Investors are about to find out whether the world’s largest oil companies have learned their lesson from $80 billion of cost blowouts in major projects during the era of $100 Continue Reading
From an exploration license offshore to a contract extension near the Western Desert, Italian energy company Eni said it’s strengthening its position in Egypt. The company stated Tuesday that its Continue Reading
With U.S. sanctions set to snap back into place, Iran is bracing itself for another period of economic hardship and uncertainty. Critical to the success of the U.S. sanctions program Continue Reading
Iran will send its oil minister, Bijan Zanganeh, to a September meeting of the monitoring committee overseeing OPEC’s supply accord with Russia and other allies, in another bid to preserve Continue Reading
Libya’s crude oil recovery has seen output rise above 1 million b/d for the first time since early June, sources close to the production said Tuesday. Receive daily email alerts, Continue Reading
Iraq’s Federal Supreme Court at the Aug. 14, 2018, hearing of a lawsuit by the federal Oil Ministry against Kurdistan’s oil sector. (Source: Federal Supreme Court media office) Iraq’s Federal Continue Reading
Nigerian National Petroleum Corporation, NNPC, yesterday, disclosed that a group of investors has acquired a 100,000-barrel per day, BPD, refinery in Turkey, from British Petroleum, BP, and are currently in Continue Reading
Iranian Oil Minister Bijan Zanganeh will attend a meeting of an OPEC/non-OPEC committee that monitors output compliance, known as the JMMC, in Algeria in September, the Iranian Students’ News Agency Continue Reading
A survey completed at a basin off the coast of Australia thought to hold at least 1 billion barrels of reserves. Image courtesy of Melbana Energy Aug. 14 (UPI) — Continue Reading
As China girds for an escalating trade fight with the U.S., it is facing increasing trouble on the home front from a slowing economy. Spending on so-called fixed assets such Continue Reading
China’s leaders have sought to project confidence in the face of President Trump’s tariffs and trade threats. But as it becomes clear that a protracted trade war with the United Continue Reading
On Monday, the head of the international office of China Petroleum and Chemical Industry Federation (CPCIF) Andrey Yu, said that “Chinese companies need the Iranian oil in any circumstances and Continue Reading
As the U.S.-China trade war escalates, a growing number of analysts and organizations have increased warnings that further trade tensions could dent economic growth, consumer spending, and investment flows globally—all Continue Reading
Chinese oil importers are shying away from buying U.S. crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s Continue Reading
When US natural gas futures passed a milestone this month, they did so quietly: volatility fell to the lowest levels since the market’s debut nearly 30 years ago. The event Continue Reading
The American Petroleum Institute (API) reported a surprise crude oil inventory build of 3.66 million barrels of United States crude oil inventories for the week ending August 11, compared to Continue Reading
Cheniere Energy wants to introduce feedgas to the first liquefaction unit at its LNG export facility in Texas as it prepares to begin production before the end of the year. Continue Reading
This winter could be a bleak one for America’s natural gas exporters as the fastest-growing buyer of the fuel threatens to halt purchases amid an escalating trade war. PetroChina, a Continue Reading
Royal Dutch Shell says that offshore drilling is now more competitive than onshore shale drilling, upending what has become conventional wisdom since the 2014 oil market meltdown. The downturn was Continue Reading
This time was supposed to be different. This year was supposed to be the year in which the U.S. shale industry proved that, after years of frustrating investors, they would Continue Reading
Oil prices rose on Tuesday after Saudi Arabia said it had cut production in July, though concerns over a slowdown in global economic growth kept a lid on markets. Benchmark Continue Reading
Oil prices erased most of their losses and closed slightly lower Monday as traders faced increased OPEC production and a stronger dollar. Light, sweet crude for September delivery closed down Continue Reading
Oil prices fell on Monday after data suggested inventories at the U.S. crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will Continue Reading
The last quarter has seen increased volatility in oil prices, an increase that I attribute to the growing tensions in international markets as fears of a global trade war intensify. Continue Reading
Last week President Trump spoke to business leaders at a dinner. Daniel Dale, the Washington correspondent for the Toronto Star, posted several tweets about the dinner. In one, he wrote Continue Reading
All OPEC data is from the latest OPEC Monthly Oil Market Report and is in thousand barrels per day. All data is through July 2018. OPEC crude oil production was Continue Reading
OPEC’s oil production ticked up slightly in July, the cartel said Monday, even as production in Saudi Arabia—the de facto leader of the group—declined. Crude oil output in the Organization Continue Reading
LONDON (Reuters) – OPEC on Monday forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return Continue Reading
According to state-run media in Iran, Chinese companies are keen on buying oil from Iran despite unilateral sanctions put in place by the United States. Andrey Yu, the head of the Continue Reading
Saudi Arabia lowered its oil production in July even as the kingdom has pledged to raise output significantly to make up for an expected drop in Iranian exports. Opec’s largest Continue Reading
Elon Musk said Saudi Arabia’s sovereign-wealth fund has approached him several times over nearly two years about providing financial support to take Tesla Inc. TSLA 0.26% private, as the chief Continue Reading
Saudi Arabia’s oil production is arguably the most important number in the industry, determining whether the market will be under- or over supplied. It is closely tracked by a host Continue Reading
OPEC reported on Monday that Saudi Arabia cut its oil production in July, a surprise move after Riyadh had pledged to ramp up output following the June meeting in Vienna. Continue Reading
Iran’s Supreme Leader on Monday rejected U.S. President Donald Trump’s offer of unconditional talks to improve bilateral ties and he also accused the Iranian government of economic mismanagement in the Continue Reading
Venezuela’s heavily subsidized domestic gasoline prices should rise to international levels to avoid billions of dollars in annual losses due to fuel smuggling, President Nicolas Maduro said in a televised Continue Reading
After soaring last year, U.S. crude oil exports to China have started to slow down because of trade concerns and price differentials, Morningstar found. Total U.S. crude oil exports to Continue Reading
China’s coal output fell 2 percent in July to its lowest in years as Beijing’s crackdown on polluting industries crimped mining in the world’s top consumer of the fuel, driving Continue Reading
China’s economy continued to show signs of cooling, with fixed-asset investment slowing to a nearly two-decade low for the first seven months of the year as trade tensions with the Continue Reading
Seoul — South Korean state-owned Korea Gas Corporation’s LNG sales rose 10.5% year on year in July, driven by strong demand for power generation, company officials said Tuesday. Receive daily Continue Reading
It was California’s biggest fire yet. In late July and August, wildfires devastated an area north of San Francisco far bigger than New York City, destroying more than 100 homes and injuring Continue Reading
US unconventional oil production is forecast to increase to 7.522 million b/d in September, up 93,000 b/d from August, the US government said Monday – the smallest month-on-month growth projection Continue Reading
Chesapeake Energy has agreed to end a four-year federal class-action battle over natural gas royalties with Pennsylvania leaseholders for $7.75 million, but left the door open to walking away from Continue Reading
In the climactic final scene in There Will Be Blood — arguably the greatest movie about the oil industry — the main character played by Daniel Day Lewis explains how Continue Reading
The United States is sending via pipelines record volumes of natural gas to Mexico, and although U.S. pipeline capacity to Mexico and production and exports have jumped in recent years, Continue Reading
There’s been no luck in an effort to find new reserves near a multimillion-barrel prospect in the Barents Sea, the Norwegian government stated Monday. The Norwegian Petroleum Directorate, the nation’s Continue Reading
A COMPUTER MODEL developed in 1973 by a team of MIT researchers has predicted the “end of civilized life as we know it” by 2040, with a major change coming Continue Reading
It took more than 20 years for littoral states of the Caspian Sea to reach an agreement that would lay the legal foundations for the full utilization of the region’s Continue Reading
German Chancellor Angela Merkel and Russian President Vladimir Putin will meet in Germany on Saturday, August 18, and will discuss , among other things, the Nord Stream 2 natural gas Continue Reading
Oil prices steadied on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, though U.S. sanctions against Iran pointed towards tighter supply ahead. Benchmark Brent Continue Reading
The oil market has experienced a “cooling down” this summer as global supply disruptions have eased at a time when demand has also slowed a bit, according to a new Continue Reading
