Oil Prices Slip As Rig Count Inches Higher
Baker Hughes reported an increase to the number of active oil and gas rigs in the United States on Friday. Oil and gas rigs increased by 2 rigs , according Continue Reading
Oil prices fall with stock market; Brent marks weekly gain
Oil prices fell on Friday, weighed down by a drop in the U.S. equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary Continue Reading
Price of oil unfazed by strong U.S. GDP figures
Crude oil prices ahead of the start of U.S. trading on Friday were unmoved by strong GDP figures as market watchers wait for the next shoe to drop. The U.S. Continue Reading
Global Oil Discoveries See Remarkable Recovery In 2018
Global discoveries of conventional oil and natural gas are seeing an exciting recovery with discovered resources already surpassing 4.5 billion boe in H1 2018, Rystad Energy analysis shows. The average Continue Reading
Iran Offers India Insurance, Tankers To Keep Oil Shipments
Iran has started to offer India cargo insurance and tankers operated by Iranian companies as some Indian insurers have backed out of covering oil cargoes from Iran in the face Continue Reading
Washington Pressing Tel Aviv For Gas Pipeline To Jordan
The Trump administration is pressing Israel to go ahead with a gas pipeline deal it signed with Jordan a few years ago, writes Israeli reporter Barak Ravid for Axios, citing Continue Reading
Venezuelans become Latin America’s new underclass.
Free-spending Venezuelans once crammed store aisles in foreign countries famously uttering “dame dos” — “I’ll take two.” But the citizens of what was once South America’s richest nation per capita Continue Reading
Lopez Obrador seeks to boost Mexico oil output to 2.5 million bpd from 1.9 million
Mexican president-elect Andres Manuel Lopez Obrador said on Friday his administration will look to boost the country’s crude oil production to 2.5 million barrels per day (bpd) from 1.9 million Continue Reading
Mexico’s Pemex posts $8.2 billion net loss in second quarter
Mexican state-owned oil company Pemex on Friday reported a 163.16 billion peso ($8.2 billion) net loss for the second quarter due to foreign exchange losses and higher costs, according to Continue Reading
Big Oil Profits Fall Short of Crude-Price Rally
The world’s largest oil companies continue to disappoint investors with limited cash payouts and profits that have failed to match the rally in crude, reflecting the fragile nature of a Continue Reading
Phillips 66 ‘maxed out’ on Canadian heavy crude oil: CEO
Phillips 66 ( PSX.N ) is running all the heavy Canadian crude oil the independent refiner can handle at its U.S. refineries and will not seek additional supply from a Continue Reading
U.S. drillers add oil rigs for first week in three: Baker Hughes
U.S. energy companies this week added oil rigs for the first time in the past three weeks as drillers follow through on plans to spend more on exploration and production Continue Reading
Oil and gas production up, payrolls down in Texas
Oil and gas producers in Texas are doing more with less, but this has a negative side as companies need fewer workers on their payrolls, an economist said. Karr Ingham, Continue Reading
U.S. distillate fuel inventories are low for this time of year
Inventories of distillate fuel, a category that includes both diesel and home heating oil, were 117.7 million barrels at the end of June, the lowest end-of-June level since 2004. Distillate Continue Reading
Profits For Oil Majors Soar Even As Wall Street Hoped For More
Oil prices started the week moving upwards after geopolitical tensions threatened both Iranian and Saudi Arabian oil, but a rising rig count on Friday has all but erased those gains. Continue Reading
Chevron Announces Share Buybacks, But Misses On Earnings
Chevron Corporation ( NYSE:CVX ) announced on Friday much-awaited share repurchases in its Q2 earnings release, but investors were disappointed by a miss in profits despite the fact that the Continue Reading
Exxon Earnings Disappoint, Again
ExxonMobil ( NYSE:XOM ) reported on Friday an 18-percent annual increase in earnings per share for the second quarter, but missed—yet again—analyst expectations, and reported its lowest production in a Continue Reading
ExxonMobil reports 7% decline in oil-equivalent production in Q2
ExxonMobil’s oil-equivalent production averaged just below 3.65 million boe/d in Q2, down 7% from Q2 2017, while the company saw production in the Bakken and Permian surge by roughly 30% Continue Reading
Texas to ‘Shatter’ Oil Production Records with Fewer Rigs and Workers
Economist Karr Ingham shares the mid-year results from the Texas Petro Index and production is doing well. Six months ago, Texas was on the cusp of breaking oil production records Continue Reading
Exxon Mobil, Chevron earnings miss Wall Street expectations
Exxon Mobil Corp and Chevron Corp, two of the world’s largest oil producers, reported quarterly profit on Friday that fell far short of Wall Street’s expectations. The disappointing results come Continue Reading
Russia: Iranian sanctions already factored into oil prices
Russian Energy Minister Alexander Novak said Friday the market has probably taken into account the potential loss of Iranian oil by November already. The U.S. departure from the Joint Comprehensive Continue Reading
Eni expects production to increase 4 percent this year
Italian energy company Eni said Friday it was expecting a 4 percent increase in oil and gas production from 2017 driven by gains across its entire portfolio. Assuming the price Continue Reading
Scorched earth: the world battles extreme weather
Thanasis Kontidis was hosing down the veranda of his family’s summer home in Mati on Monday afternoon when he caught a whiff of acrid smoke. “I looked up and saw Continue Reading
Oil markets ease after three days of gains
Oil prices edged lower on Friday in quiet trading after three days of gains, but took support from Saudi Arabia halting crude transport through a key shipping lane, falling U.S. Continue Reading
Oil rises on U.S.-EU trade talks, Red Sea shipping suspension
Oil prices rose for the third consecutive day on Thursday after Saudi Arabia suspended oil shipments through a strait in the Red Sea following an attack on two oil tankers Continue Reading
Why All The Experts Disagree On Oil Prices
On the low end we have Citibank, which recently stated that Brent oil prices could fall to as low as $45 per barrel within the next year. Citi’s Ed Morse Continue Reading
Tight Oil Markets Are Ignoring Supply Risk
The global oil market is once again in flux as geopolitics and regional conflicts take an increasingly heavy toll on oil supplies. Since the OPEC meeting in Vienna, warning signs Continue Reading
World Oil 2018-2050: World Energy Annual Report (Part 2)
This is Part 2 of the World Energy Annual Report in 2018. This part of the Annual Report provides an updated analysis of world oil production and consumption, evaluates the Continue Reading
Climate change is supercharging a hot and dangerous summer
In the town of Sodankyla, Finland, the thermometer on July 17 registered a record-breaking 90 degrees , a remarkable figure given that Sodankyla is 59 miles north of the Arctic Continue Reading
The 4 Key Chokepoints For Oil
While everyone has been watching the Strait of Hormuz amid rising tension between the U.S. and Iran, a chokepoint on the other side of the Arabian Peninsula is now at Continue Reading
Saudi Arabia halts oil exports in Red Sea lane after Houthi attacks
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea’s Bab al-Mandeb Strait, one of the world’s most important tanker routes, after Yemen’s Iran-aligned Houthis attacked Continue Reading
Iran’s special forces chief warns Trump: “If you begin the war, we will end it” – Tasnim
A powerful commander of Iran’s elite Revolutionary Guards said on Thursday Donald Trump should address any threats against Tehran directly to him, and mocked the U.S. president as using the Continue Reading
Iran warns US that it has forces ‘in places you cannot think’
A top Iranian commander has warned Donald Trump that the Islamic republic’s forces “are close to you in places you cannot think of” as Tehran ramps up its war of Continue Reading
Saudi Budget Deficit Shrinks As Oil Prices Rally
Higher oil prices are invariably good news for oil-dependent economies. The latest price rally is particularly good news for the world’s top oil exporter, Saudi Arabia, whose budget deficit is Continue Reading
Can Iran Circumvent U.S. Sanctions?
On August 6th, the first batch of sanctions against the Islamic Republic will go into effect. This includes sanctions on the acquisition of US dollar banknotes by Iran’s government, sanctions Continue Reading
Indian Refiner Cancels Iranian Oil Shipment As Insurance Won’t Cover Cargo
Hindustan Petroleum has cancelled a crude oil shipment from Iran after its insurer refused to provide coverage for the cargo on concern about U.S. sanctions, Reuters reports , citing three Continue Reading
Electricity service collapses as protests reignite
A shut-down of transmission lines left millions without power for hours, reinforcing the grievances of a protest movement that has caused minor disruptions at oil sites. Protesters prepare to burn Continue Reading
Saudi Aramco Weighing Global Bond Sale for First Time
If Aramco goes ahead with an international bond, the sale would force it to disclose its accounts to investors for the 1st time since nationalization 4 decades ago. (Bloomberg) — Continue Reading
Venezuela to lop five zeros off its currency
Racing to keep up with hyper-inflation which the International Monetary Fund (IMF) forecasts will hit 1,000,000 percent this year, the Venezuelan government said it will knock five zeros off its Continue Reading
China’s Economic Growth Stimulus Could Boost Oil Demand
China unveiled this week measures to reinvigorate its economic growth with support for infrastructure investments that are likely to boost demand for various commodities, including oil. As the U.S.-China trade Continue Reading
Japan June LNG imports fall 10.3% to hit 5.55 million mt, lowest since May 2016
Japan’s LNG imports dropped 10.3% year on year in June, hitting the lowest monthly volume in almost two years as supply from major producing countries such as Australia, Qatar and Continue Reading
Analysis: China’s Jun gasoline, gasoil exports fall to 4-month low as Asian supply swells
Highlights China gasoline, gasoil exports fall almost 20% on month State-owned refiners may divert more cargoes for home use in H2 Government incentives seen supporting local energy demand Singapore — Continue Reading
Drug Use in the Permian: Substance Abuse Advocates Look to Help Oil Workers
Rehab centers in Midland treat many oilfield professionals who are abusing drugs and alcohol. [Editor’s Note: This is the third installment in a three-part series exploring the working and living Continue Reading
Top U.S. Shale Oil Fields Decline Rate Reaches New Record…. Half Million Barrels Per Day
While the U.S. reached a new record of 11 million barrels of oil production per day last week, the top five shale oil fields also suffered the highest monthly decline Continue Reading
Peak Shale Oil?
The largest shale oil producer in the Permian spent $264 million more than they made from operations drilling 63 new wells in the Permian and only added a net 9,000 Continue Reading
BP pays $10.5 billion for BHP shale assets to beef up U.S. business
BP Plc ( BP.L ) has agreed to buy U.S. shale oil and gas assets from global miner BHP Billiton ( BLT.L ) ( BHP.AX ) for $10.5 billion, expanding Continue Reading
BP to Buy BHP Shale Assets for More Than $10 Billion
BP BP -1.13% PLC will buy the bulk of BHP Billiton Ltd.’s BHP -1.03% U.S. onshore oil-and-gas unit for $10.5 billion, as the U.K. oil major rebuilds in the U.S. Continue Reading
Chesapeake Selling Ohio Assets for $2 Billion
Chesapeake Energy Corp. CHK -0.23% is selling its last remaining oil and gas holdings in Ohio’s Utica Shale, a move aimed at whittling down the company’s debt and enabling it Continue Reading
Higher Fuel Costs Hit Airlines
Many of the biggest U.S. airlines are cutting flights and raising fares to counteract rising fuel prices that are threatening a long run of profitability . American Airlines Group Inc. Continue Reading
Canada’s Top Oil Firms Boost Production Despite Pipeline Constraints
Despite continued takeaway capacity constraints, Canada’s top two oil producers raised their production in the second quarter, as demand for heavy Canadian oil among U.S. Gulf Coast refiners has been Continue Reading