Oil prices waded into positive territory early Wednesday on word that OPEC was producing less and a key North Sea pipeline network was staying closed for now. Ineos, which operates Continue Reading
Oil prices slipped for a second straight day on Wednesday, as a slump in U.S. crude stockpiles was offset by a larger-than-forecast rise in gasoline inventories and as U.S. crude Continue Reading
The Loma Campaña Vaca Muerta shale oil drilling site in Neuquén, Argentina. Shale producers are roaring back to life, pushing the global oil supply to its highest level in a Continue Reading
Stronger U.S. output is blunting OPEC’s effort to clear glut Once expected in third quarter ’18, rebalancing now seen later OPEC predicted that global oil markets won’t rebalance until late Continue Reading
A worker makes adjustments in the Bashneft PAO oilfield in Russia. OPEC production fell to its lowest in six months but rival U.S. production was surging faster than expected, meaning Continue Reading
True to its perpetually optimistic form, OPEC, which last month for the first time conceded to the threat posed by rising U.S. shale production… sharply raised its demand forecast for Continue Reading
OPEC’s crude oil production dropped to a six-month low in November, while U.S. and other non-OPEC supply has grown stronger than initially expected this year, which prompted the cartel to Continue Reading
The OPEC data below was taken from the December OPEC Monthly Oil Maret Report . All data is through November 2017 unless otherwise noted. OPEC crude oil production declined by Continue Reading
OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as the U.S. Continue Reading
Oil and gas services company Petrofac has secured almost $1 billion in new contracts from Basra Oil Company (BOC) and BP plc. Petrofac announced Wednesday that its Engineering & Production Continue Reading
RIYADH (Reuters) – Saudi Arabia’s King Salman approved 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector as authorities seek to pull the economy Continue Reading
Saudi Aramco, the world’s largest oil producer, aims to regain its lost market share after the OPEC-led supply-cut pact ends and plans to push ahead with a downstream expansion strategy Continue Reading
Kuwait’s oil minister said on Thursday it was too early to talk about a strategy to exit the current OPEC and non-OPEC supply cutting pact. “It’s premature to talk about Continue Reading
A new armed group has appeared in northern Iraq, causing locals to fear that IS is regrouping and re-branding for guerrilla warfare. A mysterious armed group has emerged in remote Continue Reading
Saudi Arabia will begin cash transfers to low- and middle-income citizens this month, part of efforts to cushion the blow for families as the kingdom overhauls its oil-dependent economy. Monthly Continue Reading
Pakistan’s fuel oil demand is expected to fall sharply over the next three years as growing LNG imports help the country move to a gas-based energy economy. Fuel oil demand Continue Reading
London-listed oil and gas services company Petrofac said Wednesday it secured a $160 million contract to help overhaul a southern Iraqi oil port. The company said it secured the contract Continue Reading
China’s coal miners and natural gas producers ramped up output last month at their fastest pace in months to meet surging winter heating demand as utilities and households scrambled for Continue Reading
South Korea aims to expand the share of renewables and also natural gas in its fuel mix to gradually cut back its high dependence on coal and nuclear power over Continue Reading
China’s manufacturing sector slowed last month as strict measures to curb winter pollution forced factories to cut production, the latest sign of policymakers’ increasing willingness to sacrifice economic growth in Continue Reading
South Korea aims to boost the portion of LNG in its electricity generation mix to 18.8% in 2030 from an estimated 16.9% this year as part of efforts to reduce Continue Reading
The benefit from using a premium blend of gasoline in a vehicle that doesn’t require it may not be worth the extra cost for some U.S. drivers, motor club AAA Continue Reading
Moving ahead of the word of a U.S. offshore drilling program for the Atlantic, a Florida Democrat called on his colleagues to pass legislation to block access. U.S. Sen. Bill Continue Reading
U.S. crude oil refinery inputs averaged about 17.0 million barrels per day during the week ending December 8, 2017, 243,000 barrels per day less than the previous week’s average. Refineries Continue Reading
Intuitively, business people grasp the idea of tangible expenses such as salaries, rent, and interest expense. But publicly held businesses also raise money in the equity markets. And here, as Continue Reading
The global oil market will likely show a surplus in the first half of 2018, as rising U.S. supply offsets OPEC’s discipline in maintaining its production cuts for the whole Continue Reading
U.S. solar installations will fall more than expected this year, according to an industry report released on Thursday, due to weakened demand for residential systems and delays on large projects Continue Reading
Financiers keep pouring cash into the shale oil sector, providing producers with a path to keep U.S. output rising through the middle of the next decade. The United States is Continue Reading
Three years after the oil price crash, the U.S. shale patch is on its second growth phase and is expected to continue to increase its production, at least through the Continue Reading
North America’s oil producers have adopted a meek tone of late. But the numbers suggest they’re locked and loaded heading into 2018. North America’s oil producers have adopted a meek Continue Reading
New York state’s power grid will operate reliably after the Indian Point nuclear plant closes early in the next decade as long as natural gas-fired and dual-fuel resources come online Continue Reading
The International Thermonuclear Experimental Reactor (ITER) project has reached an important milestone, passing the 50% completion mark this month. Nuclear physicist Anatoly Krasilnikov, director of Russia’s ITER Project Center, told Continue Reading
Reuters reports that the food and beverage giant has reserved 100 of the trucks, the largest reported corporate purchase plan thus far. Walmart has reserved 15 trucks and the trucking Continue Reading
An $11 billion Polish effort to support the development of renewable energy secured the nod from European regulators, a commissioner said. The Polish government is supporting a scheme to cut Continue Reading
Natural gas is flowing again to a compressor station in Austria and supplies are moving to nearby countries, a subsidiary of Austrian energy company OMV said. Twenty-one people were injured Continue Reading
British homes are set to be heated over the new year with gas from a Russian project targeted by US sanctions, as the shutdown of a key North Sea pipeline Continue Reading
UK natural gas prices stayed near their highest level in four years on Wednesday, reflecting supply disruptions in the North Sea, but the reopening of a key European hub for Continue Reading
Several oil cargoes may be deferred to January as the threat of force majeure hangs over the market after a crack shut down the Forties supply pipeline, trading sources said Continue Reading
Closing the Forties pipeline system in the North Sea, which sidelines almost half of the area’s production, means heavy industry losses, a trade group said. Pipeline operator Ineos shut down Continue Reading
The natural gas market in Europe suddenly got a lot tighter this week, with two unexpected supply outages wreaking havoc across the continent, forcing Italy to declare a state of Continue Reading
More than half of Europe’s coal plants are already bleeding cash, but by 2030, the percentage of coal plants in Europe that report negative cash flow could explode to an Continue Reading
Oil prices rose on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also Continue Reading
The perfect storm of a healthy appetite from China, a decline in global inventories and a major North Sea pipeline outage sent oil prices higher on Tuesday. After a relatively Continue Reading
The beleaguered global oil industry is seeing the beginning of the end of the crude glut. A wave of oil-supply disruptions, rising demand and OPEC’s production cuts has raised hopes Continue Reading
The oil market has climbed above $65 a barrel for the first time since 2015, boosted by the closure of the UK’s biggest oil pipeline that has cut North Sea Continue Reading
Sea ice that is more than four years old has largely disappeared in the Arctic A warming, rapidly changing Arctic is the “new normal” and shows no signs of returning Continue Reading
Saudi Arabia plans to raise domestic gasoline and jet fuel prices in January, part of a program to gradually eliminate energy subsidies as the kingdom seeks to overhaul its economy Continue Reading
Nigeria’s projected growth in refining capacity over the early 2020s will ‘substantially’ erode the country’s crude oil exports due to a ‘weak’ new project pipeline. Nigeria’s projected growth in refining Continue Reading
A strike by coal miners in north-central Kazakhstan has spread to more mines as hundreds of workers are refusing to return to the surface, demanding higher salaries and better benefits. Continue Reading
Oil and cybersecurity in one sentence certainly makes for a thrilling read, and there will be an increasing amount of information on the topic as the Internet of Things expands Continue Reading
