OMV, the operator of the northernmost oil discovery offshore Norway—Wisting in the Barents Sea—could begin production in 2026, the Senior Vice President of OMV’s Norwegian unit, Knut Mauseth, told Reuters Continue Reading
Crude oil futures were largely steady during mid-morning trade in Asia Wednesday after their overnight climb, on a mixed report on last week’s US inventory data and stable forecasts on Continue Reading
Oil prices rose about 3 percent on Tuesday, along with world stock markets, supported by China’s plan to introduce policies to stabilize a slowing economy, reversing the previous session’s losses Continue Reading
The oil supply surplus is “starting to reverse,” according to a new report from Bank of America Merrill Lynch. The investment bank noted that oil prices had collapsed in late Continue Reading
Iraq’s oil production topped 4.6 million barrels per day (mb/d) in late 2018, roughly double production levels from a decade earlier. – Iraq is the second largest oil producer in Continue Reading
Italian oil and gas major ENI has left other international oil majors behind as it has been awarded a long-range of new concession agreements with Abu Dhabi’s national oil company Continue Reading
Crude oil production from members of OPEC is expected to fall to below 30.73 million b/d by the end of this year, the group’s lowest monthly output since February 2015, Continue Reading
The U.S. government is planning on taking a tougher line on Iran in the months ahead, redoubling its efforts to cut Iran’s oil exports down to zero. Brian Hook, the Continue Reading
It’s been well noted on my OilPrice.com posts over the past year that President Donald Trump isn’t happy with where and even how much of Europe procures its natural gas. Continue Reading
The Nigerian National Petroleum Corporation (NNPC), bemoaned the rising incidents of pipeline vandalism across the country, stating that in October 2018, its pipeline network suffered a 42.9 per cent increase Continue Reading
The Dangote Oil Refining Company (DORC) Limited, said it took delivery of one of the major components of its refinery equipment; the regenerator for the residual Fluid Catalytic Cracker last Continue Reading
Mexico’s government, dealing with fuel shortages stemming from a crackdown on theft, is expected to postpone a new rule requiring pumping stations to sell cleaner diesel, according to sources with Continue Reading
Mexican President Andres Manuel Lopez Obrador said on Tuesday that widespread fuel theft extended to oil drilling platforms and he pledged to take actions to alleviate shortages sparked by his Continue Reading
Brazilian state oil company Petrobras wants to exercise pre-emption rights for three areas ahead of the sixth bidding round of pre-salt offshore oil to be held later this year. The Continue Reading
Despite a call to increase imports from President Andres Manuel Lopez Obrador, Mexico’s gasoline shortages are unlikely to be eased as logistical restraints prevent supply from moving inland. Receive daily Continue Reading
China must prepare for difficulties this year as the economy faces increasing pressure, state radio on Wednesday quoted Premier Li Keqiang as saying. China aims to keep economic growth within Continue Reading
U.S. dry natural gas production will rise to an all-time high of 90.19 billion cubic feet per day (bcfd) in 2019 from a record high 83.31 bcfd in 2018, according Continue Reading
Crude oil output from the United States is expected to rise to a new record of more than 12 million barrels per day (bpd) this year and to climb to Continue Reading
EIA forecasts Brent prices will average $61 per barrel (b) in 2019 and $65/b in 2020. In 2018, Brent prices averaged $71/b. EIA expects West Texas Intermediate (WTI) crude oil Continue Reading
International exchange operator CME Group has teamed up with Enterprise Products Partners to launch an electronic trading platform specifically focused on spot contracts for American crude oil for export, Reuters Continue Reading
US oil production is on track to hit 12 million b/d in March and 13 million b/d in October 2020, but the growth rate will slow considerably from recent levels Continue Reading
The goal of Premier Rachel Notley’s mandated production cut is to reduce the storage glut and get oil prices back to profitable levels. Premier Rachel Notley spoke to the citizens Continue Reading
The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014. A new production cuts deal with Continue Reading
Southern California Gas Co (SoCalGas) urged consumers to reduce natural gas use until further notice to avoid straining the utility’s system as cold weather blankets parts of its service area. Continue Reading
In 2015, Pioneer Natural Resources filed a report with the federal Securities and Exchange Commission, in which the shale drilling and fracking company said that it was “drilling the most Continue Reading
Just a few months ago Canadian heavy crude oil producers were sending their product to storage amid a painfully deep price discount to West Texas Intermediate that ate into their Continue Reading
TAE Technologies will bring a fusion-reactor technology to commercialization in the next five years, its CEO announced recently at the University of California, Irvine. “The notion that you hear fusion Continue Reading
Tuyuksu Glacier Kapchagay Reservoir Lake Issyk-Kul Almaty Lake Balkhash Russia Mongolia Kazakhstan Kazakhstan Iran Afghanistan Pakistan China China Kyrgyzstan India Arctic Ocean Arabian Sea Bay of Bengal Flows from Kazakhstan’s Continue Reading
Crude oil futures were higher during mid-morning trade in Asia Tuesday amid an expected draw in the US’ crude inventory last week, while news on Iranian sanctions and OPEC meeting Continue Reading
SOil prices rose by more than 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth Continue Reading
Oil and natural gas futures moved in opposite directions. West Texas Intermediate (WTI) and Brent crude oil futures fell for the third straight session Monday while natural gas futures posted Continue Reading
Oil prices extended their declines on Monday as weak economic data out of China stoked worries that a slowdown could drag on fuel demand. China’s exports and imports fell in Continue Reading
The mood in the crude oil and oil product futures market turned decisively sour in the fourth quarter of 2018 as building crude oil oversupply and signs of slowing global Continue Reading
Antarctic glaciers have been melting at an accelerating pace over the past four decades thanks to an influx of warm ocean water — a startling new finding that researchers say Continue Reading
The date for the next meetings of the Organization of Petroleum Export Countries and its allies has been proposed for 17 and 18 April, though this has yet to be Continue Reading
There is no need for the Organization of Petroleum Exporting Countries to schedule an extraordinary meeting before April, Saudi Arabia’s Energy Minister, Khalid al-Falih, told media, as quoted by Reuters. Continue Reading
Saudi Aramco is on track to become a public company in 2021, Energy Minister Khalid al-Falih said during an oil conference in Abu Dhabi. Gulf News quoted the official as Continue Reading
OPEC plans to publish this week the quotas for individual countries under the new OPEC/non-OPEC production cut deal agreed upon on December 7 and in force since January 1, an Continue Reading
The United States has no intention of granting any further sanction waivers to Iran crude oil buyers, the U.S. special representative for Iran, Brian Hook, said this weekend, as quoted Continue Reading
Conceived as a bold plan to attack corruption, a crackdown by Mexico’s new president on rampant fuel theft has turned into a battle to prevent economic chaos after state governments, Continue Reading
The Russian bear is on the prowl once again as President Putin seeks to expand Moscow’s influence and bolster the one-time superpower’s global influence while proving to constituents he can Continue Reading
Despite renewed hopes that a fresh trade deal could be reached between the U.S. and China by the two sides’ self-imposed March 2 deadline, it may still not be enough Continue Reading
South Korea’s diesel and gasoline consumption likely fell in 2018 for the first time in several years as the government’s cleaner energy initiatives gathered pace — and a forecast surge Continue Reading
Although California lawmakers and regulators have been debating steps to help rescue the company, its officials ultimately concluded that state assistance would take years—too long to avoid a bankruptcy proceeding, Continue Reading
The Permian Basin was once a hotbed of small, independent prospectors, wide-eyed wildcatters, and small companies hoping to strike it rich. Now, it is brimming with supermajors clamoring to buy Continue Reading
Chevron and Occidental Petroleum recently announced they will invest in Carbon Engineering Ltd., a Squamish, B.C. clean energy start-up company backed by among other, Bill Gates. Carbon Engineering has developed Continue Reading
U.S. consumer prices inched down by 0.1 percent in December, due to a sharp decline in gasoline futures, the U.S. Bureau of Labor Statistics said on Friday, reporting the first Continue Reading
The NYMEX February natural gas futures contract jumped 49.2 cents in trading Monday to settle at $3.591/MMBtu with colder weather forecast for the eastern half of the US toward the Continue Reading
Volkswagen AG announced that Chattanooga, Tenn. will be the company’s North American base for manufacturing electric vehicles based on the modular electric toolkit MEB. This expansion of Volkswagen’s US footprint Continue Reading
Recently, there has been some concern about the ability of U.S. shale , and in particular, the Permian Basin, to continue the meteoric increases in production that have characterized the Continue Reading
