Shell continues divestment streak with Irish sale
Shell said it’s past the halfway point in its three-year divestment streak after shedding its stake in a natural gas field off the coast of Ireland. File photo by Brian Continue Reading
Oil Climbs After U.S. Crude Output Forecast Is Cut for Next Year
EIA cuts 2018 production forecast to 9.9 million barrels a day U.S. crude supplies seen dropping 2.45 million barrels: Survey Oil rose the most in more than a week after Continue Reading
Oil Prices Find Support As API Reports Massive Crude Draw
The American Petroleum Institute (API) reported a huge draw of 8.133 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a much Continue Reading
Demand factors push gas prices higher in the U.S.
Demand pressures push retail gasoline prices higher for more than half of the U.S. states, motor club AAA reported. File photo by Ismael Mohamad/UPI. July 11 (UPI) — Though regional Continue Reading
Goldman Sees Risk of Oil Below $40 Without OPEC ‘Shock and Awe’
OPEC needs to “shock and awe” the oil market for prices to gain, according to Goldman Sachs Group Inc. The Organization of Petroleum Exporting Countries must increase output cuts aimed Continue Reading
Goldman: Oil Prices To Fall Below $40 If Shale Doesn’t Slow
That prediction comes from Goldman Sachs, which says that the oil market is searching for a new equilibrium. The investment bank says that it is still too early to tell Continue Reading
EIA World Oil Demand Prediction Drops By 70,000 Barrels
World oil demand growth will fall by 70,000 barrels per day to 1.47 million barrels per day this year, according to a new forecast published by the U.S. Energy Information Continue Reading
Remember Peak Oil? Demand May Top Out Before Supply Does
When Bob Dudley, chief executive officer of British oil giant BP Plc, was asked at a recent conference when oil demand will peak, he had a precise answer: June 2, Continue Reading
Top Oil Traders Sell Bespoke Crude From a Supermarket at Sea
Ships floating off Singapore form distribution center for Asia Oil from U.S. to Africa sold from vessels; grades also blended Start your day with what’s moving markets in Asia. Sign Continue Reading
Shale Investment Booms, But Global Oil Has A Big Problem
The IEA’s World Energy Investment 2017 report predicts a slight increase in oil and gas investment this year, rising by 3 percent. That comes after a plunge of 44 percent Continue Reading
OPEC figures show June oil output rise led by exempt nations: sources
OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in Continue Reading
Kazakhstan Bows Out Of OPEC Deal
Energy Minister Kanat Bozumbayev said at an industry conference in Istanbul over the weekend that Kazakhstan’s withdrawal from its pledge to the cap will take place gradually, Russian news agency Continue Reading
Is Abu Dhabi’s Oil Major Eyeing An Aramco Style IPO?
Abu Dhabi’s national oil company, ADNOC, has gotten the Saudi fever it seems. After restructuring part of its ongoing upstream business, most notably, the merger of some of its Operating Continue Reading
Oil Under Pressure As Saudis Break Key Promise
Saudi Arabia has told OPEC that it had pumped 10.07 million barrels per day in June, up by 190,000 bpd from May, and exceeding its 10.058-million-bpd production level quota under Continue Reading
Top Basra officials implicated in electricity corruption
Basra Gov. Majid al-Nasrawi and Provincial Council Chairman Sabah al-Bazouni are both being investigated for possible corruption over a deal to increase electricity service. The two men are members of Continue Reading
Total Starts Work at Biggest Qatari Oil Field to Maintain Output
Total SA will start work soon on Qatar’s biggest oil field and is willing to make more investments in the country, which faces a trade boycott led by fellow OPEC Continue Reading
Exclusive: Saudis to cut August oil exports to lowest level this year – source
Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while Continue Reading
Iran sees oil output rising to 4 million bpd by year end
Iran’s oil output will rise to around 4 million barrels per day by the end of the year, an Iranian oil official said on Wednesday as the OPEC member tries Continue Reading
Goldman Was Vilified in Venezuela for Something Big Oil Does Every Day
Opposition sees no double-standard in views of banks, refiners Oil companies ‘are the ones bringing cash into the economy’ The reaction was furious when word got out that Goldman Sachs Continue Reading
More oil discovered off the coast of Senegal
More oil discovered in the deep waters off the coast of Senegal, which the companies involved say confirms its potential. Photo courtesy of Cairn Energy July 11 (UPI) — Oil Continue Reading
World’s Biggest Oil Traders Zero In On Shale Hot Spots
U.S. shale oil is in the spotlight once again, this time not as a deterrent to a price improvement, but as the future of the global oil industry. It’s just Continue Reading
Coal projected to be US’ top generating fuel in 2017: EIA
Coal is projected to provide the majority of US power generation in 2017, retaking the crown from natural gas, according to the US Energy Information Administration’s monthly Short Term Energy Continue Reading
Energy jobs on the decline, but not production, IEA finds
Technological advances have led to declines in labor tied to oil and gas with only small impacts on production, the International Energy Agency said. A report from the IEA on Continue Reading
Oklahoma says economic recovery under oil price pressure
The state economy in Oklahoma has recovered from recession, though momentum could be hindered by lower oil prices, the state treasurer said. Oklahoma accounts for as much as 5 percent Continue Reading
EPA chief wants scientists to debate climate on TV
The U.S. Environmental Protection Agency is in the early stages of launching a debate about climate change that could air on television – challenging scientists to prove the widespread view Continue Reading
Fusion energy pushed back beyond 2050
We will have to wait until the second half of the century for fusion reactors to start generating electricity, experts have announced. A new version of a European “road map” Continue Reading
Oil Prices Fall, Shrugging Off Potential New Output Cuts
Oil prices pulled back Tuesday morning, despite ongoing talk of possible production curbs in Libya and Nigeria and news of shrinking U.S. stockpiles. Brent crude, the global benchmark, fell 0.5%, Continue Reading
Oil rises on firm short-term demand outlook; overall market still weak
Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample Continue Reading
NYMEX August gas settles higher as weather outlooks turn bullish
NYMEX August natural gas futures rose Monday as warmer-than-average temperatures are expected for the US, a change from last week’s cooler-than-average forecast. The August contract settled at $2.929/MMBtu, up 6.5 Continue Reading
Good News Can’t Stop Oil’s Bad Mood as Short-Sellers Rule – Bloomberg
Even good news can do little to dispel the prevailing pessimism in the oil market. Hedge funds paused a swift increase last month in wagers on declining West Texas Intermediate crude Continue Reading
Citi: Demand Growth Could Push Oil To $60 By Christmas
Crude oil prices could jump to US$60 a barrel by this year’s end thanks to growing demand and lower OPEC supply, according to Citigroup’s senior energy analyst Eric Lee, as Continue Reading
Oil Up? Oil Down? Blame the Algorithms
When energy analysts and investors couldn’t figure out oil markets this year, they blamed one group: algorithmic traders. On various days over the first six months of 2017, even amid Continue Reading
Is This Year’s Driving Season Over Before It Began?
Exactly six months ago, when oil bulls still held on to some fleeting hope that OPEC may somehow stabilize the crash in oil prices despite the shift in marginal oil Continue Reading
The Major Wildcard That Could Send Oil To $120
The latest rally in oil prices ran up against a wall yet again, and the same fears about oversupply have not receded in the slightest. The expectation from most oil Continue Reading
Oil Fields Pumping a Third of Supply Die Fastest in 24 Years
The tussle for supremacy between OPEC and U.S. shale drillers is killing off older oil fields at the fastest pace in almost a quarter century. That could hurt the industry Continue Reading
OPEC: Further Cuts Off The Table
No further oil output cuts are on the agenda for the July meeting of the ministerial committee set up to monitor compliance with the OPEC-non-OPEC deal, the cartel’s secretary general Continue Reading
Libya, Nigeria Invited to Meeting of Oil Producers
Libya and Nigeria have been invited to a meeting of big oil producers in St. Petersburg, Russia, this month to discuss their surging petroleum output, Kuwait’s oil minister said. Kuwait’s Continue Reading
Will Capping Libyan And Nigerian Output Salvage The OPEC Deal?
Since they struck the production cut deal in late November, OPEC and the non-OPEC partners that are part of the agreement have seen U.S. shale ramping up crude production more Continue Reading
What Oil Bulls Don’t Know About Global Inventories
Dispensing his usual dose of optimistic crude oil buzzkill, Bloomberg energy strategist Julian Lee points out something troubling to both OPEC and those who are hoping that the latest dip Continue Reading
OPEC’s “Whatever It Takes” Is An Empty Promise
High demand for air conditioning and fuel for road trips make summer the best time for the Organization of Petroleum Exporting Countries (OPEC) to cut production or exports to end Continue Reading
Oman Supports Organized Oil Production Cuts Beyond March 2018
Oman would support OPEC output cuts past March 2018 to support oil prices, according a new report from The Times of Oman . There was no mention of deeper cuts. Continue Reading
Aramco CEO sees oil supply shortage as investments and discoveries drop
The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday. Continue Reading
World’s Third Largest Oil Importer Secures Deal With U.S.
Indian Oil Corp. will take delivery of more than a million barrels of U.S. heavy crude in October—the first U.S. crude oil purchase by an Indian energy company, IOC’s finance Continue Reading
Turkey warns Greek Cypriots, oil companies against offshore energy grab
Turkish President Tayyip Erdogan makes a speech at the 22nd World Petroleum Congress in Istanbul, Turkey, July 10, 2017. REUTERS/Murad Sezer Turkey warned Greek Cypriots on Friday not to make Continue Reading
Saudi Aramco gets approval to set up companies for energy industrial city
Saudi Aramco received the approval of the Saudi government to set up two new companies that will develop and operate a new Energy Industrial City in Saudi Arabia, as the Continue Reading
Algeria seen as African leader for renewable energy
General Electric highlights Algeria’s renewable energy potential during low-carbon conference for African economies. File photo by Stephen Shaver/UPI July 10 (UPI) — Algeria is ahead of the curve when it Continue Reading
Norway’s DNO financed for drilling in Kurdish region of Iraq
Norwegian energy company DNO said there’s been a steady string of financial support for its operations in the Kurdish north of Iraq. Photo courtesy of DNO July 10 (UPI) — Continue Reading
How To Successfully Privatize A National Oil Company
Budgetary pressure, falling revenues, cost-cutting measures and general ambiguity – just a few of the characteristic traits that have marked the latest oil price recession period. State-owned companies, commonly executing Continue Reading
Qatar Says It Has $340 Billion To Withstand Boycott By Arab Nations
Qatar’s central bank says it has $340 billion in reserves that could help the country to withstand any effects from the boycott imposed by its Arab neighbors and other countries. Continue Reading
Iran expects steep increase in gas output, exports
FILE PHOTO – A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. Continue Reading