Falling Chinese Oil Imports Weigh On Prices
China imported 12 percent less crude oil in December than in November, when crude imports had hit a record high, sparking immediate concern about demand from one of the world’s Continue Reading
China Gas Imports Hit All-Time High
Natural gas imports into China reached an all-time high in December as the country fought a cold spell amid efforts to reduce its dependence on coal and replace it with Continue Reading
U.S. drillers add most oil rigs in a week since June: Baker Hughes
U.S. energy companies added 10 oil rigs this week, the biggest increase since June, as crude prices rose to their highest levels in three years, prompting drillers to return to Continue Reading
Come see how bad drilling will be for New Jersey, state tells Zinke
Visit New Jersey to hear from those that will lose out if Florida is the only state pulled from offshore drilling plans, a senator told the interior secretary. Some Republican Continue Reading
U.S. Extends Iran Nuclear Deal, Issues Sanctions
The Trump administration extended sanctions relief under the landmark 2015 Iran nuclear agreement, keeping the deal intact for at least another several months, but said it would issue no more Continue Reading
Trump Stops Short of Reimposing Iran Sanctions but Sets Deadline to Overhaul Deal
WASHINGTON — President Trump again stopped short of reimposing punitive sanctions on Iran that could break up its nuclear deal with world powers, the White House said on Friday. But Continue Reading
Oil drillers in Canada boost rigs to 10-month high: Baker Hughes
Energy firms in Canada almost doubled the number of rigs drilling for oil this week to the highest level in 10 months as producers returned en masse from Christmas breaks Continue Reading
China may invest in Russian oil pipeline company Transneft
China could become one of the major shareholders in Transneft, the state-backed oil pipeline company in Russia, one of its directors said Friday. Transneft First Vice President Maxim Grishanin said Continue Reading
Hope Wanes for ‘Elephant’ Oil Discoveries in Norway’s Arctic
After a disappointing year for drillers, Norwegian authorities are reviewing their hopes. (Bloomberg) — After a disappointing year for drillers, Norwegian authorities are reviewing their hopes for the Nordic country’s Continue Reading
The Most Remarkable Natural Gas Deal Of 2018
The potential first delivery of Russian LNG to U.S. shores is ruffling some feathers, due to sanctions in place on Novatek, one of the partners in the Yamal LNG terminal Continue Reading
Oil slips away from 2014 highs, though overall 2018 outlook remains firm
Oil prices on Friday slipped away from December-2014 highs reached the previous day. Although analysts and traders have been warning of the risks of a downward price correction since the Continue Reading
Oil prices expected to trade around $60-$70 through 2020:
Oil prices are expected to remain close to current levels, averaging around $60 to $70 per barrel through the end of the decade, according to the annual survey of energy Continue Reading
Brent crude tops $70 a barrel as global inventories tighten
Oil prices rose about 1 percent to three-year highs on Thursday, pushing the global Brent benchmark past $70 a barrel, on further signs of tightening supply in the United States Continue Reading
EIA forecasts mostly flat crude oil prices and increasing global production through 2019
U.S. Energy Information Administration, Short-Term Energy Outlook, January 2018 EIA’s January Short-Term Energy Outlook forecasts Brent crude oil to average $60 per barrel (b) in 2018 and $61/b in 2019, Continue Reading
$60 Oil Will Not Last Long
U.S. oil prices are treading water above $US 60/B (WTI) again, the first time since 2015. Crude oil has a northerly wind in its sails, though everybody on board this Continue Reading
Shale Restraint Could Lift Oil To $80
Brent recently hit $70 per barrel and WTI surpassed $64.50 , and oil executives from the Middle East to Texas no doubt popped some champagne. The big question is whether Continue Reading
Will Surging U.S. Shale Kill Off The Oil Rally?
The EIA released the latest version of its Short-Term Energy Outlook (STEO), in which the agency dramatically revised up its expectations for U.S. oil output. Previously, the EIA thought the Continue Reading
Global offshore wind capacity to grow sixfold to 115 GW by 2030: BNEF
Global offshore wind capacity will grow sixfold to 115 GW by 2030 from a current base of almost 18 GW, according to the latest forecast by Bloomberg New Energy Finance. Continue Reading
Iran Awaits Trump Verdict on Oil Sanctions Deal: What’s at Stake
Waivers of U.S. sanctions targeting oil exports up for renewal Trump’s scorn for Iran nuclear deal damping energy investment World oil markets are about to get a clearer idea of Continue Reading
Oil price rally extended on Iranian sanctions jitters
Jitters ahead of President Trump’s decision on oil-related sanctions for Iran and high global demand pushed oil prices ever close to $70 per barrel on Thursday. Crude oil prices are Continue Reading
Trump scrapping Iran deal will cause gas, oil price spikes
Gas prices might get to $3 per gallon and the current rally in oil prices will kick into overdrive if Trump denies a waiver on Iranian sanctions, experts said. U.S. Continue Reading
Oil Extends Gains Ahead of Trump Iran Decision
Oil prices hit a fresh three-year high on Thursday ahead of a U.S. decision on whether to extend temporary waivers on sanctions against Iran . Light, sweet crude for February Continue Reading
Analysis: OPEC’s Venezuela, Africa woes could give other members room to boost oil output
If any OPEC members have been tempted to cheat on their quotas with oil prices hovering around three-year highs, they have yet to act on it. Higher prices may embolden Continue Reading
UAE Oil Minister: OPEC Deal Could Extend Beyond 2018
The OPEC/Russia deal for crude oil production cuts could extend beyond 2018, the United Arab Emirates’ energy minister, Suhail al-Mazrouei has suggested. Speaking to CNBC , Al-Mazrouei said “I am Continue Reading
Saudis Shortlist New York, London, Hong Kong For Aramco IPO
Saudi Arabia has shortlisted New York, London, and Hong Kong for the initial public offering of its oil giant Aramco, with the three exchanges considered either singly or a combination Continue Reading
Trump to extend Iran sanctions relief, keeping nuclear deal intact: source
U.S. President Donald Trump will extend sanctions relief granted to Iran under its 2015 nuclear deal with the United States and other world powers, leaving the accord intact for now, Continue Reading
Iraq says 26 companies allowed to bid for oil, gas blocks in border areas
The Iraqi oil ministry said on Friday 26 companies have qualified to bid for oil and gas blocks in border areas. Five companies qualified recently to take part in the Continue Reading
Nigeria: Fuel Scarcity Persists Amid High Prices Across Nigeria
Barely a week after the fuel scarcity across Nigeria subsided in major cities, long queues of motorists have resurfaced at filling stations in Abuja, Lagos and other parts of the Continue Reading
Explosion hits major gas pipeline in Nigeria
An explosion ruptured a major Nigerian gas pipeline on Thursday, the state oil firm said in a statement, days after the same line was repaired following damage from a fire Continue Reading
Venezuela’s crude sales to the U.S. fell below 600,000 bpd in 2017
Venezuela’s crude oil sales to the United States fell for the second month in a row in December, knocking the year’s average to 593,047 barrels per day (bpd), the lowest Continue Reading
China Sets New Records for Gobbling Up the World’s Commodities
China’s 2017 imports of oil to iron ore and soybeans increase Demand likely to keep up steam as economic growth persists China continues to gobble up the world’s commodities, setting Continue Reading
So what exactly are the offshore drilling plans, Florida senator asks
A Florida senator at the center of the debate over offshore drilling under the Trump administration said the Interior Department’s latest plans lack clarity. “The public has a right to Continue Reading
Gas-powered vehicle about twice as costly to drive as an electric
A study from Michael Sivak and Brandon Schoettle at the University of Michigan’s Transportation Research Institute found the average annual cost to drive a gasoline-powered vehicle last year was $1,117. The Continue Reading
Cold Snap Leads To Biggest U.S. Natural Gas Draw Ever
The freezing temperatures in most of the Eastern U.S. in the week to January 5 led to the biggest ever weekly withdrawal from natural gas storage, data by the U.S. Continue Reading
Trump Says U.S. “Could Conceivably” Rejoin Paris Climate Accord
U.S. President Donald Trump said on Wednesday that the United States “could conceivably” return to the Paris Climate Accord, which sets out a global action plan to avoid dangerous climate Continue Reading
EIA STEO: Oil output forecast to reach highest average in US history in 2018
Total US crude oil production is expected to average 10.3 million b/d in 2018, up 1 million b/d from 2017. If achieved, forecast 2018 production would be the highest annual Continue Reading
US Chamber chief wants energy included in infrastructure discussions
US Chamber of Commerce Pres. Thomas J. Donohue said oil and gas pipelines and electricity transmission systems must be included as he listed US infrastructure improvements as a top priority Continue Reading
Rig-Count Chaos: Shale Drillers Are Confusing Oil Analysts
For US shale drillers who have seen prices climb almost 50% in six months, it’s been largely a rig-less recovery. (Bloomberg) — For U.S. shale drillers who have seen prices Continue Reading
Gasoline in the US Still a Good Deal
Average gasoline price in US is still low compared to other OECD countries. Although it doesn’t expect gasoline prices to set any records in 2018, GasBuddy predicts that the U.S. Continue Reading
Senators from 12 states seek offshore drilling exemptions like Florida’s
Twenty-two Democratic U.S. senators from 12 states on Thursday joined the chorus of local representatives seeking exemptions from Interior Secretary Ryan Zinke’s newly proposed offshore drilling plan, after his surprise Continue Reading
Coastal States Protest Trump’s Offshore Drilling Plan
Less than a week after the Trump Administration proposed to open almost the entire U.S. coast to oil and gas drilling, Secretary of the Interior Ryan Zinke backtracked and took Continue Reading
Should Big Oil Pay For Climate Change?
On Wednesday, New York City announced that it would sue the five oil majors—ExxonMobil, Chevron, ConocoPhillips, Royal Dutch Shell and BP—over their role in fueling climate change. Also, New York Continue Reading
Wind And Solar Prices Continue To Fall
The green energy company Xcel Energy reported low bids on orders for wind and solar installations with storage in 2016. Bids for wind energy alone stood at just $18.10/MWh, which Continue Reading
North Sea oil production could be higher this year
Total British offshore oil and gas production was up from 2016 and even more, is expected as the Catcher field in the North Sea ramps up, Premiere Oil said. Premiere Continue Reading
Oil dips away from three-year highs on signs of overheated market
Oil dipped away from three-year highs on Thursday on signs that a 13-percent rally since early December may have run its course, although a surprise drop in U.S. production and Continue Reading
3 Million Barrels Per Day Could Go Offline In 2018
Late last year, Venezuela’s government defaulted on millions of dollars’ worth of debt , with larger and more significant payments maturing this year. The ability to service billions in debt Continue Reading
Oil rally takes Brent crude closer to 3-year high
Brent crude has risen to its highest price level in almost three years as Opec-led production cuts take effect, global oil stockpiles fall and geopolitical tensions rise, overriding concerns about Continue Reading
Whispers of $80 Oil Are Growing Louder
On Wednesday, U.S. crude futures rose 0.97% to $63.57 a barrel and Brent, the global benchmark, was up 0.55% at $69.20 a barrel. Byron Wien, vice chairman of the Private Continue Reading
The Biggest Loser Of The OPEC Deal
OPEC’s oil production and supply cuts—now in their second year—have claimed a victim. It’s an industry that’s vital for the crude oil exports of oil-producing countries: supertanker shipping. The supertankers, Continue Reading
Goldman: OPEC Will Talk Oil Prices Down If Brent Tops $70
OPEC doesn’t want central banks around the world the start responding to inflationary pressure from oil prices above $70 a barrel, nor do they want U.S. shale investments to rise, Continue Reading