The Fear Factor Is Back For Oil
Saber-rattling in the Middle East and the continued deterioration in Venezuela have once again trumped considerations such as supply and demand in the fluctuations of global oil prices. Despite what Continue Reading
The World’s Last Coal Plant Will Be Constructed Soon
In its latest energy investment report , the International Energy Agency said energy companies continued investing in coal as demand for electricity continued growing fast and renewable and nuclear capacity Continue Reading
Saudi Arabia says oil producers want to reduce inventories
Saudi Energy Minister Khalid al-Falih said on Sunday there was a consensus among OPEC and allied oil producers to drive down crude inventories “gently” but his country would remain responsive Continue Reading
Saudi energy minister says attacks put security of oil supply at risk
Saudi Arabian Energy Minister Khalid al-Falih speaks to the media before the OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah, Saudi Arabia, May 19, 2019. Saudi Arabian Continue Reading
Saudi Arabia energy minister plays down oil disruption fears
Saudi Arabia’s energy minister said global oil supplies were “plentiful” and inventories needed to shrink, signaling the kingdom’s reluctance to rapidly raise production despite escalating geopolitical tensions and the threat Continue Reading
Analysis: Saudi energy minister says the world does not need any more oil in coming months
Supply risks abound from Iran to Venezuela to Libya and the peak summer oil demand season is just around the corner, but Saudi energy minister Khalid al-Falih still sees a Continue Reading
Saudis make case for keeping oil cuts while Russia open to change
Saudi Arabia’s energy minister Khalid al-Falih on Sunday laid out his case for OPEC and its allies to continue their oil production cuts, despite fraught geopolitics, saying global supplies are Continue Reading
Iran changes tactics, destinations on oil exports, maritime official says
Iran has adopted new tactics and new destinations in shipping its oil exports following the re-imposition of U.S. sanctions, a senior Iranian maritime official was quoted as saying on Saturday Continue Reading
Trump’s sanctions on Iran are hitting Hezbollah, and it hurts
The powerful Lebanese Hezbollah militia has thrived for decades on generous cash handouts from Iran, spending lavishly on benefits for its fighters, funding social services for its constituents and accumulating Continue Reading
Global Oil Shipping Concerns Rise Over Middle East Tensions
While global oil markets are accustomed to factoring geopolitical uncertainty into oil prices, this kind of geopolitical fallout hasn’t been seen for a number of years. The world’s largest oil Continue Reading
Iraq oil minister says deal with Exxon close, slowed by evacuation
A major oil deal between Iraq and Exxon Mobil was “very close” but had been slowed by Exxon’s decision on Saturday to evacuate its international staff from the West Qurna Continue Reading
Iran’s Trick To Sell Oil For A 30% Premium
Given the U.S.’s deployment earlier this month of an aircraft carrier battle group to the Persian Gulf and comments that it may send up to 120,000 troops to the Middle Continue Reading
On The Cusp Of War: Why Iran Won’t Fold
iran’s Supreme Leader, Ayatollah Seyyed Ali Khamenei, on May 14, 2019 — a week after US Secretary of State Mike Pompeo had visited Baghdad and reportedly met with a senior Continue Reading
US war with Iran unlikely, but would devastate oil markets: Fuel for Thought
Drone attacks on pipelines in Saudi Arabia and the mysterious alleged sabotage of tankers near Fujairah sent pulses racing, but a phony war in the Persian Gulf failed to trigger Continue Reading
Iraq can use fuel-switching as Iranian gas contingency plan: Ghadhban
Jeddah, Saudi Arabia — Iraq can revert to fuel-switching if the country loses or has reduced access to Iranian gas for its power needs, Iraq’s oil minister Thamir al-Ghadhban told Continue Reading
Iraqi oil minister says ExxonMobil staff evacuation is ‘unacceptable’
Iraq’s oil minister on Sunday blasted ExxonMobil for evacuating its foreign staff from the West Qurna 1 field, saying all international oil companies working in the country have a secure Continue Reading
ExxonMobil pulls 30 workers from Iraq field, output unaffected: Basra Oil
ExxonMobil has withdrawn its 30 foreign staff from Iraq’s West Qurna 1 field, according to Iraqi state-run Basra Oil Company, following a US State Department warning about security risks from Continue Reading
U.S. warnings spur Exxon evacuation of expats
Production is unaffected and the security situation appears calm as ExxonMobil evacuates dozens of foreign staff from the West Qurna 1 field, following U.S. claims of threats from Iran. ExxonMobil Continue Reading
Zimbabwe should fully liberalize the petroleum industry
Winding fuel queues are now the order of the day in the country. It has become apparent that the Zimbabwean government is failing to sustain its fuel subsidy in the Continue Reading
Nigeria: Chevron’s Oil Well Fire Enters Day 32, Communities Bicker Over Ownership
The inferno which engulfed oil wells operated by Chevron Nigeria Limited in Ojumole communities in Ilaje Local Government Area of Ondo State has continued unabated 32 days after it started. Continue Reading
Kazakhstan’s giant Kashagan oil field restarts production: partner
Tokyo — Production at the giant Kashagan oil field in Kazakhstan’s sector of the Caspian Sea restarted Sunday following the completion of scheduled maintenance, a source with a partner in Continue Reading
Angry Venezuelans wait hours for fuel as shortages worsen
Angry drivers queued for hours in towns across Venezuela on Friday as fuel shortages worsened in the South American nation following a plunge in gasoline imports and a stoppage at Continue Reading
As Trump escalates China trade dispute, economic ties lose stabilizing force in matters of national security
The United States for years relied on economic interdependence with China as a stabilizing force in relations with Beijing, with business between the two nations forming what former treasury secretary Continue Reading
States aren’t waiting for the Trump administration on environmental protections
A pump jack over an oil well in Colorado, which is tightening its methane emission regulations. (David Zalubowski/AP) More than a dozen states are moving to strengthen environmental protections to Continue Reading
Germany oil industry warns of challenges from contaminated Russian crude
Germany’s industry group MWV on Friday said there were no shortages of gasoline or diesel arising from the crisis due to the contamination of crude oil on Russia’s Druzhba pipeline, Continue Reading
Oil flows on Atyrau-Samara pipeline continue, Kazakh official says
JEDDAH (Reuters) – Oil loadings on a key export pipeline between Kazakhstan and Russia continue despite disruptions to flows via Russia from contaminated oil, Kazakhstan’s deputy energy minister Magzum Mirzagaliyev Continue Reading
What The Market Is Overlooking In The Occidental Deal
Occidental Petroleum, (NYSE: OXY), lit up the Permian sky, with its mid-April announcement that it was going to call and raise Chevron’s (NYSE:CVX) bid for Anadarko Petroleum, (NYSE: APC). Almost Continue Reading
Greenpeace activists block entrance to BP headquarters demanding an end of oil exploration
Greenpeace activists blocked the entrance to BP headquarters in London on Monday, demanding one of the world’s biggest energy companies ends all new oil and gas exploration or goes out Continue Reading
German economy ministry says will not touch oil reserves
Germany’s economy ministry on Monday said there are no considerations for the time being to release oil from strategic reserves as a problem with contamination continued to halt shipments on Continue Reading
Belarus to resume transit of Russian oil towards Poland at midnight: Belneftekhim
Belarus may resume oil transit from Russia towards Poland at midnight on Monday, Belarus state energy group Belneftekhim said. A spokesman said the group expects to resume oil transit towards Continue Reading
Cambridge study finds driverless cars working together can speed up traffic by 35%
A fleet of driverless cars working together to keep traffic moving smoothly can improve overall traffic flow by at least 35%, according to a new study by researchers at the Continue Reading
Crude settles slightly lower in supply-demand tug-of-war
Oil futures were slightly bearish Friday as the market was stuck in a tug-of-war between geopolitical tensions in the Middle East and concerns of slowing global demand stemming from the Continue Reading
Oil slips but ends week higher on Mideast supply disruption fears
Oil prices edged lower on Friday due to demand fears amid a standoff in Sino-U.S. trade talks, but both benchmarks ended the week higher on rising concerns over supply disruptions Continue Reading
Middle East Tensions Put Oil Markets On Edge
The escalating trade war between the U.S. and China is keeping oil prices subdued, but the fear premium seems to be growing by the day as tensions across the Middle Continue Reading
Soaring oil prices cast shadow on US ahead of Opec meeting
In November 2018, Donald Trump tweeted : “Oil prices getting lower … a tax cut for America and the world! Enjoy! $54 … Thank you to Saudi Arabia.” Five months Continue Reading
Exclusive: Insurer says Iran’s Guards likely to have organized tanker attacks
Iran’s elite Revolutionary Guards (IRGC) are “highly likely” to have facilitated attacks last Sunday on four tankers including two Saudi ships off Fujairah in the United Arab Emirates, according to Continue Reading
Iran denies ties to Houthi drone attack on Saudi oil installations
Iran’s foreign ministry on Friday rejected accusations by Saudi Arabia that Tehran had ordered an attack on Saudi oil installations claimed by Yemen’s Iran-aligned Houthi militia. U.S.-ally Riyadh made the Continue Reading
Iran’s crude exports slide to 500,000 bpd or less: sources
Iranian crude oil exports have fallen in May to 500,000 barrels per day (bpd) or lower, tanker data showed and industry sources said, after the United States tightened the screws Continue Reading
Iran Foreign Minister Asks China to Help Save Nuclear Deal Amid Rising Tensions
Iranian Foreign Minister Javad Zarif asked China to help save the 2015 nuclear deal, seeking to bolster ties between the two countries as the U.S. intensifies its campaign to isolate Continue Reading
Trump muddies position on Iran, but tensions are easing
Tens10ns between the US and Iran were ebbing on. Friday atter US President Donald Trump said he hoped the two countries would not go to war at the end of Continue Reading
To Contain Iran, Trump’s Newest Line in the Sand Looks a Lot Like Obama’s
Pressed this week to define President Trump’s goals in escalating military and economic pressure on Iran, one of his top foreign policy aides ticked through a familiar list: End the Continue Reading
Saudis To Boost Crude Delivery To Indian Oil In H2 2019
Saudi Arabia may soak up some of Iran’s previous market share on the Indian market as Saudi Aramco is set to ship additional 2 million barrels per month to Indian Continue Reading
Exclusive: Saudi’s Falih says oil stocks still building, but OPEC to act if needed
Saudi Arabia’s Energy Minister Khalid al-Falih said on Saturday that OPEC will be responsive to the oil market’s needs, but that he was not sure there is an oil shortage Continue Reading
Without Venezuela’s oil, Haiti struggles to keep lights on
In this April 16, 2019 photo, Johny Legagneur charges a light bulb for a client at his shop in Petion-Ville, Haiti. Johny uses an inverter and generator to charge laptops, Continue Reading
Venezuela’s Collapse Is the Worst Outside of War in Decades, Economists Say
Zimbabwe’s collapse under Robert Mugabe. The fall of the Soviet Union. Cuba’s disastrous unraveling in the 1990s. The crumbling of Venezuela’s economy has now outpaced them all. Venezuela’s fall is Continue Reading
What Panama’s Worst Drought Means for Its Canal’s Future
A severe drought in Panama has resulted in lower water levels in the Panama Canal, forcing some shippers to limit the amount of cargo their largest ships carry so they Continue Reading
PDVSA offers 6.4 million barrels of discounted crude to spot market
Venezuelan state-owned PDVSA is offering 6.4 million barrels of discounted crude oil to Russian, Chinese and Indian companies, according to a company official and reports seen by S&P Global Platts. Continue Reading
Mexico’s President: Pemex’s Enormous Debt Won’t Grow Further
The enormous debt of Mexico’s state oil firm Pemex has not increased since the new administration took office in December 2018, and will not increase in the future, Mexican President Continue Reading
Venezuela Hit By Gasoline Shortages
Another problem has been added to Venezuela’s growing list of woes: gasoline import shortages that have caused lines at gas stations, Reuters reports , adding that local production has slumped Continue Reading
Gas station lines reappear in Venezuela as refinery halts, fuel imports plunge
Gas station lines reappeared across oil-rich but crisis-stricken Venezuela this week as gasoline imports plunged and the country’s second-largest oil refinery halted operations. Shortages of motor fuel have become a Continue Reading