None of Nigeria’s four refineries worked up to 50 per cent of their capacity at any time during 2017, official figures from the state oil firm, NNPC show. The NNPC Continue Reading
Venezuela’s President Nicolas Maduro claimed victory in a low-turnout election that is widely viewed as rigged, raising the threat of more painful sanctions from the United States. But, in a Continue Reading
The EU announced a package of measures on Friday to counter US sanctions on Iran, setting up a potential new conflict with Washington as Europe fights to save a landmark Continue Reading
WASHINGTON (Reuters) – The U.S. Treasury imposed sanctions on four Venezuelans and three Florida-based companies under a program meant to pressure Caracas over what the United States sees as its Continue Reading
US drillers added 1 rig to the number of oil and gas rigs this week, according to Baker Hughes, with oil rigs holding steady and gas rigs adding one. The Continue Reading
Russia lawmakers moving forward on sanctions that could be a tit-for-tat response to Washington’s actions. Photo courtesy of Gazprom May 17 (UPI) — Legislation enacted Thursday in the Russian parliament Continue Reading
European refiners are already experiencing difficulties in shipping Iranian crude as shipowners are starting to avoid this route for fear of falling foul of US sanctions, industry sources said Wednesday. Continue Reading
NEW DELHI (Reuters) – India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and Continue Reading
American women are having children at the lowest rate on record, with the number of babies born in the U.S. last year dropping to a 30-year low, federal figures released Continue Reading
Oil industry sources over the weekend made startling disclosures of how top industry officials ruined Nigeria’s four refineries by diverting huge funds earmarked for their routine comprehensive turnaround maintenance (TAM). Continue Reading
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
India’s oil minister on Saturday expressed concern about the rise oil prices but said it was too early to predict the impact of U.S. sanctions on his country’s imports of Continue Reading
The U.S. shale oil industry hailed as a “revolution” has burned through a quarter trillion dollars more than it has brought in over the last decade. It has been a Continue Reading
PALANGA, Lithuania (Reuters) – Germany has proposed setting up some sort of consortium to ensure that Ukraine retains its role as a transit country for Russian gas once the Nord Continue Reading
Due to the oil price rally, Russia expects its oil and gas revenues to jump fivefold compared to the expected revenues set in its 2018 budget, according to the Finance Continue Reading
Texas’s energy regulator issued a third more oil and gas drilling permits in April than a year ago, according to data released on Thursday, as higher prices continue to spur Continue Reading
Less than one in three Americans agrees with President Donald Trump’s decision to pull the United States out of an agreement to limit Iran’s nuclear program, according to a Reuters/Ipsos Continue Reading
U.S. crude stockpiles were seen declining last week after rising for two straight weeks, and refined product inventories also likely fell, a preliminary Reuters poll showed on Monday. Five analysts Continue Reading
Saudi Arabia is apparently eager to adopt blockchain technology in its oil industry “and that’s huge,” according to one of the earliest blockchain developers Nick Spanos. Speaking to Bitcoin magazine, Continue Reading
Oil prices strengthened slightly ahead of the settlement Wednesday as the Federal Reserve held interest rates steady and expressed confidence that a recent rise in inflation would be sustained. The Continue Reading
U.S. crude oil stocks rose sharply last week, bringing overall supply to its highest level since December, and gasoline inventories also rose, the Energy Information Administration said on Wednesday. Crude Continue Reading
Shipments via Russia’s key western ports slump 19% this year Chinese imported pipeline deliveries are soaring from Russia Europe’s oil refineries are increasingly missing out on Russian crude as the Continue Reading
Jerry Flory hates it when the price of oil goes up. The co-owner of Flory’s, a small, family chain of petrol stations and convenience stores about 40 miles north of Continue Reading
The first VLCC to directly load a cargo at the Louisiana Offshore Oil Port arrived at the port of Huizhou, China, on Sunday. The Shaden departed LOOP on February 18 Continue Reading
French President Emmanuel Macron said it was his “bet” that President Donald Trump would withdraw the U.S. from the Iran nuclear deal, a move he said would lead to a Continue Reading
Having slashed Saudi crude imports for May by 40 percent, China’s Sinopec—the largest oil refiner in Asia—will continue to cut imports of the flagship Saudi crude grade in June and Continue Reading
Extending the OPEC cuts beyond their current expiry date at the end of 2018 would seem unnecessary if oil prices keep rising, Iran’s Oil Minister Bijan Zangeneh told the Iranian Continue Reading
Global benchmark Brent crude turned positive in volatile trade on Monday as it jockeyed between downward pressure after Iran dashed hopes that OPEC would extend its production cap pact and Continue Reading
MOSCOW/LONDON (Reuters) – As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. FILE Continue Reading
Iran’s feud with the US is set to get worse after Tehran announced yesterday that it will start reporting foreign currency amounts in euros rather than US dollars, as part Continue Reading
The bottlenecks in the Permian are starting to capture the attention of the oil market, raising the prospect that U.S. shale production does not live up to the hype. The Continue Reading
The record-setting natural gas production in the United States is benefiting not only consumers. The shale-growth-driven natural gas output is expected to bring benefits to the petrochemical industry as well, Continue Reading
U.S. oil production is expected to rise by another 125,000 bpd in May, compared to a month earlier. – The gains will, unsurprisingly, come from the Permian basin, which is Continue Reading
The risk premium for the price of oil from international conflict has faded temporarily as traders look back at accelerations in the U.S. energy market. File Photo by Brian Kersey/UPI Continue Reading
(Bloomberg) — After amassing billions in debt and pushing a bold spending plan, Charif Souki was fired in 2015 by the liquefied natural gas company he founded. Now heading a Continue Reading
U.S. production of crude oil is now about ten million barrels per day, matching peak levels achieved in 1970 . The Energy Information Administration projects that U.S. oil production this Continue Reading
China finally launched last month its yuan-denominated crude oil futures that have been in the works for years, after several delays. The start of the new contract trading was successful, Continue Reading
Saudi energy giant made $33.8 billion in first half of 2017 Tougher royalty regime imposes higher taxes as oil prices rise It’s a cornerstone of the global economy, producing and Continue Reading
NEW YORK (Reuters) – The Trump administration is considering allowing the sale of a higher ethanol fuel blend in the summer, a source familiar with the issue said, a move Continue Reading
A data analytics firm expects Iranian crude oil production will increase over the next few years, even as the country faces looming sanctions pressures. File Photo by tcly/Shutterstock April 6 Continue Reading
Baker Hughes reported a 10-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 1003, which is Continue Reading
Texas’s energy regulator issued fewer new drilling permits in March than a year ago, but well completions rose, according to data released on Friday by the state. A total of Continue Reading
The shale boom in the Permian where companies are intensively drilling while keeping costs low has led to an unprecedented electricity demand in West Texas, straining the grid as local Continue Reading
The oil and gas industry continues to add jobs as industry optimism increases. Coming off the heels of a strong start for the oil and gas industry in 2018, industry Continue Reading
Former chairman of the Senate Committee on Finance, Ahmed Markarfi yesterday gave reasons his panel did not indict former Petroleum Minister, Mrs. Diezani Allison- Maduake over alleged non-remittance of $49.8 Continue Reading
Each year the U.S. Energy Information Administration (EIA) produces forecasts of U.S. oil and gas production in its Annual Energy Outlook (AEO), which is widely viewed as an authoritative assessment Continue Reading
If the UK had established in the 1980s a wealth fund in which to invest North Sea oil revenues—similar to what Norway actually did in the 1990s—a UK fund would Continue Reading
China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world’s biggest Continue Reading
BEIJING (Reuters) – China’s Sinopec group, parent of Sinopec Corp, aims to more than double its receiving capacity of liquefied natural gas over the next six years and lift domestic Continue Reading
“Each man kills the thing he loves,” wrote Oscar Wilde. US oil executives know exactly what he meant. In 2014, the US shale industry helped tip itself into a downturn Continue Reading
