The Asian Suezmax market was watching developments cautiously Thursday after oil major BP’s tanker, the British Heritage, was allegedly approached by Iranian vessels in the Persian Gulf. Receive daily email Continue Reading
President Bashar al-Assad’s assault in the northwest has been met with a painful rebel counterpunch that underlines Turkish resolve to keep the area out of his hands and shows why Continue Reading
President Trump made fresh threats to ramp up U.S. sanctions against Iran for stepping up its enrichment of uranium, tweeting that America’s response “will soon be increased, substantially.” His comments Continue Reading
The United States on Wednesday accused Iran of “nuclear extortion” and threatened further sanctions against Tehran, which has begun stockpiling and enriching uranium beyond the limits set in the 2015 Continue Reading
Insurance rates for tankers going through the Strait of Hormuz have skyrocketed tenfold in the two months since the first attacks on tankers off the coast of the UAE, CNBC Continue Reading
India continues to hold technical and commercial discussions with Westinghouse for arriving at a project proposal for nuclear reactors in the state of Andhra Pradesh, Jitendra Singh, Minister of State Continue Reading
Iraq’s cabinet approved a plan to build a pipeline to send the output of oil fields in Rumaila to Aqaba in Jordan, according to a Wednesday statement from the country’s Continue Reading
As the U.S. looks to enforce sanctions aimed at halting trade with states such as Iran and Venezuela, there’s increased scrutiny on the tricks being used to keep commodities flowing Continue Reading
Iran will offer oil futures to interested foreign parties at pre-determined rates, the Tehran Times reported on Wednesday, citing Iranian VP Es’haq Jahangiri , despite US sanctions that have restricted Continue Reading
Saudi Arabia’s oil production will remain below 10 million b/d through August and its exports will stay under 7 million b/d to avoid excess stock buildup in an oversupplied market, Continue Reading
The new Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, thursday disclosed that the petroleum price of N145 per litre obtainable in Nigeria is the cheapest Continue Reading
China’s biggest oil and gas producer PetroChina—the first company in the world to reach a US$1-trillion valuation more than ten years ago—is now so cheap that it is worth less Continue Reading
Risky borrowers are running into trouble in China and that is putting pressure on trust companies, an important corner of the country’s shadow-banking system. The fear is that this could Continue Reading
U.S. oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output as what could be one of the first major storms of the Atlantic hurricane season Continue Reading
U.S. crude oil stockpiles fell by nearly 10 million barrels last week, far more than expected, as refineries processed the most crude oil since January, the Energy Information Administration said Continue Reading
Pennsylvania Governor Tom Wolf does not support using public funds to help save the Philadelphia Energy Solutions refinery complex from permanent closure after a massive fire last month, the governor’s Continue Reading
For the administration of President Donald Trump, a policy of “energy dominance” means reducing dependence on imported oil and promoting exports to boost the national economy and Washington’s political influence Continue Reading
Economists tell us that within the economy there is a lot of substitutability, and they are correct. However, there are a couple of not-so-minor details that they overlook: There is Continue Reading
A disappointing planting season due to massive flooding in the U.S. Midwest this spring is expected to have spillover effects on diesel demand during harvest season, analysts and traders said. Continue Reading
A State Department intelligence analyst has resigned in protest after the White House blocked portions of his written testimony to a congressional panel to exclude data and evidence on climate Continue Reading
Visible satellite loop over Invest 92L. (NASA) The National Hurricane Center is predicting the season’s first hurricane, to be named Barry, will develop over the Gulf of Mexico and strike Continue Reading
Despite the ongoing rush to build oil pipelines to carry crude from the Permian to the Gulf Coast and an overbuild in the short-term, the fastest-growing U.S. shale play will Continue Reading
Gas generation to replace most thermal coal capacity Capacity factors at remaining coal plants unlikely to increase Demand for US thermal coal will “erode significantly” between 2020 and 2030 as Continue Reading
US offshore drillers have shut-in 602,715 b/d of oil production, about 32% of the Gulf of Mexico’s total output, and 496 MMcf/d of natural gas output, or 18% of the Continue Reading
Alaska’s governor won a showdown on Wednesday with lawmakers trying to reverse his bid to slash spending on higher education by 40%, but opponents vowed to keep fighting the unprecedented Continue Reading
Russia’s second-largest oil producer, Lukoil, has fully restored the volume of its oil supplies to customers after a major contamination on the Druzhba oil pipeline disrupted Russian crude supply to Continue Reading
Far from the sunny, wide streets of Phoenix, where Waymo’s self-driving taxis ply their trade, a handful of European startups are developing driverless cars to navigate the clogged, chaotic, rain-swept Continue Reading
Crude oil futures were higher in mid-morning trade in Asia Wednesday on the back of a larger-than-expected drop in US oil inventories reported by an industry group. At 10:55 am Continue Reading
Oil prices rose on Wednesday after industry data showed U.S. stockpiles fell far more than expected, alleviating concerns about oversupply, while major U.S. producers evacuated rigs in the Gulf of Continue Reading
Oil futures rose on Tuesday as Middle East tensions and OPEC supply cuts kept global benchmark Brent crude above $64 a barrel, while gains were limited by the U.S.-China trade Continue Reading
Geopolitical tensions and OPEC+ cuts appear to have put a floor under oil prices, countering fears of a global economic recession Chart of the Week U.S. oil production continues to Continue Reading
The American Petroleum Institute (API) reported a huge crude oil inventory draw of 8.129 million barrels for the week ending July 4, compared to analyst expectations of a smaller 3.081-million Continue Reading
Oil demand continues to soften, which could result in a supply surplus in the second half of this year. In its latest Short-Term Energy Outlook , the EIA downgraded its Continue Reading
U.S. crude oil production will rise to an all-time high of 12.36 million barrels per day in 2019 from a record high of 10.96 million bpd last year, the Energy Continue Reading
Venezuela’s output falls to 690,000 b/d as sanctions deadline looms Iraq, UAE to be main sources of OPEC growth in 2019 EIA sees ‘generally balanced’ market in 2020 Washington — Continue Reading
The US Energy Information Administration said Tuesday that it expects global oil consumption to average 101 million b/d in 2019, up 1.1 million b/d from 2018, an indicator that demand Continue Reading
FILE PHOTO: Iraqi Oil Minister Thamer Ghadhban speaks to the media at the ministry’s headquarters in Baghdad, Iraq October 31, 2018. REUTERS/Khalid Al-Mousily/File Photo BAGHDAD (Reuters) – The OPEC+ group’s Continue Reading
Brent crude oil spot prices averaged $64 per barrel (b) in June, $7/b lower than in May 2019 and $10/b lower than the price in June of last year. The Continue Reading
Iran’s military warned it would retaliate in response to the seizure of one of its tankers by British forces in Gibraltar last week, while several European foreign ministers urged Tehran Continue Reading
Egypt seized a Ukrainian oil tanker carrying Iranian crude while it was crossing the Suez Canal ten days ago, according to a report from Arab news outlet Al-Araby Al-Jadeed carried Continue Reading
Iran’s ‘misery index’—an informal measure of an economy that adds inflation to the unemployment rate—more than doubled this past winter, jumping to 39 percent from 19.4 percent in the previous Continue Reading
Iran’s decision to further challenge the United States by boosting its uranium enrichment beyond limits in its 2015 nuclear deal has deepened fears among Iranians that their country will remain Continue Reading
Saudi Aramco has awarded 34 contracts with a total value of $18 billion for engineering, procurement and construction projects at its Marjan and Berri oilfields, the company said. Aramco plans Continue Reading
Chevron Phillips Chemical and Qatar Petroleum signed an agreement on Tuesday to develop an $8 billion petrochemical plant along the U.S. Gulf Coast, the second pact between the companies to Continue Reading
Saudi Arabia’s cabinet on Tuesday commended the agreement of the OPEC+ grouping to extend oil production cuts until the end of the first quarter of 2020, the Saudi Press Agency Continue Reading
Any disruption in the oil exports flowing through the Strait of Hormuz will be a “major obstacle” for Iraq’s economy, Iraq’s Prime Minister Adel Abdul Mahdi said on Tuesday as Continue Reading
Spurred by perceived breaches of the 2019 budget law, MPs are targetting a swath of compromises and commercial deals aimed at bridging political gaps and increasing fuel and power supply Continue Reading
Growing potatoes and carrots high in the wind-swept mountains of western Venezuela had always proven a challenge for Luis Villamizar. But as oil production in the South American country has collapsed Continue Reading
End of general license would further reduce Venezuela oil output Receive daily email alerts, subscriber notes & personalize your experience. Register Now Chevron projects, including Petropiar, to be impacted Could Continue Reading
Despite Nigeria’s effort to curb the menace of pirates attacks on vessels particularly in the Gulf of Guinea, Nigeria has continued to lead other countries of the world that are Continue Reading
