Oil’s Next Tug Of War
– WTI and brent suffered more losses this week despite two strong excuses to rally. Firstly, EIA data delivered the type of numbers that bulls have been waiting for all Continue Reading
Saudis: OPEC May Discuss Deeper Cuts In November
OPEC and the non-OPEC producers that are part of the production cut deal may consider deepening the output cuts at the cartel’s next meeting in Vienna in November, Saudi Arabia’s Continue Reading
BPTT Makes 2 ‘Significant’ Gas Discoveries Offshore Trinidad
BP Trinidad & Tobago makes 2 ‘significant’ gas discoveries with the Savannah and Macadamia exploration wells, offshore Trinidad. BP Trinidad & Tobago (bpTT) has made two ‘significant’ gas discoveries with Continue Reading
Pennsylvania pipeline fight could upend international oil flows
Refiners from the Midwest United States are fighting for access to a vital Pennsylvania pipeline – a move that could cripple their East Coast competitors and redraw the map for Continue Reading
Oil in the $50s Is New Reality for CEOs Gathering in Russia
Rising shale production will offset OPEC cuts: Rosneft CEO Unclear how OPEC can phase out its curbs, say BP and Total A crude price in the $50s is the new Continue Reading
Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week
The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the Continue Reading
Has Permian Productivity Peaked?
The U.S. shale industry might have just received a huge windfall with the nine-month extension of the OPEC cuts. Shale output was already expected to come roaring back this year, Continue Reading
Top Russia Oil Boss Scorns Tesla, Electric Cars as Overrated
Igor Sechin calls Tesla’s valuation, growth plans excessive Electric cars in Europe ‘not as popular as had been expected’ The day after President Donald Trump said the U.S. will exit Continue Reading
Goldman’s Venezuela Bond Trade Wasn’t Reviewed by Top Executives
When a small brokerage firm contacted Goldman Sachs Asset Management last week offering to sell $2.8 billion of deeply discounted Venezuelan bonds, the response was a quick “yes.” Buying the Continue Reading
Oil futures climb 1 percent after U.S. stockpile draw
Oil futures rose on Thursday after slumping to a three-week low the previous session, buoyed by an industry report that showed U.S. crude stockpiles had fallen more than expected. Data Continue Reading
Exclusive: OPEC looked at extra 1-1.5 percent oil supply cut, could revive proposal
A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017. REUTERS/Leonhard Foeger OPEC discussed cutting its oil Continue Reading
Investors expect to meet with Exxon on climate-impact report
Exxon Mobil Corp ( XOM.N ) investors will push to meet with oil company officials this summer to hash out elements of a climate-impact analysis following a shareholder vote calling Continue Reading
Americans Are Doing Everything They Can to Drain Oil Inventories
U.S. crude exports and refinery inputs advance to records Gas-guzzling is hot again as demand hits highest level ever There’s a loud sucking sound coming from the depths of oil Continue Reading
Dakota Access pipeline now operational, developer says
The Dakota Access pipeline, which sparked a protest movement in the northern Great Plpipeline, now transporting crude oil. File Photo by Kevin Dietsch/UPI June 1 (UPI) — Oil is now Continue Reading
Oklahoma raises tax on energy industry to offset economic strains
Oklahoma Gov. Mary Fallin draws criticism from oil and gas trade group for raising production taxes in an effort to close a gap in the state budget. Pool Photo by Continue Reading
Carlyle OFS Exec: It’s Dangerous to Declare Industry in Recovery
Carlyle Group principal cautions crowd at Louisiana Energy Conference that not all of the oil and gas industry is rebounding as conventional and offshore service companies continue to struggle. An Continue Reading
‘Axis of love’: Saudi-Russia detente heralds new oil order
A meeting between the two men who run Russia and Saudi Arabia’s oil empires spoke volumes about the new relationship between the energy superpowers. It was the first time that Continue Reading
EU planning to spend billions on climate issues
U.S. President Donald Trump (R) and first lady Melania Trump (C) speak with German Chancellor Angela Merkel on the sideline of the G7 Summit in Italy on May 26. Germany Continue Reading
Russia’s Economy Minister: Russia Can Live Forever At $40 Oil
The OPEC/non-OPEC deal is working, and the current underlying key assumption of Russia’s economic policies—oil prices at US$40—can allow it to live forever at that price or below, Russia’s Economy Continue Reading
Oil Rebounds as U.S. Industry Data Signal 8-Week Stockpile Drop
Crude inventories decrease 8.67 million barrels last week: API Libyan output advances to highest level since October 2014 Oil rebounded from the lowest close in more than two weeks after Continue Reading
Oil futures climb 1 percent after U.S. stockpile draw
Oil futures rose on Thursday after slumping to a three-week low the previous session, buoyed by an industry report that showed U.S. crude stockpiles had fallen more than expected. Data Continue Reading
Oil falls as rising Libyan, U.S. output undermines cuts
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
OPEC oil output rises in May as cut-exempt Nigeria, Libya pump more
OPEC oil output rose in May, the first monthly increase this year, a Reuters survey found on Wednesday, as higher supply from two OPEC states exempt from a production-cutting deal, Continue Reading
World Crude Plus Condensate and Conventional Oil
The EIA recently updated its International Petroleum statistics. World Crude plus Condensate (C+C) output was 80,577 kb/d in Feb 2017 an increase of 72 kb/d from the previous month, this Continue Reading
Peak Oil Demand Is A Risk – Why Nobody Knows If Or When
The lead story in a recent The Wall Street Journal Report on Innovations In Energy was titled “Get Ready for Peak Oil Demand.” We have been getting ready for the Continue Reading
Is History Repeating Itself In The Oil Markets?
It wasn’t that long ago, 19 years to be precise, when the average oil price was $11.91 per barrel (WTI). Are world conditions such that we could see that price Continue Reading
Libya’s Biggest Oil Field Boosts Production, Raising the Country’s Output
Sharara field production said to rise 25,000 barrels a day North African nation output at highest since October 2014 Libya’s biggest oil field boosted production, allowing the OPEC nation to Continue Reading
Saudi Arabia’s $5.2 Billion Maritime Project Boosts Lamprell
Lamprell to partner with Aramco for maritime yard project Shares in builder of oil rigs surge as much as 14 percent Shares in Lamprell Plc gained the most in more Continue Reading
Wood Mac: Iraqi oil sector underperforming
A high-risk operational environment coupled with a difficult bureaucracy and market conditions means Iraq is underperforming in oil, Wood Mackenzie found. Iraq is one of the largest producers in the Continue Reading
Will This Foreign Oil Giant Grab Iran’s First Post-Sanctions Project?
Iran’s newly-opened oil patch continues to gain momentum. With the UAE’s Emirates National Oil Company saying this week it has paid $4 billion to Iran to settle a tab for Continue Reading
Oil Tanker Passing Through Red Sea Attacked By Unknown Militants
An oil tanker passing through the Red Sea near Yemen suffered an attack on Wednesday perpetrated by unknown agents , according to the European Union’s naval forces. The assailants used Continue Reading
Anti-Maduro protests rage as OAS meets on Venezuela crisis
Venezuelan security forces used water cannons and teargas to disperse tens of thousands of opposition protesters heading toward the foreign ministry on Wednesday as the Organization of American States held Continue Reading
China will continue with climate pact even if US pulls out
China said Thursday that it will work with the European Union to uphold the international agreement on climate change even if the U.S. pulls out. President Donald Trump is expected Continue Reading
Exxon Investors to Company: Make Climate Curb Fallout Public
CEO Woods sees crude oil surviving Paris-driven carbon limits Vote comes amid reports U.S. to abandon Paris Climate Pact Exxon Mobil Corp. investors, in a split with the company, urged Continue Reading
Exxon Suffers Stinging Defeat On Shareholder Climate Resolution
ExxonMobil tried to beat back a move from shareholders to press the company to disclose its vulnerabilities to climate change and climate regulation, but it failed. At its annual meeting Continue Reading
Cushing hub’s crude storage shell, working capacity edges lower: EIA
Crude oil storage shell capacity at Cushing, Oklahoma, fell to 90.1 million barrels as of March 2017 from 90.4 million barrels six months ago, data from the U.S. Energy Information Continue Reading
Has Permian Productivity Peaked?
The U.S. shale industry might have just received a huge windfall with the nine-month extension of the OPEC cuts. Shale output was already expected to come roaring back this year, Continue Reading
US NRC approves new nuclear unit for Dominion’s North Anna plant in Virginia
Commissioners of the US Nuclear Regulatory Commission voted Wednesday to authorize NRC staff to issue a combined construction permit-operating license to Dominion Virginia Power to build a third power reactor Continue Reading
OPEC and Russia Outline Vision for Permanent Oil Alliance
OPEC and Russia added more detail to their vision for a permanent alliance between oil producers currently working to clear a global surplus. When the 24-nation coalition agreed last week Continue Reading
Russia-OPEC Deal Extension Hastens Decline of Oil Heartlands
Output at higher-taxed West Siberian fields is dropping Rosneft, Lukoil pursuing projects with higher-margin barrels Russia’s deal with OPEC has bolstered state coffers by putting a floor under crude prices, Continue Reading