Oil plunges 6 percent as economic slowdown fears grip market
Oil prices plunged more than 6 percent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic Continue Reading
Argus Remains Bullish On Oil As Prices Plunge Below $45
Although the oil market will remain oversupplied in the first quarter of 2019, the OPEC+ producer cuts will start to work in the second quarter and gradually rebalance the market Continue Reading
World oil crisis looms as supply levels under threat
Oil prices continued their decline last week, with the market adversely affected by global financial turmoil, slowing growth and deteriorating liquidity. The week ended with losses of about $5 per Continue Reading
The Top 10 Energy Stories Of 2018
As 2018 comes to a close, it’s time to review the top energy stories of the year. This year there wasn’t an overwhelming choice for the top story as we Continue Reading
The Biggest Oilmen Of 2018
This year has been a crazy ride for the oil industry, which saw the price of Brent crude seesaw from $66.87 on the first day of the year, to a Continue Reading
OPEC Prepared To Call ‘Extraordinary Meeting’ As Oil Falls
Just a couple of weeks after OPEC and its partners agreed to implement another round of production cuts, the cartel is ready to extend these cuts as international prices continue Continue Reading
The Battle For Syria’s Oil Region
The Syrian Civil War has gone through several phases over the course of seven years and it now appears to be entering another one. Government forces have regained control over Continue Reading
Suicide attackers hit Libya’s foreign ministry in Tripoli
Suicide attackers hit the headquarters of Libya’s foreign ministry in Tripoli on Tuesday, opening fire before blowing themselves up inside, a security source said. An employee at the ministry said Continue Reading
NOC head and Libyan PM agree new plan to protect fields
Libya’s National Oil Corporation chairman Mustafa Sanalla and the country’s internationally recognized Prime Minister Fayez al-Sarraj on Monday agreed to a new security plan to protect El Sharara oilfield, which Continue Reading
Iran budget proposals point to revenue decline
Iran’s proposed state budget for the coming year points to a 3.7 percent decline in revenues in rial terms, as US sanctions continue to bite. The budget bill — proposed Continue Reading
Outlook 2019: Political instability at heart of Libya’s oil woes
Libya’s output recovery obscures the fragility of its outlook, against a backdrop of political uncertainty and a worsening security situation. Receive daily email alerts, subscriber notes & personalize your experience. Continue Reading
Ghana’s first oil exploration licensing round attracts global majors
Sixteen oil and gas firms have submitted applications for one or more of five Ghanaian offshore blocks in the West African country’s first exploration licensing round, its energy ministry said. Continue Reading
BP to develop 15 trillion-cubic-foot West African gas field
BP has made a final investment decision to move ahead with the first phase of the project to develop the Greater Tortue Ahmeyin gas field located in ultradeep waters shared Continue Reading
Outlook 2019: Political instability at heart of Libya’s oil woes
Libya’s output recovery obscures the fragility of its outlook, against a backdrop of political uncertainty and a worsening security situation. Receive daily email alerts, subscriber notes & personalize your experience. Continue Reading
ExxonMobil Faces Off With Venezuela’s Navy
Exxon has suspended exploration activities in the western part of the Stabroek block offshore Guyana after the Venezuelan Navy intercepted this weekend two exploratory vessels in what Caracas claimed was Continue Reading
Exxon quiet on plans to resume Guyana marine survey after Venezuela dispute
Exxon Mobil and a seismic research company it hired to search for oil off the coast of Guyana declined on Monday to say when they might resume exploration work halted Continue Reading
Venezuela-Guyana Feud Halts Exxon Project
Ten offshore oil discoveries since 2015 by an Exxon-led consortium, accounting for 5 billion barrels of crude, have turned Guyana, one of South America’s poorest nations, into one of the Continue Reading
It Doesn’t Matter if Ecuador Can Afford This Dam. China Still Gets Paid.
The dam sits under the glare of an active volcano, with columns of ash spewing toward the sky. Officials had warned against the dam for decades. Geologists said an earthquake Continue Reading
In Venezuela, Russia pockets key energy assets in exchange for cash bailouts
As allies go, Venezuela is a relatively cheap one for Russia. But the potential returns on Moscow’s investment there could be priceless. In exchange for modest loans and bailouts over Continue Reading
China’s LNG Imports Jump To Record High In November
Chinese liquefied natural gas (LNG) imports soared by 48.5 percent in November 2018, compared to the same month last year, as China continues to have parts of the country switch Continue Reading
US shale’s financial blanket at risk of wearing thin in 2019
All industrial revolutions need two things: technology and finance. The US shale revolution was made possible by the advances in horizontal drilling and hydraulic fracturing that allowed oil and gas Continue Reading
Investors Are Turning Their Back On Coal
The net zero carbon emissions movement has finally entered the mainstream for investment professionals. Despite a U.S, delegation declaring its intention to burn more fossil fuels at an environmental conference Continue Reading
Russia’s Lukoil drills shallow Caspian waters as it awaits deepwater approval
Alexandre Oboronkov leaped at the chance to work on the Filanovsky platform after it was launched in 2016, keen to see Russia’s largest Caspian Sea oilfield in action. The Filanovsky Continue Reading
Brent crude edges up, but concern over demand limits gains
Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world’s largest producer, although concern about Continue Reading
Lessons From The Oil Markets In 2018
Looking back over a period as long as a year may, to many traders, seem like a pointless exercise. One of the psychological traits needed if you are to trade Continue Reading
This Key Indicator Spells Trouble For Oil Investors
The price ratio between crude oil and natural gas has changed dramatically in the past few weeks, as crude prices have crashed at a time when natural gas prices hit Continue Reading
The Key Swing Producer Behind The OPEC+ Deal
Russia continues to be the key partner of OPEC and its largest producer Saudi Arabia in managing the oil market. For a second production cut deal in a row, Moscow Continue Reading
OPEC+ will hold extra meeting if output cuts ‘not enough’: UAE
OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per Continue Reading
October will be main reference for oil output cuts: UAE Energy Minister
October’s production levels will be the reference point for oil output cuts for most OPEC and non-OPEC producers that agreed on cuts earlier this month, the UAE’s energy minister said Continue Reading
Iraq oil minister willing to extend agreement on oil production cuts in April
Iraq is willing to extend the OPEC and non-OPEC oil production cut agreement in April, oil minister Thamir Ghadhban said on Sunday. Ghadhban said he agreed with the Saudi oil Continue Reading
Kuwait, Iraq hire consultant to assess oil production potential in border areas
Kuwait and Iraq have chosen a consultant to assess areas with oil reserves on the border between the two countries and production policy will be decided based on the study, Continue Reading
Saudis Thread On Thin Ice As Prices Slide
Energy planners in Saudi Arabia must be scratching their heads in wonder, even possibly despair. The oil-rich kingdom had picked itself up after threats of near economic collapse in 2015-2016 Continue Reading
Saudi Arabia is China’s top crude supplier in November
China’s crude imports from Saudi Arabia rose to 1.596 million barrels per day (bpd) in November, making the OPEC kingpin China’s largest crude supplier, data from the General Administration of Continue Reading
Iraq nears massive oil sector deal with Exxon
Iraq is making progress in negotiations with ExxonMobil and the China National Petroleum Corp. (CNPC) for a multi-billion-dollar deal that is key to expanding the country’s oil production and export Continue Reading
Nigeria’s Oil Sector Needs U.S.$30 Billion to Address Infrastructure Gaps
Minister of State for Petroleum Resources, Ibe Kachikwu , has spent over three years in office. In this interview with KINGSLEY JEREMIAH and JOKE FALAJU, Kachikwu spoke on his achievements, Continue Reading
Venezuela navy confronts Exxon oil ship in Guyana border dispute
Venezuela’s navy “intercepted” a ship exploring for oil on behalf of Exxon Mobil Corp ( XOM.N ) in Guyanese waters over the weekend, Guyana’s foreign ministry said in a statement Continue Reading
Venezuela-Guyana Feud Halts Exxon Project
Owned by Norway’s Petroleum Geo-Services and bearing a Bahamian flag, the seismic-survey vessel was stopped by a Venezuelan Navy ship Saturday morning in Guyanese waters, about 90 miles from a Continue Reading
Political stumbles, savvy activists knock Canada’s oil sector to its knees
A decade ago, Canada’s oil sector was growing so fast it was predicted to become a global energy superpower, but a series of political missteps and formidable environmental activism has Continue Reading
All-electric helicopter makes record flight
Guinness record-setting electric helicopter by Tier 1 Engineering Electric transportation is about more than cars. Trucks and buses are also moving toward electric propulsion. Planes, with their long ranges and Continue Reading
Shale Oil Keeps Growing on Trees
The United States Geological Society (USGS) today released a report stating there is an estimated 46.3 billion barrels of theoretical, technically recoverable, as yet undiscovered light tight oil reserves in Continue Reading
Gas Prices Are Falling, but Refiners Keep Making More
When refiners can make significant sums selling diesel and heating oil, known in the industry as distillates, they become less sensitive to the profitability of each barrel of gasoline, which Continue Reading
IEA Chief: U.S. Oil Output To Near Saudi+Russian Production By 2025
Total U.S. oil production around 2025 will almost equal the combined production of Russia and Saudi Arabia, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Turkish Continue Reading
EIA: CO2 emissions from US power sector have declined 28% since 2005
US electric power sector CO 2 emissions have declined 28% since 2005 because of slower electricity demand growth and changes in the mix of fuels used to generate electricity, according Continue Reading
America’s Oil And Gas Reserves Double With Massive New Permian Discovery
America’s energy security just got a lot more secure. On November 28 The United States Geological Survey (USGS) published an assessment of continuous (unconventional or ‘tight’) resources in a part Continue Reading
Drilling in Arctic National Wildlife Refuge One Step Closer
The U.S. Department of the Interior has taken another step towards allowing oil and gas drilling in Alaska’s Arctic National Wildlife Refuge by issuing a draft environmental impact statement for Continue Reading
Earth needs a huge investment to solve energy’s pollution problem
We stand on the threshold of a once-in-a-century change in a market sector worth $10tn annually, or more than 10 percent of global gross domestic product. And as the French Continue Reading
Crude drops more than 11 percent in week as supply weighs
Oil prices fell on Friday to their lowest since the third quarter of 2017, heading for losses of more than 11 percent in a week, as global oversupply kept buyers Continue Reading
Ten Charts Show How the World is Progressing on Clean Energy
Rapid progress towards clean energy is needed to meet the global ambition to limit warming to no more than 1.5C above pre-industrial temperatures. But how are countries doing so far? Continue Reading
UBS: Expect $80 Brent Next Year
Unlike some investment banks that were quick to revise down their forecast for crude oil benchmarks next year, Swiss UBS is rather bullish: its head of asset allocation for APAC, Continue Reading
Total raises Lapa stake, creates JV with Petrobras for renewables
France-based Total, the operator of Brazil’s pre-salt Lapa field, will increase its stake there to 45 percent, and separately create a joint venture with state oil company Petrobras to develop Continue Reading