Aspiring Mexican finance minister pours water on oil tenders
Roll up, roll up and invest in Mexico — just not in the oil sector. That is the message from the man picked by Andrés Manuel López Obrador, the frontrunner Continue Reading
Economic recovery for OPEC-member Angola shaky
Economic recovery for Angola, an OPEC member coping with declining production, is progressing but it’s still uncertain over the long term, the International Monetary Fund found. IMF data show Angola’s Continue Reading
Venezuela Won’t Have Enough Oil To Export By 2019
On May 21st President Donald Trump signed a new executive order prohibiting certain oil-related transactions with Venezuela. GlobalData, a leading data and analytics company, argues that the new sanctions are Continue Reading
China Plans To Create A $78 Billion Natural Gas Giant
Together with its massive push to have more and more residential and industrial customers switch from coal to gas, China is aiming to overhaul the ownership of its huge gas Continue Reading
China Closes The Door On Vietnam’s Oil And Gas Ambitions
As China tightens the noose over Vietnam’s ability to drill for oil and gas in its own UN-mandated 200-nautical mile Exclusive Economic Zone (EEZ), the country is turning to solar Continue Reading
Shell feeds gas to Australia’s new Prelude floating unit
Royal Dutch Shell has introduced gas to its 490 meter (1,600 ft) long Prelude floating liquefied natural gas (FLNG) unit as part of the cooling process before start-up, a spokeswoman Continue Reading
Permian Water Shortages Cited as Material Risk to E&P Profits, Output
Permian Basin operators have been raising more rigs and ramping up completions of late, but persistent water issues could be a material risk to future profitability and production, according to Continue Reading
EPA chief hints he could order more ethanol in fuel
A week after the White House suspended its bid to reform the nation’s biofuels policy to aid oil refiners, the head of the Environmental Protection Agency on Tuesday dangled a Continue Reading
High gas prices influencing consumer habits
Consumer demand for gasoline might be on the decline as retail gasoline prices in the United States remain stubbornly high, sector analysis finds. Motor club AAA lists a national average Continue Reading
The Downside Of Six Figure Salaries In The Permian Boom
A battle is playing out in Midland, TX between employee-starved local businesses and multinational energy companies who are poaching local residents left and right for high-paying jobs as the latest Continue Reading
Canada heavy crude at US Gulf record on Venezuela, Iran outlook, Brent/WTI spread
Heavy Canadian crude continued to trade at record levels in the US Gulf Coast Tuesday, buoyed by what market sources said was the combination of collapsing Venezuelan exports, the prospect Continue Reading
America’s Gas Prices May Double by 2040 as LNG Exports Grow
American gas prices could double by 2040 as the U.S. exports more liquefied natural gas, but consumers will be shielded as production of the fuel increases and trade balances improve. Continue Reading
Some French petrol stations run dry as farmer blockade continues
PARIS (Reuters) – Oil and gas major Total said on Tuesday that 3.5 percent of its petrol stations in France had run out of fuel on the second day of Continue Reading
Equinor sees break-evens slashed for Johan Castberg
Norwegian energy company Equinor said Tuesday its Johan Castberg field could be profitable so long as the price of oil is about $35 per barrel. The Norwegian Parliament approved the Continue Reading
German utility makes solar debut in Texas
German utility E.ON said Tuesday it was making its solar energy debut in Texas with plans for a 670-acre site in the west region of the state. E.ON announced plans Continue Reading
What’s Wrong With The Economy: 9 Toxic Dynamics
These nine dynamics are mutually reinforcing. Beneath the surface signals of an eternally rising stock market and expanding GDP, we all sense something is deeply, systemically wrong with the U.S. Continue Reading
Oil edges up, but bulls remain wary ahead of OPEC meeting
Oil prices rose for a second day on Tuesday and volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group Continue Reading
Global oil demand could leave gaping hole: Fuel for Thought
Global oil demand growth was a much heralded sidekick to supply cuts that rebalanced the market in record time. Now the Saudi Arabia-Russia pronged pact is considering reversing course on Continue Reading
G7 hangover drags the price of oil lower
Crude oil prices turned lower in early Monday trading amid broad-based economic concerns over the fallout from weekend meetings of the G7 in Canada. Testy post-conference comments from U.S. officials Continue Reading
Oil near flat as OPEC supply hike appears less certain
Oil prices were little changed on Monday as comments from the Iraqi oil minister cast doubt as to whether the Organization of the Petroleum Exporting Countries would decide to boost Continue Reading
Higher-for-longer oil prices could hurt the global economy
The relatively high price for crude oil is having only a relatively minor impact on demand, though global economic growth could slow, a Platts analyst said. The Organization for Economic Continue Reading
Global LNG trade continues to grow, especially from Australia and the United States
Global trade in liquefied natural gas (LNG) reached 38.2 billion cubic feet per day (Bcf/d) in 2017, a 10% (3.5 Bcf/d) increase from 2016 and the largest annual volume increase Continue Reading
How many vehicles can the earth sustain?
One of the hallmarks of the good life in developed countries is the freedom to move about as we choose in personal vehicles. However, as populous developing countries are gaining Continue Reading
Global Investment in Wind and Solar Energy Is Outshining Fossil Fuels
Global spending on renewable energy is outpacing investment in electricity from coal, natural gas and nuclear power plants, driven by falling costs of producing wind and solar power. More than Continue Reading
Saudi tells OPEC it pumped more oil in May, still below quota: source
Top oil exporter Saudi Arabia has told OPEC that it raised oil output to a little more than 10 million barrels per day (bpd) in May, a source familiar with Continue Reading
Iraq will look at oil output after OPEC makes decision
Iraq will look at whether to increase oil output if OPEC decides to lift production at a meeting on June 22, the country’s oil minister said on Monday. Jabar al-Luaibi Continue Reading
Total extends gas agreement in Algeria
Total has extended a partnership in an Algerian natural gas field for the next 25 years. File Photo by Steve Oehlenschlager/Shutterstock June 11 (UPI) — French energy company Total said Continue Reading
Iran envisions currency arrangements with China
Facing U.S. pressures on its banking channels, Iran’s economic minister said agreements were made with China to use their national currencies for trade. Iran’s banking channels could be impacted by Continue Reading
Can Saudi Arabia Prevent The Next Oil Shock?
The ongoing speculation online about the future of cooperation between Russia and OPEC seems to be a little one-sided. The main point of discussion up until now has been the Continue Reading
Iraq: OPEC Shouldn’t Heed Calls To Boost Oil Production
OPEC and allies should not bow to the pressure to increase production to offset supply disruptions, Iraq’s Oil Minister Jabbar al-Luiebi said on Monday, adding that unilateral decisions could be Continue Reading
Sudan: New Fuel Quotas Not Enough for Eastern Sudanese Car Owners
Car owners and drivers of commercial vehicles in eastern Sudan’s Kassala are complaining about the newly set fuel quotas. People in West Kordofan denounce the rise of the public transport Continue Reading
Nigeria Spends N190Bn On Petrol Subsidy in One Year
With continued plummeting of crude oil prices, Nigeria now records a monthly average of N15.859 billion as under-recovery on importation of petrol or Premium Motor Spirit (PMS) into the country. Continue Reading
Nigeria, Morocco Agreement On Regional Gas Pipeline, Others
The Federal Republic of Nigeria and the Kingdom of Morocco on Monday in Rabat, Morocco, signed three agreements, which includes a regional gas pipeline that will see Nigeria providing gas Continue Reading
Citgo seeks crude as supplies from Venezuela dry up: trade, data
Venezuelan PDVSA’s U.S. refining unit Citgo Petroleum is increasing its efforts to buy crude oil on the open market to compensate for declining supplies from its parent, which is dealing Continue Reading
Oil Majors Undeterred By Brazilian Turmoil
Brazil held an auction last week that attracted some of the largest oil companies in the world, including Chevron, ExxonMobil and Equinor (formerly Statoil). The auction comes on the heels Continue Reading
U.S. sees LNG as a security option for Seoul
Through its emerging role in the global energy space, U.S. liquefied natural gas supports security for South Korea, a State Department spokesman said. U.S. Deputy Assistant Secretary of State for Continue Reading
China’s Surprising Move To Cut Solar Subsidies
Chinese solar companies sold off sharply on Monday following an announcement by the Chinese government that it would take measures that may curb the astronomical growth of its solar industry. Continue Reading
The Permian Blowout Is Apparently Never-Ending: Liam Denning
Energy dominance carries its own backlash, it turns out. Ground zero is the Permian basin in west Texas, where oil production has run ahead of pipeline capacity to get it Continue Reading
First Saudi Arabian crude import of the year arrives at Louisiana port: In the LOOP
The Louisiana Offshore Oil Port last week received its first Saudi Arabian crude cargo of the year, a stark contrast to 2017, when the terminal had received about 34.3 million Continue Reading
NYMEX July gas closes at $2.949/MMBtu, up 5.9 cents, on storage concerns
The NYMEX July natural gas futures contract rose Monday on concerns about storage tightness. The front-month contract settled at $2.949/MMBtu, up 5.9 cents, after trading between $2.912/MMBtu and $2.966/MMBtu. “The Continue Reading
Is the Trans Mountain Pipeline (and Other Fossil Fuel Investments) a Future Stranded Asset?
Several major economies, including the U.S. and Canada, rely heavily on fossil fuel production and exports. But the surging market penetration of renewable energy technologies, energy efficiency improvements, and climate Continue Reading
Could protesting French farmers cause fuel shortages in France?
AFP Protesting French farmers have begun blockading a number of oil refineries and fuel depots around the country. Will it lead to fuel shortages at petrol stations across France as Continue Reading
Ireland leads call for economic break from oil
An Irish minister works to convince European energy leaders to break an economic link with oil during a conference in Luxembourg. File Photo by John Angelillo/UPI June 11 (UPI) — Continue Reading
Gazprom Neft reports record dividend yield
Coming off a record-setting year in terms of income, Russian oil company Gazprom Neft ‘s chairman said shareholders are now reaping the rewards. The board of directors at Russia’s third-largest Continue Reading
Is Russia Bailing On The OPEC Deal?
For the first week of June, Russia produced some 11.1 million barrels per day (bpd), far exceeding production limits outlined in the deal, Interfax news agency said on Saturday, citing Continue Reading
Daimler Trucks lowers expectations on self-driving tech
The world’s biggest truckmaker says Silicon Valley should hit the brakes on expectations for self-driving lorries. Martin Daum, chief executive of Daimler Trucks, says it will take at least five Continue Reading
Russia’s Oil Sector Is Facing A Massive Tax Overhaul
A major tax overhaul in Russia’s oil industry is about to start pressuring the earnings of major oil companies. Refiners will be hit hardest as the overhaul will increase the Continue Reading
Oil prices slip as U.S. and Russian supplies grow
Oil prices slipped on Monday, pulled down by rising Russian production and the highest U.S. drilling activity in more than three years but supported by concerns over future Iranian and Continue Reading
OPEC to consider ‘short-term and long-term market stability’ at Vienna meeting
OPEC may still consider extending its cooperation with non-OPEC partners on managing supplies despite a tightening market and the recent geopolitics-led rise in oil prices, Qatari oil minister Mohammed al-Sada Continue Reading
Geopolitical Tensions Reach Boiling Point Ahead Of OPEC Meeting
The upcoming OPEC meeting on June 22 is shaping up to be a contentious one, after news broke that the U.S. government asked Saudi Arabia to increase oil production before Continue Reading