Oil prices extend losses as oversupply worries drag
Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent Continue Reading
Crude futures slip amid expected stock build, US economic concern
Crude oil futures were lower Tuesday during mid-morning Asia trade amid an expected build in US crude inventories and concern about the strength of the US economy. At 10:30 am Continue Reading
Oil rally stalls on talk of OPEC+ boosting output
Oil prices halted their rally on Monday, with both benchmarks down nearly 1 percent, after Russia’s finance minister said Russia and OPEC may decide to boost production to fight for Continue Reading
‘High’ Oil Prices Are Already Dampening Demand
Crude oil prices are affecting demand for the commodity negatively, the International Energy Agency’s head Fatih Birol told S&P Global Platts in an interview . “The higher oil price environment Continue Reading
The Case For $100 Oil
The odds of an oil price spike this year are much higher than the prevailing consensus in the market, according to a new report from Bank of America Merrill Lynch. Continue Reading
Iraq’s Solution To Stranded Kurdistan Crude
Iraq is set to build an oil refinery of 150,000 bpd processing capacity in the northern city of Kirkuk, according to Iraqi Oil Minister Thamer Ghadhban. The ministry said that Continue Reading
Nigeria: No Removing Subsidy, Says Govt As Fuel Shortage Worsens Nationwide
The nation’s fuel shortage has worsened as consumers spent the weekend on queues for the product, despite assurances by the Nigerian National Petroleum Corporation, NNPC. Meanwhile, the Federal Government yesterday, Continue Reading
Nigeria: Petrol Scarcity – NSCDC Threatens Showdown With Ekiti Dealers
The Nigerian Security and Civil Defence Corps (NSCDC) will on Monday begin a clampdown on petrol dealers hoarding or diverting products in Ekiti State. The NDCDC, Ekiti Command, said it Continue Reading
Think Tank: Mexico’s New Refinery Already Doomed
A Mexican think tank has declared that Pemex’s newest refinery is doomed in a grim analysis released this month. The Mexican Institute for Competitiveness (Instituto Mexicano para la Competitividad, or Continue Reading
Fuel-Starved Haiti In Crisis As Venezuela Deal Dies
The poorest nation in the Western hemisphere has seen its fuel supply increasingly challenged since a program designed by Venezuela to supply fuel and gain influence in the Caribbean collapsed Continue Reading
Chevron says Dutch Supreme Court rejects Ecuador’s $9.5 billion claim
The Supreme Court of the Netherlands dismissed Ecuador’s attempts to annul decisions of an international arbitral tribunal that ordered Ecuador to prevent enforcement of a $9.5 billion judgment against Chevron Continue Reading
This New Oil Hotspot Is Replacing Venezuelan Crude
The U.S. sanctions on Venezuela’s oil industry have tightened the global heavy to medium crude oil market, sending oil buyers scrambling for alternatives to the heavy Venezuelan oil. Refiners in Continue Reading
Why South Korea Just Ramped Up Iranian Oil Imports
South Korea’s imports of Iranian crude last month reached 1.2 million tons, or 8.8 million barrels which was a 23-percent increase on February and a fivefold increase in January, when Continue Reading
Asian refiners receive full Saudi crude allocations for May
Saudi Aramco’s major crude oil buyers in Asia have received full term allocations for Saudi crude oil loading in May, even as Saudi Arabia continues to reduce production as part Continue Reading
U.S. shale output forecast to hit record 8.46 million bpd in May: EIA
U.S. crude oil output from seven major shale formations is expected to rise by about 80,000 barrels per day (bpd) in May to a record 8.46 million bpd, the U.S. Continue Reading
Federal court dismisses Trump administration’s repeal of coal, oil valuation rule
A federal court has struck down the Trump administration’s repeal of an Obama-era policy aimed at boosting revenue for taxpayers by changing how energy companies value sales of coal, oil Continue Reading
Investors Handed an Oilman a ‘Blank Check’ Company. Here’s How It Turned Out.
Two years ago, investors handed veteran oilman Jim Hackett a $1 billion check and sent him to seek riches in shale drilling. Today, the company he founded with their money, Continue Reading
Drilling Productivity Report
The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil Continue Reading
Washington House passes crude-by-rail bill, with change
The Washington state House of Representatives has passed a bill which would set new vapor pressure limits on crude sent into the state by rail, but with a major change Continue Reading
U.S. shale output forecast to hit record 8.46 million bpd in May: EIA
NEW YORK (Reuters) – U.S. crude oil output from seven major shale formations is expected to rise by about 80,000 barrels per day (bpd) in May to a record 8.46 Continue Reading
Megadeal Triggers M&A Spree In The Permian
Late last week, Chevron announced its decision to takeover Anadarko Petroleum for $33 billion, a deal that could mark a watershed moment for the Permian basin and the U.S. shale Continue Reading
The U.S. Is Losing Influence In The World’s Biggest Oil Region
Egyptian President Abdul Fatah al-Sisi’s visit to the White House on April 9, 2019, resulted in one of the worst setbacks for U.S. Middle Eastern policy under the Donald Trump Continue Reading
U.S. Presidential Hopeful Promises To Ban Oil & Gas Drilling
Presidential hopeful Elizabeth Warren has promised, in a column on Medium , to ban all fossil fuel extractions on all federal lands and coastal waters. This move will no doubt Continue Reading
Turkmen gas flows to Russia again after three-year standoff
Turkmenistan has resumed natural gas exports to Russia after a three-year suspension, Russian gas giant Gazprom said on Monday, confirming a report by Turkmen news website Orient.tm. “Supplies are taking Continue Reading
Climate protest brings London to a standstill
Environmental activist group Extinction Rebellion shut down four key London thoroughfares on Monday, including Waterloo Bridge and Oxford Circus, at the start of a multi-day protest designed to bring the Continue Reading
Former VW boss charged over diesel emissions scandal
The 71-year-old resigned soon after the scandal erupted in September 2015 The former chief executive of the carmaker Volkswagen has been charged in Germany over his involvement in the company’s Continue Reading
Extinction Rebellion: Climate protesters block roads
Extinction Rebellion protesters are carrying out a global day of action Climate change protesters have blocked roads across central London sparking traffic disruption. Extinction Rebellion campaigners parked a boat at Continue Reading
The World’s Most Unorthodox Oil Nation
In what seemed like an episode of the Norwegian television drama Occupied , Norway’s largest political party joined smaller ones in the nation’s parliament to prevent oil exploration in the Continue Reading
Did Russia Just Call The End of The OPEC Deal?
OPEC and heavyweight Russia may fight America for its share of the oil market, Russia’s Finance Minister Anton Siluanov told TASS on Saturday, even if it means quitting the OPEC Continue Reading
Europe car groups face huge profit hit to cut CO2
Forget the global trade war, declining sales or even Brexit – the sternest challenge facing Europe’s car industry comes from the exhaust pipes of its vehicles. Strict new carbon dioxide emissions Continue Reading
Traders In Limbo As Mounting Uncertainty Pulls Oil In All Directions
Crude oil prices are expected to finish the week higher, but the price action late in the week suggests the market may be getting a little top heavy. Early in Continue Reading
Crude slips on rig count; supply concerns in focus
Crude oil futures slips during mid-afternoon trade Monday on the back of higher rig counts in the US, but supply concerns remained in focus for now, industry sources said. At Continue Reading
Brent Could Hit $80 This Summer As Hedge Funds Lose Steam
Brent Crude and WTI Crude prices hit a five-month high this week amid signs of tightening market and clashes in wildcard OPEC producer Libya. Brent Crude topped $71 and WTI Continue Reading
Interview: Oil prices above $70/b already hurting demand growth – IEA’s Birol
Current oil prices above $70/b are already starting to drag on global oil demand and threaten to soften demand growth forecasts this year, the International Energy Agency’s executive director Fatih Continue Reading
Oil pauses; focus on future supply direction
Oil prices nudged lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply. Brent crude oil Continue Reading
Robots Take Over Oil Trade And OPEC Is Scared To Death
Artificial intelligence has been making inroads into the oil and gas industry for a while now after the industry realized all the benefits it could reap from the deployment of Continue Reading
All aboard! Treasure on the high seas for gas dealers
In the booming market for super cooled natural supercooled most precious commodity is the ship. A global quest for cleaner energy has fired up demand for liquefied natural gas (LNG), Continue Reading
OPEC may raise oil output if prices increase, shortages…
OPEC may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the Continue Reading
Iran says U.S. pressures on Iran, Venezuela making oil market fragile
Iran’s oil minister said on Sunday that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile, and warned Continue Reading
Saudi Aramco increases gasoline prices starting April 14: statement
Saudi Arabia raised the local price for Octane 95 gasoline to 2.10 Riyals from 2.02 Riyals last quarter and Octane 91 to 1.44 Riyals from 1.37 Riyals per liter, state Continue Reading
Trump’s New Ambassador Scrambles To Salvage Relationship With Riyadh
The Senate has confirmed President Trump’s nominee to be the new U.S. ambassador to Saudi Arabia. Though Trump has been in office for more than two years, it will be Continue Reading
Saudi Aramco’s Quest to Become the World’s Biggest Oil Consumer
Saudi Aramco is well known as the world’s top crude exporter. If all goes to plan, it may also become the biggest user of the fossil fuel. More than a Continue Reading
Gas flaring persists as 2020 deadline nears
After several unmet deadlines for ending gas flaring, oil and gas firms still continue to waste natural gas resources in the country as the 2020 deadline nears, ’FEMI ASU writes Continue Reading
Dispute with U.S. energy trader worsens Haiti’s fuel crisis
A dispute between Haiti and a U.S. energy trading firm is leading to long blackouts and fuel shortages in the Caribbean nation, feeding anger at President Jovenel Moise’s government following Continue Reading
Nigeria: ExxonMobil Nigeria Dismisses Rumour About Leaving Nigeria
The Executive Director and Production Manager of ExxonMobil Nigeria, Richard Laing debunked the rumor that the organizations was exiting from Nigeria. Laing made this statement on Saturday during the Minister Continue Reading
Nigeria: ExxonMobil, Other Oil Coys Not Exiting Nigeria – Kachikwu
Ibe Kachikwu, the Minister of State for Petroleum Resource says that no International Oil Company (IOC) is planning to exit Nigeria contrary to reports in some section of the media. Continue Reading
Indian Refiners Rush To Buy Iranian Oil Before It’s Too Late
India’s oil imports from Iran increased by some 5 percent between March 2018 and March 2019 compared to the previous fiscal year through March 2018, because Indian refiners rushed to Continue Reading
Central American Farmers Head to the U.S., Fleeing Climate Change
The farmer stood in his patch of forlorn coffee plants, their leaves sick and wilted, the next harvest in doubt. Last year, two of his brothers and a sister, desperate Continue Reading
Venezuela’s military, despite U.S. expectations, has not turned on Maduro
Former Venezuelans soldiers play pool at Villa Antigua Hotel in Cúcuta, Colombia, where they are applying for refugee status. (Charlie Cordero/For The Washington Post) When the Trump administration first demanded Continue Reading
‘’Rock Solid’’ Chinese Demand Boosts Oil Prices
The oil market is dramatically tighter than it was only a few months ago, driven by both supply cuts and outages, as well as by the surprising “resilience of demand,” Continue Reading