Crude Oil Inches Downward
WTI and Brent futures finished the day lower. West Texas Intermediate (WTI) crude oil futures traded above the $57-mark for the second consecutive day Thursday but, again, fell short of Continue Reading
Oil off 2019 highs as U.S. crude stocks build, output hits record
Oil prices fell below 2019 highs on Thursday after U.S. government data showed a fifth weekly build in crude inventories and record production, while concerns about slowing global economic growth Continue Reading
The Road To 10 Billion: Where Is Global Population Actually Headed?
It was a girl. On Sunday, October 30, 2011, just before midnight, Danica May Camacho entered the world in a crowded Manila hospital, bringing the human population of our planet Continue Reading
Empty Supertankers Uncover Truths About Today’s Oil Market
Twelve empty supertankers plowing across thousands of miles of ocean toward America’s Gulf of Mexico coastline are revealing truths about today’s global oil market. (Bloomberg) — They are slowly plowing Continue Reading
An Underestimated Niche In Oil & Gas
Several hundred offshore oil and gas wells could cease production by 2021 in the face of today’s bearish oil market. As a consequence, so-called decommissioning obligations in the global oil Continue Reading
Cracks Begin To Form In Saudi-Russian Alliance
Could cracks be forming in the bromance between Saudi Arabia and Russia over oil production quotas? According to one analyst, the answer could be – yes. The background for one Continue Reading
Iran To Start Navy Drills In The World’s Key Oil Chokepoint
As the U.S. sanctions on Iran’s oil industry have already started to mount pressure on Tehran and have halved Iranian oil exports, the Islamic Republic announced that its Navy would Continue Reading
China Sticks Up For Iran As Geopolitical Pressure Mounts
Amid the geopolitical quagmire among Iran, Saudi Arabia and the U.S. over a number of issues ranging from Tehran’s nuclear ambitions, its ballistic missile program and its regional hegemony overtures Continue Reading
Saudi Aramco agrees tie-up for $10 billion project in China
State-owned Saudi Aramco has signed an agreement to form a joint venture with Chinese conglomerate Norinco to develop a refining and petrochemical complex in Panjin city, saying the project is Continue Reading
Saudi Aramco to acquire 9 percent of Chinese petrochems project: SPA
State-owned Saudi Aramco signed an agreement on Friday to acquire nine percent of Chinese project Zhejiang Petrochemical, Saudi state news agency SPA said. The agreement, which formalizes a previously announced Continue Reading
Nigeria Could Soon Start Cutting Oil Production
Nigeria could start reducing its crude oil production in line with the OPEC-wide output cut agreed last December, President Muhammadu Buhari said as quoted by Nigeria media, speaking to a Continue Reading
Nigeria Orders Oil Multinationals to Pay Nearly $20 Billion in Taxes
The Nigerian government has ordered a number of non-Nigerian oil and gas companies to pay nearly $20 billion in taxes. Reuters news agency reported Thursday that the move could deter Continue Reading
Nigeria Hits Foreign Oil Firms With $20bn in Back Taxes
As Nigeria continues to clamp down on tax defaulters, it has ordered some foreign oil and gas companies to pay nearly $20 billion in taxes owed to states, industries and Continue Reading
Nigeria to Vote After Delay Brings New Conflict
A surprise one-week delay in Nigeria’s presidential election, now set for Saturday, has further complicated a fractious contest, bringing new fraud accusations, fresh fears of post-election violence, and disruptions that Continue Reading
Venezuela crisis: Maduro to close border with Brazil
Opposition figures scuffled with national guardsmen on the road taken by the convoy Venezuelan President Nicolás Maduro has announced he is closing the border with Brazil on Thursday night as Continue Reading
Kicking Mexico’s Addiction To U.S. Natural Gas
Mexico is looking for ways to reduce its overwhelming dependency on U.S. natural gas imports, which currently satisfy over 50 percent of its demand. This is the highest foreign gas Continue Reading
ANALYSIS: Asia swerves clear of sanctioned Venezuelan crude despite open arb
Venezuelan crude oil banned from entering the US has been unable to make its way to Asia despite favorable arbitrage economics, largely due to financial issues arising from the nature Continue Reading
Venezuela Struggles To Find Buyers For Its Oil After U.S. Sanctions
Following the U.S. sanctions, Venezuela’s oil inventories have swelled to a five-year high, The Wall Street Journal reported on Thursday, citing satellite data—a sign that Venezuelan oil buyers are fleeing Continue Reading
The Oil Producer OPEC Is Overlooking
While everyone is talking about how surging U.S. crude oil production will offset a large part of the ongoing OPEC/non-OPEC production cuts, there are other oil producers not taking part Continue Reading
How Pemex ‘destroyed’ $1 billion with erratic business choices
Mexico’s state oil company Pemex burned through $665 million at its fertilizer unit, ignored consultants and made high-risk investments with no discernible business strategy, according to a devastating government audit Continue Reading
EIA Inventory Report Pushes Oil Prices Lower
The Energy Information Administration reported a crude oil inventory build of 3.7 million barrels for the week to February 15, versus an increase of 3.6 million barrels in the previous Continue Reading
Weekly US oil, gas rig count falls by four to 1,090, level not seen in nearly a year
The US oil and natural gas rig count fell by four in the week that ended Wednesday to 1,090, a level not seen in nearly a year, according to S&P Continue Reading
White House calls off fuel economy talks with California, promises to issue final rule
The Trump administration is moving ahead with a planned rollback of vehicle fuel economy standards after breaking off talks with California, which wants to continue to follow stricter targets along Continue Reading
Summary of Weekly Petroleum Data for the week ending February 15, 2019
U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending February 15, 2019, which was 57,000 barrels per day less than the previous week’s average. Continue Reading
Permian Oil and Gas Production to Hit New Records
Oil and gas production in the Permian will hit new records next month, according to the EIA. Oil Production in the Permian will surpass 4 million barrels per day (MMbpd) Continue Reading
Trump Administration Cuts Off Talks With California Over Fuel-Efficiency Standards
The administration wants to cease increasing efficiency mandates, saying that would boost auto sales. California and other supporters of stronger mandates dispute that, and want tougher standards to help lower Continue Reading
It’s Not Just The Permian. Super Basins Are A Global Phenomenon
Forget what you may have heard. Fossil fuels aren’t going anywhere. There is a lot of excitement, and deservedly so, about renewables, but the foundation of our energy supply is Continue Reading
Glencore Pressured To Curb Coal Production
Glencore has become the latest energy heavyweight to succumb to climate change pressure and has announced it will stop raising its coal production capacity, CNBC reports . The Swiss company’s Continue Reading
European Oil Demand Is Shockingly Weak
One of the unexpectedly soft spots in global oil demand recently has been in Europe. To be sure, Europe was never expected to be a major driver of oil demand Continue Reading
Crude oil futures down on API crude stock build, awaits EIA data
Crude oil futures were lower during mid-morning trade in Asia Thursday amid an expected build of US crude stocks last week, while positive comments on the OPEC deal stalled the Continue Reading
Oil Prices Rise After API Reports Small Drop In Gasoline Stockpiles
The American Petroleum Institute (API) reported a build in crude oil inventory of 1.26 million barrels for the week ending February 15, coming in under analyst expectations that predicted a Continue Reading
Oil hovers near 2019 highs amid OPEC cuts
Oil prices hovered around 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy. Continue Reading
Oil settles 1 percent higher on hopes of market rebalance, trade deal
Crude prices rose more than 1 percent on Wednesday to their highest level this year on hopes that oil markets will balance later this year, helped by output cuts from Continue Reading
Barclays: Head-Spinning Volatility In Oil Will End
Two separate reports from major investment banks over the past week put forward this argument. Bank of America Merrill Lynch predicts that medium-term oil prices will be “anchored” around $60 Continue Reading
OPEC+ technical committee sees Jan oil supply cuts compliance at 83 percent: delegates
A monitoring committee for an OPEC and non-OPEC oil supply reduction deal found compliance with the cuts at 83 percent, four delegates from the group told Reuters on Wednesday. The Continue Reading
Saudi energy minister hopes oil market will balance by April
Saudi Energy Minister Khalid al-Falih said on Wednesday he hoped the oil market would be balanced by April and that there would be no gap in supplies due to U.S. Continue Reading
The End-Game For Libya’s Oil Crescent
Libyan officials have stated that the control of the El Sharara oilfield has been handed over by LNA forces to Libyan oil security forces, the state controlled oil guards. Even Continue Reading
Kenya Recalls Envoy After Oil, Gas Blocks ‘Grabbed’
Kenya has recalled its ambassador to Somalia Lt. Gen. Lucas Tumbo after it emerged that oil and gas blocks in disputed territorial areas were auctioned to the United Kingdom. According Continue Reading
Kenya: Spectrum Geo Denies Collecting Data on Disputed Oil Blocks in Indian Ocean
The Norwegian consultancy firm that gathered data on Mogadishu’s oil stock in the Indian Ocean says it only worked on blocks in Somali territory. The information gathered by Spectrum Geo Continue Reading
Nigeria Will Support Global Oil Output Reduction for Higher Prices – Buhari
President Muhammadu Buhari on Wednesday in Abuja pledged the cooperation of Nigeria to the effort of oil-producing nations to reduce output to attract higher prices in the global market. A Continue Reading
Venezuela gets fuel from Russia, Europe but the bill soars
Venezuela is paying heavy premiums for fuel imports from Russia and Europe, with fewer than a dozen sellers seeing the risk as worth the reward after flows from the United Continue Reading
Venezuelans Fleeing Crisis Face Desperate Hike to 12,000 Feet
The walking began before dawn: before the clouds broke against the mountaintops, before the trucks took over the highway, even before anyone in the town woke up to check the Continue Reading
Venezuela’s Oil Minister: PDVSA Pumping Station Attacked
Venezuela’s Oil Minister Manuel Quevedo, a former general appointed by Nicolas Maduro in late 2017 to lead Venezuela’s oil industry and state oil firm PDVSA, has said that a terrorist Continue Reading
China customs testing coal imports for environmental reasons: foreign ministry
China’s customs administration is testing coal imports for reasons including environmental protection, a foreign ministry spokesman said on Thursday. Spokesman Geng Shuang made the comment at a regular press briefing Continue Reading
Trump team to scrap talks with California on auto emissions: official
U.S. federal officials have decided to end negotiations with California over the Trump administration’s plans to roll back fuel economy rules designed to reduce greenhouse gas emissions, a government official Continue Reading
How Sanctions Are Helping The U.S. Become A Net Oil Exporter
It’s easy to forget now, but just a few short years ago the United States was the biggest oil importer in the world by a considerable margin, and sold exactly Continue Reading
MIT Professors: This Is The Energy System Of The Future
Thanks to continuously declining costs, a hybrid renewable electricity generation system that combines wind, solar, and storage could become competitive with the cheapest fossil fuel electricity in the United States—combined-cycle Continue Reading
Permian Production To Break 4 Million Bpd In March
Crude oil production in the Permian is set to rise above 4 million bpd for the first time in history next month, the Energy Information Administration said in the latest Continue Reading
Pipeline Rationing Report Causes WCS-WTI Spread to Widen
Heavy Canadian crude prices widened to the biggest discount against New York futures this year as pipeline-operator Enbridge Inc. reported that rationing on its heavy oil lines would increase next Continue Reading
America’s Shale Boom Keeps Rolling
America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less. Almost all the independent producers have reduced their Continue Reading