Crude Slumps as `Explosive’ Shale Growth Threatens Supply Cuts
U.S. supply rise seen as risk factor in market rebalance: IEA Dollar strength diminishing appeal of oil as value refuge Crude dropped the most in more than two weeks as Continue Reading
Oil Prices Fall After API Reports Crude, Gasoline Build
The American Petroleum Institute (API) reported a build of 933,000 barrels of United States crude oil inventories for the week ending February 23, according to the API data. Analysts had Continue Reading
Oil Demand Strong Into 2020
Oil demand will remain strong through at least 2020, pushing spot costs for crude above futures pricing. That’s the message from Francisco Blanch, Bank of America’s head of commodities and Continue Reading
Fundamentals do not matter to new breed of oil speculator
Investors have built a billion-barrel bet on higher oil prices. But they are a different breed of bull than years past. The “net long” position held by fund managers in Continue Reading
How Oil Trade Is Getting An Efficiency Boost
In the world of growing oil demand, lower oil prices, and increased digitalization, oil traders and oil firms continue to push for efficiency gains—the favorite buzzword during the downturn. Energy Continue Reading
Saudi Arabia Won’t Substantially Raise Output if Agreement Isn’t Extended
Saudi Arabia will not substantially increase its oil output over the next 2-3 years if the OPEC production cut agreement is not extended, say analysts at BMI Research. Saudi Arabia Continue Reading
In Search Of Investors, Saudi Arabia’s Crown Prince Is Coming To America
Mohammed bin Salman bin Abdulaziz al Saud, the Crown Prince of Saudi Arabia, will be leaving his kingdom next month for a three-week charm tour. His agenda hasn’t yet been Continue Reading
OPEC to meet with U.S. shale firms in Houston on Monday: sources
LONDON/HOUSTON (Reuters) – OPEC will hold a dinner on Monday in Houston with U.S. shale firms, two industry sources said, the latest sign of the producer group widening talks about Continue Reading
Iraq exported more than 100 million barrels of oil last month
Iraqi crude oil sold at a discount of more than $3 per barrel to Brent, the global benchmark, in January, the government reported. File photo by Ali Jasim/UPI Feb. 27 Continue Reading
Saudi Monarch Replaces Military Brass, Launching Defense Revamp
Saudi Arabia’s monarch ordered a far-reaching shake-up of its armed forces to strengthen its military amid a drawn-out war in Yemen and efforts to contain Iran’s influence in the Middle Continue Reading
OPEC Looks To Dial Back Production Cuts
China became the second largest LNG importer in 2017, surpassing South Korea. – China’s LNG imports of 5 billion cubic feet per day (Bcf/d) was second only to Japan’s 11 Continue Reading
France’s Total Could Bid To Build 150,000-Bpd Oil Refinery In Iraq
France’s oil and gas major Total is interested in bidding for the construction of a 150,000-bpd oil refinery in Nassiriya in Iraq, Reuters reported on Tuesday, citing two sources familiar Continue Reading
Iraq open to business, including with Rosneft, foreign minister says
Baghdad is open to business with any company interested in supporting the country, Iraqi Foreign Minister Ibrahim al-Jafari said in Moscow on Wednesday, answering a question about the activities of Continue Reading
Iraq preparing to tender water injection project if Exxon talks fail
Iraq’s Basra Oil Co is preparing to tender for a water injection project vital to increase its oil production capacity if talks with Exxon Mobil fail, the head of the Continue Reading
Iraq agrees tentative deal with Kurds to resume crude oil exports to Turkey
Iraq has agreed a deal with the semi-autonomous Kurdistan Regional Government to resume crude oil exports through its pipeline to Turkey, halted since last July, local media quoted Prime Minister Continue Reading
Oil-Rich Nigeria Fuel Scarcity Weighs on Buhari’s Popularity
Shortages hit a year before general elections in 2019 Government’s fuel subsidies foster dearth of supplies A giant electronic advertising screen displays headline news about President Muhammadu Buhari in Lagos. Continue Reading
Nigeria: Buoyed By Non-Oil Sector, GDP Sustains Growth At 1.92% in Q4 2017
Buoyed by the non-oil sector, the Nigerian economy grew in real terms by 1.92 per cent in the fourth quarter (Q4) of 2017 (year-on-year), maintaining its positive growth trajectory since Continue Reading
Natural Gas To Become Primacy Source Of Energy In Latin America
On Thursday, February 1, Hon. Alfonso Blanco Bonilla, Executive Secretary of the Latin America Energy Organization (OLADE), presented the energy outlook for 2018 to the 2 nd Latin America Energy Continue Reading
Swiss trader seeks go-ahead to buy Venezuela-Russia oil loan
Commodity trader Mercuria has asked the US Treasury for permission to buy out a $1.5bn loan between Russia’s Rosneft and Venezuela’s state oil company, which had raised the prospect of Continue Reading
Quakes halt LNG production in Papua New Guinea
Production at a liquefied natural gas facility in Papua New Guinea was shut down safely after a major earthquake this week, an Australian company said. More than a dozen people Continue Reading
ExxonMobil says no indication of damage to Papua New Guinea gas pipeline
ExxonMobil Corp said on Wednesday there was no indication so far that a powerful earthquake in Papua New Guinea this week has damaged the 700 km (435 mile) pipeline that Continue Reading
China manufacturing gauge suffers sharpest fall in 6 years
China’s official gauge of manufacturing activity for February suffered its largest drop since 2011, an unexpectedly sharp slowdown that left it near the zero-growth level. The manufacturing purchasing managers’ index Continue Reading
Something Unexpected Just Happened In LNG Markets
In the increasingly topsy-turvy world of liquefied natural gas (LNG) markets, the world’s largest LNG importer could soon be exporting the super-cooled fuel to the world’s second largest LNG exporter Continue Reading
Oklahoma regulator issues new regional protocol to curb earthquakes
HOUSTON (Reuters) – Oklahoma’s oil and gas regulator on Tuesday released new requirements aimed at reducing the risk of earthquakes from hydraulic fracturing in shale regions in central and southern Continue Reading
Alberta envisions more oil in its pipelines
By reducing the thickness of the type of oil found in Alberta, government officials said they expect volumes through a limited network of pipelines to improve. The provincial government of Continue Reading
Lower gas prices might not last
Average commuters in the United States saw relief at the pump continue through much of February, but lower retail gas prices might not last, analysis finds. Motor club AAA reports Continue Reading
Texas oil production topped 1 billion barrels last year
Total crude oil production from Texas last year topped 1 billion barrels and daily production in December was 5 percent higher year-on-year, data show. Texas is the No. 1 oil Continue Reading
Truckers Propose a Gasoline Tax Increase to Pay for Infrastructure Plan
The country’s biggest trucking group thinks it has a way to convince Republicans to raise the gasoline tax: Don’t call it a tax. The American Trucking Associations, reviving an argument Continue Reading
Ford Targets Miami to Test Driverless Food Delivery
Ford Motor Co. F -2.57% , which is focusing its entry into the driverless-car business on around-town deliveries, has picked Florida’s Miami-Dade County as its first test-bed. The Miami experiment, Continue Reading
Driverless cars given green light to operate in California
Investors have built a billion-barrel bet on higher oil prices. But they are a different breed of bull than years past. The “net long” position held by fund managers in Continue Reading
California Scraps Safety Driver Rules for Self-Driving Cars
California regulators have given the green light to truly driverless cars. The state’s Department of Motor Vehicles said Monday that it was eliminating a requirement for autonomous vehicles to have Continue Reading
SandRidge Lays Off 30% of Oklahoma City Staff
As the company restructures, SandRidge Energy has determined a need for staff reductions at its headquarters. SandRidge Energy Inc. is laying off 30 percent of its workforce (80 employees) at Continue Reading
Don’t Confuse Peak Oil And The Peak Oil Debate
In the past five years of writing about energy one of my favorite observations has been that people get into trouble because they “confuse Peak Oil and the Peak Oil Continue Reading
What if every car sold in the world was an electric vehicle?
Big Oil is finally contemplating the unthinkable, and until recently what was also unimaginable for them. What if every car solar across the globe was an electric vehicle? What would Continue Reading
Democrats warn against cut to offshore oil royalties
Top Democrats on the Senate and House natural resources committees urged the Interior Department on Tuesday to drop a proposed cut to offshore oil and gas royalties, warning such a Continue Reading
Trump’s Gas Tax Hike Could Make Californian Fuel Cheaper
No one likes to hear news about higher taxes. Californians got just that kind of news last year, when Governor Jerry Brown signed a 40-percent increase in the state gas Continue Reading
More production from offshore Norway closer to reality
A quarter of a billion dollars in development contracts puts the Nova field in the Norwegian waters of the North Sea closer to production, Wintershall said. The Norwegian subsidiary of Continue Reading
Heavy snow causes UK-wide disruption
Some rural communities could become cut off, forecasters say Heavy snowfall is hitting parts of the UK, causing road and rail disruption. Police say driving conditions are "treacherous" in places Continue Reading
In Germany’s Car Capital, the Unthinkable: A Ban on Cars
The star of Daimler shines bright over Stuttgart. The giant illuminated emblem of its most famous car, the Mercedes, towers above the main train station, greeting visitors. It is visible Continue Reading
German court says diesel cars can be banned from cities
Germany’s top administrative court has ruled that the country’s cities have the right to ban diesel cars, in a move that could have far-reaching consequences for the owners of 12m Continue Reading
Oil prices give up earlier gains as rising U.S. supply outweigh…
Oil edged lower on Tuesday ahead of weekly data that is forecast to show a rise in U.S. crude inventories, although investor faith in OPEC’s ability to curtail production helped Continue Reading
Oil up on strong demand, Saudi comments
Oil rose on Monday, hitting three-week highs, supported by strong U.S. demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts. Brent Continue Reading
Oil Jumps to Three-Week High as Advancing Stocks Fan Optimism
Dow Jones Industrial Average touches highest since Feb. 1 Saudi oil chief points to 2019 demise of historic output caps Crude closed at a three-week high as booming stock markets Continue Reading
Is $65 The Ceiling For WTI?
The oil price rally that began a year ago is at a crossroad. In February, WTI futures fell from a 3-year high of more than $66 to less than $60 Continue Reading
LNG market needs $200 billion investment to meet demand: Shell
More than $200 billion of investment in liquefied natural gas is needed to meet a boom in demand by 2030, Royal Dutch Shell, the world’s top LNG trader, said on Continue Reading
Global Energy Demand Could Grow 124% by 2100: Even Fossil Fuels Won’t Cut It
Where will the world get its energy in 2100? A forecast this month showed the world might need 124 percent more energy in 2100, raising questions over where the capacity Continue Reading
Geopolitical Risk Is On The Rise In Oil Markets
In the long-term, many oil analysts expect the world to become increasingly dependent on oil production from the Middle East, as U.S. shale fades in importance. However, geopolitical turmoil is Continue Reading
Iraq-Iran Oil Swap Deal Delayed Due To Security Concerns
An Iraqi-Iranian oil swap deal under which Iraq would truck 60,000 bpd of Kirkuk oil to Iran in exchange for Iranian oil to southern Iraq cannot be currently fully implemented Continue Reading
Iraq says in talks with Chevron about Majnoun oilfield
Iraq is in talks with Chevron Corp about the Majnoun oilfield, an Iraqi oil ministry official said on Tuesday. The official, Abdul Mahdi al-Ameedi, head of the ministry’s licensing and contracts Continue Reading
Total interested in building 150,000 bpd Iraq oil refinery: sources
French oil major Total is interested in bidding to build the greenfield 150,000 barrels per day Nassirya oil refinery in Iraq, according to two sources familiar with the matter. The refinery Continue Reading