New oil from British North Sea expected by 2021
First oil from the second phase of the Buzzard field in the British waters of the North Sea is expected in three years, a partnership announced. Nexen leads a partnership Continue Reading
Oil up as U.S. sanctions on Iran expected to tighten supply
Brent crude oil futures LCOc1 were up 50 cents to $74.25 per barrel at 0928 GMT (5.28 a.m. ET) and U.S. West Texas Intermediate (WTI) crude futures CLc1 were up Continue Reading
Oil up after OPEC sources say Saudi crude output fell
Oil futures rose on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions Continue Reading
Goldman Sachs Expects “Very, Very Tight” Oil Market
Oil demand continues to be strong and the oil market is “eating very quickly” through OPEC’s spare capacity, so we are going into a “very, very tight oil market,” Michele Continue Reading
Renewed U.S. sanctions target Iran’s economy, Tehran cool on talks
President Donald Trump’s top security advisor on Monday urged Iran to take up an offer of talks with the United States or suffer more pain from economic sanctions, but Iran’s Continue Reading
Iran facing tough new sanctions reality
With U.S. sanctions relief on Iran winding down on Monday, the U.S. secretary of state said it would take immense changes from Tehran to avoid further pressure. Under the new Continue Reading
U.S. wants as many countries as possible to stop buying Iranian oil: senior official
The United States wants as many countries as possible to cut their imports of Iranian oil to zero, a senior U.S. administration official said on Monday in a telephone press Continue Reading
Iran sanctions: Trump warns trading partners
What is the Iran nuclear deal? US President Donald Trump has issued a strong warning to anyone trading with Iran, following his re-imposition of sanctions on the country. “Anyone doing Continue Reading
Saudi Arabia Crude Flows to U.S. Surge While Venezuela Output Declines
The world’s largest oil exporter loaded 1 million barrels a day onto tankers bound for the U.S. in July. That’s a 36 percent jump from June and the single biggest Continue Reading
Something Strange Is Happening In The Saudi Oil Patch
Saudi Arabia may have started to fill up its oil tanks, export and domestic consumption data suggests, as cited by Bloomberg’s Julian Lee. Traditionally, the summer months are the season Continue Reading