Why Are We Waiting (for Peak Oil)?
Remember those long holiday road trips where the question endlessly repeated was “are we there yet”? Well, for many in the peak oil community, waiting for it to arrive has Continue Reading
Peak Oil, a tabletop game about Crisis and Profit
You are the top manager at one of the big oil companies , tasked with leading your enterprise into a future without oil . With peak oil looming ahead, you Continue Reading
Oil Extends Gain Above $50 as Focus Returns to U.S. Inventories
Oil extended gains to the highest level in almost a month, with investor focus shifting back to U.S. crude inventories after supply disruptions and optimism over OPEC’s output curbs drove Continue Reading
Oil hits one-month high near $55 on tighter supplies
Oil hit a one-month high near $55 a barrel on Wednesday as a drop in U.S. crude inventories raised hopes that OPEC-led supply restraint is clearing a glut, while an Continue Reading
Oil Jumps On Growing Support For OPEC Deal Extension
Oil prices rose at the beginning of the week on the back of drawing inventories and increased support for an extension of the OPEC output cut deal. (Click to enlarge) Continue Reading
Oil Prices Rise on Continued OPEC Bet
Oil prices rose to a four-week high as traders continued to bet that cuts from the world’s biggest exporters and the coming high-demand season are ending oversupply in the market. Continue Reading
Crude oil prices post modest gains in Tuesday trading
Signs of a market that’s finally tightening up help stimulate a modest rally in crude oil prices in early Tuesday trading. File photo by Monika Graff/UPI. April 4 (UPI) — Continue Reading
Tanker Traffic Points At Much Tighter Oil Markets
Oil prices have rallied more than 6 percent since last week, which has largely been attributed to growing confidence in a six-month extension from OPEC combined with a temporary outage Continue Reading
Global Shipping Fleet Braces for Chaos of $60 Billion Fuel Shock
Little more than 2 1/2 years from now, the global fleet of merchant ships will have to reduce drastically how much sulfur their engines belch into the atmosphere. While that Continue Reading
Canadian Oil Disruption, OPEC Output Cuts Open Door for Mexico
Canadian crude shipments to the U.S. are poised to shrink just as the effects of OPEC-led output cuts are being felt in the Caribbean. That’s good news for Mexico and Continue Reading
Iraq starts new oil contract review
The Oil Ministry plans to develop a new contract model for future projects and has contracted Iraqi-Norwegian consultant Farouk al-Kasim as it explores adjustments to existing TSCs. Lukoil Vice President Continue Reading
Nigerian oil output slumps to 1.676 mil b/d in March: ministry
Nigeria’s crude oil and condensate production averaged 1.676 million b/d in March, a fall of over 200,000 b/d from the previous month, the country’s petroleum ministry said Tuesday. The ministry Continue Reading
Exxon Eyes Brazil Expansion
Exxon Mobil Corp., the only big oil company without a major foothold in Brazil, is in talks to gain access to the country’s prized deep-water resources, according to people familiar Continue Reading
Petrobras says Exxon expressed ‘strong interest’ in pre-salt oil
Brazil’s state-run oil company Petroleo Brasileiro SA Chief Executive Officer Pedro Parente talks during a news conference in Rio de Janeiro, Brazil, January 11, 2017. REUTERS/Nacho Doce U.S. oil company Continue Reading
Are Mexico’s Oil Reserves Almost Depleted?
Mexico’s oil and gas regulator said last week that the country’s proved hydrocarbon reserves will drop by 10.6 percent in 2017. This forecast, coupled with the lower oil production that Continue Reading
China Surpasses Canada as Top Buyer of U.S. Crude
China became the biggest buyer of U.S. crude oil in February, surpassing Canada, at a time when OPEC is cutting back output. China imported 8.08 million barrels of U.S. light Continue Reading
U.S. gas prices begin slow seasonal trend upward
Maintenance at U.S. refineries and a shift to a more expensive summer blend of gasoline is leading to a spike in retail gas prices, motor club AAA reports. AAA reports Continue Reading
Gulf Of Mexico Breakeven Falls Below $50 Per Barrel
Twice as many deepwater projects expected this year as the last two years combined While U.S. shale has been by far the most important topic when discussing U.S. oil and Continue Reading
Fastest-Growing Type of Loan Faces Political Backlash
Momentum is building in the U.S. Senate to rein in a popular government-supported loan program used to finance energy-saving home improvements. Sen. Tom Cotton (R., Ark.) plans to introduce legislation Wednesday that Continue Reading
Is Natural Gas In The Midst Of A Boom-Bust Cycle?
After six decades of relying on outside sources, the United States is poised to become a consistent net exporter of natural gas . The shale boom and the rush to Continue Reading
When Will Russia Run Out Of Oil?
On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrels of conventional oil were discovered, roughly Continue Reading
Seadrill in a Free Fall Seen Left to Day Traders as Hope Fades
Seadrill Ltd. , once the crown jewel of billionaire John Fredriksen’s business empire, is at the mercy of short-term speculators as the biggest funds shun the offshore driller amid a Continue Reading
Oil Rally Fizzles as Prices Made Vulnerable by Libyan Recovery
Oil’s rally above $50 a barrel is running out of steam after Libyan production returns, bringing the focus back to OPEC. Futures in New York extended losses after dropping 0.7 Continue Reading
Oil prices fall as Libya’s output rebound boosts supply
Oil prices fell on Tuesday as a rebound in Libyan crude production combined with an increase in U.S. drilling to signal the potential for increased supply. Benchmark Brent crude oil Continue Reading
Oil Markets On Edge As Libya Brings Back 250,000 Bpd
Crude oil production at the Sharara field in western Libya – the country’s biggest – has resumed, an anonymous source told Reuters , and the force majeure that the National Continue Reading
Oil Holds Above $50 as OPEC Optimism Weighed Against U.S. Supply
Oil is holding near $50 a barrel as optimism spurred by OPEC’s output cuts confronts pessimism over rising U.S. supply. Futures in New York were little changed after rising 5.5 Continue Reading
Hedge funds square up most of their former record bullish position in oil: Kemp
Hedge funds have continued liquidating their large bullish position in crude amid doubts about the pace and timing of any rebalancing in the oil market. Hedge funds’ net position in Continue Reading
The First Sign Of Tighter Oil Markets Is Finally Here
WTI and Brent crude start Q2 in the fifty dollardom, as the market continues to grapple with market rebalancing and OPEC compliance. As the market awaits signs of a tightening Continue Reading
Oil could turn south again to the low $40s,
Several factors are conspiring to keep a lid on oil — and could even send prices sharply lower, analyst John Kilduff told CNBC on Monday. A recent rally — nearly Continue Reading
Oil Traders Drain Hidden Caribbean Hoards as OPEC Cuts Bite
During the oil price rout, islands in the Caribbean were exhibit A for the longest-lasting glut in three decades, with millions of barrels stored there. Now, that oil is flowing Continue Reading
Oil Rally Stalls as Libya Production Resumes
Crude-oil futures fell on Monday, snapping a four-session winning streak, after the resolution of output disruptions in Libya brought the recent rally in prices to a halt. U.S. crude futures Continue Reading
This Non-OPEC Member Just Called For An Extension Of The OPEC Deal
Non-OPEC Oman will continue to cap its crude oil output at 970,000 bpd this year if OPEC and non-OPEC countries were to extend the production cuts through the end of Continue Reading
OPEC’s Barkindo says ‘encouraged’ by Iraq’s progress towards cut compliance
OPEC Secretary General Mohammed Barkindo said he has emerged “encouraged” from a meeting over the weekend with Iraqi officials about the country’s compliance levels with the OPEC/non-OPEC production cuts agreed Continue Reading
Qatar restarts development of world’s biggest gas field
Saad Al Kaabi, chief executive of Qatar Petroleum, speaks to reporters in Doha, Qatar April 3, 2017. Qatar has lifted a self-imposed moratorium on development of the world’s biggest natural Continue Reading
Libya’s Oil Production Set to Rebound as Biggest Field Reopens
Libya’s crude production rebounded to about 660,000 barrels a day as the OPEC nation’s biggest oil field resumed output after about a week of disruption. Force majeure on the Zawiya Continue Reading
Qatar to increase gas production by 10 percent
Natural gas production from a field in the Persian Gulf will increase by 10 percent to position Qatar as a stronger energy leader, a top executive said. Qatar Petroleum said Continue Reading
Boeing Agrees to First Plane Sale to Iran Under Trump
Boeing Co. has agreed to sell planes to an Iranian airline for the first time since U.S. President Donald Trump, a critic of closer ties with Tehran, took office. Boeing Continue Reading
Is An Iraqi Production Slowdown Inevitable?
A tremendous amount of digital, and real, ink has been spilled on the ongoing oil crash, much of it has been focused on U.S. shale production. Yet, the country that Continue Reading
Oil Workers Become A Priority Target In South Sudan Conflict
Attacks on foreigners working on South Sudan’s oil and gas facilities serve as a warning for multinationals to stay away from the new country’s national resources, just as oil prices Continue Reading
Prospects for Nigerian oil rising, regional explorer says – UPI.com
A memorandum of understanding with GE Oil & Gas could help lift more oil out of a Nigerian basin, regional exploration company Lekoil said. Lekoil, a company focused on West Continue Reading
Venezuelan democracy rallies after failed coup
For nearly two decades, Venezuela’s socialist government has maintained a façade. It proclaimed democracy and concern for social rights. In reality, it eroded civil, political and economic freedom. For a Continue Reading
Venezuela money supply up 200 percent in year, fastest rise on record
Crisis-stricken Venezuela’s money supply has surged over 200 percent in a year, its fastest rise since records began in 1940, putting it on track for what is likely the world’s Continue Reading
Scattered protests in Venezuela, OAS cancels crisis meeting
Opposition supporters shout slogans as they block a highway during a protest against Venezuelan President Nicolas Maduro’s government in Caracas. REUTERS/Carlos Garcia Rawlins Venezuela’s opposition sought to keep pressure on Continue Reading
Beijing issues air pollution orange alert
Beijing upgraded its alert for air pollution to orange Monday afternoon, the second highest warning. The smog, affecting Beijing and adjacent Tianjin and Hebei, is forecast to last until Friday. Continue Reading
NAmerico unveils natural gas pipeline plan to relieve Permian glut
NAmerico Partners LP is proposing a multibillion-dollar pipeline to ferry natural gas from fast-growing fields in West Texas to the Gulf Coast, the company said on Monday, angling to match Continue Reading
Most Lucrative Energy Job? Some Say It’s CEO of a Bankrupt Company
When Ultra Petroleum Corp. emerges from bankruptcy protection in the coming weeks, as expected, the natural gas producer’s chief executive is on track to be rewarded with roughly $35 million Continue Reading
Tesla overtakes Ford as investors bet on electric dream
Tesla, the upstart electric carmaker, surpassed US motor pioneer Ford in market value on Monday, as investors look to a future beyond the internal combustion engine. Shares of Tesla, founded in 2003, Continue Reading
U.S. oil producers increased investment in fourth quarter of 2016
U.S. Energy Information Administration, based on Evaluate Energy Capital expenditure for 44 U.S. onshore-focused oil production companies increased $4.9 billion (72%) between the fourth quarter of 2016 and the fourth Continue Reading
Sources: Syncrude Oil Sands Project Cuts April Production to Zero
The Syncrude oil sands project in northern Alberta has cut its production to zero for all of April following a fire last month, three market sources said on Monday. Syncrude, Continue Reading
Canadian Oil Disruption, OPEC Output Cuts Open Door for Mexico
Canadian crude shipments to the U.S. are poised to shrink just as the effects of OPEC-led output cuts are being felt in the Caribbean. That’s good news for Mexico and Continue Reading