As President Donald Trump threatens to launch missile strikes in Syria over a suspected poison gas attack, and continues his harsh tone against Russia, tensions between Saudi Arabia and Iran Continue Reading
Oil, after looking rangebound for a while, albeit at the highest levels since 2014, looks like it has broken out. When WTI futures challenged February’s high of $66.66 a few Continue Reading
The long era of too much oil sloshing around the world and low prices is coming to an end, just as global events are heating up crude prices. On Friday, Continue Reading
U.S. production of crude oil is now about ten million barrels per day, matching peak levels achieved in 1970 . The Energy Information Administration projects that U.S. oil production this Continue Reading
The International Energy Agency said in its latest Oil Market Report that the supply overhang has pretty much vanished, thanks to OPEC’s efforts at limiting production. “It is not for Continue Reading
Oman’s oil minister Mohammed bin Hamad al-Rumhi called on all OPEC and non-OPEC producers who took part in the global supply cut pact to continue their cooperation to maintain suitable Continue Reading
President Nicolas Maduro has decreed extra powers to his oil czar Manuel Quevedo to try and halt sliding crude output in crisis-hit Venezuela, which has sunk to its lowest level Continue Reading
On a rainy Wednesday before Easter, hundreds of Venezuelan migrants shuffled into the brick-walled courtyard of the Divine Providence Shelter in the Colombian border town of Villa del Rosario, sat Continue Reading
China finally launched last month its yuan-denominated crude oil futures that have been in the works for years, after several delays. The start of the new contract trading was successful, Continue Reading
U.S. supermajors ExxonMobil and Chevron have asked the Environmental Protection Agency (EPA) to waive the obligations for biofuel blending for their smallest refineries—exemptions that are typically granted to small refiners Continue Reading
The very word pipeline these days seem to put a lot of people on edge. It has somehow become a synonym of evil. Yet pipelines are simply infrastructure for transporting Continue Reading
Canadian Prime Minister Justin Trudeau on Sunday moved to end an escalating crisis over a Kinder Morgan Canada Ltd ( KML.TO ) oil pipeline, saying Ottawa was prepared to offer Continue Reading
Analysis: US avoids direct Russia confrontation with Syria airstrikes, lowering oil price risk Russia informed of strike targets in advance US officials say attacks ‘one-time shot’ Russia seen unlikely to Continue Reading
Oil prices added to their gains on Friday, with Brent holding at multi-year highs. The possible trade war poses a threat to demand, but for now, the market is focused Continue Reading
Oil prices rose on Friday, making the largest weekly gain since July, supported by concerns about the possibility of Western military action in Syria and reports of dwindling global oil Continue Reading
The world’s robust appetite for oil could be significantly dented by the escalating trade dispute between the U.S. and China, the International Energy Agency warned Friday. In its closely watched Continue Reading
Hedge funds and money managers cut their bullish wagers on U.S. crude for the second week in a row, data showed on Friday, even as prices rose amid geopolitical tensions Continue Reading
Traders work on the floor of the NYSE at the closing bell at the New York Stock Exchange on Wall Street in New York City on March 22, 2018. Today Continue Reading
It’s possible that the balance between oil supply and demand for the major industrialized economies could slip below the five-year average, the International Energy Agency said Friday. The Organization of Continue Reading
A glut of stored oil that helped keep prices low for years is almost gone, thanks to production cuts by OPEC and Russia, a humming global economy and a series Continue Reading
The Hashd al-Shaabi paramilitary organization in Iraq is smuggling crude from fields around Kirkuk to Iran, an Iraqi MP told Kurdistan 24, a local news outlet. The Shia organization is Continue Reading
Saudi energy giant made $33.8 billion in first half of 2017 Tougher royalty regime imposes higher taxes as oil prices rise It’s a cornerstone of the global economy, producing and Continue Reading
OPEC is very close to achieving its mission to draw oil inventories down to their five-year average, but the ongoing U.S.-China trade spat is a risk to oil demand growth Continue Reading
With production close to a two-year low, presidential action in OPEC-member Angola has the potential to reverse a steady decline, analysis finds. “Low oil prices and the fact that the Continue Reading
The Indian economy needs a balanced energy sector where growth in renewables is complemented by deeper invests in exploration and production, the IEA said. IEA Executive Director Faith Birol has Continue Reading
Massachusetts’ top court on Friday rejected Exxon Mobil Corp’s bid to block the state’s attorney general from obtaining records to investigate whether the company for decades concealed its knowledge of Continue Reading
Baker Hughes reported a 5-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 1008, which is Continue Reading
US energy companies added oil rigs for a second week in a row. April 13 (Reuters) – U.S. energy companies added oil rigs for a second week in a row, Continue Reading
Even as President Donald Trump floats the idea of more ethanol sales, critics says moves by his Environmental Protection Agency would undercut the support to corn farmers. On Thursday, Trump Continue Reading
Crude oil futures were fluctuating near fresh three-year highs Thursday morning in European trade, as market jitters over a confrontation between Russia and the US in Syria largely outweighed bearish crude Continue Reading
A glut of stored oil that helped keep prices low for years is almost gone, thanks to production cuts by OPEC and Russia, a humming global economy and a series Continue Reading
The oil bulls are very content with the Vienna deal, its success (hitherto) and the prospects of another extension. The coming summer driving season is sure to boost this bullish Continue Reading
Organic demand or population growth alone (absent surging debt) among the consumer base that consumes in excess of 90% of global oil, is collapsing. I have detailed this previously; The Continue Reading
The group’s collective output fell by a whopping 201,400 barrels per day in March, compared to a month earlier. It was the largest single-month decline since November and it took Continue Reading
Our forecast for global oil demand growth for 2018 is unchanged from last month’s report at 1.5 mb/d. OECD demand in 1Q18 was revised up by 315 kb/d, partly due to cold weather in the Continue Reading
The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from Continue Reading
OPEC said Thursday its crude oil output fell last month amid compliance with the oil cartel’s agreement to cut production , even as the world’s total oil supply continued to Continue Reading
OPEC and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels, the International Energy Agency said on Friday, signaling that the markets could Continue Reading
All OPEC data below was taken from the April issue of The OPEC Monthly Oil Market Report . The data is through March 2018 and is thousands of barrels per Continue Reading
Ending a de-facto policy of economic independence, KRG Prime Minister Nechirvan Barzani promises public-sector salaries that can only be sustained with Baghdad subsidies. Iraqi Prime Minister Haider al-Abadi (center) and Continue Reading
In Benghazi’s devastated downtown, ex-fighters warmed themselves over a bonfire made from broken furniture. The forces of Gen. Khalifa Hifter routed the last Islamist militias from Benghazi in December. BENGHAZI, Continue Reading
Iranian President Hassan Rouhani has already been dealing with a restless population, after years of disappointing economic performance following incredibly high expectations of rewards from the 2015 nuclear deal. The Continue Reading
Iraq has pushed back this month’s auction to award the rights to develop 11 oil and gas fields to international companies with ten days, after it amended some of the Continue Reading
It’s called “Day Zero” : when Cape Town, South Africa’s bustling port city, sees its water taps run dry, and its population thrust into a perilous situation. Originally projected for Continue Reading
British energy company BP said it wanted to expand its level of cooperation with an oil company in Brazil, one of the largest producers outside of OPEC. BP signed a Continue Reading
The doom and gloom forecasts for Venezuela’s oil production are about to get a bit gloomier. And since 95% of Venezuela’s export revenues come from oil, as things get more Continue Reading
The reserve estimate for natural gas in Papua New Guinea is 84 percent higher than first thought, warranting a significant expansion, Exxon Mobil said. Exxon said the reserve estimate at Continue Reading
New Zealand’s government has announced all oil and gas exploration offshore the country will be banned in a bid to protect New Zealand from the effects of climate change. The Continue Reading
China’s March crude oil imports climbed from a month earlier to the second highest on record, calculated on a daily basis, as refiners replenished stocks on generous government quotas and Continue Reading
The world’s robust appetite for oil could be significantly dented by the escalating trade dispute between the U.S. and China, the International Energy Agency warned Friday. In its closely watched Continue Reading
