Iranian President Hassan Rouhani said Europe so far has offered few comments beyond general commitments of support for the U.N.-backed nuclear agreement. File Photo by the Iranian Presidency Office July Continue Reading
South Korea has suspended all buying of Iran crude and superlight crude, more commonly known as condensate after the U.S. stepped up pressure on Iran crude buyers to stop importing Continue Reading
“Everyone is almost certain it (IPO) is not going to happen,” a senior Aramco executive told the Wall Street Journal yesterday, confirming already existing doubts about the deal that all Continue Reading
Facing the imminent reinstatement of U.S. oil sanctions, Iran is threatening to close the Strait of Hormuz, which would shut down the region’s oil trade. Iran has made this threat Continue Reading
Preparations for the public listing of Saudi Arabia’s state oil company, a centerpiece of the government’s plan to open its economy, have stalled, leaving government officials and people close to Continue Reading
A Libyan oil executive called on international investors to remain committed to the country, adding economic problems could have a spillover effect. Mustafa Sanalla, the head of Libya’s National Oil Continue Reading
Africa’s richest man Aliko Dangote, who is financing the construction of one of the world’s largest oil refineries, believes that the 650,000-bpd facility could be near its full capacity by Continue Reading
A broad coalition of left-wing parties could give Mexico’s President-elect Andres Manuel Lopez Obrador the ability to amend the constitution, but the new administration has said they don’t intend on Continue Reading
Storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela’s Hugo Chavez oil belt, formally known as the Orinoco Belt Continue Reading
China National Petroleum Corporation (CNPC) and the Abu Dhabi National Oil Company (ADNOC) are expected to sign as early as this month a preliminary deal to invest in oil and Continue Reading
U.S. energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a Continue Reading
Baker Hughes reported an increase in the number of active oil rigs in the United States today. The overall rig count increased by 5 rigs , according to the report, Continue Reading
The NYMEX August natural gas futures contract increased Friday, up 2.10 cents to settle at $2.837/MMBtu after the US Energy Information Administration announced a larger-than-expected storage build for the week Continue Reading
US and global demand for the Chevrolet Bolt EV has been very strong in 2018, with global sales estimated to be up more than 35% year over year in the Continue Reading
The European commissioner for climate action said Friday it’s time to start looking beyond the horizon outlined in the Paris climate agreement. “The clean energy transition will be key, and Continue Reading
Two weeks after helping secure a new arrangement with OPEC, Russian President Putin said the economy was stable, but exposed to external risks. Russia is party to a committee monitoring Continue Reading
U.S. tariffs are set to take effect on China on Friday, with China promising immediate retaliation, kicking off the next phase of the trade war. But it remains to be Continue Reading
Oil slipped toward $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, although oil supply disruptions lent support. Top Continue Reading
Even with Saudi Arabia offering market assurances, concerns about dwindling spare capacity could push oil prices above $80 per barrel, Swiss bank UBS said. Members of the Organization of Petroleum Continue Reading
U.S. crude futures CLc1 fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday’s 3-1/2-year high of over $75. Brent crude futures LCOc1 lost 85 cents to settle at Continue Reading
The start of natural gas production off the coast of Libya is a breath of fresh air for a country facing significant security risks, a company chairman said. A joint Continue Reading
Highlights Libya turmoil sees output plummet 250,000 b/d Angola continues slide to 20-month low Venezuela posts 610,000 b/d year-on-year drop Iran falls to 3.8 mil b/d, Iraq rises to 4.54 Continue Reading
South Korea will not lift any Iranian crude and condensate in July, halting all shipments for the first time in six years amid U.S. pressure to cut all imports of Continue Reading
The U.S. Navy stands ready to ensure free navigation and the flow of commerce, the U.S. military’s Central Command said on Thursday, as Iran’s Revolutionary Guards warned they would block Continue Reading
Greek oil and gas company Energean ( ENOG.L ) is ready to buy and operate a 45 percent stake in the offshore gas field Gaza Marine as soon as both Continue Reading
Iran should make more effort to ensure stability in the Middle East and get along with its neighbors, a senior Chinese diplomat said on Friday, as Iran’s Revolutionary Guards warned Continue Reading
Faced with the return of U.S. sanctions, Iran is studying a revival of a plan to barter crude oil for goods, possibly resuming the scheme that it used to try Continue Reading
The eastern Libyan government based in Tobruk has accused Qatar of aiding the militant groups that tried to take over the country’s oil ports last month, Sputnik reports , citing Continue Reading
Iran’s oil exports recovered in June as demand from its key customers in Asia increased with an appetite for Iranian oil picking up this summer. Receive daily email alerts, subscriber Continue Reading
Saudi Arabia has turned its oil market fortunes around over the past 1 ½ years. From facing potential financial collapse due to a historic supply overhang of crude on the Continue Reading
Those who watched the spectacular volcanic eruptions in Hawaii in June will have seen the tremors and earthquakes that were followed by massive explosions, as great floods of molten lava Continue Reading
Public listing preparations of state-run Saudi Aramco have stalled, the Wall Street Journal reported on Thursday. Aramco, the world’s biggest oil producer, has been expanding its global footprint by signing Continue Reading
ABU DHABI (Reuters) – from the level it said it produced in May, OPEC sources told Reuters on Thursday. Saudi Arabia’s total supplies to the market in June were even Continue Reading
The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020. Group Continue Reading
China’s ambitious push to use biofuel in cars nationwide by 2020 is in doubt amid concerns about supplies of raw material such as corn, complicated by an escalating trade dispute Continue Reading
Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran Continue Reading
This year’s selloff in China’s stocks and currency is reviving painful memories of the country’s last market rout, in the summer of 2015. If anything, things look more worrying this Continue Reading
China has issued its second batch of crude oil import quotas to independent refiners and trading companies for 2018—a much smaller batch, but the low volumes were expected because the Continue Reading
LONDON (Reuters) – The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran’s oil export revenues and in return Riyadh will guarantee Continue Reading
Summary of Weekly Petroleum Data for the week ending June 29, 2018 U.S. crude oil refinery inputs averaged 17.7 million barrels per day during the week ending June 29, 2018, Continue Reading
Power use on the U.S. East Coast has been at its highest levels in years in recent days as a heat wave has been sweeping across the Northeast, including in Continue Reading
The US has installed almost twice as much natural gas-fired power generation capacity as wind and solar power in 2018, and coal-fired capacity leads the list of proposed retirements by Continue Reading
The Trump administration wants to fire up development of the U.S. offshore wind industry by streamlining permitting and carving out vast areas off the coast for leasing. July 5 (Reuters) Continue Reading
Leaders of the world’s largest oil companies want everyone to know it won’t do anyone any good to make them pay for the damages of climate change. Executives have been Continue Reading
Move over Wall Street titans and Silicon Valley giants. When it comes to paychecks, Big Oil now looks like the best bet for U.S. workers. Spurred partly by the shale Continue Reading
The northern hemisphere has been hit by extreme heat over the past two weeks, with record-breaking temperatures recorded in the US, Canada, Europe and the Middle East. An unprecedented week-long Continue Reading
A trade war between the world’s two largest economies officially began on Friday morning as the Trump administration followed through with its threat to impose tariffs on $34 billion worth Continue Reading
The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many Continue Reading
As many as 8 million barrels of oil have been discovered in parts of the North Sea not previously known to contain petroleum, the Norwegian government said. The Norwegian Petroleum Continue Reading
Diminishing the national significance of British shale natural gas work creates unnecessary delays for developing the fledgling industry, a trade group said. A select committee in the British Parliament published Continue Reading
