19 Oil Tankers Held Hostage Off Yemeni Coast
The Yemeni Houthis have captured 19 oil tankers and are keeping them from entering the Hodeidah port, according to reports from Saudi media quoting the Kingdom’s ambassador in Yemen. The Continue Reading
Terror Attack Shuts Down Libyan Oil Pipeline
An early report by Reuters cited a source from the pipeline operator Waha Oil Company who said the pipeline had been attacked by “a terrorist group.” Later, parent company NOC Continue Reading
Kuwait Plans Massive Oil Tanker Expansion
Despite the ongoing oil production cuts across OPEC, Kuwait has announced plans to expand its oil and oil product tanker fleet twofold over the next 20 years to 60 vessels, Continue Reading
Iran nuclear deal faces pivotal week as Trump hosts Macron, Merkel
The fate of the Iran nuclear deal could be sealed this week as the leaders of France and Germany visit Washington and make a last-ditch effort to persuade US President Continue Reading
Nigeria: Excess Crude Income Hits U.S.$65.4 Million Daily
Nigeria’s excess crude account is set to swell as the price of Bonny Light leaps towards $75 per barrel in the international market. The price of Bonny Light stood at Continue Reading
Exclusive: Arrested Chevron workers could face treason charge in Venezuela – sources
Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, Continue Reading
Halliburton remains committed to Venezuela
Oilfield services company Halliburton said it was still committed to the market in Venezuela, even as its Latin American segment saw quarterly revenue decline. Halliburton recorded revenue of $457 million Continue Reading
Brazil Poised For Historic Oil Boom
After being caught up in major corruption scandals and suffering from what some have claimed was its worst economic downturn in 100-years, Brazil has pulled itself back from the brink. Continue Reading
Mexican election spells uncertainty for pace of energy reform implementation
Mexico’s 2018 elections could have far-reaching implications for the country’s energy reform, but any shift in policy would likely come from a slowdown in implementation rather than an outright reversal. Continue Reading
Two Chevron Employees Could Face Treason Charges
The draft charges that used the word treason, seen by Chevon’s own lawyers last week, may put Chevron squarely in the middle of the escalating feud between PDVSA and foreign Continue Reading
Pakistan lifts fuel oil import ban to address power cuts
Pakistan has lifted a ban on fuel oil imports to address the problem of planned power cuts as energy consumption rises towards the summer season, an official with the petroleum Continue Reading
China coal imports tumble on new rules, India yet to take up the slack: Russell
China’s decision to impose fresh restrictions on imports of coal at some ports appears to have caused a sharp fall in inbound shipments of the polluting fuel. The measures, announced Continue Reading
Electric Buses Are Hurting the Oil Industry
About 279,000 barrels a day of fuel won’t be needed this year China adds a London-sized electric bus fleet every five weeks Electric buses were seen as a joke at Continue Reading
Russia remains China’s top oil supplier for a 13th month in March
Russia was China’s largest crude oil supplier in March, data showed on Tuesday, retaining the lead spot for a 13th consecutive month. Last month, Russia supplied 5.79 million tonnes, equal Continue Reading
Halliburton revenue jumps on higher North American demand
Oilfield services provider Halliburton Co ( HAL.N ) reported a 34 percent jump in first-quarter revenue on Monday as North American companies boosted oil and gas production amid rising oil Continue Reading
Faster EV chargers to allay range anxiety
Japanese energy company Marubeni Corp. said it would work in the U.S. market to deliver ultra-fast charging stations for electric vehicles. The company said it was working through its U.S. Continue Reading
Pennsylvania’s natural gas production continues to increase
Pennsylvania’s marketed natural gas production averaged a record 15 billion cubic feet per day (Bcf/d) in 2017, 3% higher than the 2016 level. This production is largely from shale plays Continue Reading
Electrify America partners with >100 major retail, convenience & refueling locations in US to install ultra-fast chargers
Electrify America will be installing ultra-fast electric vehicle chargers at more than 100 retail, convenience and refueling locations across the US, increasing the convenience for consumers who drive or are Continue Reading
Europe’s biggest bank retreats from the oilsands
Europe’s largest bank has joined the list of global investors retreating from new financial commitments in the fossil fuel industry, including investments in oil-rich Alberta. HSBC, whose global assets total Continue Reading
Minnesota clears path for Enbridge oil pipeline
With certain conditions, a judge in Minnesota backed a plan by Canadian oil shipper Enbridge to replace an aging oil pipeline with a bigger one. Enbridge is proposing an overhaul Continue Reading
Energy, a Bright Spot in Nafta Talks, Bogged Down by Dispute Over Rule Change
The Trump administration is at odds with American companies over a proposed rule change to the North American Free Trade Agreement that is endangering a bright spot—energy—in contentious treaty talks. Continue Reading
US shale groups reach self-financing milestone as oil price rises
The US shale oil revolution has reached a landmark moment, with the sector’s top companies for the first time earning enough cash to cover the cost of new wells. Since Continue Reading
Russia Bets Big On Arctic Oil
Gazprom Neft, Russia’s fourth largest oil producer, has big plans for its Arctic oil operations, and it seems that neither sanctions nor production cuts can force it to quit its Continue Reading
Transocean rig continues North Sea tour
A Transocean rig will be moving from an exploration well in the North Sea to frontier territory near existing oil and gas discoveries, Norway’s government said. The Norwegian Petroleum Directorate, Continue Reading
Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia
MOSCOW/LONDON (Reuters) – As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. FILE Continue Reading
Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia
As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Russia paired with the Continue Reading
Oil dips as U.S. drilling tempers otherwise bullish sentiment
Oil prices dipped on Monday as a rising U.S. rig count implied further increases in output, marking one of the few factors tamping back crude in an otherwise bullish environment. Continue Reading
Oil Settles Slightly Higher, Torn Between OPEC Meeting and Trump Comments
Oil prices closed little changed Friday, pulled between comments from President Donald Trump that high crude prices “will not be accepted” and a meeting between major oil producers where they Continue Reading
Oil Is Fast Approaching $70. Is the Economy Ready for It?
Oil prices are headed toward $70 a barrel, a weight on the U.S. economy that is bearable for now but could pose trouble if prices keep climbing. The last time Continue Reading
Will U.S. Shale Offset Soaring Global Oil Demand?
Oil has rallied sharply in recent days to see West Texas Intermediate (WTI) trading at just under $70 per barrel and Brent breaking through the $70 per barrel mark, with Continue Reading
IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs
Short-term oil demand is still growing strong and will continue to do so through the end of 2020 despite the market’s increasing focus on electric vehicles and the forecasted future Continue Reading
OPEC, Russia Back Continued Oil Cuts, Drawing Trump Ire
A group of some of the world’s biggest crude producers said they would keep a tight grip on output for the rest of the year, and perhaps into next, capitalizing Continue Reading
Libya gas field maintenance could last another week: sources
It could be another week before Libya is able to resume gas exports to Italy as work to complete planned maintenance at key offshore gas fields continues, sources close to Continue Reading
Market to absorb higher oil prices, says Saudi Arabia
The global market has the capacity to absorb higher oil prices, Minister of Energy, Industry and Mineral Resources Khaled Al-Faleh has said. Faleh’s statement at a meeting of oil producers Continue Reading
Iran switches from dollar to euro
Iran’s feud with the US is set to get worse after Tehran announced yesterday that it will start reporting foreign currency amounts in euros rather than US dollars, as part Continue Reading
UAE says top oil producers committed to supply cuts until year end
All OPEC and non-OPEC oil producers including Russia are committed to supply cuts until the end of the year, UAE Energy Minister Suhail Mohamed al-Mazrouei said on Monday. UAE’s Oil Continue Reading
European powers seek to sway Trump on Iran nuclear deal
European leaders are exploring further sanctions on Iran over its ballistic missile programme and regional meddling, as well as more extensive inspection of its atomic sites as they try to Continue Reading
Saudi Arabia’s $100 Oil Dilemma
Saudi Arabia is rumored to want oil prices at $100 per barrel , but if prices rise that high, it could sow the seeds of the next downturn. Saudi officials Continue Reading
Sudan: Free Lunch
It looks like a bombshell. A long story about what could be the last biggest oil discovery is taking place in Sudan in the newly tapped block-25, better known as Continue Reading
China’s War on Pollution Fuels State Takeover of Heavy Industry
Resurgent state sector risks worsening trade tension with U.S. State controls 67% of steel capacity, 80% of coal: analyst President Xi Jinping’s big push to curb pollution and excess capacity Continue Reading
The New Alaskan Oil Rush
ConocoPhillips is coming off of an incredible exploration season, reportedly the best they’ve had in over a decade, and they have Alaskan oil to thank for it. The company stuck Continue Reading
Renewables Are Booming In Oil Country
Renewables have been the fastest-growing sources of energy worldwide – and we’re seeing solar power coming in first as the fastest-growing source altogether. Tech companies in particular have been embracing Continue Reading
Facing shipping constraints, Canada moving oil one truckload at a time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border Continue Reading
Smothered by Smog, Polish Cities Rank Among Europe’s Dirtiest
High atop the ski lift at Zar Mountain in southern Poland, the villages below disappear. At first, they seem obscured by morning fog. But the yellow haze does not lift. Continue Reading
Oil Shrugs Off Trump Tweet to Rise for a Second Straight Week
Oil rose for a second straight week as OPEC’s commitment to rebalance the market and geopolitical risks to global supplies overshadowed U.S. President Donald Trump’s tweet on “artificially Very High” Continue Reading
Crude oil prices break from rally mode
With the U.S. president trying his hand at influencing commodity markets, the price of oil turned lower on Friday after a steady streak of gains. Crude oil prices are up Continue Reading
Hedge funds raise bullish bets on U.S. crude oil
Hedge funds and money managers raised bullish wagers on U.S. crude oil in the latest week, data showed on Friday, as prices rose with the risk of global supply disruptions Continue Reading
Trump’s Claim of ‘Oil All Over the Place’ Isn’t True Anymore
U.S. President Donald Trump’s assertion that OPEC is propping up oil prices amid oversupply and an excess of floating storage has a problem: it’s only half true. While OPEC has Continue Reading
Trump Slams OPEC For Manipulating Oil Prices
Oil prices reversed gains and dipped early on Friday after U.S. President Donald Trump tweeted that oil prices are “artificially very high” and “will not be accepted”, the day after Continue Reading
Can $80 Oil Be Justified?
Oil prices could reach $80 a barrel in April, although such a price would not be justified by market fundamentals, Russia’s Energy Minister Alexander Novak said on Friday. Asked whether Continue Reading