Banks Expect Oil Prices to Remain High
Banks raised their forecasts for oil prices for the seventh month in a row in April on the back of heightened geopolitical risks and OPEC-led production cuts. The price of Continue Reading
Could Oil Actually Hit $300?
Speculating on the price of oil is a favorite pastime in certain circles, and these include hedge funds. One prominent member of the hedge fund crowd this week said crude Continue Reading
100 Offshore Projects To Be Sanctioned In 2018
The current tailwind in the oil market is likely to propel 100 new offshore projects to be sanctioned in 2018, according to Rystad Energy. This compares to only 60 projects Continue Reading
Geopolitical energy risks become more acute
Geopolitical risks to energy supplies have affected oil prices in recent months. With global oil markets now largely rebalanced these risks have become more acute. Flashpoints in the Middle East Continue Reading
It may be five years before Saudi oil production returns to historic levels
It could take five years for Saudi Arabian oil production to return to levels from two years ago and that leaves overall GDP constrained, Moody’s said. Saudi Arabia is the Continue Reading
Iran expects U.S. to walk away from nuclear deal
Saying the United States is likely to walk away from a U.N.-backed nuclear agreement next week, OPEC-member Iran said it was making budget preparations. U.S. President Donald Trump needs to Continue Reading
Renewable energy use accelerating, but progress is lacking
While growth in the pace of renewable energy deployment is impressive, other parts of the sector are not up to par, a consortium of industry organizations said. Delegates from groups Continue Reading
Can The Saudi Stock Exchange Handle An Aramco Listing?
The Saudi stock exchange, Tadawul, will make sure that the weighting of the oil giant Aramco in the bourse’s main index will not be too big , the Saudi stock Continue Reading
Saudi Arabia Needs Much Higher Oil Prices
“The improvement in the overall economic conditions with growth recovering this year – it is expected to be at 1.8 percent – will help them to maintain the pace of Continue Reading
Saudi Arabia needs oil at $85 a barrel to balance budget
Moody’s rates Saudi Arabia as A1 stable, with a strong fiscal position and significant liquidity buffers While a new Moody’s Investors Services says that Saudi Arabia’s credit outlook is stable Continue Reading
Trump has all but decided to withdraw from Iran nuclear deal: sources
U.S. President Donald Trump has all but decided to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White Continue Reading
Sudan: Press Banned From Reporting On Fuel Crisis
The National Intelligence and Security Service (NISS) has forbidden newspapers in Sudan from publishing any material related to the fuel crisis that has impacted the entire country for several months. Continue Reading
IMF Issues Censure Against Venezuela
The International Monetary Fund threatened to bar Venezuela from voting on IMF policies after the Latin American country failed to provide IMF with the economic data it has requested, the Continue Reading
Is The Golden Era For Renewables Around The Corner?
Some say that renewables are not an existential threat and believe that they might take only a small piece of the pie by 2040, due to high costs and vital Continue Reading
China’s Growing Oil Demand Has Created A Geopolitical Dilemma
China has become the world’s largest oil importer, and despite establishing the largely successful yuan-denominated oil futures, Beijing will have to grapple with an overlooked geopolitical and economic consequence as Continue Reading
Cheap Hydrogen Could Soon Become A Reality
Few younger readers will remember how popular hydrogen fuel cells were in the media a couple of decades ago. They came before electric cars. They were supposed to be the Continue Reading
Full Coverage of the Fed’s Rate Decision
Hedging contracts limit benefit of rally for some explorers Hess pays $50 million to unwind hedges; others may follow There’s a downside to oil prices being up that could cost Continue Reading
U.S. crude stockpiles surge to highest level this year: EIA
U.S. crude oil stocks rose sharply last week, bringing overall supply to its highest level since December, and gasoline inventories also rose, the Energy Information Administration said on Wednesday. Crude Continue Reading
Feinstein: EPA can expect fight over fuel, emissions standards
The Trump administration’s Environmental Protection Agency is setting itself up for a hard legal battle over fuel economy standards, Sen. Dianne Feinstein said. California and a coalition of 17 other Continue Reading
U.S. Car Buyers to Japan: We Don’t Want Your Sedans Anymore
A bet by Japanese automakers that Americans still want sedans is turning out to be expensive. April sales in the U.S. from Japan’s big three automakers— Toyota Motor Corp. TM Continue Reading
U.S. imports of Canadian crude oil by rail increase
Growth in Canadian crude oil production has outpaced expansions in pipeline takeaway capacity and, along with past pipeline outages, has driven Canadian crude oil prices lower and increased Canadian crude Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the Week Ending April 27, 2018 U.S. crude oil refinery inputs averaged about 16.6 million barrels per day during the week ending April 27, Continue Reading
Citi: U.S. To Become World’s Top Oil Exporter
As global oil markets shift their attention from U.S. shale oil production back to a resurgent Saudi Arabia and Russia and geopolitical concerns bearing down on oil prices, Citigroup said Continue Reading
Increase In Well Productivity Drives U.S. Production Jump
New shale oil well productivity drove U.S. production higher in the last few years, with the average daily rate for the first month of operation rising from less than 100 Continue Reading
Suncor Ramps Up Megaprojects as Refining Arm Protects Prices
Suncor Energy Inc. is barreling ahead on the ramp-ups of the Fort Hills and Hebron oil megaprojects as its refining operations protect it from the pipeline shortages and lower prices Continue Reading
Americans will pay more at the pump this summer, but things could be worse for drivers
The US government forecasts that summertime gasoline prices this year will be at their highest level since 2014, when Taylor Swift’s “Shake It Off” was at the top of all Continue Reading
$3 gas coming to a station near you
There’s a good chance you’ll soon see regular gas selling for $3 a gallon. Concerns that President Donald Trump is about to impose new sanctions on Iran have sent oil Continue Reading
Germany Poised for Solar Record as Hot April Weather Lingers
Southeast Europe should prepare for heatwaves later in May Coldest winter since 2012 has depleted European gas stores Germany is headed for record solar power generation next week as forecasters Continue Reading
OPEC Production Cuts: Is Russia Complying?
Russia’s oil production held onto an 11-month high in April, flat compared to March and above its quota under the OPEC/non-OPEC deal for a second consecutive month, according to data Continue Reading
Oil Rises as ‘Alarm Bells’ Sound Over Unraveling Iran Nuke Deal
Crude rose after Israeli intelligence about Iranian nuclear ambitions heightened concern an international accord may unravel. Futures in New York rose 0.7 percent on Monday to settle just pennies shy Continue Reading
Oil Prices Crash As U.S. Dollar Regains its Footing
U.S. federal subsidies for renewable energy, which includes biofuels as well as renewable electricity generation, has declined by 56 percent since 2013, dipping to $6.7 billion in 2016. – Renewable Continue Reading
Oil falls on firmer dollar but Iran sanction fears limit losses
Oil prices slid more than 1 percent on Tuesday as the dollar remained near a four-month high, but worries that U.S. President Donald Trump will pull out of the Iran Continue Reading
Oil Crumbles As API Reports Large Crude Build
With oil prices already down on the day, the American Petroleum Institute (API) reported a large build of 3.427 million barrels of United States crude oil inventories for the week Continue Reading
Oil Majors See Profits Spike, Exxon Lags Behind
The first quarter of 2018 was the best one in years for the oil majors. Still, despite huge profits, the largest oil companies are moving forward cautiously, keeping spending in Continue Reading
Sudan PM: Austerity Measures Aim to Avert Total Economic Collapse
Sudan’s Prime Minister Bakri Hassan Saleh in Khartoum, Sudan March 2, 2017. (Reuters) In a rare admission, Sudan’s prime minister acknowledged his country’s crisis of foreign exchange shortages and economic Continue Reading
Iran: If we were Russians, we’d be OK
If Iranian oil and gas resources were flowing more extensively through the global market, it wouldn’t be the target of Western ire, an Iranian director said. Iranian Oil Minister Bijan Continue Reading
Iran’s Oil Exports Hit Record High As Sanctions Loom
Iran’s crude oil exports reached a record 2.617 million bpd in April, according to its oil ministry’s news service Shana—the highest level since Iran signed the nuclear deal with global Continue Reading
Iran’s oil gains at risk as Trump’s nuclear deadline nears
When Iran’s deputy oil minister toured the hulking steel facility that is the Islamic republic’s largest oil refinery, he was delivering a deliberately defiant message: even if Donald Trump reimposes Continue Reading
Audit Puts Aramco’s Oil Reserves At 270 Billion Barrels
An international independent audit of the oil reserves of Saudi Aramco has more than confirmed the official figures released by Riyadh for three decades , putting the number at 270 Continue Reading
Venezuela’s oil decline reaches new depths
When Major General Manuel Quevedo became head of Venezuela’s oil industry last November, the former housing minister and national guard chief promised to boost oil output by a million barrels Continue Reading
U.S. Becomes Second Most Attractive Renewables Market
The United States has moved ahead in EY’s Renewable Energy Country Attractiveness Index and is now second only to China, the UK consultancy said in the latest edition of its Continue Reading
U.S. offers funding for marine energy development
More than $20 million could be available to help make marine energy technology cheaper to develop and quicker to deploy, the U.S. government said. The U.S. Energy Department’s renewables division Continue Reading
Canadian pipeline fight may have U.S. consequences
Provincial disputes over plans to expand the capacity of the existing Trans Mountain oil pipeline could have U.S. consequences, analysis shows. A Kinder Morgan -led consortium planned to expand the Continue Reading
U.S. crude oil production efficiency continues to improve
U.S. tight oil production increased in 2017, accounting for 54% of total U.S. crude oil production, in part because of the increasing productivity of new wells. Since 2007, the average Continue Reading
Gas prices could be testing a psychological tipping point
The U.S. average retail price for a gallon of gas is approaching a point where at least one analyst said last year there may be economic consequences. The average retail Continue Reading
Vancouver Drivers Pay The Highest Gas Prices In North America
Drivers in British Columbia’s largest city, Vancouver, pay the highest prices for gas at the pump in North America, data from GasBuddy has revealed. The average price per gallon of Continue Reading
Vancouver Gasoline Hits $4.77 a Gallon, Tops in North America
Vancouver sits less than 750 miles from the Canadian oil sands but it may as well be on another continent for vehicle drivers. Gasoline prices in the Pacific Coast city Continue Reading
Catastrophic Cyberattacks Threaten Big Oil
There are over a million oil and gas wells in the United States. There are also several hundred thousand miles of pipelines. Digitization is on the rise in the notoriously Continue Reading
Permian crude producers work to reduce exposure to deep price discounts
Permian crude producers are working on ways to reduce their exposure to deep price discounts, company executives said Tuesday. * Noble pricing more crude in Gulf Coast * Encana sees Continue Reading
BP sees oil boosting quarterly figures, but looks ahead to renewables
New production from new projects contributed to one of the best quarters since 2014, when oil prices were over $100 per barrel, BP said Tuesday. The British supermajor reported total Continue Reading