Oil markets dipped on Friday, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain. Brent crude futures LCOc1, the Continue Reading
Global oil production surged in June “as producers opened the taps,” according to a new report from the International Energy Agency (IEA). OPEC was a major culprit, with Libya and Continue Reading
Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil supplies is “increasingly worrying”, due to a loss of $1 trillion Continue Reading
Then France amped up the newswire by switching on a ban: No more combustion car sales by 2040. To cap off a trilogy of electric vehicle (EV) proclamations, Elon Musk Continue Reading
The rebalancing of global oil markets has become less certain, with OPEC production rising and little evidence that bloated stockpiles are shrinking as expected, the IEA says. (Bloomberg) — The Continue Reading
Three years into the biggest oil downturn in a generation, industry bosses see the recovery slipping further from view. It could easily take until the end of the decade for Continue Reading
Global oil supply rose by 720 kb/d in June to 97.46 mb/d as producers opened the taps. Output stood 1.2 mb/d above a year ago with non-OPEC firmly back in growth mode. Non-OPEC production Continue Reading
The rebalancing of the oil market is taking too long, the International Energy Agency (IEA) said in its Oil Market Report on Thursday. Since the record net long position that Continue Reading
The dip in oil prices may be in part because of a loss in investor confidence and it’s starting to hit U.S. shale oil profits, the International Energy Agency said. Continue Reading
The steady recovery of oil production in Libya and Nigeria in recent months has prompted OPEC to consider limiting the output of the two African producers that are currently exempt Continue Reading
Almost five weeks have passed since Saudi Arabia, its Gulf allies, and Egypt announced the start of a diplomatic boycott against Qatar—a fellow Arab monarchy which, the boycotters contend, encourages Continue Reading
Africa will dominate global population growth in the 21st century. Almost 1bn people, or 13 per cent of the world’s population, live in sub-Saharan Africa today. That number will more Continue Reading
Venezuela’s crude and fuel deliveries to Cuba have slid almost 13 percent in the first half this year, according to documents from state-run oil company PDVSA viewed by Reuters, threatening Continue Reading
Venezuela’s only source of cash is quickly dwindling as the country faces mounting unpaid bills, violent political protests and citizens starving due to food shortages. Oil makes up nearly all Continue Reading
Chinese customs data has revealed that the world’s second-largest consumer of crude oil imported 8.55 million barrels of oil daily during the first half of the year, or 212 million Continue Reading
Iranian President Hassan Rouhani speaks at a conference in Tehran on July 3. The Trump administration plans to certify that Iran is in compliance with the nuclear agreement. (Vahid Salemi/AP) Continue Reading
Drilling by Italian energy company Eni is set for the Arctic waters off the coast of Alaska in December, the U.S. Interior Department announced. “After a comprehensive review and consideration Continue Reading
Mr Trump hinted that he could shift his position on the Paris climate accord French President Emmanuel Macron said he “respected” Donald Trump’s decision to pull out of the Paris Continue Reading
If you want more solar BTUs for your buck, track the sun. This generally means the array is on the ground since very few homes are set up for rooftop Continue Reading
The American Petroleum Institute reported a 62-percent annual increase in oil and gas drilling in the second quarter of 2017 in the United States. For oil, well completions shot up Continue Reading
Eni US will become the first energy company allowed to explore for oil in federal waters off Alaska since 2015 after the Trump administration this week approved a drilling plan Continue Reading
The slow, but steady, gain in oil production expected from the U.S. waters of the Gulf of Mexico shows the region is more stable than shale, a rig analyst said. Continue Reading
Summary Oil demand and supply are both in the process of balancing and peaking. Oil supply will fall before oil demand, creating a period of significantly higher priced oil. OPEC Continue Reading
Crude futures prices fell Thursday as increased global oil production overshadowed news of declining inventories and a prediction of higher global demand. Oil was hit as investors continued to digest news from Wednesday of Continue Reading
Oil prices fell on Thursday on worries about oversupply as the world’s energy watchdog warned that a long-awaited market rebalancing could be delayed due to weak compliance with production cuts Continue Reading
Oil prices made small gains in topsy-turvy trading tied to falling U.S. inventories. Crude storage levels fell by 7.6 million barrels in the week ended Friday, the U.S. Energy Information Continue Reading
Will the world’s appetite for crude oil ever be sated? For decades, it was widely presumed that demand for petroleum would grow steadily in line with the expansion of the Continue Reading
The world is heading towards an oil deficit, if we are to believe recent headlines quoting the chief executive of Saudi Aramco, Amin Nasser. There is simply not enough investment Continue Reading
OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus Continue Reading
The Organization of the Petroleum Exporting Countries coordinates the policies of its members by giving each of them a production allocation rather than limiting how much they can export. OPEC Continue Reading
OPEC produced more crude oil in June despite efforts to curb output, the cartel said Wednesday, flagging that growing production elsewhere could complicate its ability to control the global oil Continue Reading
In its just released latest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to Continue Reading
OPEC’s analysis arm on Tuesday offered a bearish 2018 outlook for the producer bloc, projecting that global demand for its crude would fall by 60,000 b/d from this year to Continue Reading
OPEC’s compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying Continue Reading
Goldman, CFR research shows deterioration in break-even prices OPEC fiscal break-even now higher than listed energy companies Mirror, mirror, on the wall, who’s the lowest-cost oil producer of them all? Continue Reading
Iran’s ambitious agenda for its oil-and-gas industry is running up against the caution of big energy companies. At a major energy conference here, Iranian officials said French oil giant Total Continue Reading
The UK’s financial watchdog is making it easier for state-owned companies to list their shares in what will be a boon for those lobbying for Saudi Aramco to choose London Continue Reading
Nigeria supports OPEC’s efforts to stabilize oil prices, but it wants to wait before deciding whether join the cartel’s cuts in oil production, its oil minister said on Wednesday. “Hopefully, Continue Reading
An energy company working off the eastern coast of Mexico said Wednesday it made a discovery that could hold as much as 2 billion barrels of oil. Talos Energy, working Continue Reading
A billion-barrel crude discovery in Mexico could be just the lure the country needs to boost investment from oil majors as it lacks the wherewithal to reverse years of sagging Continue Reading
Oil major BP Plc is shipping diesel from the United States to Australia in an unusual shipping flow, several industry sources told Reuters on Thursday. The Jupiter Express carrying about Continue Reading
China imported 36.11 million tonnes, or 8.79 million barrels per day (bpd) of crude oil in June, customs data showed on Thursday, again making the country the world’s top buyer Continue Reading
The Mexican government on Wednesday awarded 21 oil and gas blocks across the country in two auctions which put private-sector interest in developing gas in Mexico to the test. In Continue Reading
China imported 21.6 million mt of coal in June, including lignite, thermal and metallurgical material, down 2.66% from May and a marginal 0.68% lower year on year, according to preliminary Continue Reading
Voices from the lucrative craft brewing industry in Michigan and the state cherry industry joined the chorus expressing concern about an Enbridge oil pipeline. “We have oil that’s coming from Continue Reading
LONDON (Reuters) – The United States is on track to have capacity to become the world’s second largest exporter of liquefied natural gas (LNG) by the end of 2022, just Continue Reading
U.S. crude oil refinery inputs averaged over 17.2 million barrels per day during the week ending July 7, 2017, 103,000 barrels per day more than the previous week’s average. Refineries Continue Reading
The latest figures from the EIA show that despite some hiccups, the shale rebound is still on track. Last week, the sharp drawdown in inventories made headlines, but buried within Continue Reading
Nuclear power experts have proposed taking the disposal and storage of nuclear wastes out of the hands of the Federal government and placing it with a new corporate entity. The Continue Reading
U.S. crude oil inventories last week dropped the most in ten months, falling more than expected as imports declined and refining rates rose, while gasoline stocks decreased although demand remained Continue Reading
