Saudi, Indian Oil Ministers To Meet On Saturday
The oil ministers of Saudi Arabia and India will meet on Saturday, Reuters quoted India’s Oil Minister Dharmendra Pradhan as saying on Friday. Although the Indian minister did not go Continue Reading
Venezuela must pay Conoco more than $8 billion: World Bank
Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the late socialist leader Hugo Chavez, the World Bank ruled on Friday, Continue Reading
U.S. allows more time to wind down Venezuela state oil firm’s debt
The United States is giving individuals and entities more time to wind down certain financial contracts or other agreements related to debt involving Venezuela’s state-owned oil company, the U.S. Treasury Continue Reading
Venezuela Blackout Stretches Across Country, Closing Schools and Businesses
The biggest blackout in Venezuela’s history stretched to about 22 hours Friday, as dialysis patients went without treatment, airlines canceled flights and factories and schools shut their doors in a Continue Reading
Mexico’s Lopez Obrador could reconsider restarting upstream auction round in six months
The president’s spokesman declined to confirm or deny information Cancellation of auction rounds would make Mexico produce 600,000 b/d less in the long term Mexico City — Mexico could reconsider Continue Reading
Venezuela power flickers after worst blackout in decades
Venezuela’s power supply remained patchy on Friday after the worst blackout in decades paralyzed most of the country, exacerbating hardship for millions of people already suffering from hyperinflation and widespread Continue Reading
Mexico’s Urzua says ‘significant’ new help for Pemex likely soon
Mexico’s government will likely announce “significant” new measures to help Pemex later this month, Finance Minister Carlos Urzua said on Friday, as the state oil company tries to avert a Continue Reading
China says working with U.S. day and night to get trade deal
China and the United States are still working day and night to achieve a trade deal that matches the interests of both sides and the hopes of the world, including Continue Reading
U.S. oil drillers cut rigs for third week in a row: Baker Hughes
U.S. energy firms this week cut the number of oil rigs operating for a third week in a row to the lowest level in 10 months as independent producers follow Continue Reading
America’s Light Bulb Revolution
Solar panels and wind turbines get a lot of attention, but a more inconspicuous instrument is helping to reshape America’s energy economy right now: The humble light bulb. Over the Continue Reading
US Drops 11 Oil and Gas Rigs
The U.S. scrapped a total of 11 oil and gas rigs this week, according to Baker Hughes, a GE Company. The U.S. scrapped a total of 11 oil and gas Continue Reading
Rain may be causing a worrying amount of ice to melt in Greenland
Rain is becoming more common across Greenland’s ice sheet and it may be playing an important role in rising sea levels. Greenland’s 660,000-square mile ice sheet contains enough fresh water Continue Reading
Norway’s Sovereign-Wealth Fund Moves Toward Divesting From Oil, Gas Stocks
Norway’s $1 trillion sovereign-wealth fund took a major step toward selling off some of its substantial holdings in oil-and-gas companies, a move to shield the oil-rich nation from the risk Continue Reading
Oil drops 1.6 percent as economic outlook weakens, U.S. supply surges
Oil prices dropped 1.6 percent on Friday on a worsening global economic outlook after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese imports and Continue Reading
Two Largest Oil Price Benchmarks Are Set To Diverge
Brent has gathered some momentum while WTI prices have shown just a little bit of hesitation. The difference in the price movements of the two oil benchmarks reflects a slight Continue Reading
Staggering Demand Growth Could End Price Control In Oil Markets
Energy security is, without doubt, one of the most critical topics policymakers and professionals are concerned with. However, producers and consumers add a different meaning to these two words: the Continue Reading
Saudi Arabia Says Large Gas Reserves Found In Red Sea
Large volumes of natural gas have been found in the Red Sea, according to the official Saudi Press Agency (SPA) which quoted Saudi Arabia’s Energy Minister Khalid al-Falih as saying. Continue Reading
Deadly insurgent ambush highlights security vacuum
At least six paramilitary fighters died in an insurgent ambush on Wednesday – the latest incident highlighting a problematic security vacuum in Iraq’s disputed territories. Despite recent efforts to improve Continue Reading
Saudi Oil Minister: Aramco IPO On Track For 2021
The listing of Saudi Arabia’s energy giant Aramco is on track to take place in 2021, Energy Minister Khalid al-Falih said , echoing earlier assurances he and Aramco’s chief executive Continue Reading
Rubio’s “Full Gangster” Comments Hinder U.S.-Saudi Relations
It didn’t take long for Florida Senator Marco Rubio’s comments that Saudi Crown Prince Mohammed bin Salman had “gone full gangster” to make the news rounds all the way from Continue Reading
Kashmir Conflict Has Riyadh On Edge
Just days after Saudi Arabia’s Crown Prince Mohammed bin Salman finished his charm-offensive Asian trip to Pakistan, India, and China, the ever-simmering tensions between Pakistan and India flared up again Continue Reading
Nigeria, Iraq Exceed Cuts As OPEC Achieves 79% Compliance
Increased production by Nigeria and Iraq above the agreed quota by members of the Organisation of the Petroleum Exporting Countries (OPEC), in February, saw compliance level hitting 79 per cent Continue Reading
Venezuela’s PDVSA says still working with German shipping firm
Venezuela’s state-run oil company PDVSA said on Thursday it has not halted business with maritime contractor Bernhard Schulte Shipmanagement (BSM), after the German firm notified it would remove crews operating Continue Reading
PDVSA Declares Emergency On Tanker Fleet
Venezuela’s struggling oil company PDVSA declared a maritime emergency after a German company operating a portion of its tanker fleet said it planned to return ten vessels because of unpaid Continue Reading
US inching toward secondary sanctions on Venezuelan crude, product flows: sources
Nearly six weeks after imposing sweeping sanctions on PDVSA, Venezuela’s state-owned oil company, and apparently no closer to removing President Nicolas Maduro from office, the Trump administration is considering additional Continue Reading
Lights Go Out in Venezuela, and Social Media Heats Up
A widespread blackout enveloped much of Venezuela in darkness on Thursday night, stopping subway service in the capital and causing problems around the country, which has been plagued by power Continue Reading
China’s February coal imports tumble on uncertainty over curbs, holiday disruption
China’s coal imports in February fell sharply from January after utilities curbed buying citing uncertainty over Beijing’s policies on shipments arriving from overseas, while the week-long lunar new year holiday Continue Reading
China’s February crude imports surge 22 percent; gas imports drop from January
China’s crude oil imports rose to the third-highest volume on record on a daily basis on increasing purchases by new private refineries, while natural gas imports eased as demand dropped Continue Reading
China exports drop 21% on weak economy and US tariffs
China reported its steepest year-on-year decline in exports in three years on Friday, the latest sign that a global slowdown and Beijing’s trade dispute with the US are hurting the world’s Continue Reading
China’s Shandong independent refineries lowered Feb run rates to 6-month low of 60%
The combined average run rate at China’s independent refineries in eastern Shandong province continued to edge down to a 6-month low of 60.4% capacity in February, from 65.1% in January, Continue Reading
Exxon and Chevron place long-term bet on Permian shale boom
The big oil companies turned up late to the Permian party, but they are making up for lost time. ExxonMobil and Chevron, the two largest US oil groups, this week Continue Reading
Bloomberg Launches Alternative To Green New Deal
Michael Bloomberg will not run for president. That was the main outtake from the businessman and philanthropist’s op-ed for Bloomberg the other day. But the more important outtake was his Continue Reading
U.S. Will Soon Export More Oil, Liquids Than Saudi Arabia
In a pivotal geopolitical shift, the United States will soon export more oil and liquids than Saudi Arabia. This remarkable turnaround is made possible by the continued rise in oil Continue Reading
Washington’s Offshore Drilling Plan Due In Weeks
The Trump administration is set to unleash its offshore, five-year oil drilling plan within weeks, Reuters reported , quoting an unnamed source in the know. The plan is being prepared Continue Reading
US rig count falls 25 on week to 1,085: S&P Global Platts Analytics
Highlights Oil rig count drops by 11 to 856, led by six rig decline in Permian Basin Gas rig count increases by one to 225 New York — The combined Continue Reading
ExxonMobil ups production outlook on Permian, Guyana growth
Highlights Sees 2019 production of 4 million boe/d Permian to account for 40% of growth to 2025 Stabroek reserves estimate now 5.5 billion boe New York — Receive daily email Continue Reading
Tesla introducing V3 Supercharging; up to 250 kW per car
Tesla announced that it is introducing V3 Supercharging, which will support peak rates of up to 250 kW per car. V3 represents a new architecture for Supercharging. A new 1MW Continue Reading
US to Export More Oil, Liquids than Saudi Arabia in 2019
The U.S. is poised to export more oil and liquids than Saudi Arabia by year-end, according to Rystad Energy. The shift, Rystad explains, comes from continued rising production from U.S. Continue Reading
Permian Still Booming Despite Hurdles
The Permian’s oil pipeline network is expected to grow 60-70 percent in the next five years. The Permian Basin is the energy-producing juggernaut behind the U.S. shale revolution. This vast Continue Reading
Colorado Passes Bill Threatening 100,000+ Jobs
The Colorado State Senate Transportation and Energy Committee passes a bill which the American Petroleum Institute says ‘threatens hundreds of thousands of jobs’. The Colorado State Senate Transportation & Energy Continue Reading
Exxon Punished By Wall Street For Spending Strategy
ExxonMobil plans to ramp up spending on multiple oil ventures over the next few years, an aggressive gambit to increase oil production and fatten profits. Wall Street, however, isn’t so Continue Reading
First Floating U.S. LNG Project Continues Despite US-China Trade War
The first U.S. floating liquefied natural gas (LNG) project continues to plan future steps in its progress despite the U.S.-China trade war, a top manager at one of the project’s Continue Reading
Production Costs Are Soaring In Norway’s Oil & Gas Industry
Oil and gas production costs on the Norwegian Continental Shelf (NCS) rose by 7 percent in 2018 compared to 2017, ending a streak of several years of continuous cost reductions, Continue Reading
Gazprom Export makes first ever ruble gas sale with western European buyer
Russia’s Gazprom Export said Thursday it had made its first ever sale of gas to a western European company priced in rubles, as the company continues to use its Electronic Continue Reading
Russia’s Oil Product Exports To U.S. Surge Amid Sanctions On Venezuela
Russian exports of oil and oil products to the United States surged in the last week of February to their highest level since 2011, with Russia taking advantage of the Continue Reading
EU parliament to approve anti-fossil energy laws by mid-Apr
Brussels — The European Parliament is on track to approve all outstanding draft EU energy laws by mid-April, ensuring that the push away from fossil fuels towards renewable energies will Continue Reading
Oil edges up on Venezuela and Iran sanctions, OPEC supply cuts
Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising Continue Reading
Oil Falls After EIA Reports Large Crude Build
A day after the American Petroleum Institute once again took markets by surprise by reporting a crude oil inventory build of 7.29 million barrels , the Energy Information Administration said Continue Reading
Survey: Experts See Brent Oil Price In The $60s In 2019
Brent Crude prices will average in the $60s per barrel this year, the majority of industry experts said in a poll carried out by Gulf Intelligence at the recent IP Continue Reading
Is This As Good As It Gets For Oil?
Crude oil prices have gone up twenty-seven percent from their Christmas week lows. Many analysts, company representatives, and OPEC officials see them rising further. The 1.2-million-barrels-per-day cut in oil production Continue Reading