U.S. Petroleum Imports Could Fall To Zero In 2020
In 2006, following 35 years of declining U.S. oil production, net monthly imports of crude oil and finished products had climbed to more than 13 million barrels per day (BPD). Continue Reading
Exclusive: Firms complain of contaminated crude from U.S. reserve
NEW YORK (Reuters) – Three firms that bought crude oil last year from U.S. emergency stockpiles raised concerns about dangerous levels of a poisonous chemical in the cargoes, according to Continue Reading
OPEC to stick to supply curbs despite oil rally to $71: sources
OPEC and its allies look set to keep their deal on cutting oil supplies for the rest of 2018, five sources familiar with the issue said, although some producers are Continue Reading
IEA sees short-term bottlenecks for U.S. oil sector
Steel tariffs and the pace at which U.S. oil production is accelerating could act as a short-term throttle to momentum, the International Energy Agency said. The United States is on Continue Reading
U.S. crude stockpiles seen up last week, products likely down: Reuters poll
U.S. crude inventories were forecast to have risen for the fourth time in five weeks, while refined product stockpiles likely fell last week, a preliminary Reuters poll showed on Monday. Continue Reading
Trump Slaps Tariffs on $50 Billion Worth of Chinese Goods
President calls for levies on $50 billion of Chinese imports Dow drops more than 700 points, biggest plunge in six weeks President Donald Trump took the biggest economic gamble of Continue Reading
Saudi Crown Prince: Oil Markets Are Close To Regaining Stability
The global oil market is close to regaining stability, Saudi Arabia’s Crown Prince Mohammed said at a meeting with President Trump at the White House ahead of bilateral talks on Continue Reading
February production lifted by Rumaila and Zubair
Iraq’s oil production rose slightly in February, mostly due to increases at the country’s two most prolific fields, Rumaila and Zubair. Fields in federal Iraq and the autonomous Kurdistan region Continue Reading
Gas prices in the U.S. officially hurt
With gas prices about 10 percent higher than they were at this point last year, the situation may be near the point of U.S. economic strain, an analysis found. Motor Continue Reading
Dangote to save Nigeria the embarrassment of fuel shortages
from OKORO CHINEDU in Lagos, Nigeria LAGOS, (CAJ News) – WHILE it is the continent’s biggest producer of crude oil, the irony is that Nigeria suffers recurrent crippling fuel shortages. Continue Reading
Trump Bans Venezuela’s Oil-Backed Cryptocurrency
Cryptos are moving sharply lower in response to news that President Trump has issued an executive order banning the U.S. purchases of the "Petro", the cryptocurrency which was infamously rolled Continue Reading
Chinese diesel to be shipped to ‘west’ in VLCC: sources
In a rare shipment, a diesel cargo will be loaded into a very large crude carrier (VLCC) from a refinery at China’s Tianjin port next month before heading to Europe Continue Reading
Iraq approves payment of civil servant salaries for Kurdish Region…
Iraq agreed to pay the salaries of the Kurdistan region’s civil servants and security forces, a spokesman for the government said on Monday. “The federal finance ministry transferred a cash sum Continue Reading
Aramco Gets Cool Response on IPO From U.S. Investors
In meetings in New York, fund managers push back on valuation Saudi officials were warned shale output may upset IPO plans Saudi Arabia’s willingness to delay the initial public offering Continue Reading
U.S. drillers add oil rigs for seventh week in eight: Baker Hughes
U.S. energy companies added oil rigs for the seventh time in the last eight weeks on expectations crude prices in 2018 will top 2017, prompting more drillers to boost spending Continue Reading
Saudi crown prince: If Iran develops nuclear bomb, so will Saudi
The next leader of Saudi Arabia says his country would quickly obtain a nuclear bomb if arch rival Iran successfully develops its own nuclear weapon. Crown Prince Mohammed bin Salman Continue Reading
Statoil Kicking ‘Oil’ From Name, Rebranding as ‘Equinor’
Statoil ASA, whose North American portfolio stretches from Canada’s offshore to the Gulf of Mexico (GOM), unveiled plans Thursday to rebrand as “Equinor” to reflect a broader energy strategy that Continue Reading
Living At The Height Of Civilization — Staring Into The Abyss
Texas has switched back to Daylight Saving Time and I am once again driving to work in the dark. The stars were still out this morning when I left the Continue Reading
Annual US gasoline use falls for first time since 2012 amid higher prices
US gasoline consumption fell for the first time in five years in 2017 as Americans saw higher gasoline prices, drove more fuel-efficient vehicles and their individual travel habits evolved, S&P Continue Reading
Shale Boom Lifts US Dominance in Liquids for Plastics, Cooking
(Bloomberg) — The energy dominance President Donald Trump seeks for the U.S. is getting closer to reality when it comes to petroleum liquids used to make plastics, heat homes and Continue Reading
IMF opposes budget, putting billions in financing at risk
The International Monetary Fund (IMF) is throwing its weight behind objections raised by the autonomous Kurdistan region over Iraq’s 2018 budget – a dispute that now threatens Baghdad’s ability to Continue Reading
U.S. Oil Rig Count Falls As Gas Rig Count Soars
Baker Hughes reported another 3-rig increase to the number of oil and gas rigs this week. The total number of oil and gas rigs now stands at 984, which is Continue Reading
GOP Senators From Oil States Revolt Against Trump’s Steel Tariff | Rigzone
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Aging Oil Fields Defy Gravity to Pump More Crude
Bob Dudley, in his 38 years in the oil industry, has never seen anything like what happened with BP Plc’s old fields last year: They gushed more crude. “I cannot Continue Reading
CERAWeek: Power industry entering tech-driven transition with challenges in storage, electric vehicles
Outside of the obligatory references to how fast renewables are growing, two utility executives speaking Thursday at CERAWeek by IHS Markit in Houston made hardly any mention of power generation Continue Reading
Peter Navarro Says Metal Tariffs Are Good for the Economy
The Trump administration is considering clamping down on Chinese investments in the U.S. and imposing tariffs on a broad range of its imports to punish Beijing for its alleged theft Continue Reading
Oil Prices Rebound After EIA Reports Build In Crude Inventories
The Energy Information Administration reported a 2.4-million-barrel build in crude oil inventories for last week. The report’s out a day after the S&P 500 futures dropped 1 percent on the Continue Reading
IEA Does Not Believe Steel Tariffs Will Affect Global Oil Trade
“I think the impact on the global oil markets will be limited if any,” Executive Director Fatih Birol told CNBC during the ongoing CERA Week conference in Houston. “We may Continue Reading
ExxonMobil sees hydrocarbons production growth of 1 million b/d by 2025
ExxonMobil expects to increase hydrocarbons production by more than 1 million b/d of oil equivalent by 2025, from 3.985 million boe/d in 2017, as output from the Permian Basin grows Continue Reading
EIA raises U.S. oil output growth forecast for 2018
The U.S. government said on Tuesday it expects domestic crude production in 2018 to rise over 120,000 barrels per day (bpd) more than previously expected as shale output surges. Shale Continue Reading
Chevron backs 2018 production rise, eyes share buybacks
Oil major Chevron Corp ( CVX.N ) said on Tuesday it should be able to raise production as planned by between 4 and 7 percent in 2018 and buy back Continue Reading
Oil prices rise on forecasts for growing demand, OPEC concerns
Crude prices rose on Monday along with the U.S. stock market on forecasts for robust oil demand growth and concerns that output from OPEC producers would grow at a much Continue Reading
Energy leaders gather in Houston for the ‘Oil Man’s Davos’
Around 4,000 leaders of the global energy industry will gather in Houston, Texas today for the CERA Week forum — the annual event that has been called the “Oil Man’s Continue Reading
Shale boom, oil price stability dominate Houston energy conference
The world’s largest oil producers appealed to U.S. shale producers to join their efforts to hold global prices at their current level at a major energy conference Monday, as the Continue Reading
In a Gamble to Make Climate Change a Political Win, a Governor Pursues a Carbon Tax
Gov. Jay Inslee of Washington is trying to make his state the first in the nation to tax carbon as a pollutant. Want the latest climate news in your inbox? Continue Reading
China Looks To Close Teapots’ Oil Tax Loopholes
China is tightening government control over the collection of the oil consumption tax in order to eliminate the loopholes that independent refiners—known as teapots—have been exploiting to beef up their Continue Reading
U.S. shale player EOG Resources outspending its peers
U.S. shale energy company EOG Resources set spending guidance for 2018 that overshadows its peers. File photo by Gary C. Caskey/UPI. Feb. 28 (UPI) — U.S. shale player EOG Resources Continue Reading
For many Republicans, Trump’s offshore drilling plan and beaches don’t mix
After waiting in the morning chill for other lawmakers to speak, state Rep. Nancy Mace finally took the microphone. She was the General Assembly’s newest member, only four weeks on Continue Reading
OPEC to meet with U.S. shale firms in Houston on Monday: sources
LONDON/HOUSTON (Reuters) – OPEC will hold a dinner on Monday in Houston with U.S. shale firms, two industry sources said, the latest sign of the producer group widening talks about Continue Reading
Iraq exported more than 100 million barrels of oil last month
Iraqi crude oil sold at a discount of more than $3 per barrel to Brent, the global benchmark, in January, the government reported. File photo by Ali Jasim/UPI Feb. 27 Continue Reading
Saudi Monarch Replaces Military Brass, Launching Defense Revamp
Saudi Arabia’s monarch ordered a far-reaching shake-up of its armed forces to strengthen its military amid a drawn-out war in Yemen and efforts to contain Iran’s influence in the Middle Continue Reading
Oil-Rich Nigeria Fuel Scarcity Weighs on Buhari’s Popularity
Shortages hit a year before general elections in 2019 Government’s fuel subsidies foster dearth of supplies A giant electronic advertising screen displays headline news about President Muhammadu Buhari in Lagos. Continue Reading
Nigeria: Buoyed By Non-Oil Sector, GDP Sustains Growth At 1.92% in Q4 2017
Buoyed by the non-oil sector, the Nigerian economy grew in real terms by 1.92 per cent in the fourth quarter (Q4) of 2017 (year-on-year), maintaining its positive growth trajectory since Continue Reading
Natural Gas To Become Primacy Source Of Energy In Latin America
On Thursday, February 1, Hon. Alfonso Blanco Bonilla, Executive Secretary of the Latin America Energy Organization (OLADE), presented the energy outlook for 2018 to the 2 nd Latin America Energy Continue Reading
Oklahoma regulator issues new regional protocol to curb earthquakes
HOUSTON (Reuters) – Oklahoma’s oil and gas regulator on Tuesday released new requirements aimed at reducing the risk of earthquakes from hydraulic fracturing in shale regions in central and southern Continue Reading
Heavy snow causes UK-wide disruption
Some rural communities could become cut off, forecasters say Heavy snowfall is hitting parts of the UK, causing road and rail disruption. Police say driving conditions are "treacherous" in places Continue Reading
Oil prices give up earlier gains as rising U.S. supply outweigh…
Oil edged lower on Tuesday ahead of weekly data that is forecast to show a rise in U.S. crude inventories, although investor faith in OPEC’s ability to curtail production helped Continue Reading
Oil up on strong demand, Saudi comments
Oil rose on Monday, hitting three-week highs, supported by strong U.S. demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts. Brent Continue Reading
Oil Jumps to Three-Week High as Advancing Stocks Fan Optimism
Dow Jones Industrial Average touches highest since Feb. 1 Saudi oil chief points to 2019 demise of historic output caps Crude closed at a three-week high as booming stock markets Continue Reading
Is $65 The Ceiling For WTI?
The oil price rally that began a year ago is at a crossroad. In February, WTI futures fell from a 3-year high of more than $66 to less than $60 Continue Reading