Not All OPEC Members Benefit Equally From Higher Oil Prices
OPEC’s efforts to erase the oil glut and lift oil prices paid off as the cartel reaped higher revenues from crude oil exports in 2017, but the spoils were unevenly Continue Reading
OPEC meeting ‘might be one of the worst since 2011’ amid differences over supply
The forthcoming meeting between OPEC and non-OPEC oil producers, including Russia, could be one of the most fractious in recent years with competing interests and demands at play, according to Continue Reading
OPEC data offer glimpse at GDP impact of production cuts
Angola, Libya, and Iran led the pack among OPEC members when comparing GDP figures from before and after the group’s production agreement, data show. Economists at the Organization of Petroleum Continue Reading
Trump reportedly requested Saudi oil support before Iran nuclear decision
A day before U.S. President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world’s largest oil exporter to help Continue Reading
Trump requested Saudi oil support before Iran nuclear decision – sources
A day before U.S. President Donald Trump withdrew from the Iran nuclear deal, one of his senior officials phoned Saudi Arabia to ask the world’s largest oil exporter to help Continue Reading
Kuwait exposed to risk from volatile oil prices
Kuwait faces credit risks because national policies are behind the curve when it comes to supporting non-hydrocarbon growth, Moody’s Investors Service found. Early this year, Fitch Ratings found Kuwait’s credit Continue Reading
Iranian Oil Production Could Be About To Plunge
The European Union has vowed to maintain the Iran nuclear deal despite the U.S. decision to exit, and Brussels has pushed back against Washington’s attempts to penalize European companies from Continue Reading
Nigeria: Govt Fails to Review Oil Contract Despite $21 Billion Loss
The Federal Government has remained docile over the need to review the Production Sharing Contract (PSC) signed about 25 years ago between the Nigerian National Petroleum Corporation (NNPC) and International Continue Reading
Nigeria: How Sustainability of ‘7Big Wins’ Will Improve Oil Production
Attack on oil and gas facilities in the oil-producing region of Niger-Delta remains one of the biggest challenges for government and investors in Nigeria’s energy sector. It also creates health Continue Reading
Venezuela struggles with huge oil export backlog
Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, as chronic delays and production declines could breach state-run PDVSA’s Continue Reading
Venezuela Seeks OPEC Support Against U.S. Sanctions
“I kindly request solidarity and support from our fellow members,” Venezuela’s Oil Minister Manuel Quevedo wrote in a letter to OPEC seen by Bloomberg News . In the letter, Quevedo Continue Reading
Venezuela Releases Chevron Execs In Effort To Smooth Relationships With US
Venezuela has released two local Chevron executives that were arrested back in April on corruption allegations, Reuters reports , citing sources from Caracas and Chevron. A source close to Chevron Continue Reading
Venezuela’s PDVSA transfers oil at sea despite customer qualms
Venezuela has begun testing sea-borne oil transfers to ease a severe backlog of crude deliveries from its main terminals, according to sources and data, as chronic delays and production declines Continue Reading
China May crude oil imports ease from record as refiners curb operations
China’s May crude oil imports eased away from record highs hit the month before, customs data showed, with state-run refineries entering planned maintenance and some independent plants told to curb Continue Reading
China May coal imports flat as government controls stifle buying
China’s coal imports in May were almost unchanged from the same month a year earlier as tight government curbs on shipments, designed to cool an overheating market, kept a lid Continue Reading
China Deals Shocking Blow To Solar Industry
Market researchers are in a rush to lower their solar capacity addition forecasts for this year after China surprised everyone by announcing it will not issue approvals for any new Continue Reading
The market for LNG is getting tighter
Growing demand from China should soak up some of the spare capacity of LNG to the modest relief of emerging suppliers like the United States, analysis finds. Chinese economic policymakers Continue Reading
Oil Search finds new gas in Papua New Guinea
A new gas discovery was made in Papua New Guinea and data assessments are now geared toward commercial developments, a key regional player said. Oil Search announced Thursday it encountered Continue Reading
Hiring Frenzy Spurs Wage War In The Permian
The Permian basin is on fire, and the current boom cycle in its oil industry is posing an interesting challenge that area in Texas: Right now, that challenge is a Continue Reading
Key ‘step forward’ in cutting cost of removing CO2 from air
The pilot plant has been built in British Columbia and is extracting about a tonne of CO2 every day A Canadian company, backed by Bill Gates, says it has reached Continue Reading
Corn States Win In Fight Against Refiners
The Trump administration was on the verge of releasing a major change in U.S. biofuels policy, but a last minute political assault from corn states might have shelved the proposal Continue Reading
GM and Honda partner on next-gen batteries for EVs for N America
General Motors and Honda are partnering on new advanced chemistry battery components, including the cell and module, to accelerate both companies’ plans for all-electric vehicles. The next-generation battery will deliver Continue Reading
Wax on, wax off: Shale oil’s ‘waxy’ features crimp U.S. jet fuel supply
Jet fuel prices are at six-year highs, and part of the reason is linked to record U.S. shale crude production and the unique properties refiners contend with when they refine Continue Reading
Exxon to Show Its Green Side in Meeting with Pope Francis
Exxon Mobil Corp. XOM 1.00% , the oil giant long derided by environmentalists, is trying to give itself a green facelift. Chief Executive Darren Woods has called for Exxon to Continue Reading
California Energy Commission providing $78.7M for replacement of oldest school buses; electric preferred
The California Energy Commission School Bus Replacement Program is making up to $78.7 million in grant funding available for the replacement of California’s oldest school buses. (GFO-17-607) Additionally, the Energy Continue Reading
Oil Boom Bottleneck Costs Permian Investors $1B a Day
More than $1 billion a day. That’s how much value a Permian Basin pipeline crunch wiped out from the explorers most focused on the booming U.S. shale region in two Continue Reading
The Permian Has A Natural Gas Problem
Analysts continue to focus on the surging oil production in the Permian and looming takeaway capacity bottlenecks that could slow down the oil growth in the biggest U.S. shale play. Continue Reading
High-speed rail: Now it’s America’s turn
Andy Kunz, President and CEO of the US High Speed Rail Association (USHSR), shares the top 10 reasons for bringing high-speed rail to America. AMERICA stands at one of the Continue Reading
Putin offers pledges of economic stability
Riding improvements in the price of oil from recession to recovery, Russian President Vladimir Putin said Thursday the economy is on stable ground. Russia’s economy lingered in recession in 2016 Continue Reading
Microsoft Launches Second Subsea Data Center
Microsoft said yesterday it had submerged a second experimental data center off the coast of Scotland, as part of its Natick project that studies less energy-intensive data centers. While the Continue Reading
Moscow, Oil Companies Agree On Oil Export Duty Phase-Out
The Russian energy and finance ministries agreed with oil companies to start cutting the export duty on crude gradually, to bring it from the current 30 percent to zero over Continue Reading
Royal Dutch Shell Surpasses Exxon As Top Dog
Royal Dutch Shell took the top spot among oil and gas companies on the Forbes Global 2000’s list of the biggest and most powerful public companies, surpassing last year’s leader Continue Reading
Global Civilisation to Descend into ‘Hell on Earth’ Unless we Choose a New Paradigm
Late last year, Dr. Jeremy Leggett — solar energy entrepreneur, former oilman and government advisor — gave an eye-opening talk where he for the first time laid out his vision Continue Reading
Britain Has Gone Nine Days Without Wind Power
Britain’s gone nine days with almost no wind generation, and forecasts show the calm conditions persisting for another two weeks. The wind drought has pushed up day-ahead power prices to Continue Reading
Volvo Cars expects ½ of annual sales from BEVs by middle of next decade; ⅓ autonomous; ½ subscription-based
Volvo Cars said that by the middle of the next decade, it expects to generate half of all sales annually from fully electric cars; one third of all cars sold Continue Reading
Oil falls on U.S. crude build; global supply seen rising
Oil prices fell on Wednesday on worries that global supply is climbing after U.S. inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output. Continue Reading
Oil rises as reality dawns over Venezuela’s export crisis
Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check. Brent crude futures LCOc1 were up 23 cents at Continue Reading
As Oil Soars, Few Hedge Funds Are Left to Profit
It’s a rare bunch of traders who can say they made a killing on oil’s surprising rebound over the past year. The reason: There aren’t many of them left. Years Continue Reading
Oil Closes Higher Ahead of Stockpile Data
Oil erased its early losses and closed higher Tuesday, with some traders expecting a bullish U.S. inventory report Wednesday that could halt a recent price slide. Light, sweet crude for Continue Reading
Iraq starts exporting first crude oil cargo through IOTC
Iraq has started shipping crude oil through its Iraqi Oil Tankers Company (IOTC) for the first time since 1991, the oil ministry said on Wednesday. The two million barrel cargo Continue Reading
Saudi Arabia ‘revisiting’ policy on oil output cuts, India says
India’s oil minister said on Wednesday Saudi Arabia and other OPEC producers are “revisiting” their output-cutting policy, referring to a discussion he had with his Saudi counterpart. “For the first Continue Reading
Goldman: OPEC Must Raise Production
While many market participants view the recent talk of OPEC potentially raising oil production by as much as 1 million bpd as a bearish factor for oil prices, Goldman Sachs Continue Reading
Swift shows impact of Iran dispute on international business
It is a mid-sized Belgian business that oils the wheels of global finance from a tranquil lakeside south-east of Brussels, across the road from a 19th-century château. But the peaceful Continue Reading
Anti-Qatar Threats Could Jeopardize OPEC Meeting
The OPEC meeting on June 22nd could become a major showdown of internal conflicts. The media has been focusing on the possible split between the Arab producers and Iran, and Continue Reading
European Refiners Begin To Scale Back Oil Imports From Iran
After an initial hesitance over how the returning U.S. sanctions will affect Iran’s oil buyers, European refiners are beginning to wind down purchases from Iran after tanker providers, insurers, and Continue Reading
Election fraud dispute veers toward constitutional crisis
Parliament retroactively amended Iraq’s election law Wednesday to require a full manual recount of the May 12 voting results, adding new uncertainty to an already volatile political landscape. The legislation Continue Reading
Namibia drawing more focus from energy companies
OPEC member Angola’s southern neighbor, Namibia, could be a focal point with a quarter-million barrels of potential reserves, an Atlantic-focused company said. Atlantic-focused Chariot Oil & Gas Ltd. had little Continue Reading
Shell: Nigeria Oil Infrastructure Attacks Still A Major Concern
Although Nigeria has managed to restore its oil production to around 1.8 million bpd, following major militant attacks on oil infrastructure in 2016, sabotages in parts of the oil-rich Niger Continue Reading
Nigeria: Oil Spill Hits Bayelsa Community
A massive oil spillage from Shell Petroleum Development Company, SPDC pipeline has been reported in Aghoro communities in Ekeremor Local Government Area of Bayelsa State. Confirming the spillage to newsmen, Continue Reading
Exxon, Equinor complete partnership offshore Brazil
Development of oil basins off the coast of Brazil remains a core focus, Norwegian energy company Equinor said after selling off interests to Exxon Mobil. Equinor, formerly known as Statoil, Continue Reading