Russian Energy Minister Alexander Novak said on Thursday that there are risks for global oil markets from the political crisis in Venezuela, yet there are no proposals to reverse the Continue Reading
The American Petroleum Institute (API) reported a small crude oil inventory draw of 998,000 barrels for the week ending February 8, close to analyst expectations that predicted a build in Continue Reading
Oil prices rose more than 1 percent on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member, Saudi Arabia said it would reduce its Continue Reading
Oil prices rose on Tuesday afternoon as Saudi Arabia pledged deeper cuts in March while its biggest partner in the deal, Russia has failed to commit to its part of Continue Reading
Following an optimistic start to the year and the best January ever for oil prices, hedge funds and other money managers began the month of February more cautiously as fears Continue Reading
Larger-than-expected production cuts by some major oil suppliers and falling seasonal crude inventories due to growing demand are set to push up oil prices, Goldman Sachs said. The U.S. bank Continue Reading
Highlights (13 February 2019) Our global demand estimate for 2018 is unchanged. Growth in 4Q18 was robust at 1.4 mb/d y-o-y and for 2018 as a whole growth was 1.3 mb/d.China (0.44 mb/d), India (0.21 mb/d) and the Continue Reading
It has now been over two months since Qatar made the decision to leave OPEC , with many analysts providing informed views on Qatar’s future energy strategy. This article aims Continue Reading
The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group’s production cuts and U.S. sanctions on Venezuela and Iran, the Continue Reading
Crude quality rather than quantity will be an important issue moving forward, the International Energy Agency said Wednesday, adding that the global market may be able to adjust to the Continue Reading
OPEC is having some success in heading off another oil market downturn, but over the medium-term the cartel faces much more serious risks. “OPEC’s production growth outlook over the medium Continue Reading
Libya’s state oil firm NOC is committed to a swift resumption of oil output at the El Sharara oilfield, but only after its workers’ safety is assured, it said on Continue Reading
Royal Dutch Shell, Eni, BP and Exxon Mobil were among the winners in one of Egypt’s largest-ever oil and gas exploration tenders on Tuesday, as the country looks to sustain Continue Reading
The speaker of the Libyan parliament urged the head of National Oil Corp (NOC), Mustafa Sanalla, to lift the force majeure declared in December at El Sharara, the North African Continue Reading
Advisers to Venezuelan Congress head Juan Guaido have proposed appointing executives Luisa Palacios, Angel Olmeta, Luis Urdaneta and Edgar Rincon to a transitional board for U.S. refiner Citgo Petroleum Corp, Continue Reading
Venezuela’s oil exports have tapered off and shifted toward Asia since new U.S. sanctions began Jan. 28 as state-run oil company PDVSA seeks to replace deliveries to the United States Continue Reading
“China recognizes the increasing risk of a regime change and does not want to be on the bad side of a new regime,” said R. Evan Ellis, an expert on Continue Reading
The Venezuelan opposition led by Juan Guaido could soon become the owner of PDVSA’s U.S. refining business, Citgo, in what would only deepen the chaos surrounding the country’s state oil Continue Reading
In an oil market already tighter on heavy crude grades due to OPEC’s production cuts and U.S. sanctions on Iran’s oil, refiners now face an even tighter supply of heavy Continue Reading
The US Energy Information Administration sees more global oil supply and slightly lower demand this year and next, despite production cuts by OPEC and US sanctions on Venezuela creating a Continue Reading
Venezuelans on Tuesday fed a wave of discontent seeking to drive President Nicolás Maduro from office, turning out into the streets in massive protests. But even as the opposition hailed Continue Reading
China’s state planner said on Wednesday it had approved a new coal mine project in Inner Mongolia region with total investment at 3.37 billion yuan ($499.19 million) ** The coal Continue Reading
California Governor Gavin Newsom said on Tuesday the state will not complete a $77.3 billion planned high-speed rail project but will finish a smaller section of the line. “The project, Continue Reading
Philadelphia Energy Solutions Inc, owner of the largest and oldest refinery on the U.S. East Coast, is facing another financial crisis just months after emerging from a controversial bankruptcy, according Continue Reading
U.S. crude oil output is expected to rise 1.45 million barrels per day (bpd) this year and 790,000 bpd more next year, bringing total output to 13.2 million bpd, the Continue Reading
Occidental Petroleum Corp on Tuesday reported a quarterly profit that beat analysts’ estimates, helped by a surge in Permian basin production and higher realized prices for its crude. Production from Continue Reading
U.S. dry natural gas production will rise to an all-time high of 90.16 billion cubic feet per day (bcfd) in 2019 from a record high of 83.26 bcfd in 2018, Continue Reading
The world’s two biggest energy exchanges have taken their fierce rivalry to Houston, Texas in pursuit of business linked to the millions of barrels of shale oil arriving in the Continue Reading
Forecast Highlights Global liquid fuels Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January Continue Reading
The state of Texas now has even more bragging rights in the U.S. Oil Patch, and even globally According to a new report from the Texas Independent Producers Royalty Owners Continue Reading
As the global middle class rapidly expands, so too does the worldwide demand for energy and its subsequent carbon footprint. Global climate change will be one of the greatest, if Continue Reading
Despite opposition from U.S. President Donald Trump to closure of coal-fired power plants, the Tennessee Valley Authority is proposing to retire two coal plants by 2023, due to flat power Continue Reading
The OPEC-led production cut agreement, output restraints in Canada, and sweeping new sanctions on Venezuelan crude flows will not be enough to offset US supply growth, which will keep Brent Continue Reading
The fracked gas industry’s long borrowing binge may finally be hitting a hard reality: paying back investors. Enabled by rising debt , shale companies have been achieving record fracked oil Continue Reading
A dispute over a $626,860 deposit at Wells Fargo & Co. during the Chinese Revolution offers a glimpse into who may eventually control Citgo Petroleum in the current Venezuelan power Continue Reading
The rise of U.S. tight oil production over the last several years has upended the oil market and challenged OPEC’s hold on oil prices. This seemingly relentless growth in U.S. Continue Reading
The Dutch Institute for Fundamental Energy Research ( DIFFER ) is partnering with Toyota Motor Europe (TME) to develop a device that absorbs water vapor, and splits it into hydrogen Continue Reading
Germany will likely build two terminals to import liquefied natural gas (LNG), Economy Minister Peter Altmaier said on Tuesday, in a move to appease the U.S. while Berlin also supports Continue Reading
The European Union reached a provisional deal on Wednesday on new rules governing import gas pipelines including Russia’s planned Nord Stream 2, in a move that cast doubts over the Continue Reading
Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. output and concerns over economic growth to keep markets Continue Reading
The oil market should be mostly balanced this year, although “policy risk” will be a much larger driver for oil prices than the underlying fundamentals, according to a new report Continue Reading
Phosphorus is essential for all living organisms. So, it’s not surprising that humans get their phosphorus from other living organisms, mostly plants, that have absorbed phosphorus from the soil. The Continue Reading
Eastern Libyan military forces have full control of Libya’s biggest oilfield, El Sharara, a spokesman said, in a challenge to the internationally recognized government in Tripoli. There was no immediate Continue Reading
Forces from the Petroleum Facilities Guard sent by the UN-recognized government of Libya have reached the Sharara field, which the Libyan National Army, affiliated with the rival government in Eastern Continue Reading
Saudi Arabia plans to develop an international energy exploration and production business for the first time, doubling down on oil and gas even as the kingdom seeks to curb its Continue Reading
OPEC’s biggest producer Saudi Arabia would need oil prices at US$80-85 per barrel in order to balance its 2019 budget, Jihad Azour, Director of the Middle East and Central Asia Continue Reading
Venezuela’s Nicolas Maduro has sought OPEC support against U.S. sanctions imposed on his country’s oil industry, citing their impact on oil prices and potential risks for other members of the Continue Reading
Total CEO Patrick Pouyanne said on Monday he believed the French oil major could stay in Venezuela despite U.S. sanctions, but that his company would evaluate the situation. “First, we Continue Reading
Venezuela’s oil industry has been in a tailspin in recent years, with the country’s crude oil production falling from 2.4 million barrels per day (bpd) in 2015 to only 1.34 Continue Reading
Venezuela’s troubled state oil company PDVSA is telling the buyers of oil produced by its joint ventures to deposit the money for purchases in a new bank account recently opened Continue Reading
