Oil Prices Fall For Third Straight Day
A rise in U.S. crude inventories weighed on prices Wednesday. Oil prices fell for a third straight day Wednesday as investors became less certain that major oil producing nations will Continue Reading
Bearish signs ahead for oil prices, but not too bearish
There are bearish signals ahead for oil prices in part due to declining inventories, though anything above $65 per barrel is unlikely, Societe Generale said. “Due to significantly larger 2017 Continue Reading
Beware of the Dip: Oil Prices Could Go Lower
Without high geopolitical risk or an actual supply reduction, oil prices have a downside risk. The spike in oil prices since August provides U.S. producers an attractive opportunity to hedge Continue Reading
The UAE Plans The Last Few Decades Of Its Oil Game
Abu Dhabi’s state oil company ADNOC will soon expand its investments to refineries abroad, a new report by Bloomberg indicates, suggesting the emirate is seeking to strengthen ties with its Continue Reading
Non-OPEC Mid-size Oil Producers
This post covers recent C&C production and future prospects, with a bit on gas, for several mid-size non-OPEC producers. A few have been omitted (e.g. Canada, Kazakhstan, Egypt, UK) for Continue Reading
Hey OPEC, the World’s Largest Oil Consumer Needs a Lot Less Oil
The U.S. has a message for oil producers poised to make a key decision on crude output on Thursday: The world’s biggest oil consumer doesn’t really need you that much Continue Reading
OPEC Is Expected to Extend Output Cuts, but Questions Remain Over Length
OPEC ministers attend an informal meeting on the eve of the Vienna meeting. VIENNA—OPEC members said Thursday they were poised to agree to extend their efforts to cut crude-oil production Continue Reading
Vienna Is The Ultimate OPEC Smokescreen
The OPEC circus continues to make headlines. All the five-star hotels are booked, as market analysts fervently examine their glass balls to predict the outcome of Thursday’s big meeting. Again, Continue Reading
No easy solution for stranded Kirkuk crude
The Oil Ministry is considering a pipeline to link Kirkuk oil fields with domestic refineries, and issuing a tender for rebuilding the export pipeline to Turkey. Iraqi Oil Minister Jabbar Continue Reading
How Nigeria’s Oil Industry Went Local
The biggest real-estate foreclosure in Manhattan’s history began with a Nigerian jet-fuel binge. Kola Aluko, now in hiding from the authorities of multiple countries, allegedly spent so much money on Continue Reading
Can Nigeria And Libya Avoid A Production Cut?
Beyond discussing the broader terms of the production cut deal, OPEC will crunch the numbers of exempt producers Libya and Nigeria this week to see if their oil production has Continue Reading
Maduro: Venezuela Could Stop Crude Oil Sales To U.S.
True to his ‘anti-imperialistic’ rhetoric, Venezuela’s embattled President Nicolas Maduro now says that his country could stop selling its crude oil to the United States. “The day that they don’t Continue Reading
China’s EV Plan Could Cause An Oil Price Crash
Oil prices could decline to $35 a barrel next year if China and India speed up the adoption of electric cars to cope with severe pollution, Steen Jakobsen, Chief Economist Continue Reading
U.S. Makes It To China’s Top Ten Crude Oil Supplier List
Chinese crude oil purchases from the United States jumped by 77.3 percent from September to average 208,000 bpd in October, helping the U.S. to become China’s ninth largest crude oil Continue Reading
Italian oil company given drilling permit in Alaska
Letting a foreign energy company drill into the Arctic areas of Alaska is a twin insult from the Trump administration, an advocacy group said. The U.S. Bureau of Safety and Continue Reading
Summary of Weekly Petroleum Data for the Week Ending November 24, 2017
U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending November 24, 2017, 165,000 barrels per day more than the previous week’s average. Refineries operated Continue Reading
Panel Rejects Washington Oil Terminal
A panel has rejected a project for the construction of an oil terminal at the port of Vancouver in the state of Washington on the grounds that the companies behind Continue Reading
U.S. Shale Becomes More Flexible, Hedges 900,000 Barrels
U.S. oil producers have hedged almost 900,000 barrels of future crude at prices of US$50-60 a barrel, which will likely allow them to continue growing production whatever OPEC decides to Continue Reading
U.S. crude stocks fall, but gasoline, distillates up: EIA
U.S. crude oil stocks fell last week, led by the biggest fall in inventories at the Cushing, Oklahoma storage hub in eight years, while gasoline and distillate stockpiles rose, the Continue Reading
Tesla most popular global electric vehicle brand between January and September 2017; EV sales accelerating
The adoption of electric vehicles (EVs) has accelerated as policymakers across the globe pass regulations to reduce emissions of air pollutants, according to the latest analysis by JATO Dynamics. 2017 Continue Reading
Europe backing climate ambitions with capital
The European Union has extended financial support for the fight against climate change through German and Indian partnerships. File photo by Bill Greenblatt/UPI Nov. 29 (UPI) — The European Union Continue Reading
Is This The End Of Nuclear Power In The UK?
The UK’s ambitious program to build more nuclear generating stations will begin with the massive Hinkley Point units. Yet, in a recent paper, Prof. Steve Thomas, a well-known energy economist Continue Reading
Denmark passes law that could ban Russian pipeline from going through its waters
Denmark passed a law on Thursday that could allow it to ban Russia’s Nord Stream 2 gas pipeline from going through its waters. The measure allows the government to ban Continue Reading
OECD economic warning lights send oil prices lower
A lack of clarity over what happens next with OPEC’s production agreement and a weak economic growth outlook for 2018 sent oil prices lower early Tuesday. Angel Gurria , the Continue Reading
Oil Prices Slip After API Reports Small Build In Crude Inventories
The American Petroleum Institute (API) reported a build of 1.821 million barrels of United States crude oil inventories for week ending November 24, against analyst forecasts for an inventory drawdown Continue Reading
OPEC, non-OPEC cut talks hit snag on extension duration
Will it be six months or nine months? Some ministers unconvinced of need to keep cuts for full 2018 Lack of agreement on how long stock surplus will last: Falih Continue Reading
OPEC Has Backed Itself Into A Corner
After months of talk and speculation regarding OPEC’s production cuts, the moment of truth is almost upon us—the cartel and its allies are meeting in Vienna this week to decide Continue Reading
Why Is The OPEC Deal Suddenly Uncertain?
The investment bank warned that the oil market could be disappointed in a few days because there is a higher degree of uncertainty heading into the talks than there was Continue Reading
Forget OPEC, Putin Is Calling The Shots In Global Oil | OilPrice.com
Do you remember who first said anything about extending the oil production cut deal until the end of next year? It wasn’t Saudi Arabia or any other Gulf producer. It Continue Reading
October production slides on Kirkuk upheaval
Oil production dipped across Iraq in October by about 113,000 barrels per day (bpd), as political and military conflict between the federal government and the Kurdistan Regional Government (KRG) took Continue Reading
Senior Saudi prince freed in $1 billion settlement agreement: official
Senior Saudi Prince Miteb bin Abdullah, once seen as a leading contender to the throne, was freed after reaching an “acceptable settlement agreement” with authorities paying more than $1 billion, Continue Reading
Gas production accelerating in the Bakken
Even though more crude oil than gas comes out of the Bakken shale in North Dakota, the pace of growth for gas is far greater, a federal report found. North Continue Reading
Gas prices may inch lower into December
A steady supply of gasoline, despite North American pipeline disruptions, means U.S. drivers may see gas prices drop into December, analysis finds. Motor club AAA reported a national average retail Continue Reading
Keystone oil pipeline restarts at reduced pressure
The Keystone oil pipeline running through North America is operating at a reduced pressure following a mid-November spill in South Dakota, the operator said. TransCanada said the Keystone repair and Continue Reading
U.S. Oil Has One Fatal Weakness
But most of the U.S. oil production is light tight oil, and American exports—especially those of very light sweet crude—may hit a demand constraint next year, Bill Barnes , director Continue Reading
Exxon Inaugurates 150,000 BPD Offshore Field In Canada
Exxon Mobil inaugurated the Hebron field in Canada’s Newfoundland this week, just as OPEC gears up to announce extended cuts at its quarterly conference in Vienna at the end of Continue Reading
Why Battery Cost Could Put the Brakes on Electric Car Sales – Bloomberg
Battery prices need to drop by more than half before electric vehicles will be competitive with cars powered by internal-combustion engines, according to Bloomberg New Energy Finance, whose two-day Future Continue Reading
Statoil: Batteries can address wind power variability
Norwegian energy company Statoil said it was planning a battery system for a floating wind farm that will be “smart ” enough to compensate for calm conditions. The company said Continue Reading
UK Government Issues Support for Shale Industry
The UK government has lent its support to the UK’s shale gas industry in a recently published white paper. The UK government has lent its support to the UK’s shale Continue Reading
Oil falls on doubts over OPEC, pipeline restart
Oil prices fell on Tuesday on uncertainty over the outcome of a key OPEC meeting this week due to decide on production policy for the next year. Brent crude oil Continue Reading
Oil Prices Chase $60 After a Year of Surging Demand
Increased demand has pulled stockpiles of crude oil out of storage this year, even as U.S. shale producers have pushed weekly production to record highs. Above, an oil refinery in Continue Reading
U.S. oil falls on Keystone restart, doubts about Russia’s resolve
U.S. oil prices fell more than 1 percent on Monday, easing from two-year highs on prospects of higher supply from a planned restart of the Keystone crude pipeline and uncertainty Continue Reading
OPEC’s Clash With U.S. Oil Is Nearing Its Day of Reckoning
Strategy of cartel has helped to deplete half surplus stocks Bolstering prices is emboldening American shale-oil drillers The clash between OPEC and America’s oil industry is reaching a day of Continue Reading
Tough OPEC meeting looms amid specter of oil deficit
OPEC is heading for tougher-than-expected policy talks this week amid concern that its efforts to rebalance the oil market might overshoot by creating a global deficit and spurring a further Continue Reading
OPEC’s Impossible Task
OPEC is on the verge of extending its production cuts for an additional nine months, pushing the deal through the end of 2018. But the determination to keep the cuts Continue Reading
OPEC’s No. 2 Producer Strains to Walk an Oil Pricing Tightrope
Iraq’s hitting a couple of speed bumps as it gears up for 2018 oil sales, after OPEC’s second-largest producer made unprecedented moves to sell one-off cargoes this year in addition Continue Reading
Iraq vetting Kirkuk oil pipeline overhaul options
The Iraqi oil ministry said Monday it was looking at documents related to the reconstruction of a crude oil pipeline extending north from Kirkuk. The ministry’s spokesman, Assim Jihad, said Continue Reading
Ministry envisions new contract model for exploration deals
Iraqi Oil Minister Jabbar al-Luieibi indicated Monday that the country will introduce significant changes to its next round of oil contracts. “The anticipated contracts with international oil companies represent an Continue Reading
Total gets first oil out of giant Libra field offshore Brazil
French supermajor Total said production started at a field off the coast of Brazil using infrastructure that could produce 150,000 barrels of oil per day. From the pre-salt Santos basin Continue Reading
Venezuelan crude imports into LOOP tripled on year: In The LOOP
Imports of Venezuelan crude into the Louisiana Offshore Oil Port have totaled over 7 million barrels from January to November this year, almost three times the 2.5 million barrels in Continue Reading