Kingdom is developing economic and entertainment hubs Developments aim to create jobs and boost investment After relying on oil to fuel its economy for more than half a century, Saudi Continue Reading
Militants from the self-proclaimed Islamic State (IS) are continuing to steal oil from Iraqi fields in the mountains of Salahaddin province, in a primitive operation that has created a massive Continue Reading
Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source said on Tuesday, as the top oil Continue Reading
Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya’s largest oil field and as doubts about OPEC-led production cuts continue to weigh on Continue Reading
Iraqi oil minister Jabar al-Luaibi departed for Saudi Arabia on Tuesday where he will meet his counterpart Khalid al-Falih to discuss oil market developments and OPEC’s efforts to stabilize the Continue Reading
Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion shipyard complex designed to reduce Saudi Arabia’s dependence on oil exports. The Continue Reading
Bringing new partners to the offshore sector could support the effort to boost production to 3.5 million barrels per day, the Abu Dhabi National Oil Co. said. The company, known Continue Reading
Libyan oil disruption resolved and production is ramping up, a spokesperson for an energy company with a stake in operations said. File photo by cherezoff/Shutterstock Aug. 8 (UPI) — Matters Continue Reading
For Jil Amine, Lebanon is experiencing a “solar revolution.” “The growth of the technology has been exponential,” said Amine, the United Nations Development Program project manager for the Small Decentralized Continue Reading
Governments from across Latin America on Tuesday agreed not to recognize Venezuela’s powerful new constituent assembly, saying that it represented a breakdown in the country’s democratic order. “What we have Continue Reading
The latest on Venezuela’s political crisis (all times local): 5:10 p.m. Venezuela’s new constitutional assembly has passed a decree declaring itself superior to all other branches of government. The order Continue Reading
Repsol SA pulled all foreign workers from its oil fields in Venezuela amid a deepening political crisis, while Chevron Corp. and Total SA have removed a small number of employees, said people with Continue Reading
Six oil product tankers are docked at the Paraguana Refining Center (CRP) marine terminals in northwestern Venezuela awaiting payment from facility operator PDVSA before they discharge, according to a technical Continue Reading
The economic, political and security situation in Venezuela has been frightening for quite a while, but things continue to grow worse. The new “constituent assembly,” put together to rewrite the Continue Reading
The Trump administration is considering additional sanctions on Venezuelan individuals close to the Maduro government, but will first try to enlist support from other countries. This is what unnamed sources Continue Reading
Russia’s largest oil producer Rosneft said on Tuesday it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any Continue Reading
To survive months of street protests and an economy in tailspin, Venezuelan President Nicolas Maduro is trying to turn state oil company PDVSA into a bastion of support, further degrading Continue Reading
Profits for Chinese coal producers have been impressive so far this year, even though the government is sidelining capacity, state media reported. The official Xinhua News Agency reported that, of Continue Reading
Various Northeast Asian end-users saw their crude oil term allocations from Saudi Arabia slashed for September, with two South Korean refining companies receiving around 10% cuts in monthly contract volumes Continue Reading
Exports of coal from the metallurgical coal dominant region of North Queensland, Australia, totaled 12.24 million mt in July, up 9% year on year but down 4% from June, North Continue Reading
Mazda Motor Corporation announced “Sustainable Zoom-Zoom 2030,” a new long-term vision for technology development that looks ahead to the year 2030. As part of the new technology to achieve this Continue Reading
President Donald Trump’s America First rhetoric is doing no favors for US ethanol producers, who are hoping to avoid a trade fight with fuel buyers in Brazil. (Bloomberg) — President Continue Reading
Mazda Motor Corp unveiled plans for the world’s first commercial gasoline engine using compression ignition, placing traditional engines at the center of its strategy days after saying it would develop Continue Reading
The main U.S. energy regulator can get back to the business of approving multibillion-dollar natural gas pipelines after the Senate moved to fill two of four vacancies at the long-crippled Continue Reading
Colonial Pipeline Co, the largest U.S. refined products system, said on Tuesday it would go back to rationing space on its main gasoline line, as demand to haul fuel recovered Continue Reading
Oklahoma reports broad economic gains, with tax receipts from oil and gas up more than 25 percent from last year. File photo by Jim Parkin/Shutterstock Aug. 8 (UPI) — Gross Continue Reading
In the early years of US oil production in the late 19th century, gasoline was considered a useless byproduct of kerosene that would be burnt off or dumped in rivers. Continue Reading
The decline in U.S. comparative inventories since February is the most significant oil market development since prices collapsed three years ago. It means that U.S. demand has exceeded supply for Continue Reading
Nebraska regulators opened a final hearing on TransCanada Corp’s proposed Keystone XL pipeline on Monday, a week-long proceeding that marks the last big hurdle for the long-delayed project after President Continue Reading
The U.S. Energy Information Administration said on Tuesday it expects U.S. crude oil production in 2018 to rise by less than previously expected. The agency forecast that 2018 crude oil Continue Reading
The American Petroleum Institute (API) reported a major draw of 7.839 million barrels in United States crude oil inventories, compared to analyst expectations of a modest draw of 2.272 million Continue Reading
Continental Resources Inc ( CLR.N ) cut its 2017 capital budget on Tuesday, the latest U.S. shale oil producer to cut back on drilling and fracking equipment amid tepid crude Continue Reading
An energy company’s decision to abandon work on a nuclear project in South Carolina has left the state reeling and the governor seeking one of several solutions to save at Continue Reading
Oil and gas is, apparently, the latest industry that millennials have marked for death . They don’t want to work in the industry because it’s dirty, difficult, and dangerous . Continue Reading
Shell will try to restart this Friday one of the two crude distillation units at its 404,000-bpd Pernis refinery—the biggest refinery in Europe—after it was shuttered following a fire at Continue Reading
Poland is willing to keep buying natural gas from Russia if conditions are right, though its economy is moving in another direction, the foreign minister said. Poland relies on Russian Continue Reading
Norwegian energy company Statoil finds only small amounts of gas after looking to build up its oil portfolio in the Barents Sea. Image courtesy Statoil Aug. 7 (UPI) — Norwegian Continue Reading
Oil futures edged down on Monday, on concerns about major oil producers’ wavering commitment to output caps and ahead of a meeting of the Organization of the Petroleum Exporting Countries. Continue Reading
Oil prices held near nine-week highs on Monday, buoyed by robust U.S. jobs data last week and a slight fall in U.S. drilling, although rising output from OPEC capped gains. Continue Reading
The global oil industry now appears to be in the early stages of a cyclical expansion which is likely to see prices rise over the next few years, slowly at Continue Reading
The combination of bullish indicators that boosted oil prices last month are unlikely to last, and the price of oil in the third quarter is expected to drop from current Continue Reading
Oil futures pushed higher Friday as investors looked ahead to a planned meeting of the Organization of the Petroleum Exporting Countries next week. U.S. crude futures rose 55 cents, or Continue Reading
Moody’s gives Iraq its third-lowest rating, saying political risks and lack of diversity offset is oil wealth. Photo by cherezoff/Shutterstock Aug. 4 (UPI) — Corruption and internal political rifts could Continue Reading
Libya’s Sharara oilfield, which has been producing 270,000 barrels a day (bpd), is gradually shutting down after the closure of a control room in the northern city of Zawiya, an Continue Reading
Iraqi oil exports topped 100 million barrels in July, but that’s still lower than the 3.93 million barrels per day rate Baghdad boasted back in May . The latest figures Continue Reading
After ratifying an amended 2017 budget, Iraq passed a crucial IMF review and raised $1 billion in its first unsecured bond offering since 2006. Iraqi Prime Minister Haider al-Abadi speaking Continue Reading
The Nigerian government will make illicit refineries operating in the Niger Delta legal, and will even supply them with crude oil, the presidency announced yesterday. The legalization process will take Continue Reading
Is Venezuela’s 2017 transformation symptomatic of the growing global polarization? And does it show how the collapse of globalism is resulting in the re-emergence of a range of governmental forms Continue Reading
Indonesia’s Ministry of Energy and Mineral Resources set its August thermal coal reference price, also known as Harga Batubara Acuan or HBA, at a seven-month high of $83.97/mt, up 44% Continue Reading
The U.S Geological Survey recorded a cluster of tremors early Friday in a part of Oklahoma on a watch list for activity related to shale oil and gas operations. Four Continue Reading
