarge) Friday, March 10, 2017 Oil prices awoke Continue Reading
Despite sanctions relief, Shell still cool on Iranian oil buys
Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication Continue Reading
Oil Ministry confirms February export decline
Iraq’s Oil Ministry released official export data for January and February on Thursday, confirming prior estimates by Iraq Oil Report suggesting that the country was reducing output in its effort Continue Reading
China Teapot Refineries Lobby For Fuel Export Ban Removal
Independent Chinese refineries, known as teapots, are lobbying with the government for the lifting of a fuel export ban that has cut a major source of income. The export quotas Continue Reading
Can China Lead The World Economy?
Summary China is routinely presented in media as the world’s next economic leader. It has delivered impressive GDP growth. However, it is not as developed as its image in media Continue Reading
U.S. refiners’ biofuel bill soars to record high as debate heats up
Oil refiners shelled out a record over $2 billion to meet U.S. biofuels requirements in 2016, a 70 percent surge that helps fuel a growing debate over who should shoulder Continue Reading
Race to Bottom on Costs May Cause Oil to Choke on Supplies
Houston hosted two events this week: the nation’s largest energy conference and the town’s famous rodeo. They have more in common than you’d think. In both cases, the key for Continue Reading
Canada Oil Dependence on U.S. Loosens in Age of Donald Trump
The Canadian oil patch’s half-century bond to the U.S. market is loosening one tanker load at a time in Donald Trump’s “America First” era. Last month, a ship loaded oil Continue Reading
U.S. crude oil sales to Asia quickly growing
The growing influence of U.S. crude oil exports to Asia was a topic at a recent oil conference in London. It had been 40 years since crude oil was exported Continue Reading
U.S. companies claim largest onshore oil discovery in 30 years
Energy enterprises Repsol and Armstrong Energy say they made the largest U.S. onshore oil discovery in three decades in Alaska. The conventional hydrocarbon oil was found in the Horseshoe-1 and Continue Reading
U.S. Oil-Rig Count Climbs by Eight
The number of rigs drilling for oil in the U.S. rose by eight in the past week to 617, according to oil-field services company Baker Hughes Inc. The U.S. oil-rig Continue Reading
DOE economist talks SPR exports, storage and sales
The presenter who arguably received the best questions at Wednesday’s Crude Oil Quality Association meeting in New Orleans was the US Department of Energy’s economist, Kenneth Vincent. His presentation was Continue Reading
Majors exiting Canada’s oil sands acting in own interest: Trudeau
Canadian Prime Minister Justin Trudeau on Friday dismissed a recent string of major oil companies selling their holdings in the heavy oil sands of Western Canada and moving investments to Continue Reading
Exxon-BP Acquisition Talk Resurfaces: Is a Deal Really Likely?
BP Plc ’s shares surged the most this year after a London newspaper reported on rumors that Exxon Mobil Corp. sounded out major shareholders over a potential takeover. While a Continue Reading
As VW Pleads Guilty in U.S. Over Diesel Scandal, Trouble Looms in Europe
Volkswagen took a big step toward resolving its legal problems in the United States when it pleaded guilty on Friday to its vast emissions deception. But in Europe, its troubles Continue Reading
BP Shares Surge On Reports Of Exxon Takeover Approach
U.S. energy giant ExxonMobil ( NYSE:XOM ) has reportedly gauged potential interest among BP’s major shareholders regarding a possible takeover, British newspaper Evening Standard reported on Friday, sending BP’s stock Continue Reading
Is The Oil Price Plunge A Turning Point?
WTI futures fell $2.86 from $53.14 to $50.28 per barrel, and Brent futures dropped $3.81 from $55.92 to $52.11 per barrel. WTI is trading below $49 and Brent below $52 Continue Reading
Oil price cracks as market focuses on rising production
The two most powerful men in the world oil market appeared together in Houston on Tuesday to tell the world that their strategy was on track. In December, Khalid al-Falih Continue Reading
Oil edges off three-month low, but glut worries fester
Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly Continue Reading
Oil Prices Continue Plunging As Speculators Rush For Exit
After having dipped 5 percent on Wednesday, oil prices continued plunging on Thursday by more than 2 percent, as speculators have started exiting the nearly record long positions in oil Continue Reading
Oil industry revives quest for deepwater reserves
Deepwater oil drilling can be expensive, time-consuming and a hard sell to investors. But the world’s top energy firms are restarting their search for giant oilfields under the ocean after Continue Reading
CERAWeek Factbox: The oil themes of this year’s conference
The landmark supply cut agreement between OPEC and non-OPEC producers, the second wave of US shale growth and a looming global supply crisis dominated much of the talk at this Continue Reading
The OPEC Deal Is Facing Its Biggest Test
OPEC’s strategy to balance the oil market and bolster prices is facing its biggest test. The producer group is aiming to revamp the market by eroding a crude inventory surplus Continue Reading
CERAWeek: OPEC done bearing ‘burden of free riders’
Maintaining a stable world oil market is a global responsibility and not one that should fall squarely on the shoulders of the Organization of Petroleum Exporting Countries, two of the Continue Reading
Kirkuk oil crisis subsides as PUK faction withdraws
An armed faction of the Patriotic Union of Kurdistan (PUK) political party has withdrawn from key energy sites in Kirkuk, signaling at least a temporary resolution to a crisis over Continue Reading
Tanker to Libya’s Biggest Oil Port Diverted to Avoid Conflict
An oil tanker that was scheduled to load crude at Libya’s Es Sider port changed its course to a different terminal in the west of the country as clashes in Continue Reading
Saudis tell U.S. oil – OPEC won’t extend cuts to offset shale: sources
Senior Saudi energy officials told top independent U.S. oil firms in a closed-door meeting this week that they should not assume OPEC would extend output curbs to offset rising production Continue Reading
ExxonMobil to acquire interest in Mozambique Area 4 from Eni
ExxonMobil Corp. and Eni SPA have signed a sale and purchase agreement to enable ExxonMobil to acquire from Eni a 25% indirect interest in the natural gas-rich Area 4 block Continue Reading
Nigeria: President To Return After Time Abroad For Treatment
Nigerian President Muhammadu Buhari will return to Nigeria on March 10, according to an official statement by the president’s office, Reuters reported. Buhari has been out of the country in Continue Reading
Fukushima Mysteries Rattle Japan’s Nuclear Industry
Six years after Japan’s nuclear disaster, popular resistance has stymied efforts to rebuild an atomic energy industry that was once among the world’s biggest, as mysteries endure over the calamity. Continue Reading
Trudeau Walks a Thin Tightrope Between Fossil Fuels, Renewables
Under Prime Minister Justin Trudeau, Canada’s government is playing both sides of the fence in its national energy strategy. During Trudeau’s first 16 months, three energy projects — a pipeline Continue Reading
Oil Trader Vitol Sees `a Lot More’ Growth in U.S. Crude Exports
Vitol Group BV , the trader that shipped the first cargo of U.S. crude after export restrictions ended in late 2015, predicts the country’s oil exports will grow “a lot Continue Reading
Can The Permian Outgrow The Giant Saudi Ghawar Field?
When the Permian Basin in West Texas—which has been pumping oil for nearly a century—was fueling the U.S. and Allied forces in World War II, currently the world’s biggest conventional Continue Reading
Oil could flow through the Dakota Access Pipeline as early as next week.
On Tuesday, a U.S. district judge denied a motion to stop construction of the final piece of the pipeline, which had been filed by the Standing Rock Sioux and Cheyenne Continue Reading
Marathon Oil to buy Permian acreage for $1.1 billion
Marathon Oil Corp. has agreed to acquire 70,000 net surface acres in the Permian basin from BC Operating Inc., Midland, Tex., and other entities for $1.1 billion in cash.The deal, Continue Reading
Bakken January Production Data
North Dakota has published January production data for the Bakken and for all North Dakota . Bakken production was up 37,617 bpd to 932,817 bpd while all North Dakota’s production Continue Reading
EPA Administrator Pruitt says rules must give market certainty
US Environmental Protection Agency Administrator Scott Pruitt extended a hand of friendship to the energy industry Thursday, expressing his desire to reshape the office he heads into one that cooperates Continue Reading
CERAWeek: North American producers find adaptation key in challenging environment
North American producers such as EQT and BHP Billiton have had to adjust strategies to continue operating in challenging economic times, squeezing out operational efficiencies or shifting focus to concentrate Continue Reading
Harold Hamm: U.S. Shale Spending Binge Could Destroy Oil Market
In a rather unconventional warning, Continental Resources chief executive Harold Hamm said on Wednesday that should the U.S. oil industry embark on another spending spree, it could “kill” the market. Continue Reading
U.S. Refiners Look Abroad As Domestic Competition Increases
U.S. oil refiners are going global. That’s the message that has been coming from the industry over the past year when a lot of refining capacity abroad was shut down Continue Reading
U.S. crude oil and natural gas production both fell in 2016
Based on data in EIA’s Monthly Crude Oil, Lease Condensate, and Natural Gas Production Report , average crude oil production in the Lower 48 states fell to 8.39 million barrels Continue Reading
Warm weather leads to first recorded natural gas storage injection in February
Warmer than normal weather throughout much of the United States resulted in the first recorded net natural gas injection during a week in February since weekly storage data has been Continue Reading
On climate change, Scott Pruitt causes an uproar — and contradicts the EPA’s own website
EPA Administrator Scott Pruitt does a television interview in Statuary Hall at the U.S. Capitol before President Donald Trump delivers a speech to a joint session of Congress on February Continue Reading