Oil prices rose more than 1 percent on Friday, with Brent climbing to a four-year high, as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other Continue Reading
Oil headed for its longest string of quarterly gains in more than a decade as impending supply disruptions threaten to fracture a global market with little margin for error. Futures Continue Reading
WTI and Brent held onto their gains during early trading on Friday and look set to close out the week strongly up. The tension between dwindling Iranian supply and the Continue Reading
The price of Brent crude, the international oil price gauge, has risen by 22% this year. But the cost has doubled if you’re buying in Turkish lira. It is up Continue Reading
Adherents of the currently faddish demand side of “Peak Oil” theory (as opposed to the formerly faddish supply side, which was completely blown out of the water in recent years Continue Reading
China’s Sinopec Corp is halving loadings of crude oil from Iran this month, as the state refiner comes under intense pressure from Washington to comply with a U.S. ban on Continue Reading
China’s top refiner Sinopec is halving its oil imports from Iran as of September, bowing to pressure from the United States, which is seeking to bring Iranian oil exports down Continue Reading
Saudi Arabia is poised to steadily increase production to compensate for the Iranian oil that will be subject to U.S. sanctions starting Nov. 5. Saudi Arabia hasn’t said anything publicly, Continue Reading
While oil traders have been generally punting to the “November Iran sanctions” as the reason why in recent weeks a bevy of $100 oil forecasts have emerged (even if Goldman Continue Reading
Saudi Arabia’s oil giant Saudi Aramco is expected to pick up an additional 550,000 bpd of oil production capacity from two giant oil fields in the fourth quarter, so it Continue Reading
Outside of northern Iraq’s fortified urban centers, insurgents have prevented resettlement in rural areas and are now causing residents to flee from villages previously considered safe. One year after the Continue Reading
On Friday the State Department announced it is evacuating all non-essential personnel from the US consulate in Basra, Iraq . The drastic move comes after a month of heavy anti-Iran Continue Reading
Royal Dutch Shell Plc ( RDSa.AS ) and Chevron Corp ( CVX.N ) on Friday led big bets by oil majors seeking to clinch key stakes in Brazil’s coveted offshore Continue Reading
Mexico’s President-elect Andres Manuel Lopez Obrador has assured oil companies operating in the country that no oil contract will be cancelled as long as it complies with its terms, Reuters Continue Reading
Mexico will need to double to about $4 billion its annual oil exploration investment to reverse a 14-year decline in output, a move that will require more funding by Pemex Continue Reading
China’s Commerce Ministry said on Saturday it will issue 202 million tonnes of crude oil import quotas for “non-state trade”, generally meaning independent refiners, marking a 42-percent rise from this Continue Reading
U.S. energy companies cut oil rigs for a second consecutive week as new drilling stalled in the third quarter with the fewest additions in a quarter since 2017 due to Continue Reading
Last month, deep in a 500-page environmental impact statement, the Trump administration made a startling assumption: On its current course, the planet will warm a disastrous 7 degrees by the Continue Reading
Baker Hughes reported an increase of a single oil and gas rig in the United States this week, bringing the total number of active oil and gas rigs to 1,054 Continue Reading
The latest step taken by the Trump administration in supporting the energy industry has been the relaxation of safety rule for offshore oil and gas production, put in place following Continue Reading
US oil production average 10.964 million b/d in July, breaking the output record set the previous month when output averaged 10.695 million b/d, the Energy Information Administration said in its Continue Reading
A revolutionary groundwater quality study provides new evidence that ‘fracking’ operations are safe to nearby water sources. This piece presents the opinions of the author. It does not necessarily reflect Continue Reading
Russia’s Sakhalin-1 consortium, led by ExxonMobil, has agreed to pay Russian energy giant Rosneft $230 million in an out-of-court settlement of an oil production dispute, an executive of an Indian Continue Reading
Crude oil futures were stable to higher in mid-morning trade in Asia Friday as market participants continued to focus on the impact of the looming loss of crude barrels due Continue Reading
Oil prices are likely to climb continuously into next year, as concerns over drops in supply from the likes of Iran and Venezuela outweigh any worry that global trade disputes Continue Reading
Sanctions against Iran could contribute to a “nasty gap” in the market at year-end, with oil prices potentially reaching $100/b, but probably not for a prolonged period, Standard Chartered bank’s Continue Reading
High-sulfur fuel oil (HSFO), essentially the leftovers of an oil refiner’s output, will still flow from refineries around the world even after new rules startup in 2020 curtailing its use Continue Reading
That’s the start of a new report from Wood Mackenzie, which concludes that a supply gap could emerge in the mid-2020s as demand rises at a time when too few Continue Reading
A squeeze on oil demand is looming as a result of the U.S.-China trade war, a senior BP executive told Reuters. Acknowledging the bullish effect of U.S. sanctions on Iran Continue Reading
Saudi Arabia and other OPEC members have been discussing on the quiet a half-a-million-barrel increase in their combined oil production to keep a lid on oil prices, unnamed sources told Continue Reading
Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to Continue Reading
Iran is moving closer to accepting international rules on combating financial crime as the authorities struggle to keep banking channels open for oil exports in the face of crippling US Continue Reading
The new export capacity, with projects to be completed in 2024, is expected to bring in billions of dollars more to the state coffers of the tiny gas-rich country, which Continue Reading
Iran’s Revolutionary Guards (IRGC) told Saudi Arabia and the United Arab Emirates on Friday to respect Tehran’s “red lines” or face retaliation, as the United States and its Gulf allies Continue Reading
India is committed to buying Iranian oil and continuing the two nations’ economic cooperation, the Iranian foreign minister said after a meeting with his Indian counterpart and ahead of U.S. Continue Reading
In the last 24 hours there have been two fascinating media reports about the Iran sanctions: one is a Bloomberg story saying Indian refiners will not buy any Iranian crude Continue Reading
A major restructuring of Iraq’s oil sector appears to be delayed — and could possibly be derailed — by a legal challenge. Parliament Speaker Salim Jabouri (center) presides over a Continue Reading
Highlights SOMO exporting crude from this field Plans to reach 60,000 b/d by end-2018 Refinery tender still pending Amman — Production from northern Iraq’s Qayara oil field, which until last Continue Reading
Truck drivers from the Zarandiyeh steel mill striking. ( Iran’s truckers are on strike for the second time this year, the Middle East Monitor reported yesterday , protesting inflationary insurance Continue Reading
The Trump administration and some others in the U.S. government have sent some not-so-subtle hints lately that they are open to a military invasion of Venezuela to oust President Nicolas Continue Reading
The White House is considering imposing restrictions on trading of biofuel credits, hoping to discourage speculation and reduce costs for oil refiners to comply with U.S. biofuels policy, according to Continue Reading
Mexico’s state-owned oil company Pemex plans to start importing up to 100,000 barrels of light crude daily, ending decades of oil self-sufficiency as declining domestic production meets rising energy demand. Continue Reading
Chinese energy company Nexen, a unit of CNOOC, is preparing to pull out of the United States amid rising trade tensions, Reuters reports , citing three unnamed sources with knowledge Continue Reading
Asia’s emerging markets, the key driver for global oil demand growth, are being hit hard by soaring crude prices and sliding currencies, raising red flags over expectations of further increases Continue Reading
After frequent rescheduling and downgrading, including a last-minute delay after market close last Friday, September 21, New England’s main natural gas pipeline, Algonquin Gas Transmission (AGT), may finally run their Continue Reading
Crude and Condensate Reserves BOEM remaining C&C reserve estimates for GoM increased by 649 mmbbls for 2016 (i.e. to 31st December 2016). This was 112% reserve replacement and followed a Continue Reading
The next LNG investment cycle may be primed for a liftoff. Royal Dutch Shell Plc and its partners are set to announce a final investment decision on their C$40 billion Continue Reading
At Hurricane Florence’s peak of intensity on September 10, its winds roared to 130 mph . But as the Category 4 storm approached the Carolinas, those gusts weakened. When it Continue Reading
The decision by OPEC+ to essentially let Brent crude rise above $80 per barrel , a four-year high, was met with outrage by U.S. President Trump. At the UN General Continue Reading
Although gasoline demand has started to slow down the end of the summer driving season, U.S. gasoline prices are bucking the trend and sitting at their highest for this season Continue Reading
