Traders See Higher Oil Prices In The Long Term
Oil market participants and analysts have been focused on the front-month oil futures prices that rallied to levels last seen in November 2014, with Brent Crude breaking above $80 a Continue Reading
Oil prices slip on potential easing of OPEC supply curbs
Oil prices eased on Wednesday as the possibility of higher OPEC output weighing on the market, although geopolitical risks are expected to keep prices near multi-year highs. Brent LCOc1 futures Continue Reading
Crude Prices Suppressed As API Reports Gasoline Build
As the price of Brent Crude hovers near the $80 mark, the American Petroleum Institute (API) reported a draw of 1.3 million barrels of United States crude oil inventories for Continue Reading
Supply-side triple shock sends oil prices higher
Forecasts of lower U.S. crude oil inventories, on top of fears of a lack of supply from Iran and Venezuela, pushed oil prices higher in early Tuesday trading. Crude oil Continue Reading
Brent rises on supply concerns, U.S.-China trade worries weigh
Brent crude prices settled slightly higher on Tuesday after a volatile session in which potential supply concerns surrounding Venezuela and Iran jockeyed with comments from President Donald Trump saying he Continue Reading
Carbon Tracker: Oil Majors Inconsistent In Climate Risk Reporting
The world’s largest oil and gas companies often report a range of internal and proprietary climate scenarios, making it difficult to compare across the sector, non-profit think tank Carbon Tracker Continue Reading
Could Venezuela Prompt OPEC To Pump More?
Venezuela’s oil industry is collapsing fast. No wonder then that OPEC is finally talking about perhaps raising production to make up for Venezuela’s overdelivering on production cuts. As Reuters reported Continue Reading
OPEC may decide to ease oil supply curbs in June: sources
OPEC may decide to raise oil output as soon as June due to worries over Iranian and Venezuelan supply and after Washington raised concerns the oil rally was going too Continue Reading
Austria’s OMV stands by Iran project but no investment yet
Austrian energy group OMV is continuing with planned Iranian energy projects despite the United States’ withdrawal from a nuclear pact with Tehran, but said on Tuesday it had made no Continue Reading
Iran boasts of higher oil revenue
Iranian revenue from crude oil sales increased substantially during the first month of the Iranian calendar year because of higher oil prices, a spokesman said. Mohammad Bagher Nobakht, a spokesman Continue Reading
Washington’s Iran ‘wish list’ lacks support from allies
When US secretary of state Mike Pompeo issued a dozen demands of Iran, he described the requests as “very basic requirements” that were not “unreasonable”, but many observers disagreed. Mr Continue Reading
Iran Tensions Send Oil Spiking Again
More than 23 billion cubic feet per day (Bcf/d) of natural gas pipeline capacity will come online by the end of this year, a jump of almost a third from Continue Reading
Dubai To Become Global Leader In Solar Energy
On a recent warm evening in the Dubai desert, government ministers and business leaders gathered to mark a major milestone in solar power, one of worldwide significance. A new phase Continue Reading
Can Angola Overcome Its Oil Production Decline?
OPEC member Angola is halving the tax rates on development of oil discoveries with less than 300 million barrels of reserves as new President Joao Lourenco is trying to incentivize Continue Reading
Nigeria: No Nigerian Refinery Worked Up to 50% Capacity in 2017 – NNPC
None of Nigeria’s four refineries worked up to 50 per cent of their capacity at any time during 2017, official figures from the state oil firm, NNPC show. The NNPC Continue Reading
Why Venezuela Sanctions Are Even More Bullish for Oil Than Iran Sanctions
New U.S. sanctions on Venezuela’s oil production are expected to further crimp the country’s output and reduce global supply even more than sanctions on Iran—a development that could provide another Continue Reading
Will The U.S. Push Venezuela Into The Abyss?
Venezuela’s President Nicolas Maduro claimed victory in a low-turnout election that is widely viewed as rigged, raising the threat of more painful sanctions from the United States. But, in a Continue Reading
How the hike in oil prices affects Brazil BY The Brazilian Report
Oil prices have gone up 15 times in May alone. On Monday, truck drivers blocked dozens of roads across 19 Brazilian states. They were protesting the latest rise in diesel Continue Reading
Venezuela expels U.S. envoy in response to sanctions
President Nicolas Maduro on Tuesday ordered the expulsion of the top U.S. diplomat in Venezuela in retaliation for a new round of sanctions over Venezuela’s widely-condemned election. The United States Continue Reading
Valero boosts imports of Venezuelan oil as sanctions loom: data
U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country’s disputed presidential election and as other customers received less of Continue Reading
Drilling down: Risky hunt for oil in Vietnam’s South China Sea blocks
Some oil blocks off Vietnam’s sprawling coastline fall within an area of the South China Sea demarcated by China’s “nine-dash line”, the basis for Beijing’s controversial claims to most of Continue Reading
In the black: Asian flour mills turn to Black Sea region for wheat
Asian flour millers are set to buy record volumes of wheat from Black Sea producers in 2018 as traditional supplier Australia faces a second year of drought and as demand Continue Reading
Rapid shale oil supply likely to disappoint in coming years: oil industry veteran
US oil production from shale and unconventional sources will grow in the future, but the rate will likely be less than most widely accepted sources currently predict, a well-respected industry Continue Reading
The Shale Oil Ponzi Scheme Exposed
Few Americans realize that the U.S. economy is being propped up by the Shale Oil Industry. However, the shale oil industry is nothing more than a Ponzi Scheme, so when Continue Reading
This Federal Policy Enabled the Fracking Industry’s $280 Billion Loss
Most people probably aren’t familiar with the acronym ZIRP. It stands for zero interest rate policy and is the policy that unintentionally created the American fracking bubble — just one Continue Reading
Cheniere Moves Ahead With Corpus Christi LNG Expansion
Cheniere Energy Inc said on Tuesday it had approved the construction of a third liquefaction unit, known as a train, at its Corpus Christi export terminal in Texas, the first Continue Reading
UK government launches new clean air strategy; ending sales of conventional diesel and gasoline LDVs by 2040
UK Environment Secretary Michael Gove published a new Clean Air Strategy to cut air pollution backed up through new primary legislation. The UK said it will go further and faster Continue Reading
US EV market share remains low, but proponents say sales growth is strong
The US Energy Information Administration on Tuesday said US electric vehicle sales have been sluggish, but EV proponents contend the EIA’s focus on market share misses the more important EV Continue Reading
First import of Western Canadian crude since Aug 2015 arrives: In the LOOP
The Louisiana Offshore Oil Port last week received a cargo of Western Canadian crude, the heavy sour grade Access Western Blend, which appears to be the oil terminal’s first import Continue Reading
Gas prices could be impacting U.S. travel plans
Gas prices this coming Memorial Day weekend will be the highest in four years and likely start to dent the summer travel season, industry experts said. Motor club AAA reported Continue Reading
Alternative vehicle sales stall in United States
Sticker shock and limited infrastructure to support alternative vehicles has limited their sale in the domestic market, a U.S. energy report found. The U.S. Energy Information Administration reported battery-powered vehicle Continue Reading
OPEC talks, sanctions to be a focus at St Petersburg forum
Leading politicians, oil ministers and CEOs will meet at the St. Petersburg Economic Forum this week to discuss key issues affecting the energy sector, including recent oil price rises, the Continue Reading
BP to cut 3 percent of upstream jobs by year-end
British oil giant BP Plc said it plans to cut 3 percent of jobs in exploration and production, as part of a restructuring of its global upstream business to make Continue Reading
BP Funds Fast-Charging Battery Maker
BP Ventures has provided US$20 million in funding to an Israeli startup that makes ultrafast-charging batteries, which aims to make it possible for electric cars to charge in just five Continue Reading
EU’s energy chief says ‘time has come’ for new Russia, Ukraine gas talks
The European Union’s energy chief said on Wednesday he had reached out to Russia and Ukraine to relaunch EU-mediated talks over their gas dispute and continued gas transits via Ukraine Continue Reading
BP invests in ultra-fast charging battery company StoreDot
BP Ventures has invested $20 million in Israel-based ultra-fast charging battery developer StoreDot . ( Earlier post .) StoreDot has developed a lithium ion-based battery technology which enables ultra-fast charging Continue Reading
Forget About Oil at $80. The Big Rally Is in Forward Prices
Some investors bet that the “lower for longer” price mantra is all but over. (Bloomberg) — Brent crude oil grabbed all the attention after spot prices hit $80 a barrel Continue Reading
Oil prices caught between U.S. policies on Iran, China
Oil prices moved slightly higher in early Monday trading on easing U.S.-Chinese trade tensions, but could rally higher on heightened U.S.-Iranian tensions. After a weekend of trade work, U.S. Treasury Continue Reading
Trans-Atlantic Oil-Price Spread Soars as Supply Glut Disappears
U.S. oil prices are lagging behind global oil prices climbing toward $80 a barrel, the latest sign of a market that has gone from glutted to exceptionally tight in the Continue Reading
Key Oil Industry Figures To Discuss OPEC Policy, Sanctions This Week
Key oil ministers and company executives will gather in Russia later this week for the St. Petersburg International Economic Forum, and expectations are that the business meeting will provide the Continue Reading
What will it take to re-start offshore drilling?
As global crude oil has hit the $80/b mark, the industry is now wondering if there is a magic price that would jump-start the offshore sector which is lagging an Continue Reading
U.S. toughens stance on Iran, lists sweeping demands
The United States on Monday demanded Iran make sweeping changes — from dropping its nuclear program to pulling out of the Syrian civil war — or face severe economic sanctions Continue Reading
Iran expects oil production challenges
It may be difficult for Tehran to continue pursuing oil production benchmarks in the face of possible sanctions pressure, the Iranian oil minister said. Iranian Oil Minister Bijan Zangeneh met Continue Reading
Iran Prepares For Oil Production Decline
Iran expects disruption in its oil industry after the reintroduction of U.S. sanctions that would make it hard to stick to its current production goals, Oil Minister Bijan Zanganeh said Continue Reading
Venezuela election: Fourteen ambassadors recalled after Maduro win
Nicolás Maduro celebrates his victory Venezuela’s President Nicolás Maduro is facing an international backlash after winning his second six-year term, in a landslide vote marred by an opposition boycott and Continue Reading
US condemns Venezuela election, readies sanctions
The US on Monday formally condemned Venezuelan President Nicolas Maduro’s electoral victory as an exercise in fraud and said new sanctions were forthcoming. “The United States stands with democratic nations Continue Reading
OPEC looking closely at Venezuelan oil output drop: sources
OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group, sources familiar Continue Reading
Railroaded: The Chinese High-Speed Train Network No One Else Really Wants
Li Guanghe has built some of the most technically complex railroads in China. Now he faces his toughest challenge yet: working abroad to deliver a flagship rail project in Thailand Continue Reading
Angola: Low Crude-Oil Production Caused By Investments Reduction
The minister of Mineral Resources and Oil, Diamantino Azevedo, on Monday in Porto Amboim, central Cuanza Sul Province, admitted that the decline in crude-oil production was caused by the substantial Continue Reading
Nigeria: 2018 Budget – Govt Won’t Meet 2.3 Million BPD Production Target Due to Sabotage – FBN
The crude production target of 2.3 million barrels per day proposed in the 2018 budget will not be achieved because of acts of sabotage in the lead-up to the 2019 Continue Reading