Iran Seeks Rapid Reboot for Natural Gas Exports
Iran is pushing to find new ways to extract and export its vast natural-gas reserves, including developing facilities to liquefy the commodity and ship it to Europe in two years Continue Reading
Volkswagen Group confirms 20 more EV or PHEV models by 2020; Müller says Europe needs to lead with electric mobility
« Siemens to acquire simulation software supplier CD-adapco for $970M | Main | Northwestern researchers discover crumpled graphene balls are a promising lubricant additive » At the Volkswagen Group’s New Continue Reading
Average U.S. gas price drops 14 cents in two weeks: Lundberg
The average price of a gallon of gasoline in the United States fell 14 cents in the past two weeks to its lowest level in seven years, according to a Continue Reading
As oil prices tumble, Moody’s puts 120 energy firms around the world on downward review
Rating agency Moody’s on Friday placed large parts of the global oil and gas sector on review for a downgrade, as a crash of more than 70 percent in oil Continue Reading
Some Bankrupt Oil and Gas Drillers Can’t Give Their Assets Away
Daniel Yergin Oil is in free fall and Terry Clark couldn’t be happier. In mid-2014, when the crude price topped $100 a barrel, Clark made an offer to buy properties Continue Reading
Rouble tumbles more than 5% to fresh low
Russia’s rouble fell more than 5 percent in the first two hours of trading on Thursday, to hit a new record low of Rbs85.97 to the dollar amid a global Continue Reading
Notable & Quotable: Peak Oil
From Science magazine’s “The Next Oil Crisis Looms Large—and Perhaps Close,” Aug. 21, 1998: This spring . . . the Paris-based International Energy Agency (IEA) of the Organization for Economic Continue Reading
GAO: Only 6 confirmed market players in Iran’s energy sector
Ahead of the so-called Implementation Day, a U.S. federal report found only six foreign companies were working in the Iranian energy sector last year. White House spokesman Josh Earnest told Continue Reading
BHP Billiton to Take Big Charge on U.S. Onshore Energy Assets
Free-falling oil prices are the latest headache for the global mining giant, which is already grappling with a dam burst at a Brazilian mining venture and a collapse in prices Continue Reading
White House readying overhaul of fossil fuel program: sources
The Obama administration is preparing to announce as soon as Friday an overhaul of how the nation manages coal development on federal land, according to government and conservationist sources, in Continue Reading
Despite oil spending cuts in 2016, Mideast and Russia race on
Oil companies could slash 2016 spending by around 20 percent in the face of a persistent downturn, with North America taking the brunt of the cuts while Middle Eastern and Continue Reading
Battle over Iran sanctions bill threatens nuclear peace deal
The Obama administration is facing a new fight with Congress over Iran sanctions just days before the nuclear agreement signed last year is due to go into effect. The House Continue Reading
Detroit’s auto industry is changed, but not as Washington planned
When U.S. President Barack Obama visits Detroit’s annual auto show on Jan. 20, exactly one year before he leaves office, he is expected to tout how much the industry has Continue Reading
Why Oil May Never Hit $100 per Barrel Again
The decline of the energy industry in the U.S. was swift in 2015 and for investors the losses were widespread. In addition, the pain spread to average Americans with an Continue Reading
Market fundamentals driving oil for now, analysis finds
The glut of oil on the global market is diminishing the prospects that tensions between Iran and Saudi Arabia will cause a spike in oil prices, analysis finds. Crude oil Continue Reading
World’s Cheapest Crude Hits Record Low as Oil Slump Deepens
A deepening oil market slump is adding fresh pain for producers of the world’s cheapest crude as the Canadian heavy grade reached a record low, raising the prospect of more Continue Reading
Energy Companies Cut Drilling Budgets — And Are Punished
Wall Street has been clamoring for oil and gas companies to cut costs amid an epic energy bust, but that hasn’t stopped investors from punishing them the moment they do. Continue Reading
LOOP crude storage auction sees sustained high prices, high demand
January’s auction for crude storage space at the Louisiana Offshore Oil Port saw sustained high prices for a second month in a row, after prices jumped in December’s auction due Continue Reading
Don’t Blame Oil for Global Chaos
Since 1918 and the full flowering of the automobile age, the average U.S. domestic price of gasoline has rarely fallen below $2 or risen above $4 as measured in 2015 Continue Reading
Iran may moderate oil output to avoid further price slide
Iran could moderate oil output and exports once Western sanctions are lifted to avoid putting prices under further pressure, a senior Iranian oil official said on Tuesday. Iranian officials have Continue Reading
Gas prices stay below $2 per gallon
An abundant supply of crude oil means U.S. motorists could continue to enjoy the economic benefits of lower retail gasoline prices, market analysis find. Motor club AAA reports a national Continue Reading
Islamic State Attacks Libyan Oil Terminals
Islamic State fighters attacked two oil terminals in eastern Libya, setting on fire a large storage tank at one of the facilities, Libyan oil officials said on Monday. The attacks Continue Reading
China issues 20.93 mil mt product export quota in 1st 2016 round, up 115% on year
China has more than doubled its first round oil product export quotas to 20.93 million mt from a year ago to 27 refineries in 2016, industry sources told Platts Tuesday. Continue Reading
BAKKEN – Single Well Economics
This is a guest post by Ciaran Nolan Disclaimer The opinions and views expressed in this presentation are solely those of the author and not necessarily those of any organisation. Continue Reading
Oil’s prologue likely to be a harbinger of worse things to come
In any assessment of the oil price crash, it is worth remembering Shakespeare’s aphorism: “What’s past is prologue”. In 2015, it appeared that the salient features of the US oil Continue Reading
Iran Says Post-Sanctions Crude Output Boost Won’t Hurt Prices
Iran’s proposed increase in oil production would enter the market gradually after sanctions end and won’t pressure prices, the Iranian Oil Ministry’s Shana news agency said on Saturday. Iran has Continue Reading
Saudi Arabia cuts ties with Iran as row over cleric’s death escalates
Saudi Arabia cut ties with Iran on Sunday, responding to the storming of its embassy in Tehran in an escalating row between the rival Middle East powers over Riyadh’s execution Continue Reading
Iraq Officials Face Monumental Task of Rebuilding Ramadi
When Iraq’s prime minister holds a meeting on Monday to discuss the monumental task of rebuilding the recently liberated city of Ramadi , officials will encounter a grim pattern: Each Continue Reading
Rift Between Saudi Arabia and Iran Complicates Bid to Calm Oil Markets
The diplomatic rift between Saudi Arabia and Iran could complicate OPEC’s efforts to calm oil markets if Iran begins exporting up to one million barrels a day of extra crude Continue Reading
China factories struggle as weak exports drag industry in Asia
China’s factory activity shrank for a 10th straight month in December as surveys across Asia showed industry struggling with slack demand even as the policy cupboard is looking increasingly bare Continue Reading
China manufacturing shrinks for fifth month
China’s economy started the year with more bad news as official data showed that the manufacturing sector shrank for a fifth straight month in December. That will increase pressure on Continue Reading
Southern states brace for surging Mississippi River flooding
Residents of southern states along the Mississippi River are bracing for the flooding that has swamped communities from the Ohio River Valley to eastern Oklahoma over the last week, causing Continue Reading
Russian Crude Output Hits Monthly Record Amid Plunging Prices
Russia’s crude output set another post-Soviet record in December, a sign that the nation’s producers are withstanding the slump in oil prices, according to Energy Ministry data. The country’s crude Continue Reading
2015: the Year that Changed Everything?
There has been no lack of disasters taking place in 2015. Some can be classified as “natural” others as human caused. In all cases, anyway, they are an indication of Continue Reading
Oil ends 2015 in downbeat mood; hangover to be long, painful
Oil prices headed for a second year of steep losses, despite inching up fractionally in the last trading hours of 2015, as record OPEC supply created an unprecedented global glut Continue Reading
Analysts see 2016 oil price rise, while traders bet on fall
A year ago, after oil prices had halved in six months, analysts were forecasting a price recovery in 2015 while many traders were busy shorting the market. As it turned Continue Reading
China December factory activity shrinks, more stimulus needed in 2016
China looked set for a soggy start to 2016 after activity in the manufacturing sector contracted for a fifth straight month in December, suggesting the government may have to step Continue Reading
Ending of China’s super-boom spells pain with no end seen yet
A decade-old commodity boom came crashing to an end in 2015, hurting energy and mining companies as China’s industrial rise and appetite for raw materials slowed. The outlook for 2016 Continue Reading
China manufacturing shrinks for fifth month
China’s economy started the year with more bad news as official data showed that the manufacturing sector shrank for a fifth straight month in December. That will increase pressure on Continue Reading
China manufacturing PMI edges up in December
China’s factory activity picked up a bit in December but remained in contraction as downward pressure persisted in the manufacturing sector, official data showed Friday. China’s manufacturing purchasing managers’ index Continue Reading
Worst Year for Rigs in Quarter Century Closes With a Whimper
Oil explorers shut down more rigs in U.S. fields to finish out the worst year for drilling cutbacks in almost three decades. Rigs targeting crude in the U.S. fell by Continue Reading
How much money you just saved on gas in 2015
U.S. drivers saved a bunch of money on gasoline this past year, as Saudi Arabia and other OPEC members kept the pumps going in the face of low oil prices. Continue Reading
Bakken Shale Ends the Year with 52 rigs
Bakken Rig Count Falls Due to the holiday, we are releasing the weekly rig count post early. The Bakken-Three Forks rig count fell by three this week landing at 54 Continue Reading
Oil Poised for Record Two-Year Loss as U.S. Stockpiles Gain
Oil headed for its biggest two-year loss on record in New York as an expansion in U.S. crude stockpiles exacerbates a global glut. Futures have lost 31 percent this year, Continue Reading
From Oil Glut to Shortage? Some Say It Could Happen
With the world awash in crude, the oil industry is contemplating a new problem the oversupply could tee up: an oil shortage. That could leave the world in exactly the Continue Reading
Oil price decline, Islamic State hurt Iraqi banks
Falling oil prices caused a liquidity shortage at Iraq’s listed banks, reducing their overall profit before tax 44 percent to 74 billion dinars ($68 million) in the third quarter from Continue Reading
Iran’s OPEC envoy predicts oil could reach $50 in 2016
Iran’s national representative to Organization of the Petroleum Exporting Countries (OPEC) predicted oil prices in 2016 at between $35 to $50 a barrel, but that they would not go above Continue Reading
Commodity sector in pain as China’s super-boom ends
A decade old commodity boom came crashing to an end in 2015, hurting energy and mining firms as China’s industrial rise and appetite for raw materials slowed. The outlook for Continue Reading
Iran moving away from ‘oil curse’
Iran is drifting away from an oil-centered economy greatly prone to spasmodic market volatility and turmoil, which has unfailingly stunted the country’s every bid for sustainable development. At their peak, Continue Reading
Not Such Great Expectations: Energy Insiders Contemplate 2016
Rigzone surveys oil and gas experts on a variety of issues expected to confront the industry during the next 12 months. As we move toward the conclusion of a difficult Continue Reading