Oil prices were steady early on Monday, supported by strong demand and falling inventories, but still under pressure from high output. Brent crude futures, LCOc1 the international benchmark for oil Continue Reading
Iran could abandon its nuclear deal with world powers “within hours”, if the United States continues to impose new sanctions, Iranian President Hassan Rouhani said on Tuesday. “If America wants Continue Reading
Jack Thompson and Oliver Thränert argue that President Trump´s administration is laying the groundwork for the U.S. to withdraw from the Iran nuclear deal. However, they suggest that if the Continue Reading
Gulf Keystone Petroleum sees its legacy embedded in the Kurdish north of Iraq with 40 million barrels of production. Photo courtesy Gulf Keystone Petroleum Aug. 14 (UPI) — Production from Continue Reading
Second quarter oil revenue was up nearly 30 percent from last year on the back of general improvements in the energy market, the Saudi government reported. Saudi Arabia is the largest Continue Reading
Former illegal oil refiners in Rivers State have vowed to continue in their illegal dealings in petroleum products until the Federal Government provides them with empowerment. The artisanal refiners, who Continue Reading
U.S. energy sales account for more than 50 percent of Mexico’s current energy imports as Mexican energy reforms open the market and as the country is switching to natural gas-fired Continue Reading
Former OPEC member suffers as investment, exploration dry up Volatile prices and onerous bureaucracy deter oil companies Start your day with what’s moving markets in Asia. Sign up here to Continue Reading
Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela’s oil sector, said traders and analysts, as exports from the South American OPEC member Continue Reading
The U.S. has stepped up sanctions against Venezuelan individuals in the wake of the July vote in Venezuela aimed at rewriting the constitution, which is further eroding democracy in the Continue Reading
At 10.71 million bpd, China’s crude refineries saw in July their lowest daily throughput rate since September last year as state firms and independent refineries, both swimming in inventory, continue Continue Reading
The sharp slowdown in China’s refinery processing in July may be another warning sign that the robust growth in crude oil demand this year in the world’s top importer is Continue Reading
U.S. natural gas exporter Cheniere Energy Inc is setting up an office in Beijing to help it clinch long-term supply deals with Chinese buyers, four industry sources said. Cheniere, which Continue Reading
Given all the media hype about peak oil demand — which is supposed to come about largely as a result of the explosive growth of electric vehicles (EVs) — you Continue Reading
EIA expands monthly shale forecasts to include Anadarko region September oil output seen at record 6.15 million barrels a day Oil output from major U.S. shale plays is poised to Continue Reading
U.S. shale oil production for September which includes a new regional data input, is forecast to rise by 117,000 barrels per day to 6.15 million bpd, its ninth consecutive monthly Continue Reading
Two analyst firms have revised upwards their production growth forecasts for the Permian, expecting oil output there to be 300,000 bpd higher by the end of this year. The firms Continue Reading
After mixed results for the second quarter, U.S. shale player BNK Petroleum said it was anticipating more production from its assets in Oklahoma. BNK Petroleum Inc., which has headquarters in Continue Reading
Gazprom said on Monday that new U.S. sanctions against Moscow would not result in the Russian gas exporter having to make changes to key projects, although they could cause delays. Continue Reading
BERLIN (AP) — German Chancellor Angela Merkel says she thinks the internal combustion engines that are the mainstay of her country’s auto industry will eventually have to be phased out. Continue Reading
Oil prices were steady early on Monday, supported by strong demand and falling inventories, but still under pressure from high output. Brent crude futures, LCOc1 the international benchmark for oil Continue Reading
Market sentiment has been fickle throughout summer, and despite the recent plateauing of oil prices, the IEA reassured everyone in its new monthly report that things are still proceeding apace. Continue Reading
The Organization of Petroleum Exporting Countries (OPEC) released its monthly oil market report on Thursday, and the news was enough to send WTI below $50 after a brief week-long rally. Continue Reading
Sharara oil field output said to drop to 200,000 barrels a day Zueitina terminal ceased loadings on Saturday: union chief Libya’s biggest oil field has reduced crude production by more Continue Reading
Venezuelan state oil company PDVSA’s revenue from oil and fuel sales in 2016 dropped 34 percent from the previous year to $48.0 billion, the company said in its annual financial Continue Reading
Not too long ago Brazilian state oil company Petrobras was the most indebted oil & gas company in the world. The long-suffering company has faced dire mismanagement while being weighed Continue Reading
The drilling ship at the center of a row between Vietnam and China over oil prospecting in disputed waters in the South China Sea has arrived in waters off the Continue Reading
China has approved a plan from its two state nuclear developers to promote a single integrated nuclear reactor brand that will help speed up construction and strengthen their ability to Continue Reading
Two weeks before he held a vote to set up an assembly to re-write the constitution—further undermining democracy—Venezuelan President Nicolas Maduro hosted the signing of a contract with a small Continue Reading
Japanese upstream companies are looking to tight oil to supplement dwindling domestic output and may seek to use the experience gained to become involved in similar projects abroad. Japan Petroleum Continue Reading
Royal Dutch Shell’s decision to sell electricity direct to industrial customers is an intelligent and creative one. The shift is strategic and demonstrates that oil and gas majors are capable Continue Reading
An ongoing price slump is rattling the industry and weakening petrostates. How will low prices change the world? Here’s everything you need to know: How cheap is oil? Prices have Continue Reading
Crude futures turned from losses to gains Friday, recovering from a selloff after the International Energy Agency revised its historical demand figures lower, indicating oil supplies might not be as Continue Reading
Crude oil prices drifted lower early Friday after a report from the International Energy Agency said the markets were balancing, but it’s a stubborn process. Oil prices rallied early in Continue Reading
IEA sees OPEC’s commitment to clearing global glut fading Agency reduced demand estimates for this year and 2018 Start your day with what’s moving markets in Asia. Sign up here Continue Reading
And some surprising numbers this week show that slide is likely to continue. With the world’s largest oil-producing nations pumping out more crude than many energy observers are expecting. That’s Continue Reading
Stronger-than-expected oil demand growth may be tilting the market to rebalancing, but confidence in any sustained rebalancing is suppressed on the back of OPEC and non-OPEC producers’ signals of weakening Continue Reading
Oil prices were down at the end of the week on fears of lingering oversupply. The U.S. reported a strong drawdown in crude inventories and flat production, although those bullish Continue Reading
After discussions on compliance with an OPEC-led effort to balance the market, Saudi Arabia’s energy minister said Iraq could be the target for more exports. Saudi Arabia and Iraq are Continue Reading
OPEC and its non-OPEC partners have not closed the door to the possibility of extending the production cut agreement or even lowering production levels, Saudi Oil Minister Khalid al-Falih told Continue Reading
Even though Saudi Arabia’s advisors are favoring London over New York for the foreign venue to list Aramco shares, Saudi Crown Prince Mohammad bin Salman and the Saudi government are Continue Reading
Iraq’s Kurds will maintain their plan to hold a referendum on independence on Sept. 25, despite a U.S. request to postpone it, a high-ranking Kurdish official told Reuters on Saturday. Continue Reading
Hundreds of Nigerians stormed on Friday a Shell-owned crude flow station that feeds the Bonny export terminal, protesting against lack of jobs and demanding infrastructure development, according to a Reuters Continue Reading
Venezuela’s unraveling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive – and offering prized state-owned oil assets in return, sources familiar Continue Reading
At what point does a country’s political situation become intolerable for bond investors? That is the question facing holders of Venezuela’s debt as the nation’s descent into strife raises questions Continue Reading
Venezuelan state oil company PDVSA’s revenue from oil and fuel sales in 2016 dropped 34 percent from the previous year to $48.0 billion, the company said in its annual financial Continue Reading
Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry’s latest quarterly results. The Continue Reading
North Dakota’s oil output slipped about 1 percent in June but should remain above 1 million barrels per day for the foreseeable future, state officials said on Friday. The optimistic Continue Reading
U.S. energy companies added oil rigs for a second time in the last three weeks, extending a 15-month drilling recovery, but the pace of additions has slowed in recent months Continue Reading
Alberta Premier Rachel Notley hails the start of construction of an Enbridge oil pipeline feeding U.S. states as representatives gear up for NAFTA negotiations. Photo courtesy provincial government of Alberta Continue Reading
