Russia’s Rosneft Expects $40 Oil In 2018
Russia’s largest oil producer, Rosneft, expects oil prices to average between $40 and $43 per barrel next year, and is preparing for such prices, Rosneft’s CEO Igor Sechin told TV Continue Reading
Carmakers face electric reality as combustion engine outlook dims
European car bosses gathering for the Frankfurt auto show are beginning to address the realities of mass vehicle electrification, and its consequences for jobs and profit, their minds focused by Continue Reading
The Two Nations Leading The Wind Power Race
China and the UK have teamed up to develop the next generation of offshore wind power capacity, with a focus on identifying the best locations for the new installations and Continue Reading
Oil weakens on fears Irma could dent U.S. demand
Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Losses Continue Reading
Oil Is Unlikely To Return To $80
Gail Tverberg is a writer and speaker about energy issues. She is especially known for her work with financial issues associated with peak oil. Prior… (Click to enlarge) Figure 1. Continue Reading
Can WTI Break Out Of The High $40s?
Comparative inventories have fallen dramatically since mid-February yet oil prices languish in the mid-to-upper $40 range. But what will it take for oil prices to break out of the $45 Continue Reading
Earth Is Starting to Run Out of Sand
When most of us think of limited resources, typically fossil fuels, trees or fresh water reserves come to mind. But, can we now add sand to the list? Well, according Continue Reading
The Plastic Fantasy That’s Propping Up the Oil Market
Kenya’s mountains of plastic bags might not seem central to oil’s grand narrative, but they are. Last week, the East African country banned almost everything about them: making them, importing Continue Reading
Saudi’s Falih discuss oil supply cuts extension with Venezuela, Kazakhstan
Saudi Arabian Energy Minister Khalid al-Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry Continue Reading
Is It Time For OPEC To Turn The Taps Back On?
Russia’s Energy Minister Alexander Novak said earlier this week that he’d spoken with his Saudi counterpart about the possibility of another extension to the OPEC-non-OPEC crude oil production deal; oil Continue Reading
Saudi to supply full crude allocations to most Asian refiners: sources
Saudi Arabia will supply full contracted volumes of crude oil to at least five north Asian term buyers in October, while a sixth regional refiner was notified of cuts to Continue Reading
Niger Delta Militants Rescind Threat Against Oil Majors
A coalition of militants in the Niger Delta who had previously vowed to attack Nigerian oil and gas pipelines if their demands were not met by October 1 st , Continue Reading
ExxonMobil slashes LNG price to India in bad omen for producers
India has won a price cut on a 20-year liquefied natural gas (LNG) deal with global giant ExxonMobil Corp (XOM.N) in a rare contract renegotiation, a bad sign for producers Continue Reading
China developing timetable to end sales, production of gasoline cars
The auto industry has now grudgingly accepted that battery-electric cars will make up some portion of the world’s new vehicles in years to come. But a milestone in that trend Continue Reading
China looks at plans to ban petrol and diesel cars
China wants more electric cars on the road to fight pollution China, the world’s biggest car market, plans to ban the production and sale of diesel and petrol cars and Continue Reading
China’s Electric Car Push Lures Global Auto Giants, Despite Risks
Volkswagen, the German auto giant, is preparing for a swift expansion in its output of electric cars next year — and the biggest jump in production will be in China. Continue Reading
Refiners Boost Output, But Irma Could Dent Demand
Texas continues to recover from Hurricane Harvey, and many of the disrupted refineries are ramping up production once again. But the ripple effects from the outages are still being felt, Continue Reading
Hurricane Season Weighs On Gulf Of Mexico Production
Production for June by BOEM was 1631 kbpd and by EIA 1636, compared with 1673 and 1659 kbpd, respectively, in May. The decline was mostly from Thunder Horse going offline Continue Reading
Irma knocks out power to nearly four million in Florida: utilities
Hurricane Irma knocked out power to nearly 4 million homes and businesses in Florida on Sunday, threatening millions more as it crept up the state’s west coast, and full restoration Continue Reading
Irma Knocks Out Power to Millions of Customers in Florida
Downed power lines, felled trees, branches, and other debris litter Naples, Fla. Hurricane Irma knocked out power to close to five million customers in Florida as of late Sunday evening, Continue Reading
Russia’s Big Bet On Kurdish Oil
In June 2017, Kurdistan Regional Government (KRG) and Russian energy behemoth Rosneft signed several cooperation, investment and production sharing agreements regarding hydrocarbon exploration, production, infrastructure, logistics and trading. Rosneft also Continue Reading
Bearish Backlash Drives Oil Prices Down
Oil prices collapsed again on Friday as China aims to reduce the capacity of its teapot refineries and Hurricane Irma zeros in on Florida. This dramatic drop in oil prices Continue Reading
Oil Prices Slip Amid Falling U.S. Rig Count
The number of active oil and gas rigs in the United States rose this week by 1 rig. Baker Hughes Rig Count last week was largely unchanged as well, with Continue Reading
Oil Market Tighter After Hurricane Harvey
– Crude oil flat price, spreads, refining margins and product spreads all mean-reverted this week as PADD III refineries came back on line to the tune of roughly 2m bpd Continue Reading
Will Saudi Aramco deliver world record profit for next year’s IPO?
When oil giant Saudi Aramco discloses its financials for the first time next year, it must either surprise investors with world record profits or reduce its aspirations for a $2 Continue Reading
Exclusive: BP’s stake in giant Azeri oilfields set to fall: sources
BP’s stake in Azerbaijan’s vast oilfields is expected to shrink under a new production-sharing agreement with state energy company SOCAR, two industry sources familiar with the talks told Reuters. Azerbaijan Continue Reading
India’s second largest state seeks to quash Goldman-backed solar project
India’s second largest state has appealed to the country’s top court to quash a Goldman Sachs-backed solar project, highlighting the challenges faced by solar companies looking to expand in Asia’s Continue Reading
Libyan oil production back to normal
Operations at the Sharara oil field in Libya, the country’s largest, are back to normal following short-term “irregularities,” an Austrian energy company said. Mustafa Sanalla, the head of Libya’s National Continue Reading
Largest Libyan Oilfield Back Online After Armed Assault
Libya’s largest oilfield is now fully operational following a couple of weeks of output turbulence, according to UPI , who received official confirmation of the oilfield’s operational status from Austrian Continue Reading
For Iraq’s Long-Suffering Kurds, Independence Beckons
Men bought and sold prayer beads last month in front of the citadel in Erbil, a Unesco World Heritage site, in the Iraqi Kurdistan region. BARZAN, Iraq — A pair Continue Reading
Petrobras extends deadline in sale of seven exploration areas
Brazil state-controlled oil firm Petrobras extended the deadline for interested parties to sign non-disclosure agreements in order to access technical, legal and financial information related to seven exploration areas it Continue Reading
Indigenous Mapuche thwart Argentina shale development
Indigenous Mapuche communities demanding cash payments and blocking oil wells in Argentina’s Vaca Muerta area are threatening the long delayed development of the world’s second-largest shale fields, oil companies say. Continue Reading
China invests $9.1 billion in Rosneft as Glencore, Qatar cut stakes
Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft for $9.1 billion from a consortium of Glencore and the Qatar Investment Authority, strengthening the energy Continue Reading
Venezuela invites investors to discuss foreign debt
Venezuela has invited international bondholders to negotiations over its foreign debt as the government in Caracas seeks to mitigate the impact of US sanctions and survive a deepening economic crisis. Continue Reading
At least 58 killed in massive earthquake off Mexico coast
Minutes before midnight, warning sirens blared across this earthquake-anxious capital. This, in itself, was not unusual. Temblors are common here, and in recent years Mexico City has held annual disaster Continue Reading
U.S. Is Said to Seek a Ban on Crude Oil to North Korea at UN
U.S. needs Chinese, Russian support for new UN restrictions Russian leader says oil sanctions could hurt ordinary people The U.S. is circulating a draft resolution at the United Nations that Continue Reading
China Purchases 14% Of Rosneft From Qatar
The $9 billion purchase will transfer the Qatar Investment Authority’s 14.16 percent Rosneft stake to CEFC China Energy Company Ltd., Glencore said on Friday. China bought the shares at a Continue Reading
China invests $9.1 billion in Rosneft as Glencore, Qatar cut stakes
Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil major Rosneft (ROSN.MM) for $9.1 billion from a consortium of Glencore (GLEN.L) and the Qatar Investment Authority, strengthening Continue Reading
U.S. oil drillers cut rigs for third week in four as recovery stalls: Baker Hughes
U.S. energy firms cut oil rigs for a third time in the past four weeks as a 14-month drilling recovery stalls with energy firms reducing spending plans in response to Continue Reading
Colonial to pump fuel through Port Arthur facility at reduced rates after Harvey
Colonial Pipeline Co, the biggest U.S. fuel system, said on Friday it expects the full restart of its crucial supply point at Port Arthur, Texas by the end of the Continue Reading
Oil slides as Irma heads for Florida, threatening demand
Oil prices slid on Friday, with U.S. crude down more than 3 percent on worries that commerce and energy demand in Florida and the Southeast would be hit hard as Continue Reading
Motiva Port Arthur refinery “on target” for partial restart by Monday
Motiva Enterprises [MOTIV.UL] said its Port Arthur, Texas, refinery, the nation’s largest, was on target for a partial restart of production by Monday. “Motiva remains on target to restart its Continue Reading
Hurricane Irma may cause problems for East Coast energy infrastructure
Energy Infrastructure with Real-Time Storm Information Hurricane Irma, one of the largest hurricanes ever recorded in the Atlantic, caused significant damage to the northeastern Caribbean and is currently projected to Continue Reading
Hurricane Irma Prompts Oil Storage, Port Shutdowns
Hurricane Irma has prompted the shutdown of at least two oil storage complexes in the Caribbean, with a combined capacity of 18.6 million barrels, S&P Platts reports. One of these, Continue Reading
Trump waives Jones Act to bring in fuel ahead of Irma’s arrival
The Trump administration is waiving Jones Act requirements until September 15 to address a potential fuel shortage in Florida caused by the approaching Hurricane Irma and lingering Gulf Coast pipeline Continue Reading
Baker Hughes: US Oil Drillers Cut Rigs As Recovery Stalls
US energy firms cut oil rigs for a third time in the past four weeks as a 14-month drilling recovery stalls with energy firms reducing spending plans in response to Continue Reading
Electric-Car Makers Turn to Tested Formula: the Racetrack
Big-name car makers are vying to win the electric-car race—literally. This July, all of Germany’s motor-sport icons— Audi , Mercedes-Benz, Porsche and BMW —said they would soon join Formula E, Continue Reading
U.S. part of energy security strategy, Ukraine says
Cooperation with the United States on energy security will help Ukrainian efforts to reduce its dependency on Russia, the envoy to the United States said. Valeriy Chaly, the Ukrainian envoy Continue Reading
The Obsolescence of Oil As We Live Out the Current Technology Wave
With every new green announcement on the global technology stage we get propelled further into a reality where oil may no longer be dominant. Whether its France and India committing Continue Reading
Oil rising on weak dollar, not output pact: Sechin
The main driver behind rising oil prices is a weaker dollar and not a global effort by producers to curb output, Igor Sechin, chief executive of top Russian oil company Continue Reading