American drillers boost rig count; stockpiles forecast to fall Output reduction deal helped to stabilize crude market: Putin Oil fell amid doubts that prolonged cuts by OPEC and its allies Continue Reading
Oil prices fell on Wednesday, as rising output from Libya added to concerns about increasing U.S. production which is undermining OPEC-led production cuts aimed at tightening the market. Brent crude Continue Reading
Oil futures fell Tuesday, amid persistent doubts about whether OPEC’s decision to extend production cuts last week will be enough to alleviate the global supply glut. U.S. crude futures settled Continue Reading
From giant companies like Exxon Mobil Corp. to OPEC members such as Saudi Arabia, oil producers say their industry will enjoy decades of growth as they feed the energy needs Continue Reading
The most traded commodity of the 21st century, oil is an essential factor to both oil-producing and oil-importing nations’ financial stature, and consequently it remains intrinsically linked to politics. Yet Continue Reading
After the nine-month extension of the OPEC deal, there is a growing consensus that oil might bounce around in the $50s and $60s for the rest of the year. But Continue Reading
Deep-water drilling costs are coming down, Wood Mackenzie says Oil at $50 seen sustaining some deep-water projects by 2018 Reports of deep-sea drilling’s demise in a world of sub-$100 oil Continue Reading
Venezuela’s President Nicolas Maduro shows a copy of a country’s constitution during an official ceremony of a Campaign Command to support reforms to the constitution in Caracas, Venezuela May 29, Continue Reading
By July, Iran could sign off on its first post-sanctions contract tied to the development of one of its largest oil fields, the country’s oil minister said. A report from Continue Reading
The Nigerian Senate approved on a motion to suspend a concession agreement for the Port Harcourt refinery with a subsidiary of Eni on Tuesday because the deal allegedly lacked transparency. Continue Reading
South Korea will shut eight ageing coal-fired power plants for a month Thursday as part of government-led efforts to tackle worsening air pollution, the country’s energy ministry said Wednesday. It Continue Reading
U.S. crude oil prices rose toward $50 per barrel on Tuesday as a strong start to the summer driving season in the United States suggested strong fuel demand in months Continue Reading
FILE PHOTO — Dump trucks are parked near crude oil tanks at Kinder Morgan’s North 40 terminal expansion construction project in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. Continue Reading
CEO Darren Woods to helm his first annual meeting this week Calpers, New York pension line up to back green resolution This week will be a public trial by fire Continue Reading
Royal Dutch Shell and ConocoPhillips struck deals in March to sell Canadian oil assets to two Canada-based producers. In both deals, parts of the consideration for the transactions were shares Continue Reading
What with all the rig additions, land deals, and low breakeven costs, the Permian basin has been the subject of much love from the oil industry as of late, and Continue Reading
During his recent trip to Saudi Arabia, President Donald Trump announced an array of economic agreements between the U.S. and the Middle Eastern kingdom, saying it would usher in “ Continue Reading
Deeper cuts to OPEC’s oil production are not out of the question, but their implementation will depend on how things unfold with the current OPEC agreement, Russia’s Energy Minister Alexander Continue Reading
Russia needs to work out new principles jointly with OPEC and non-OPEC nations to continue cooperation even after the current oil output cut deal expires, Russian Energy Minister Alexander Novak Continue Reading
Inventories may decline faster in the third quarter: Al-Falih U.S. crude stockpiles have dropped seven consecutive weeks Oil slipped in New York as traders awaited further proof that production cuts Continue Reading
U.S. explorers added rigs for 19th week to highest since 2015 OPEC and allies agreed to prolong output curbs for nine months Oil traded below $50 a barrel after OPEC Continue Reading
Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. Trading activity will be subdued on Monday due to public holidays Continue Reading
Well, if it’s the end of May, it must be time for another OPEC meeting. And sure enough it was. Yet again, the representatives of the OPEC nations got together Continue Reading
U.S. crude oil prices rose toward $50 per barrel on Tuesday as a strong start to the summer driving season in the United States suggested strong fuel demand in months Continue Reading
OPEC extended oil production cuts last week and oil prices plunged. OPEC’s goal was to keep a floor under current prices but the market expected the cartel to move prices Continue Reading
The oil price crash battered the 2016 earnings of energy firms, but the usual suspects are still there in the rankings of the biggest oil and gas companies this year. Continue Reading
First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. Continue Reading
Talks likely to focus on oil-market cooperation, Syria Two biggest oil producers put aside rivalry to prop up prices Russian President Vladimir Putin is to meet with Saudi Arabia’s Deputy Continue Reading
OPEC’s new strategy to balance the oil market is to cut oil exports to the U.S., a move intended to drain near-record-high crude oil inventories. OPEC originally thought that six Continue Reading
Goldman Sachs Group Inc. is on the defensive in Venezuela after it bought bonds that had been held by the struggling country’s central bank in a transaction the government’s opposition Continue Reading
The president of Venezuela’s opposition-run Congress on Monday accused Wall Street investment bank Goldman Sachs of “aiding and abetting the country’s dictatorial regime” following a report that it had bought Continue Reading
Goldman Sachs bought last week around US$2.8 billion bonds issued by Venezuela’s embattled state oil firm PDVSA, betting that a change in the Venezuelan regime could more than double the Continue Reading
India’s diesel demand is expected to rise to record levels again this year as a slew of infrastructure projects boosts use of the transport and industrial fuel, although a government-induced Continue Reading
Just a decade or so ago, energy traders believed that using natural gas to generate electricity instead of coal was akin to bringing Dom Pérignon to a party where Budweiser Continue Reading
New York is turning into a center of attraction for innovative energy technology companies thanks to its US$5-billion plan to generate half of its electricity from renewable sources by 2030, Continue Reading
Battery-making gigafactories are about to arrive in Europe, challenging a lead Tesla Inc. is building at a plant in Nevada and opening the way for a quicker shift toward green Continue Reading
Russia issued government tenders on Monday for contracts to build 1.9 gigawatts of renewable energy capacity by utilizing foreign direct investment to create thousands of jobs for the country’s citizens, Continue Reading
Oil prices fell on Monday as a relentless rise in U.S. drilling undermined an OPEC-led push to tighten supply. Trading activity will be subdued on Monday due to public holidays Continue Reading
U.S. explorers added rigs for 19th week to highest since 2015 OPEC and allies agreed to prolong output curbs for nine months Oil traded below $50 a barrel after OPEC Continue Reading
Group seen facing market share, revenue growth challenges Backwardation needed to prevent “unbridled” U.S. shale growth As the oil market responds skeptically to OPEC’s output-cut deal , Goldman Sachs Group Continue Reading
Oil prices eased on Monday, with investors disappointed at major producers’ decision to maintain their production cuts at the same level, rather than deepening them. Brent crude, the global oil Continue Reading
The world’s largest oil companies are girding for the biggest shift in energy consumption since the Industrial Revolution: After decades of growth, global demand for oil is poised to peak Continue Reading
Those new to financial markets, and energy trading in particular, were probably somewhat puzzled by the price action in oil futures this week following the announcement by OPEC and some Continue Reading
At its conference in Vienna, OPEC announced a nine-month extension of its November 2016 deal to cut production. Markets were singularly unimpressed with the decision, which had been baked into Continue Reading
With the US entrance into the crude oil exporting market and little change in global loading, production may not be the only weight on commodity prices and crude oversupply. Although Continue Reading
Net-long position on WTI rose by most this year: CFTC U.S. supply drop will be key to sustaining the enthusiasm Hedge funds are giving OPEC some credit again. Following four Continue Reading
Algerian oil minister learns of dismissal from news report Boutarfa was architect of OPEC, non-OPEC production cut deal As OPEC ministers gathered in Vienna Thursday to agree a nine-month extension Continue Reading
Minister promises marked drop in Saudi crude sales to U.S. Kingdom shipped more crude to U.S. so far this year than 2016 After sparing its prized U.S. market from oil-output Continue Reading
Kurdistan’s leading gas investor is looking to affirm $2 billion in awards against the KRG, potentially paving the way for enforcement action, while lining up $26.5 billion in further claims. Continue Reading
Nigeria again got members of the Organisation of Petroleum Exporting Countries (OPEC) and its other non-producers allies led by the Russian Federation, to exempt it from limiting the volume of Continue Reading
