Oil supply disruptions, from extraordinary events or otherwise, are not in the best interest of consumers or producers, the International Energy Agency said. The Organization of Petroleum Exporting Countries in Continue Reading
Global oil demand has already started to show signs of weakening this year in response to higher oil prices, following another year of robust demand growth above the 10-year average, Continue Reading
The IEA said that the run up in oil prices in the last few months dampened oil demand growth, although the agency left its forecast for oil demand growth unchanged Continue Reading
OPEC, Russia and its allies may consider a range of proposals to increase crude oil output which could be by as much as 1.8 million b/d, according to a source Continue Reading
Between 60 and 90 percent of the world’s fresh water is frozen in the ice sheets of Antarctica, a continent roughly the size of the United States and Mexico combined. Continue Reading
Crevasses near the grounding line of Pine Island Glacier in Antarctica. (Ian Joughin/University of Washington) Antarctica’s ice sheet is melting at a rapidly increasing rate, now pouring more than 200 Continue Reading
President Trump speaks to reporters as he arrives aboard Air Force One from Singapore at Joint Base Andrews, Md. on Wednesday. (Jonathan Ernst/Reuters) President Trump took fresh aim at the Continue Reading
OPEC revised up on Tuesday its 2018 forecast for total non-OPEC supply growth, while it left unchanged its projection for world oil demand growth at 1.65 million bpd this year. Continue Reading
Early on Wednesday, President Trump tweeted : “Oil prices are too high, OPEC is at it again. Not good!” This time the U.S. President used fewer words to reiterate his Continue Reading
U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after Continue Reading
At least three OPEC members disagree with Saudi Arabia and Russia on the need to pump more oil, OPEC sources said, complicating any official decision to boost supply just as Continue Reading
No single country speaks as the unified voice of OPEC as decisions must be made collectively, the Iranian oil minister said, according to state media. Members of the Organization of Continue Reading
After the handshakes, the signature ceremony and the diplomatic pomp of the historic meeting between President Trump and Kim Jong-un of North Korea, many Iranians could come to only one Continue Reading
Saudi Arabia’s oil minister is flying to Russia this week to discuss ways to manage an output boost both producers say they want to propose at an OPEC summit next Continue Reading
An Arab military coalition invaded Yemen’s main Red Sea port on Wednesday, threatening to worsen what is already the world’s most severe humanitarian disaster by disrupting the pipeline that millions Continue Reading
**China may offer US sanctions compliance for trade concessions **Chinese imports of Iranian crude up 6% from 2017 **Domestic banks, barter system may be used to evade sanctions China, Iran’s Continue Reading
An Arab coalition, led by Saudi Arabia and the UAE, have started their expected military assault on the Yemeni port of Hodeidah. This military operation will most probably decide the Continue Reading
Venezuela is considering refining foreign crude for the first time to produce fuels like gasoline or diesel, according to internal planning documents seen by Reuters on Wednesday, in the latest Continue Reading
U.S. Energy Information Administration, Petroleum Supply Monthly The United States exported 186,000 barrels per day (b/d) of jet fuel in 2017, the eleventh consecutive year of increasing gross jet fuel Continue Reading
But the good times for the teapots may be over as new tax rules have started to stifle their profit margins and could limit their purchases of crude oil, potentially Continue Reading
Lawyers for major oil companies on Wednesday urged a federal judge to throw out a lawsuit filed by New York City seeking to hold them financially liable for damages caused Continue Reading
The Energy Information Administration reported a large crude oil draw of 4.1 million barrels for the week to June 8, after a 2.1-million-barrel increase a week earlier. A day earlier, Continue Reading
Production growth from the Permian shale in the southern United States will be equivalent to adding another Kuwait to the market. File Photo by Gary C. Caskey/UPI June 13 (UPI) Continue Reading
Even though gas prices are eating up close to 10 percent of U.S. incomes, motor club AAA said Wednesday travel plans may be scaled back, but not canceled. “Motorists can Continue Reading
Higher oil prices are helping many American shale drillers. But they are hurting companies that frack for natural gas. As companies respond to rising oil prices by drilling more for Continue Reading
The bottlenecks in the Permian have created a widening chasm between not just Brent and WTI, but also WTI in Cushing or Houston and prices fetched for oil in the Continue Reading
Canada’s crude oil production is growing, but pipeline capacity is not, and this is eroding the country’s energy industry competitiveness, the Canadian Association of Petroleum Producers said in the latest Continue Reading
The Federal Energy Regulatory Commission does not see any emergency in the U.S. electricity market, the panel regulating the national grid said at a Senate hearing. The opinion is likely Continue Reading
Rigzone highlights some of the upcoming challenges for oil and gas firms in the Permian. The “clear challenge” producers of oil and natural gas in the Permian Basin will face Continue Reading
With oil price recovery taking hold, several U.S. oil and gas companies entered 2018 with a compelling plan – sell undeveloped or less essential fields and invest the money to Continue Reading
In 2010, the United States had 580 coal-fired power plants. They provided 45 percent of the nation’s electricity. By March 2018, the number of plants had fallen below 350 and Continue Reading
Over the past five years, U.S. shale production has seen strong and continuous gains in productivity as improvements were made in fracking technology and general know-how, but the most recent Continue Reading
Russia plans to propose to the OPEC/NOPEC allies next week that they reverse the group’s production to the October 2016 levels—the baseline for the cuts of most pact participants when Continue Reading
Europe’s liquefied natural gas imports have surged sixteen percent (from 40.9 bcm in 2016 to 47.4 bcm in 2017) to become the third largest source of gas supply after Russia Continue Reading
While many analysts and agencies have already called the end of the global oil glut, oil held in floating storage in Europe is at an at least 18-month-high, also due Continue Reading
Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. Benchmark Brent crude LCOc1 was down Continue Reading
Oil demand will grow steadily in 2019 thanks to a solid global economy, but the world may face a large supply gap by late next year if OPEC cannot cover Continue Reading
The world’s appetite for oil should remain robust throughout next year even as U.S. production continues to dominate supply growth, the International Energy Agency said Wednesday. In its closely watched monthly Continue Reading
Our demand growth estimate for 2018 has been left largely unchanged, at 1.4 mb/d. Recent data confirms strong growth in 1Q18 and in early 2Q18, partly due to colder weather in the northern Continue Reading
The International Energy Agency on Wednesday said a “finely balanced” market would become vulnerable to disruption and OPEC swing producers and others would need to boost their production, even as Continue Reading
Forecast Highlights Global Liquid Fuels Brent crude oil spot prices averaged $77 per barrel (b) in May, an increase of $5/b from the April level and the highest monthly average Continue Reading
Both Saudi Arabia and Russia recently increased their oil production levels, an indication that they are getting a head start on higher output even as possible changes to the OPEC/non-OPEC Continue Reading
“A lot of people are concerned about higher oil prices and their impact on demand. The evidence really isn’t there,” he added, making a strong case for oil bulls if Continue Reading
All OPEC data below is from the OPEC Monthly Oil Market Report . All OPEC data is in thousand barrels per day and is through May 2018. OPEC 14 Crude Continue Reading
OPEC said the oil market outlook in the second half of 2018 is highly uncertain even though the producer group’s figures show a global glut has ended, suggesting talks next Continue Reading
Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen Continue Reading
OPEC pumped more oil last month driven by higher output from Saudi Arabia , the cartel’s de facto leader, which has for more than a year led a coalition of Continue Reading
Saudi oil giant Aramco will be heavily investing in increasing its refining capacity and chemicals business in pursuit of securing more downstream markets for its crude oil, Aramco’s Senior vice Continue Reading
A leak of private property data in Dubai has shed new light on how the proceeds of a notorious $1.3 billion oil deal involving Shell may have been spent on Continue Reading
New data taken from an oil reservoir on the northern coast of Cuba confirm the assessment of a highly prospective site, Australia’s Melbana Energy announced. Melbana, which changed its name Continue Reading
