The National Iranian Oil Company (NIOC) signed on Monday a memorandum of understanding with a consortium that includes Japan’s engineering group Toyo to revamp the facilities and upgrade gas production Continue Reading
Saudi Arabia’s Energy Ministry has invited bids for a 400-MW wind power plant to be built in northwestern Saudi Arabia. According to the press release, the Dumat Al Jandal wind Continue Reading
Three recently discovered major gas fields are expected to raise Egypt’s natural gas output by 50 percent in 2018 and 100 percent in 2020, the petroleum ministry said. “The fields Continue Reading
Energized by a massive vote against President Nicolas Maduro in an unofficial plebiscite, Venezuela’s opposition mulled on Monday how to escalate protests and block a new congress it fears may Continue Reading
Mexico will announce later this week the bid terms and blocks up for grabs in its next deepwater oil tender, which may include the first areas from the Cordilleras Mexicanas Continue Reading
Venezuelan President Nicolás Maduro came under growing pressure Monday as the opposition announced plans for a parallel government and U.S. President Donald Trump warned of sanctions if his government moves Continue Reading
World leaders including Donald Trump urged Venezuela’s embattled president Nicolás Maduro to heed the call of his people on Monday and scrap plans for a “constituent assembly” that could dissolve Continue Reading
While governments around the world are starting to mandate electricity over oil for powering motor vehicles, what are the chances of oil supply being severely impacted in the next quarter Continue Reading
Low gasoline prices for American consumers are here to stay for the rest of the summer, according to the U.S. Energy Information Administration (EIA). The agency says regular gasoline will Continue Reading
Share Favorable price differentials are leading to growing US crude exports from the Gulf Coast, which in turn is helping to fuel an infrastructure buildout that will encourage even more Continue Reading
Something that’s been whispered about in the last few months is now being talked about loudly: U.S. oil drillers’ debts. There have been a few notable warnings that shale boomers Continue Reading
With an economy tied strongly to the oil and gas export market, pollsters in Russia said there’s mounting concern about inflation and external shocks. Russia’s economy relies heavily on oil Continue Reading
Renewable energy gives Portugal, which imports all of its oil and gas, a way to gain a degree of independence over its economy, a European energy official said. Vice President Continue Reading
German Chancellor Angela Merkel used her closing speech at the recent Group of 20 summit to chide President Trump for withdrawing the U.S. from the Paris climate accord. Yet the Continue Reading
The giant gas field that holds around 40 percent of total gas reserves on the Norwegian Continental Shelf (NCS) is set to produce a record amount of gas this year, Continue Reading
Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of strong demand. Brent crude futures, the international benchmark for oil prices, Continue Reading
Managed-money WTI net-longs rise by most in seven weeks Short positions decline to lowest level in four weeks Oil skeptics are letting a little sunshine in. After the worst June Continue Reading
The above chart does not include the 14th member of OPEC that was just added, Equatorial Guinea. I do not have historical data for Equatorial Guinea so I may not Continue Reading
Voters have been queuing in the capital Caracas Venezuelans are taking part in an unofficial referendum on government plans for a new assembly that could change the constitution. Critics of Continue Reading
Gasoline and diesel prices surged in North Korea in the weeks after a Chinese state oil company suspended fuel sales to the reclusive state, according to data reviewed by Reuters Continue Reading
China’s oil refineries ramped up throughput in June to the second highest on record, with some independent plants raising output even as state oil majors prepare to take drastic steps Continue Reading
China’s economy expanded at an annual rate of 6.9 per cent in the second quarter, beating the government’s target in a year of political transition as unexpected strength in the Continue Reading
China mined 308.35 million mt of crude coal in June, up 10.6% year on year, National Bureau of Statistics data released Monday showed. Over January-June, it mined 1,712.63 million mt Continue Reading
Toxic waste produced by one of the world’s worst nuclear disasters will be dumped into the sea, according to the head of the Japanese company tasked with cleaning up the Continue Reading
A $2 billion private-equity fund that borrowed heavily to buy oil and gas wells before energy prices plunged is now worth essentially nothing, an unusual debacle that is wiping out Continue Reading
The US oil industry is rapidly turning the country into an energy export powerhouse, tipped last week by one prominent consultancy to start shipping more oil overseas than the majority Continue Reading
Share Favorable price differentials are leading to growing US crude exports from the Gulf Coast, which in turn is helping to fuel an infrastructure buildout that will encourage even more Continue Reading
Oil prices posted steady and solid gains this week, clawing back some of the most recent losses and moving back up into the upper-$40s per barrel. The concerns about oversupply Continue Reading
The number of active oil and gas rigs in the United States was flat this week overall, after gaining 505 rigs in the last 12 months. But on the oil Continue Reading
Oil prices rose for a fifth straight day Friday, as the U.S. dollar weakened and investors focused on signs of an easing supply overhang. U.S. crude futures settled up 46 Continue Reading
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, July 2017 Note: Confidence interval derived from options market information for the five trading days ending July 6, 2017. Intervals not calculated Continue Reading
With the efficacy of OPEC-led cuts clearly in doubt, it would behoove cartel members to prioritize individual self-interest. This opinion piece presents the opinions of the author. It does not Continue Reading
– WTI traded in a $44-$47 range this week lifted by a 7.6m bbl US inventory draw and positive demand data in Europe and China. On the upside production gains Continue Reading
The world’s biggest oil producers are starting to take electric vehicles seriously as a long-term threat. OPEC quintupled its forecast for sales of plug-in EVs, and oil producers from Exxon Mobil Corp. Continue Reading
Summary Overview of factors involved in determining energy prices. How the various factors influence supply and demaind. Major shifts coming in the energy sector. A low risk, long-term investment in Continue Reading
OPEC member Kuwait said on Friday it would be premature to cap Nigerian and Libyan oil production as the two African countries’ output needed to stabilize further. The market is Continue Reading
The U.S. Justice Department on Friday filed a civil complaint seeking to recover about $144 million in assets obtained through paying bribes to a former Nigerian oil minister, the department Continue Reading
Officials from a state oil company in Libya brief representatives from Norwegian energy company Statoil about the potential to bring production back to normal levels. Photo courtesy of the Libyan Continue Reading
Norwegian energy company Statoil said Friday it extended its reach beyond Norway to acquire stakes in what could be one of South America’s biggest prizes. Statoil took a 33.3 percent Continue Reading
Saudi Arabia is trying to support oil prices by reducing its crude shipments to the United States in a bid to cut the amount of oil in commercial storage. U.S. Continue Reading
U.S. Secretary of State Rex Tillerson said a dispute between a Saudi Arabian-led bloc and Qatar may last “quite a while” as the two sides still refuse to speak to Continue Reading
Shell’s Nigerian unit declared a force majeure on Bonny Light crude oil exports effective 12:00 local time on Thursday, just two weeks after it had lifted a previous force majeure Continue Reading
Record low renewable energy prices in Chile are here to stay and will likely push power prices even lower, Chile’s energy minister told Reuters, a development that would pressure the Continue Reading
Venezuela’s foreign reserves have dropped below $10bn for the first time in 15 years as chronic mismanagement, corruption and subdued oil prices continue to batter what used to be the Continue Reading
If left unchecked, climate change could lead to the loss of about $52 billion per year for the economies of the Asia-Pacific, the Asian Development Bank said. “The global climate Continue Reading
Researchers at Tokyo Institute of Technology have devised a low-cost, scalable approach to developing all-solid-state batteries, improving prospects for scaling up the technology for widespread use in electric vehicles, communications Continue Reading
The Latest on a series of earthquakes that struck central Oklahoma on Friday (all times local): 11:05 a.m. The U.S. Geological Survey says several earthquakes have struck north-central Oklahoma, including Continue Reading
U.S. oil and gas exploration and production companies are paying more to hire drilling rigs as the number of rigs still idle after the slump declines. Drilling costs were up Continue Reading
A Japanese group’s plans to explore for Russian oil with state-run Rosneft PJSC have been stymied by U.S. intervention over sanctions, according to people familiar with the matter. Washington’s objection Continue Reading
Eviation’s Orca surveillance drone at 2017 Paris Air Show Israeli startup Eviation plans to build an all-electric short-haul 9-pax airliner capable of flights up to 600 miles and have it Continue Reading
