Russia considering sanctions busters
Russian President Vladimir Putin told regional bloc leaders that deeper trade relations could stimulate economic growth. Photo by Yuri Gripas/UPI May 15 (UPI) — With its oil and gas sector Continue Reading
US sanctions target Iran central bank governor
The US Treasury targeted the governor of Iran’s central bank on Tuesday as the Trump administration ratcheted up sanctions in the wake of its decision to pull out of the Continue Reading
Could This Be The Next Proxy War In The Middle East?
As if heightened tensions in Syria and Yemen and increased divisions in the U.S-Iran and Iran-Israel relations were not enough, a surprise—albeit still preliminary—election result in OPEC’s second-largest producer Iraq Continue Reading
Tanker Insurance Issues Could Stymie Iran’s Oil Exports
While the oil industry and market are still assessing the impact of the U.S. withdrawal from the Iran nuclear deal and the re-imposition of sanctions, the biggest hurdle to Iran’s Continue Reading
Exclusive: Iran asks Chinese oil buyers to maintain imports after U.S. sanctions – sources
A senior official at Iran’s state-owned oil supplier met Chinese buyers this week to ask them to maintain imports after U.S. sanctions kick in, three people familiar with the matter Continue Reading
Collapsing Venezuela oil exports seen to be pushing prices higher
With Venezuela’s exports of crude on the brink of collapsing below 1m barrels a day to historic lows, the bull case for energy has additional support as creditors of the Continue Reading
Maduro Buys Oil To Help Cuba While Venezuelans Starve
Amid a desperate economic and humanitarian crisis in Venezuela, its socialist leader Nicolas Maduro is trying to shore up support from the few allies it has left, and has had Continue Reading
ConocoPhillips ‘not close’ to recouping $2 billion of Venezuelan assets: CEO
ConocoPhillips has begun the process of recovering over $2 billion in Venezuelan global assets that was awarded last month by an international trade court, but is “not close” to locating Continue Reading
Mexico’s Pemex says testing crude for import could start in July
Mexican state-run oil company Pemex expects to begin testing light crudes as soon as July for possible import, looking to boost margins at its domestic refineries, its chief executive said Continue Reading
Exclusive: As Venezuelans suffer, Maduro buys foreign oil to subsidize Cuba
Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms – and often at a loss, Continue Reading
Exclusive: China’s Tianqi nears $4.3 billion deal to buy stake in Chile’s SQM – sources
China’s Tianqi Lithium ( 002466.SZ ) is nearing a deal to buy a 24 percent stake in Chile’s Sociedad Quimica Y Minera (SQM) SQMa.SN, one of the world’s biggest lithium Continue Reading
China Aims For 1 Million EV Sales In 2018
Supported by a hard push by the Chinese government to drive up electric car sales, annual EV sales are on track to hit a one-million-unit milestone this year, as demand Continue Reading
As spring temperatures soar, China coal traders bet on shortages
China’s thermal coal futures rose to a six-week high on Wednesday as traders bet on a supply crunch as lower hydro power output and forecasts of a summer heat wave Continue Reading
U.S. Shale Oil Production Rises At Record-Breaking Rate
Shale oil production in the United States will rise by a record-breaking 144,000 bpd from May to June, hitting 7.178 million bpd, the Energy Information administration estimated in its latest Continue Reading
Republican Senator Says EPA Chief Must Slow Refinery Waivers Or Resign
Republican Senator Chuck Grassley says EPA chief Scott Pruitt must scale back the use of biofuels waivers for small refineries. NEW YORK, May 15 (Reuters) – Republican Senator Chuck Grassley Continue Reading
US Crude Oil Production Smashes Records
U.S. crude oil production, topped 10.057 million barrels per day (bpd) in November 2017, shattering a 47-years old record. U.S. crude oil production, led by record output in Texas and Continue Reading
‘Impossible to Ignore’: Why Alaska Is Crafting a Plan to Fight Climate Change
In the Trump era, it has mainly been blue states that have taken the lead on climate change policy , with liberal strongholds like California and New York setting ambitious Continue Reading
Will $100 Oil Kill The U.S. Economy?
Brent is nearing $80 per barrel and some analyst see $100 not far off. That raises the question about how much of a dent high oil prices will make in Continue Reading
The Top Performing Stock Of The U.S. Shale Boom
Energy stocks have struggled to break out over the past year, although oil prices have been rising. Only recently, in the past month, the S&P 500 energy sector started to Continue Reading
These Two Shale Plays Are Making A Comeback
The Permian basin has garnered much of the media attention when it comes to U.S. shale growth, but higher oil prices are putting more shale regions into profitable territory. In Continue Reading
Can The U.S. Avoid The LNG Export Trap?
The United States began exporting LNG just two years ago, and last year it was already a net exporter of the fuel, despite a global glut. By the end of Continue Reading
After slump, oil and gas exporter Norway sees economy stabilize
The petroleum component of the Norwegian economy contributed to first quarter growth after a drop off in the fourth quarter, the government said. Statistics Norway, the government’s record-keeping office, reported Continue Reading
Oil gains on OPEC report; U.S. crude discount to Brent deepens
Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude’s discount to global benchmark Brent widened to more than $7, Continue Reading
Investors see big oil surge, but physical markets suggest caution
Oil futures prices have soared past three-year highs, OPEC’s deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past Continue Reading
Gearing Up for the Third Gulf War
Will Washington, Tel Aviv, Riyadh, and Tehran Face Off in a Future Cataclysm? With Donald Trump’s decision to shred the Iran nuclear agreement, announced last Tuesday, it’s time for the Continue Reading
With glut almost gone, OPEC still cuts more than oil pact demands
A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, thanks to an OPEC-led pact to cut supplies that has been in place since January Continue Reading
Global oil supplies robust enough to cut Iran’s exports: Trump memo
Global oil supplies are plentiful enough to withstand a “significant reduction” in petroleum exports from Iran, according to a White House memo issued on Monday as the Trump administration prepares Continue Reading
Abu Dhabi commits billions to expand its refining capacity
The Abu Dhabi National Oil Co. outlines a five-year plan to build up its refinery capacity. More than $45 billion in investments over the next five years could position the Continue Reading
Oman next up for LNG bunkering
Natural gas from onshore basins in Oman could be used to develop a maritime fueling point for liquefied natural gas, French supermajor Total said. The French company signed a memorandum Continue Reading
Iran Sanctions Threaten The Petrodollar
One country must be quite pleased with the prospect of new U.S. economic sanctions against Iran’s oil industry, and this country is the largest oil importer in the world, and Continue Reading
Houthi Rebels Fire Missile At Aramco Facility
Armed Yemeni Houthis launched yet another ballistic missile at Saudi Arabia’s state-run oil company, Saudi Aramco on Monday, according to Houthi TV station al-Masirah tv. No damage has yet been Continue Reading
OPEC Production Stagnates In April
The OPEC charts below were created with data from the OPEC Monthly Oil Market Report. The PDF File can be downloaded from here: OPEC MOMR All OPEC data is through Continue Reading
Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean
The Eastern Mediterranean will face a security threat should Cyprus continue its unilateral operations of offshore oil and gas exploration in the region, Turkey’s President Recep Tayyip Erdo?an said in Continue Reading
Tehran, Moscow set to save Iran nuclear deal
Tehran said it will preserve the 2015 nuclear deal with Russia despite Washington’s decision to withdraw. “Iran and Russia should guarantee our common interests, which are to preserve the deal Continue Reading
OPEC: The Oil Glut Is Gone
In OPEC’s May Oil Market Report, the group noted that non-OPEC supply continues to grow at a rapid rate, adding 0.87 million barrels per day (mb/d) in 2017, with expectations Continue Reading
Sudan: Farmers Warn for ‘Famine’ If Fuel Crisis Continues
Farmers of El Gezira and El Managil Agricultural Scheme are warning for “famine in the country”, as they doubt the upcoming farming season will bring about any yields. “The fuel Continue Reading
Nigeria Opposition Leader Promises Partial Oil Firm Privatization
A former ally of Nigeria’s President Muhammadu Buhari has pledged to privatize parts of the country’s national oil company if he wins the presidential vote next February. Atiku Abubakar told Continue Reading
Nigeria: How Top Oil Industry Officials Ruined Nigeria’s Refineries
Oil industry sources over the weekend made startling disclosures of how top industry officials ruined Nigeria’s four refineries by diverting huge funds earmarked for their routine comprehensive turnaround maintenance (TAM). Continue Reading
Nigeria: Shell’s Bonga Field Achieves 763m Barrels of Oil Since Inception in 2005
Shell Nigeria Exploration and Production Company (SNEPCo) has stated that it delivered a total of 763 million barrels of oil from the Bonga field between its first production in 2005 Continue Reading
Shell, Eni trial on Nigeria corruption re-adjourned to June
The trial of top executives from oil majors Eni ( ENI.MI ) and Shell ( RDSa.L ) over alleged corruption in Nigeria kicked off on Monday with a brief procedural Continue Reading
Maduro’s biggest test comes after election day in Venezuela
Nobody in Venezuela seriously doubts who will win the presidential election the country holds next weekend; certainly not President Nicolás Maduro. “The revolution is going to record the biggest victory Continue Reading
ConocoPhillips Moves To Seize Venezuelan Oil Assets
ConocoPhillips has seized the oil product inventory of Venezuela’s state oil company PDVSA following the issuance of two court orders granting it this right as part of efforts to enforce Continue Reading
Ten tankers anchored, awaiting payment from PDVSA for refined products
Ten oil tankers remain anchored Monday at ports throughout the Caribbean, awaiting payment from Venezuelan state oil company PDVSA to discharge 3.124 million barrels of refined products, according to sources. Continue Reading
Beijing backs off in South America
Beijing’s investment in the region is shifting from oil and other commodities to services Latin America’s commodities boom has faded, and with it has gone much of the Chinese oil Continue Reading
The Most Underappreciated Story In The Oil Market
The world is currently watching the growing tensions in the Middle East, and oil market analysts are guesstimating just how much Iranian oil supply the renewed U.S. sanctions could stifle. Continue Reading
China’s crude oil futures boom amid looming Iran sanctions
A U.S. decision to reimpose sanctions on Iran is supporting China’s newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders Continue Reading
Oil-rich Alaska gavels in a way to cut a budget gap
Ending an extended session, state lawmakers in oil-rich Alaska reached a compromise that helped bridge a budget gap, the governor said. “Lawmakers in the House and Senate — Democrats, Republicans, Continue Reading
Shale Drillers Look Beyond Texas as Prices Rise
Shale drillers are ramping up production in the U.S. as oil prices rise, moving beyond the West Texas oil field that became the country’s drilling center. From Oklahoma to North Continue Reading
Drilling Productivity Report
The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil Continue Reading
ConocoPhillips Focuses On Shale, Prepares To Sell North Sea Assets
ConocoPhillips is focusing on its U.S. shale business and is getting ready to sell some or all of its North Sea assets that could fetch US$2 billion, Reuters reported on Continue Reading