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Month: February 2019

Category:
  • Prices

Crude oil futures mixed amid fall in US stocks, record production

The movement of crude oil futures was mixed during mid-morning trade in Asia Thursday, amid a bullish report on last week’s US crude stock level and a bearish report on Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Oil dips as trade talks drag, China’s economy shows weakness

Oil prices fell on Thursday, as U.S.-China trade tensions persisted, the Chinese economy showed signs of slowing and record U.S. production undermined OPEC-led output curbs.  Brent crude was down 61 Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Oil Has Best Start to a Year Ever as OPEC Production Falls

Oil prices are off to their best-ever start to a year as fears of a supply glut cool, part of a 2019 recovery in risky investments from stocks to commodities. Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Oil rises 2 percent as U.S. crude stocks plunge, OPEC brushes off Trump

Oil futures gained about 2 percent on Wednesday after U.S. crude inventories unexpectedly plummeted and as Saudi Arabia brushed aside comments from U.S. President Donald Trump seeking to keep oil Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nuclear

IEA: Nuclear Power Decline Could Challenge Energy Security

The share of nuclear power generation in the global energy mix is set to decline through 2040 if there is no policy support to promote investment, according to the International Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Iran

Two Days After Resigning, Iran’s Foreign Minister Returns to Post

Two days after saying he intended to step down, Iran’s foreign minister, Mohammad Javad Zarif, returned to his post after President Hassan Rouhani rejected the resignation. There were smiles all Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • United Arab Emirates

UAE To Build World’s Largest Underground Oil Storage Facility

The Abu Dhabi National Oil Company (ADNOC) and South Korea’s SK Engineering and Construction Co. Ltd (SKEC) signed an agreement on Wednesday to build the world’s single largest underground oil Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Middle East

Middle East Oil Kingdoms Grapple With New Crisis

Ever since oil was first discovered in the Middle East in the 1930s, the monarchies in the Persian Gulf have generously subsidized energy and utilities costs for the population. While Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudis Leaning Toward OPEC Cut Extension

Saudi Arabia’s Energy Minister Khalid al-Falih said on Wednesday that he was leaning toward an extension of the OPEC+ production cuts after June, although he noted that the producer group Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Aramco To Discontinue Fuel Oil Production By 2024

Saudi Arabia’s oil giant Saudi Aramco targets to stop producing fuel oil at its refineries by 2024, as stricter environmental regulations for the shipping industry will significantly cut the largest Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Iraq

Court signals skepticism in Baghdad-KRG oil case

Issuing yet another delay in the seven-year-old proceedings, Iraq’s chief justice appeared to question whether there is still an active constitutional dispute. Iraq’s Federal Supreme Court at the Aug. 14, Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Iran

Asia’s Iran crude oil imports dips to two-month low in January; to rebound in February

Asia’s crude oil imports from Iran dipped in January to the lowest in two months after top buyers China and India slowed down purchases and as Japan recorded zero imports Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Aramco CEO Rebukes Peak Oil Demand ‘Hype’

“I am not losing any sleep over ‘peak oil demand’ or ‘stranded resources’,” Amin Nasser, the chief executive of Saudi Arabia’s oil giant Saudi Aramco, said in a speech in Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Saudi Arabia

Has Trump Overplayed His Hand With Saudi Arabia?

Last year, President Donald Trump successfully convinced Saudi Arabia to help keep a lid on global oil prices by ramping up production. The Saudis acquiescence to Trump’s tweets at the Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Libya

Libya’s top oilfield could restart at 80,000 bpd: engineer

Workers at Libya’s El Sharara oilfield are ready to resume production with an initial output of 80,000 barrels a day but are still waiting for approval from state oil firm Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria’s Buhari wins re-election, rival pursues fraud claim

Nigeria’s President Muhammadu Buhari comfortably won a second term at the helm of Africa’s largest economy, election authorities said on Wednesday, but his main rival planned a fraud challenge after Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Nigerian President Prepares for Daunting Second Term After Volatile Vote

Nigerian President Muhammadu Buhari has secured a second term helming Africa’s largest economy and top oil producer, but the former general now faces a dizzying array of challenges including a Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria election: Atiku Abubakar rejects Muhammadu Buhari’s victory

Supporters celebrate at Mr Buhari’s campaign headquarters in Abuja The runner-up in Nigeria’s presidential election has rejected the result as a “throwback to the jackboot era of military dictatorship”. Atiku Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria’s Buhari Wins Second Presidential Term

Muhammadu Buhari, Nigeria’s president, has won a second term in office with a lead of over three million over opposition candidate Atiku Abubakar, who made some bold promises on the Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria: Engagement With Militants Might Avert Oil Disruptions Over Buhari’s Re-Election

The fear that militancy in the oil-rich Niger Delta could revive after the re-election of Nigeria’s President Muhammadu Buhari, can be addressed if the Federal Government sustains its engagement with Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria’s Multi-Billion Dollar Tax Claims May Delay Bonga Project

Royal Dutch Shell yesterday disclosed that the federal government’s recent claims that it owed Nigeria billions of dollars of unpaid oil and gas-related taxes could delay the development of its Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Mexico

Member of Mexico Energy Watchdog Surprisingly Steps Down

One of the seven members on the governing panel of Mexico’s National Hydrocarbons Commission (CNH) has stepped down citing personal reasons halfway through his term, Reuters reports , adding this Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Venezuela

Exclusive: Meeting Maduro – Inside a U.S. businessman’s oil deal with Venezuela

In November 2017, Harry Sargeant III, a wealthy American businessman, flew to Venezuela to see about buying some oil.  Sargeant, the former finance chairman of the Florida Republican Party, was Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Venezuela

Russian Companies In Venezuela Safe: Novak

Russian companies in Venezuela are not experiencing any problems resulting from the escalation in the political situation in the country and have not incurred any losses on the oil they Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Venezuela

Venezuela Cushions Blow of Oil Sanctions With Non-U.S. Sales

Venezuela, under U.S. embargo, has shifted some of its crude exports from American refiners to India and Europe, according to the country’s oil minister and ship-tracking firms. But it will Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Mexico

Mexican central bank cuts growth forecasts, flags Pemex risk

Mexico’s central bank on Wednesday cut its economic growth forecasts for this year and next, flagging the risk of rating downgrades to the country and state-run oil firm Pemex, and Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Mexico

Mexico’s Pemex posts $7.6 billion loss in 2018 as oil output dips

Mexican state oil company Pemex said on Wednesday its losses narrowed in 2018, helped by currency exchange gains as crude production and refining rates continued to decline.  Pemex, Mexico’s largest Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Venezuela

Exclusive: Venezuela removed 8 tons of central bank gold last week – legislator

At least 8 tons of gold were removed from the Venezuelan central bank’s vaults last week, an opposition legislator and three government sources told Reuters, in the latest sign of Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Mexico

Mexico is being held to ransom by oil thieves and systemic corruption

The equivalent of 1,145 truckloads of oil is stolen in Mexico per day from PEMEX – the state-owned petroleum company. That’s 146 billion Mexican Pesos (USD$7.4 billion) in lost revenue Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • China

Even China may not be able to soak up all 2019’s new LNG

Not even China’s voracious appetite for liquefied natural gas may be enough to absorb the additional supplies hitting the market this year, with the price of the super-chilled fuel potentially Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • China
  • Coal

China’s 2018 coal usage rises 1 percent, but share of energy mix falls

China’s coal consumption rose for a second year in a row in 2018, but coal’s share of total energy consumption fell below 60 percent for the first time as cleaner Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Oil Supply

The Fully Digital Oilfield Is Almost Here

When a few years ago media began calling data the new oil, it was because some pretty direct parallels could be drawn between Big Oil and Big Tech. These parallels Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • China

China Readies State Oil, Gas Pipeline Firm In Major Asset Shakeup

China is set to announce this year the creation of a state-held oil and gas pipeline company, combining the midstream assets of the national firms in a bid to allow Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • China

Thermal coal’s share in China’s 2018 energy mix falls below 60%: NBS

China’s use of thermal coal in its energy mix has fallen to below 60% in 2018, as the world’s biggest coal consumer aims to raise its use of cleaner fuels, Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

U.S. crude stockpiles fall unexpectedly as net imports slows: EIA

U.S. crude oil stocks fell unexpectedly last week as net imports fell to record lows, despite production growing to all-time highs and abundant inventories at the Cushing, Oklahoma hub, the Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Shale Oil
  • USA

U.S. crude output hits another peak, net imports at record low: EIA

U.S. crude oil production rose 100,000 barrels per day last week to a record 12.1 million bpd, hitting a peak for the second straight week, according to data released by Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Natural Gas Supply

Natural Gas Prices To Remain Low… For Now

The U.S. suffered though multiple bouts of severe cold in the last few weeks, but the weather has done very little to rescue low natural gas prices. Henry Hub gas Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Canada

Oil Companies Cash in by Not Pumping in Canada

Alberta oil producers have found a way around production limits imposed on them by the provincial government: buy the right to pump barrels from other companies that don’t need them. Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Shale Oil

Shale Growth Is Nearing An Inflection Point

Drilling activity has plateaued in much of the U.S., with the rig count zig-zagging well below the peak from last November. The rig count often rises and falls in response Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Economy

The Inescapably Slow Deployment of Energy Technologies

Can technological progress save us from ecological destruction? If some new clean form of energy was discovered tomorrow, could it be deployed quickly enough to decarbonize the world by 2050? Continue Reading

Posted On : 28 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Oil rises as OPEC defies Trump and sticks to supply cuts

Oil rose for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Crude oil futures slip on expected US crude stock build; Trump’s tweets

Crude oil futures were lower during mid-morning trade in Asia Tuesday, extending the downtrend from the previous trading session, triggered by the US President’s latest tweets on “oil prices getting Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Surprise Crude Oil Draw Sends Oil Prices Higher

The American Petro l eum Institute (API) reported a surprise draw in crude oil inventory of 4.2 million barrels for the week ending February 22, coming in under analyst expectations Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Prices

Oil Inches Higher Ahead Of Inventory Data

Oil prices opened the week lower after U.S. President Donald Trump asked OPEC to ‘’take it easy’’ on the production cuts, but recovered somewhat on Tuesday morning Chart of the Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • OPEC
  • Prices

With OPEC likely to ignore Trump, oil prices edge up

Oil futures inched up on Tuesday after news that OPEC would continue production cuts despite comments from U.S. President Donald Trump, who criticized the producer group for rising crude prices Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi Arabia Aims To Become Large Natural Gas Exporter

Saudi Arabia aims to export as much as 3 billion cubic feet of gas per day by 2030, the chief executive of the Kingdom’s oil giant Saudi Aramco said on Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Iran
  • Japan

Japanese Refiners Rush to Buy Iranian Crude

Japanese refiners are in a rush to buy as much Iranian crude as they can before the sanction waiver window granted by the U.S. Treasury Department closes in May, S&P Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Cyprus

Exxon’s Likely Cyprus Gas Find Could Reignite Tension In East Mediterranean

ExxonMobil is expected to soon announce that its drilling campaign offshore the southern coast of the divided island of Cyprus has resulted in a major gas discovery, potentially reigniting tension Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi’s Falih tells Trump ‘we are taking it easy’: CNBC

Saudi Energy Minister Khalid al-Falih said on Wednesday that OPEC and its partners were “taking it easy” in response to a tweet from U.S. President Donald Trump requesting oil producers Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple
Category:
  • Nigeria

Tax Claim Could Delay Shell’s Major Nigerian Offshore Oil Project

Nigeria seeking nearly US$20 billion from international oil majors in back taxes could delay the approval of a major offshore oil project, Shell’s Upstream Director Andy Brown told Reuters on Continue Reading

Posted On : 27 Feb 2019 Published By : Tom Whipple

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