The wind over the canal stirred up whitecaps and rattled cafe umbrellas. Rowers strained toward a finish line and spectators hugged the shore. Henk Ovink, hawkish, wiry, head shaved, watched Continue Reading
Sample bottle of crude oil are seen in this illustration photo June 1, 2017. Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts Continue Reading
Oil prices tumbled to the lowest level in seven months Wednesday, as high oil inventories continued to erode confidence in the ability of major producers to ease a global supply Continue Reading
Gasoline inventories rose 2.1 million barrels last week: EIA Refinery utilization increased, while gasoline demand slipped Oil slipped to the lowest since November as weaker demand at the start of Continue Reading
Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first Continue Reading
Market balance might be facing headwinds given strong production trends and high levels of oil in storage, the International Energy Agency said. File photo tlegend/Shutterstock. June 14 (UPI) — Pressure Continue Reading
Global oil consumption grew above the 10-year average rate for a second consecutive year in 2016. Global oil consumption grew above the 10-year average rate for a second consecutive year Continue Reading
Oil slumped again on Wednesday on a downbeat assessment from the IEA regarding the health of the oil market. After posting some relatively optimistic projections for the “rebalancing” process in Continue Reading
The International Energy Agency had a nasty surprise for OPEC and its partners in the oil output cut agreement today. According to the authority, non-OPEC production in 2018 will increase Continue Reading
All data below is based on the latest OPEC Monthly Oil Market Report . All data is through May 2017 and is in thousand barrels per day. OPEC crude only Continue Reading
Amid reports of inventory increases, further surges in future non-OPEC supply and prices lying stagnant in the $40s, it’s becoming clear that the OPEC deal to extend production cuts in Continue Reading
Saudi Arabia’s crude exports are expected to fall below 7 million barrels per day this summer, according to industry sources familiar with the matter, and shipping data so far supports Continue Reading
An agreement with German energy company Wintershall means Libya has a better chance of meeting oil production goals, a national oil company said. The Libyan National Oil Co. said it Continue Reading
A divide between Saudi Arabia’s ruling family and executives of the kingdom’s oil company over where to list the company’s shares is slowing the march toward a planned 2018 initial Continue Reading
Libya’s National Oil Corporation (NOC) said on Tuesday that it had reached an interim deal with Germany’s Wintershall to immediately resume production in concession areas and related fields, which would Continue Reading
Just as Libya’s National Oil Corporation (NOC) is targeting to raise crude oil output to 1 million bpd by the end of July, the rivaling factions in the east and Continue Reading
GCC-member Qatar has been confronted by a concerted diplomatic and economic effort from its former Arab allies, led by Saudi Arabia, UAE, and non-GCC member, Egypt. The official cause of Continue Reading
Iraqi authorities are seeking the arrest of a Badr Organization paramilitary commander for allegedly overseeing a prolonged oil smuggling operation south of Kirkuk.”The investigative judge of Kirkuk has issued a Continue Reading
As Venezuela’s oil industry goes down it flames, it’s looking like it may just take Cuba down with it. Venezuela, once the crude powerhouse of South and Central America, is Continue Reading
The U.S. will focus its efforts on shutting off North Korea’s access to crude oil, Secretary of State Rex Tillerson said yesterday at a Senate Foreign Relations committee hearing. In this, Continue Reading
According to the statistics figures, as reported by Reuters , China’s crude output level was 3.83 million bpd in May, down by 3.7 percent year on year, to the lowest Continue Reading
U.S. crude oil refinery inputs averaged about 17.3 million barrels per day during the week ending June 9, 2017, 29,000 barrels per day more than the previous week’s average. Refineries Continue Reading
U.S. shale is coming perilously close to puncturing its own rally. Just months after predicting double-digit production increases, largely based on crude prices sitting between $55 and $60 a barrel, Continue Reading
Learning takes time and effort. But a good education pays off. North America’s oil industry has been in school for the past three years, studying how to become more productive Continue Reading
The Trump administration will postpone industry compliance with an Obama-era rule limiting methane emissions from oil and gas wells on federal lands. An effort by congressional Republicans to repeal the Continue Reading
Artificial intelligence is already here, with algorithms replacing traders on Wall Street and tanker watchers in ports. Robots are here, too, drilling wells and cleaning pipelines, assembling cars, and performing Continue Reading
Humanity is facing an unprecedented dilemma — how to feed a burgeoning population while resources decline and the ability of the Earth’s ecosystems and atmosphere to absorb pollution diminishes. A Continue Reading
Workers clamp together pieces of pipe while drilling an oil well near Fort Stockton, Texas, U.S., May 4, 2017. Oil prices fell on Wednesday after data showed a build in Continue Reading
U.S. crude inventories forecast to drop 2.4 million barrels OPEC’s production climbed by 336,100 barrels a day in May Oil rebounded after dipping below $46 a barrel as estimates that Continue Reading
BP Plc has published is Statistical Review of World Energy for 66 years. This year’s data laid open the accelerating shifts in global patterns of energy production and consumption as Continue Reading
Fossil fuel sees ‘decisive break’ from period of demand growth Carbon emissions show little or no growth for third year: BP It’s the end of an era for coal. Production Continue Reading
Oil demand should outpace supply in the second half of this year but excess inventories will persist well into 2018, dealing a blow to global crude producers enacting output cuts Continue Reading
Crude oil production from Kazakhstan could increase by the end of the year once operations at its Kashagan oil field are optimized. Photo courtesy of North Caspian Operating Company. June Continue Reading
Singapore (Platts)–13 Jun 2017 719 am EDT/1119 GMT * Qatargas vessels transit Suez for Ras Laffan * Egypt gets Qatar LNG despite blockade * Limited impact of UAE’s port restrictions Continue Reading
Saudi Aramco’s major buyers in Asia are receiving full allocations for Saudi crude oil loading in July, with some Japanese refiners even getting higher volumes, according to market sources. Traders Continue Reading
One trillion dollars, one trillion problems: Saudi Aramco weighs which exchange is worth the gamble for its IPO. Around the world, investment bankers rub their hands together, giddy with visions Continue Reading
Saudi Arabia is slashing its U.S. oil exports to a nearly three-decade low for this time of the year, intensifying its efforts to reduce a global supply glut that has Continue Reading
The Kurds of Iraq are going through one of their most tumultuous periods of history. On the verge of finally seeing the much-heralded independence referendum, through Erbil is doing everything Continue Reading
As the Kurdistan Regional Government (KRG) seeks to restore pre-2014 levels of attractiveness to its energy sector from an investment standpoint, it grapples with several key challenges. Chief among these Continue Reading
Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to Continue Reading
The U.S. shale industry could add yet another dose of new supply in July, with the EIA projecting production growth of about 127,000 barrels per day month-on-month. The fact that Continue Reading
The downturn may be over, but the oil price crash has left behind potentially long-term consequences for the oil industry. In the wake of the oil price rout that started Continue Reading
Canada’s problem with its oil pipeline capacity is becoming increasingly serious as opposition to new pipelines is growing in intensity. The situation will only worsen in the coming months as Continue Reading
North Dakota oil production averaged over 1.05 million b/d in April, up nearly 25,000 b/d from March, the state Department of Mineral Resources said Tuesday. Oil production in April was Continue Reading
While the June oil production data is still pending, it is safe to say that the June oil output from U.S. shale producers – estimated today by the EIA at Continue Reading
Refineries leaving the market flush with gasoline and prices are lower year-on-year as a result, motor club AAA said in a weekly retail market report. File photo by Eduardo Sverdlin/UPI. Continue Reading
U.S. President Donald Trump leaves after attending an event welcoming the Clemson Tigers, the 2016 NCAA Football National Champions, at the White House in Washington, U.S. June 12, 2017. The Continue Reading
Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to Continue Reading
The first shipment of American liquefied natural gas from Louisiana’s Cheniere Energy arrived in Poland on Wednesday, a feat hailed as an energy milestone in both Poland and Europe . Continue Reading
Hackers believed to be allied with the Russian government have devised a cyberweapon that has the potential to be highly disruptive against the world’s electrical systems, researchers have reported. The Continue Reading
