U.S. oil retreats from 2019 high on soaring production
U.S. crude futures briefly hit a 2019 high on Friday but retreated along with benchmark Brent oil as worries about the global economy and robust U.S. production put a brake Continue Reading
IEA Warns Of Looming Oil Market Deficit
Production outages and Iran and Venezuela will tip the global oil market into a shortage during the second quarter, the International Energy Agency said in the new edition of its Continue Reading
IEA: Oil supply cushion insures against Venezuela production loss
Until recently, Venezuela’s oil production had stabilized at about 1.2 million b/d. However, the country’s recent electricity crisis has paralyzed it for substantial periods of time. In its Oil Market Continue Reading
Oil-producing communities should prepare for transition, forum told
Communities that have depended economically on coal are facing impacts now that communities that similarly rely on oil and gas will face in the future, speakers suggested at a Columbia Continue Reading
IEA Oil Market Report
Global oil demand growth slowed sharply in 4Q18 to 0.95 mb/d due to lower OECD demand, which declined by 0.3 mb/d year-on-year. Large falls were seen in Europe and Asia and there was slower Continue Reading
Kenya: Crisis as U.S.$50 Million Jet Fuel Vanishes Into Thin Air
The scandal of siphoned fuel at Kenya Pipeline Company deepened on Wednesday after it emerged that 51 million litres of jet fuel, worth Sh5 billion, has gone missing from the Continue Reading
Saudi Arabia’s Delicate Baku Balancing Act
OPEC (plus Russia) is meeting in Baku this weekend, and the Saudis are playing a delicate balancing act—not only disappointed in Trump’s less aggressive tactics against Iran, but also disappointed Continue Reading
Venezuela’s electricity crisis could trigger ‘serious disruption’ to the oil market, IEA warns
A nationwide power failure in crisis-stricken Venezuela could trigger “serious disruption” to the oil market, the International Energy Agency (IEA) warned on Friday, but OPEC kingpin Saudi Arabia should have Continue Reading
U.S. envoy says Venezuela oil production dropping steadily
The U.S. special representative for Venezuela said on Friday that Venezuela’s oil exports have been dropping steadily by roughly 50,000 barrels per month and production is likely to dip below Continue Reading
Sanctions push trans-Atlantic product freight to Venezuela to huge premium
US sanctions on Venezuela are driving freight rates for clean oil products heading across the Atlantic to the country to enormous premiums, according to shipping reports. The Torm Lotte, a Continue Reading