Alberta’s Mega Oil and Gas Liability Crisis, Explained
A Supreme Court of Canada ruling that bankrupt oil and gas companies must clean up their abandoned wells before paying creditors might sound like good news, but it doesn’t solve Continue Reading
French oil company Total’s accounts blocked in Venezuela
The Venezuelan company accounts of French oil group Total have been blocked as a result of U.S. sanctions, Total chief executive Patrick Pouyanne said on Thursday. View full article at Continue Reading
U.S. oil, gasoline inventories up in latest week: EIA
U.S. crude stocks rose less than expected last week, while gasoline stocks increased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.3 million Continue Reading
Suncor expects Alberta oil cuts to end early as rail shipments slow
Suncor Energy Inc, one of Canada’s biggest oil producers, expects the province of Alberta to end mandatory production curtailments ahead of schedule as they have caused a price boost that Continue Reading
Crude stockpiles at Cushing climb to highest in over a year: EIA
Crude stockpiles at Cushing, Oklahoma, the delivery point for U.S. oil futures, last week rose by 1.4 million barrels to 42.6 million barrels, the highest since Jan. 2018, the Energy Continue Reading
Frac Sand Accumulates as Demand Weakens
Just a year after rushing into America’s busiest oil field with new mines, frac-sand producers may have overdone it. West Texas sand used in the hydraulic fracturing process will drop Continue Reading
Partial oil upgrading the latest fix for Canada’s pipeline problem
Canada’s struggling oil industry is looking to what is known as partial upgrading technology to thin its sludge-like crude and squeeze more of it through congested pipelines. It is the Continue Reading
The Natural Gas Price Plunge Isn’t Over Yet
Natural gas prices started the winter season with a bang, but could end it with a whimper. Henry Hub natural gas prices spiked last November to multi-year highs, nearing $5/MMBtu. Continue Reading
Bet everything on electric: Inside Volkswagen’s radical strategy shift
If Volkswagen realizes its ambition of becoming the global leader in electric cars, it will be thanks to a radical and risky bet born out of the biggest calamity in Continue Reading
Tests at Cuadrilla’s British fracking site show substantial gas flows
Tests of the first shale well at Cuadrilla’s site in northwest England show a rich reservoir of high quality and recoverable gas, the British firm said on Wednesday, adding that Continue Reading
French trade deficit hits 60 billion euros in 2018 on energy imports
France’s trade deficit widened last year as higher oil prices inflated the energy import bill, offsetting an increase in exports, the customs data showed on Thursday. The deficit widened to Continue Reading
Russia says open-ended OPEC cooperation may be discussed in April: TASS
OPEC and non-OPEC countries could discuss a charter outlining open-ended cooperation in April, TASS news agency cited Russian Energy Minister Alexander Novak as saying on Thursday. Novak said in December Continue Reading
Russia’s Gazprom Aims To Boost Its 35% Gas Market Share In Europe
Russia’s gas giant Gazprom aims to further increase its 35-percent market share in Europe, amid higher natural gas demand and expected lower production at key western European natural gas producers, Continue Reading
Oil falls 1 percent as supply concerns fade
Oil fell 1 percent on Wednesday after a report showed a rise in U.S. crude inventories, while concerns about the impact of U.S. sanctions on Venezuela on global supplies eased. Continue Reading
Oil futures trades lower as market looks for more fuel to sustain rally; ICE Brent down to $62.01/b, NYMEX WTI $53.73/b
Crude oil prices pulled back from overnight highs and moved lower in midmorning US trading Tuesday as a multi-week rally began to show signs of fraying amid a lack of Continue Reading
Oil dips on U.S. factory data, Venezuela sanctions limit losses
Oil prices slipped on Tuesday, falling from two-month highs as concerns over a global economic slowdown crept back into the market, and a stronger dollar also weighed. Prices sagged after Continue Reading
In squeezed oil industry, some rethink hunt for new barrels
New partnerships are emerging in the global hunt for oil discoveries, with some explorers essentially offering an outsourcing service for the riskiest part of the energy business. Central to this Continue Reading
Bank Of America: Oil Demand Growth To Hit Zero Within A Decade
By 2030, oil demand could hit a peak and then enter decline, according to a new report. For the next decade or so, oil demand should continue to grow, although Continue Reading
OPEC Pursues Formal Pact With Russia
Saudi Arabia and its Persian Gulf allies are backing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market, according to OPEC Continue Reading
Iran Puts ‘Recoverable Reserves’ At 160 Billion Barrels
Iran has recoverable crude oil reserves of 160 billion barrels, the National Iranian Oil Company said, adding recoverable natural gas reserves came in at 33.33 trillion cubic meters, Mehr news Continue Reading
Iraq-Iran oil ties hampered by US sanctions
Energy relations between Iraq and Iran are increasingly coming under pressure from the US government, which has forced OPEC’s second largest producer to end a crude supply deal with its Continue Reading
U.N.-backed government dispatches force to Libya’s Sharara oil field, al Jazeera TV says
A Petroleum Facilities Guard unit belonging to the Libyan government backed by the United Nations is heading to the El-Sharara oil field, Qatar-based al Jazeera TV reported in a tweet Continue Reading
Kazakhstan’s Oil Dilemma
It was a hot July morning in 2000 when a helicopter carrying Kazakhstan’s President Nursultan Nazarbayev landed on a drilling barge on the Caspian Sea. An anxious-looking Nazarbayev emerged from Continue Reading
Rosneft upbeat on Venezuela, sees oil output rising in 2019
Russia’s largest oil producer Rosneft said on Tuesday the political upheaval in Venezuela was only temporary, while the country had cut its debt, and expected its own total oil output Continue Reading
Venezuela oil output likely to fall 300,000 b/d by end-February on lack of diluent: sources
Venezuela is preparing to shut more than a quarter of its already reeling oil production in the coming weeks, with US sanctions preventing state-owned PDVSA from importing diluent needed to Continue Reading
Venezuelan Opposition Plans to Import Aid, in a Slap at Maduro
U.S.-backed members of Venezuela’s opposition converged on the Colombian border city of Cúcuta to arrange a new challenge against Venezuela’s autocratic leader, Nicolás Maduro: food shipments that would be transported Continue Reading
PDVSA sanctions affect flows, accelerating output declines
Just more than a week old, US sanctions on PDVSA, Venezuela’s state-owned oil company, have already had a dramatic impact on global crude and diluent flows and likely hastened the Continue Reading
Loss of Venezuelan oil exports won’t leave huge gap in global market
There is ample spare capacity in other oil producers and strategic reserves to compensate for a loss of Venezuela’s crude exports, helping explain the tepid reaction of global oil prices Continue Reading
Global EV car sales surge 63% in 2018
Global sales of passenger car electric vehicles (EVs) jumped by 63% last year to top 2 million units for the first time, helped by surging sales of plug-in EVs in Continue Reading
China Faces An Uphill Battle For Energy Independence
A Reuters report last week examining China’s renewed oil and gas exploration and production push should make the country’s oil majors, Beijing energy planners, and just about everybody else in Continue Reading
Businesses Bought Record Amount Of Renewable Energy In 2018
Businesses bought a record 13.4 GW of energy produced from renewables sources last year, bringing the total since 2008 to more than 32 GW, an industry report from Bloomberg New Continue Reading
US EIA chief sees modest price impact from Venezuelan oil sanctions so far
US sanctions on Venezuela’s oil sector have so far had modest global price impacts as crude production and refinery flows in the US and elsewhere adjust to the supply disruption, Continue Reading
Distance driven in the United States: Did we reach the peak in 2004?
This article is the latest publication in a series examining recent changes in various aspects of motorization in the United States. The focus here is on distance driven per person Continue Reading
Liberty estimates 20 pct of U.S. frac fleets idled since mid-2018
Roughly 20 percent of the hydraulic fracturing fleets that were active in mid-2018 have now been idled or are being idled, as lower oil prices prompt producers to tighten their Continue Reading
Russian watchdog: cooperation still possible with Schlumberger
Russia’s anti-monopoly service (FAS) said on Wednesday that various forms of cooperation were still possible with oilfield services giant Schlumberger despite the company’s bid for Eurasia Drilling Company falling apart. Continue Reading
Oil rises on tighter supply but U.S. factory data weighs
Oil prices rose on Tuesday as investors expect U.S. sanctions on Venezuela and production cuts led by OPEC and its allies to head off any glut, but data showing a Continue Reading
Oil slides on disappointing U.S. data after hitting two-month high
Oil prices fell on Monday after disappointing U.S. factory data sparked fresh concerns about a slowdown in the global economy, but losses were limited as OPEC-led supply cuts and U.S. Continue Reading
Oil bears sent back into hibernation by economic optimism, OPEC, Venezuela: Kemp
Hedge funds are becoming steadily less bearish towards oil as OPEC output cuts and U.S. sanctions on Venezuela remove large volumes of crude from the market amid increasing confidence a Continue Reading
Big Oil Defies 40% Price Plunge, Posts Best Results In Years
Despite the nearly 40-percent oil price slide in the fourth quarter, supermajors booked solid sets of Q4 and 2018 results, suggesting that they have learned to raise profits even when Continue Reading
Mohammed bin Salman Meets Resistance—From His Own Bureaucrats
When Saudi Arabia’s powerful energy minister met with Prince Mohammed bin Salman in late 2016, he intended to dissuade the king’s son from taking the world’s most valuable company public. Continue Reading
IS Attacks Oil-Guarding Security Forces In Iraq
Two attacks by the Islamic State in Iraq occurred this weekend, targeting oil police and other security forces, local media report . “One member of an oil police unit died Continue Reading
Iran criticizes Greece, Italy for not buying its oil despite U.S. waivers
Iran’s oil minister on Tuesday criticized Greece and Italy for not buying its oil despite U.S. waivers and said they had not offered Tehran any explanation for their decision. The Continue Reading
Kuwait sees risk of oil supply shortage in 2019 due to Venezuela
The head of state-run Kuwait Petroleum Corp, Hashem Hashem, said on Tuesday that global oil supply could be hit this year by big reductions in exports from Venezuela. The Trump Continue Reading
Iraq sustains near-record exports to start 2019
Iraqi crude sales in January hit their second-highest monthly average ever, as the federal government and autonomous Kurdistan Regional Government (KRG) combined for 4.081 million barrels per day (bpd), according Continue Reading
Nigeria: Govt, Lack of Commitment Fuelling Gas Flaring – Operators
Federal Government has been accused of failing to show the necessary commitment needed to end gas flaring in the Nigerian petroleum industry. This was the view of former Chairman of Continue Reading
A terrifying assessment of Himalayan melting
By now everyone, except die-hard climate deniers, know that the Earth’s surface is warming rapidly and this is going to have a catastrophic effect on the Himalayan mountains. But it Continue Reading
Venezuela Struggles to Pump, Ship Oil After U.S. Sanctions
Venezuelan crude exports are declining sharply as new U.S. sanctions push the country’s oil industry closer to collapse, threatening a bigger impact on global markets than many experts anticipated, people Continue Reading
Venezuela crisis: Guaidó ridicules ‘civil war’ threat
Why Venezuela matters to the US… and vice versa Venezuela’s opposition leader Juan Guaidó has dismissed warnings from President Nicolás Maduro the country’s political crisis could spark civil war. Mr Continue Reading
Sanctions Cut Off Venezuelan Crude Supply To U.S. Refiners
U.S. refiners will not be able to complete transactions for shipments of crude from Venezuela’s PDVSA for cargoes they had contracted before the U.S. Treasury slapped sweeping sanctions on the Continue Reading
Wood Mac: Venezuela’s Oil Output To Fall Below 1 Million Bpd
Venezuela’s crude oil production could fall below 1 million bpd after the United States imposed new sanctions on its already struggling state oil company PDVSA, Wood Mackenzie analyst Ann-Louise Hittle Continue Reading