Permian Discount Could Rise To $20 Per Barrel
The pipeline constraints in the Permian basin have become a hot topic lately, not least because of the steep discounts that oil producers in West Texas have been forced to Continue Reading
Where Will U.S. Frackers Drill Next?
With WTI oil prices staying above $60 a barrel for several months, U.S. drillers are breaking production records each week, mostly thanks to the Permian in West Texas and New Continue Reading
Nord Stream is a commercial pipeline, Russia says
Expanding the capacity of the Nord Stream natural gas pipeline through the Baltic Sea is a purely commercial ambition, a Kremlin spokesman said Monday. Sweden’s government became the latest to Continue Reading
Barents Sea opened to drillers
Opening up more areas in the Barents Sea for drillers is expected to deliver in terms of future production, the Norwegian government said Monday. Eleven companies were offered 12 production Continue Reading
Oil Keeps Sliding as China Worries Weigh
Oil prices continued to weaken Monday, building on Friday’s slide as worries about increased production were amplified by the potential of Chinese tariffs on energy imports from the U.S. On Continue Reading
Oil down on China tariffs, expected OPEC supply rise
Oil prices fell on Monday after China threatened duties on American crude imports in a trade dispute with Washington, while supply from OPEC and Russia was also expected to rise. Continue Reading
Why $100 Price Forecasts Are More Sensational Than Logical
Towards the end of 2017 and for much of the first quarter of this year, both oil futures benchmarks – i.e. Brent, the global proxy gauge, and West Texas Intermediate, Continue Reading
Just the Fear of a Trade War Is Straining the Global Economy
Only a few months ago, the global economy appeared to be humming, with all major nations growing in unison. Now, the world’s fortunes are imperiled by an unfolding trade war. Continue Reading
Steep Oil and Strong Dollar Make Toxic Brew for Global Economies
For Americans, rising oil prices are threatening $3-a-gallon gasoline and pushing up prices for plane tickets. In many other parts of the world, today’s crude rally is more painful—sparking protests, Continue Reading
Why There Won’t Be An OPEC For Battery Metals
Over the past 58 years, major oil-producing states have aligned their interests in the ‘Organization of Oil Producing Countries’. During those years, OPEC has been able to steer price of Continue Reading
Oil Demand Growth Could Start To Soften Soon
OPEC may tout the production cuts pact as the key driver of oil market rebalancing, but if it weren’t for the strong global oil demand growth of the past three Continue Reading
Second oil storage tank on fire in fighting at Libya’s Ras Lanuf
BENGHAZI, Libya (Reuters) – An oil storage tank at the Ras Lanuf port in Libya was ablaze on Sunday amid fighting between rival factions for control of the terminals in Continue Reading
A look at Saudi Arabia and the new economics of oil
There is absolutely no doubt that the next Opec ministerial meeting this week will pit Saudi Arabia and its Gulf allies against Iraq, Iran and Venezuela, three founder members of Continue Reading
Libya’s NOC confirms two crude storage tanks destroyed in Ras Lanuf attacks
The attacks last week on Libya’s eastern oil terminals destroyed two crude oil storage tanks at Ras Lanuf, cutting its storage capacity by 42% to 550,000 barrels, the National Oil Continue Reading
Nigeria: Ndaf Warns of Plans to Attack Agip Facilities in Niger Delta
Niger Delta Activists Forum, NDAF, has warned of planned attacks on oil facilities in the Niger Delta belonging to Nigeria Agip Oil Company, NAOC. Addressing newsmen yesterday, the group said Continue Reading
Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost
Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Continue Reading
India’s ‘worst water crisis in its history’ is only going to get worse
India is suffering from the worst water crisis in its history and around 600 million people face a severe water shortage, according to a government think tank. Approximately 200,000 people Continue Reading
Nigeria plunged in to darkness by power grid meltdown as millions watched World Cup build-up on TV
NIGERIA suffered a major power cut on the first day of its World Cup campaign, according to local reports. The power grid melt down came on the same day the Continue Reading
Deadly Tensions Rise as India’s Water Supply Runs Dangerously Low
When the Indian resort town of Shimla ran severely low on water last month, “key men” like Inder Singh — who open and close the valves that supply water to Continue Reading
Venezuela Forced To Shut Down Production As Operations Fall Apart
There are now signs that its oil industry is entering a dangerous new phase. Argus Media reports that Venezuela has begun to “proactively shut in oil production to cope with Continue Reading
Venezuela’s shrinking crude output nears 1mn b/d
Venezuela has begun to proactively shut in oil production to shut-in nearly replete terminal storage, further accelerating an output decline and bringing the Opec country closer to the psychological barrier of Continue Reading
Chevron seeks shake-up in how Australia develops gasfields
Chevron has completed construction of two massive liquefied natural gas plants in Australia at an eye-watering cost of $88bn — and is wasting no time in trying to change how such Continue Reading
China’s tariffs on U.S. oil would disrupt $1 billion monthly business
China’s threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per Continue Reading
Shale Shifts Attention To This ‘Forgotten’ Oil Play
The Permian has been getting most of the headlines on U.S. shale, but there is another play in the vicinity that has been attracting more industry attention than media attention. Continue Reading
The Fed Is Driving Down Oil Prices
The U.S. dollar has jumped to its strongest level in nearly a year, raising questions about how a strong greenback could act as a drag on debt and oil demand Continue Reading
Solar Overtakes Gas, Wind as Source of New US Power
Despite tariffs that President Trump imposed on imported panels, the U.S. installed more solar energy than any other source of electricity in the first quarter. Developers installed 2.5 gigawatts of Continue Reading
Rosneft Says $70-80 Oil ‘Comfortable’ Ahead of OPEC Talks
Rosneft PJSC’s said crude at $70 to 80 a barrel was a “comfortable level” and expressed satisfaction with the results of Russia’s joint supply cuts with OPEC, just a week Continue Reading
Volvo Cars aims for 25% recycled plastics in every new car from 2025; XC60 T8 PHEV as example
Volvo Cars announced its ambition that from 2025, at least 25% of the plastics used in every newly launched Volvo car will be made from recycled material. Volvo Cars also Continue Reading
OPEC Meeting, Tariff Concerns Weigh on Oil Prices
Oil prices fell Friday as traders braced for higher crude production and disruption to global trade. West Texas Intermediate futures fell 2.7% to $65.06 a barrel at the New York Continue Reading
Oil slumps 3 percent on OPEC supply, China’s tariffs
Oil prices fell more than $2 a barrel Friday after two of the world’s biggest producers indicated they might increase output at next week’s OPEC meeting, while U.S. exports were Continue Reading
EIA expects Brent crude prices will average $71 per barrel in 2018, $68 per barrel in 2019
U.S. Energy Information Administration, Short-Term Energy Outlook In the June 2018 update of its Short-Term Energy Outlook (STEO), EIA forecasts Brent crude oil prices will average $71 per barrel (b) Continue Reading
NYMEX July contract breaches $3/MMBtu on hot weather forecasts
The NYMEX July natural gas futures contract jumped 5.7 cents Friday to $3.022/MMBtu, the first time the prompt-month contract has reached above $3/MMBtu since late January, as hot weather in Continue Reading
The Bullish And Bearish Case For Oil
Oil prices are in a holding pattern as we await the outcome of the OPEC+ meeting in a few days, and while the result of that meeting will almost completely Continue Reading
Irv Mills: My Peak Oil Journey
For some time now I been intending to do a post about “My Peak Oil Journey”, describing how my understanding of Peak Oil has evolved over the years. I think Continue Reading
Saudi Arabia plans leaders’ summit this year for OPEC, allies: sources
Saudi Arabia plans to host a leaders’ oil summit later this year for OPEC and non-OPEC countries participating in a supply cut pact, two sources familiar with the matter said Continue Reading
OPEC Back “In the Driver’s Seat”
The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals Oil prices bounced around over the past few Continue Reading
U.S. Shale, OPEC To Discuss Market Balance In Vienna
As everyone watches OPEC and Russia ahead of their meeting in Vienna next week, it’s easy to miss the fact that this is not the only meeting that will set Continue Reading
3 Possible Outcomes From The OPEC Meeting
The OPEC meeting is a week away and based on the signals from the group’s top producers, the market is assuming that the group will increase oil production. However, the Continue Reading
240,000 Bpd Offline Following Clashes In Libya
Continuing clashes between the Libyan National Army and rival militant groups have cut Libya’s oil production by 240,000 bpd, prompting the shutdown of Libya’s two biggest oil ports, Es Sider Continue Reading
India’s Biggest Bank To Stop Handling Iran Oil Payments
India’s largest bank, State Bank of India, has told local refiners that it will no longer handle payments for oil imports from Iran beginning in November, the head of finance Continue Reading
Egypt raises gasoline prices by up to 50 percent
Egypt raised gasoline prices by up to 50 percent, the oil ministry said on Saturday, under an IMF reform plan that calls for the slashing of state subsidies on some Continue Reading
Kenya: First Crude Arrives in Mombasa
Six years after British firm Tullow Oil announced that it had struck oil in Kenya, four tankers, each carrying 156 barrels arrived in Mombasa on Thursday. It is East Africa’s Continue Reading
Equinor seals the deal offshore Brazil
Equity production from offshore Brazil more than doubles after the completion of an acquisition in the Campos oil basin, Norwegian company Equinor said. Equinor, formerly known as Statoil, said Friday Continue Reading
Venezuela crude oil output careens toward 1 million b/d
Venezuelan crude oil production is on the verge of sinking to 1 million b/d, and factors playing out this month will determine whether that level is reached early next year Continue Reading
Venezuela oil exports to China slump, may hit lowest in nearly 8 years
China’s imports of Venezuelan crude oil could sink to their lowest in nearly eight years in July as the OPEC producer struggles with shrinking output and mounting logistics issues, according Continue Reading
Venezuela Oil Production May Sink To 1 Million Bpd As Early As This Year
Venezuela’s production plummeted again in May, by 42,500 bpd from April to below 1.4 million bpd—1.392 million bpd, according to OPEC’s secondary sources in its latest Monthly Oil Market Report Continue Reading
Venezuela’s Oil Sales To China Set To Plunge To 8-Year-Low
Venezuela’s economic and oil industry demise is likely to result in its crude oil exports to China plummeting to their lowest level in almost eight years in July, Reuters reported Continue Reading
China Issues Retaliatory Tariffs as Trade Fight Heats Up
Beijing retaliated against planned U.S. tariffs on Chinese goods by targeting high-value American exports—including farm products, cars, and crude oil—stepping up the potential for a trade war between the world’s Continue Reading
China retaliates against US tariffs on $50bn of imports
Beijing announced it would retaliate against new US tariffs on $50bn in Chinese imports that will go into effect within days, taking the world’s two largest economies to the brink Continue Reading
China surprises with threat on U.S. energy exports
Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the Continue Reading