Oil prices jumped to two-week highs on Tuesday morning, rising on the back of severe outages in Venezuela and the ongoing production cuts from OPEC+. A devastating electricity blackout swept Continue Reading
The oil industry should engage with proponents of the “Green New Deal,” a Democratic initiative seeking to radically reduce U.S. dependence on fossil fuels, BP Chief Executive Officer Bob Dudley Continue Reading
U.S. Secretary Of State Mike Pompeo will meet with top oil executives before he addresses a conference on Tuesday, seeking to get them to help the administration’s effort to boost Continue Reading
Iran is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as U.S. sanctions start to bite, Iranian and Western Continue Reading
U.S. Secretary of State Mike Pompeo urged the oil industry on Tuesday to work with the Trump administration to promote U.S. foreign policy interests, especially in Asia and in Europe, Continue Reading
Mexican President Andres Manuel Lopez Obrador on Tuesday denied any delay to a flagship refinery project in his home state after the deputy finance minister was quoted as saying $2.5 Continue Reading
Venezuela’s interim government led by Congress head Juan Guaido is preparing new legislation to reverse late President Hugo Chavez’s energy industry nationalization, allowing private companies a bigger role in its Continue Reading
Russia’s largest crude producer Rosneft said Tuesday that its operations in Venezuela are legal and it will defend its rights in accordance with international law if it suffers damages in Continue Reading
China offered on Wednesday to help Venezuela restore its power grid, after President Nicolas Maduro accused U.S. counterpart Donald Trump of cyber “sabotage” that plunged the South American country into Continue Reading
Venezuelan congress head Juan Guaido is preparing a groundbreaking reversal of late President Hugo Chavez’s energy industry nationalization, allowing private companies a bigger role in its oilfields and shrinking state-run Continue Reading
Venezuelan opposition leaders said on Tuesday that the opposition-controlled congress was preparing to consider new energy legislation that would allow faltering oil production to recover with outside help. Ricardo Hausmann, Continue Reading
The United States is prepared to impose “very significant” additional sanctions against financial institutions over the situation in Venezuela in the coming days, U.S. special envoy Elliott Abrams said on Continue Reading
Venezuela ordered American diplomats to leave the country within 72 hours on Tuesday after President Nicolas Maduro accused U.S. counterpart Donald Trump of cyber “sabotage” that plunged the OPEC nation Continue Reading
Global liquid fuels Brent crude oil spot prices averaged $64 per barrel (b) in February, up $5/b from January 2019 and about $1/b lower than at the same time last Continue Reading
Less than two weeks after Alaska Gov. Michael Dunleavy cast doubt over the $43 billion Alaska LNG project, two oil majors have resuscitated hope that the massive capex project could Continue Reading
Tesla, Inc., won’t be closing all its retail stores, but the game will continue to change for the electric automaker and its competitors. While Tesla is backing off its plan Continue Reading
Highlights 2019 production forecast at 694.9 million st, down 7.8% from 2018 Coal expected to make up 24.7% of power generation, gas at 36.5% Houston — The US is estimated Continue Reading
The Port of Corpus Christi should be able to load Aframaxes, Suezmaxes and partially loaded VLCCs to export US crude to international markets by October 2020, an executive with The Continue Reading
US light tight oil has become the marginal barrel for the global crude market and shale production represents the highest return on investment, but capital is also pouring into conventional Continue Reading
The explorer is opting to snap up cheap acreage in overlooked areas like the Louisiana Austin Chalk. (Bloomberg) — Marathon Oil Corp. is mirroring private equity as it looks for Continue Reading
The U.S. Environmental Protection Agency on Tuesday released its proposed rule lifting a summer ban on higher-ethanol blends of gasoline to help farmers, putting the agency on a collision course Continue Reading
The ambitious shale growth plans of the U.S. supermajors could in the future allow them to control so much of U.S. shale oil production that they could also control the Continue Reading
Earlier this month when pipeline operator Enbridge said its Line 3 pipeline will only return to operation in the second half of 2020, it was very bad news for Alberta. Continue Reading
At an energy ministry meeting earlier this month, Russia’s oil majors confirmed that they would be sticking to the production cuts that Russia had pledged in the OPEC+ deal, Vagit Continue Reading
The risk of a no-deal British exit from the EU increased Tuesday following the defeat of Prime Minister Theresa May’s proposed Brexit deal in parliament, boosting the potential impact on Continue Reading
The Volkswagen Group is now planning to launch almost 70 new electric models in the next ten years instead of the 50 previously planned. As a result, the projected number Continue Reading
Royal Dutch Shell, one of the world’s biggest oil and gas groups, is aiming to become the largest electricity company by the 2030s, as it prepares for a fundamental shift Continue Reading
Oil prices rose on Tuesday, as OPEC’s de facto leader Saudi Arabia appeared to deepen the group’s supply cuts aimed at tightening markets, although gains were capped by the ongoing Continue Reading
Oil prices rose more than 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June. Brent Continue Reading
Some of the world’s top oil executives plan a call to action at a premier industry conference this week, arguing that companies need to actively address climate change and technology Continue Reading
Polling shows that the majority of United States citizens want the Trump administration to honor the country’s Obama-era commitment to the Paris Agreement to combat global climate change. Under the Continue Reading
The global refining industry faces a wave of new capacity additions to 2024 that would greatly exceed demand growth for refined products, and this may result in refinery closures to Continue Reading
OPEC will continue producing less crude oil than it could until at least June as April, when OPEC+ meets, would be too early to end the cuts, Saudi Arabia’s Energy Continue Reading
Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd, a Saudi Continue Reading
Iranian President Hassan Rouhani is seeking to boost economic links with Iraq on his first official visit to the neighboring country, at a time when the U.S. is upping efforts Continue Reading
The Sharara crude oil field in Libya will recover its daily rate of production to 300,000 bpd within two weeks, Reuters reports , quoting a field engineer. The country’s largest Continue Reading
Qatar’s Minister of Commerce and Industry said on Sunday that the country’s trade surplus reached $52 billion in 2018. This amount comes as the gas-rich kingdom pushes back against a Continue Reading
The top U.S. buyers of Venezuelan oil are in the unusual position of trying to return millions of barrels of crude they need but cannot accept because of U.S. sanctions Continue Reading
Much of Venezuela, including parts of the capital Caracas, remained without power on Monday for a fifth day, crimping vital oil exports and leaving people struggling to obtain water and Continue Reading
Colombia’s government on Monday said it signed two exploration and production contracts with Shell in offshore areas of the Caribbean Sea that will require the company to make initial investments Continue Reading
Venezuela suffered a sweeping blackout last week, which threatens to cut off oil exports from the country. U.S. sanctions have already severely impacted oil operations, leaving cargoes stranded off the Continue Reading
The United States has pressed India to stop buying Venezuelan crude oil as a means of accelerating President Nicolas Maduro’s removal from office, which Washington has made its top priority Continue Reading
Secretary of State Mike Pompeo said the U.S. would withdraw all remaining staff from its embassy in Venezuela due to the “deteriorating situation” there after several days of power outages Continue Reading
Caracas (CNN)In a televised address Monday, Venezuelan President Nicolas Maduro said the recovery from power outages will be “little by little,” adding the outage was an “electronic coup” carried out Continue Reading
The top U.S. buyers of Venezuelan oil are in the unusual position of trying to return millions of barrels of crude they need but cannot accept because of U.S. sanctions Continue Reading
In its fight against coal emissions pollution, China significantly stepped up its coal-to-natural gas and coal-to-electricity switch to 35 cities last year from 12 cities in 2017, but the next Continue Reading
The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Continue Reading
U.S. oil production could become less responsive to crude prices as major oil companies expand operations in the nation’s shale fields, now dominated by smaller producers, International Energy Agency officials Continue Reading
Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. shale oil, rivaling large trading firms and oil majors, in a market now worth more than $150 Continue Reading
Less than a year ago, IHS Markit predicted that “stunning” growth in the Permian would result in the basin doubling its oil production to 5.4 million bpd between 2017 and Continue Reading
