Are Gulf Oil Producers Falling Into The ‘Venezuela Trap’?
Oman has struck a deal with several banks for a $4 billion loan to be repaid in future oil deliveries. Abu Dhabi signed a contract with commodity trading giant Vitol Continue Reading
Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
Mexico’s existing oil reserves are dwindling so fast the country could go dry within nine years without new discoveries. That’s the message from the National Hydrocarbons Commission, which said Friday Continue Reading
China wades into oil basins off the West African coast
Prospects for expanding the footprint in emerging oil basins off the Senegalese and Gambian coasts has increased through a Chinese partnership, FAR Ltd. said. FAR Ltd., an Australian company with Continue Reading
Glencore Sells Oil Storage Assets to China’s HNA Group
Glencore PLC, one of the world’s biggest oil traders, has agreed to sell a majority stake in its petroleum products storage and logistics business for $775 million in cash to Continue Reading
U.S. drillers add most oil rigs in a quarter since second quarter of 2011: Baker Hughes
U.S. drillers added oil rigs for an 11th week in a row in the best quarter for boosting the rig count since the second quarter of 2011, as a ten-month Continue Reading
U.S. lower 48 natgas output down for second straight month: EIA
U.S. natural gas output in the lower 48 states declined for a second month in a row to 78.3 billion cubic feet per day (bcfd) in January, the U.S. Energy Continue Reading
Texas Drillers Face Threat of Too Much Oil, Too Few Pipelines
Oil production in West Texas is about to outgrow pipeline capacity, a combination that knocked down crude prices in the region three years ago. West Texas Intermediate crude at Midland, Continue Reading
New fire protection measure in force in oil-rich Alberta
After wildfires last year hobbled Alberta’s oil sector, the provincial government said Friday marks the start of enforcement of new protection regulations. Alberta lies at the center of Canada’s oil Continue Reading
U.S. Shale Ignores OPEC’s Warning: Oil Rig Count Soars By 21
The United States oil and gas rig count jumped by 15 this week, to its highest level since September 25, 2015, according to Baker Hughes ’ latest report on domestic Continue Reading
U.S. oil output rises slightly in January: EIA
U.S. crude output rose in January, increasing at the same time as OPEC producers began to trim output as part of a pact to reduce a global supply overhang, the Continue Reading