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Month: September 2018

Category:
  • Prices

Brent hits 4-year high as U.S. sanctions on Iran tighten supply

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Prices

Oil on Biggest Tear in Decade as Global Supply Cushion Vanishes

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Prices

The $100 Oil Debate

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Prices

Emerging Markets’ Double Whammy: Expensive Oil, Weak Currencies

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Peak Oil

Predictions Of Early ‘Peak Oil’ Demand Don’t Pass The Goldilocks Test  

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • China
  • Iran

China’s Sinopec halves Iran oil loadings under U.S. pressure: sources

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • China
  • Iran

Oil Market Shocked As China’s Top Refiner Halves Iranian Oil Imports

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Arabia quietly plans to increase oil output by 500,000 barrels per day

 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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Oman

What Explains The Bizarre Price Surge In Oman Crude?

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Aramco Set To Boost Oil Capacity By 550,000 Bpd In Q4

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Iraq

Villages evacuate as rising insurgency targets new territory

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Iraq

US Evacuating Consulate In Iraq, Citing Threats From Iran

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Brazil

Shell, Chevron bet big in last Brazil oil auction before elections

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Mexico

Mexico President-Elect Assures Oil Industry He Won’t Cancel Contracts

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Mexico

Mexico must double oil exploration spending to halt output fall: Pemex

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • China

China hikes 2019 non-state oil import quota to 202 million tonnes: Commerce Ministry

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. oil drillers add fewest rigs in quarter since 2017: Baker Hughes

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Shale Oil

Trump administration sees a 7-degree rise in global temperatures by 2100

 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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Shale Oil

U.S. Rig Count Sees Modest Increase Amid Soaring Oil Prices

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Offshore

Washington Relaxes Offshore Oil Production Rules

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Shale Oil
  • USA

US produced 10.964 mil b/d of crude oil in July, breaking record: EIA

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Shale Oil
  • Water

A Breakthrough for Hydraulic Fracturing

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Russia

Exxon-led Russian consortium to pay Rosneft $230 million to settle production dispute

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

Posted On : 29 Sep 2018 Published By : Tom Whipple
Category:
  • Prices

Crude oil futures stable to higher on looming supply concerns

 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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Prices

Oil to rise as Iran sanctions outweigh demand risks from trade wars: Reuters poll

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Prices

Iran sanctions could spur oil to $100/b: Standard Chartered’s Horsnell

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Oil Supply

How the world’s oil refiners plan to grapple with their fuel oil output after 2020

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Oil Supply
  • Prices

The Inevitable Oil Supply Crunch

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • China
  • Prices
  • USA

Don’t Underestimate The Trade War Impact On Oil Demand

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Oil Supply
  • OPEC

OPEC Secretly Discusses 500,000 Bpd Production Boost

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Arabia in short-term oil fix, fears extra U.S. supply next year

 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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Iran

Iran close to accepting global financial rules as sanctions press

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Qatar

Qatar To Boost LNG Capacity To Seize Market Opportunities

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Iran
  • Saudi Arabia

Iranian Revolutionary Guards warns Saudi Arabia, UAE to respect its ‘red lines’

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • India

India will continue to buy Iran’s oil: Iranian foreign minister

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • India
  • Iran

The Biggest Wildcard In The Iran Sanctions Saga

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Iraq

Lawsuit imperils formation of Iraq National Oil Company

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Iraq

Iraq targets ambitious output jump at Qayara oil field

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Iran

Will Iran become the next Venezuela?

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Venezuela

Is Trump Eyeing A Coup In Venezuela?

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Biofuels

White House mulls limits on biofuel trading as part of E15 deal: sources

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Mexico

Mexico To Start Importing Light Crude Next Month

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • China
  • USA

China’s Nexen Prepares To Pull Out Of U.S. Gulf Of Mexico

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Asia

Asia’s troubled emerging markets to shave oil demand next year

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • USA

Outages Could Threaten New England’s Gas Market

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Offshore
  • USA

GoM Reserves and Production Update, 1H2018

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Canada
  • LNG

The Next Cycle of LNG Investments Is Set to Start in Canada

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Climate

Florence Stirs Up a Debate about How we Talk about Hurricanes

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • USA

Why A U.S. SPR Release Would Not Matter

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

Posted On : 28 Sep 2018 Published By : Tom Whipple
Category:
  • Prices
  • USA

High U.S. Gasoline Prices Buck The Trend Even As Demand Falters

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

Posted On : 28 Sep 2018 Published By : Tom Whipple

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