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Energy / Crude Oil

Articles and research looking into crude oil, whether it be exploration and refining - crude oil price movements or new crude oil extraction techniques. we have it covered here. Look at our energy section for more fossil fuel coverage.

  • China Filling Strategic Reserve With Cheap Oil

    With oil prices at new modern lows, China is seizing the opportunity to stock up.The Wall Street Journal reports that a division of China National Petroleum Corporation (CNPC) just completed the largest purchase ever for crude oil on an exchange based in Singapore, securing 40 tanker loads in October alone. The move comes after China’s oil consumption had its second highest month ever in September.The Dubai/Oman oil marker is a benchmark for crude oil coming from the Middle East, and there is a trading exchange in Singapore, where traders confirmed China’s latest move. On its face, the move is not…

  • Shell Needs Five More Years In The Arctic

    The damaged Royal Shell Dutch drilling barge Kulluk is loaded onto a transport ship in Unalaska, Alaska, on March 19, 2013.CREDIT: AP Photo / Jim PaulinRoyal Dutch Shell wants the U.S. government to give it another five-year crack at drilling in the Arctic.Back in July, the oil giant sent a letter to the Department of the Interior and its Bureau of Safety and Environmental Enforcement (BSEE), requesting that its leases — which will expire in 2017 — be paused for five years while the company regroups its attempts to start drilling operations. The letter was made public on Monday by…

  • Four More Years Of Pain For Petrobras

    Brazil’s incumbent President Dilma Rousseff pulled off a victory on Oct. 26 in a runoff election, and the markets are not too happy about it. As recently as September, President Rousseff was not seen as the preferred candidate. Brazil’s stock market seesawed as the polls changed, declining when Rousseff gained ground and rising when it appeared that she was falling behind. In the end, Brazilian voters reelected her for four more years, and the day after the vote, Ibovespa – a leading index of about 50 Brazilian stocks – dropped nearly five percent. The reason is that investors think that…

  • OPEC & Russia’s Vulnerability and America’s Ingenuity

    Through iteration, experience, and innovation, North America is producing oil cheaper. According to IHS, the median North American shale needs a crude price of $57 a barrel to break even today. Last summer, North America needed a breakeven price of $70. While lifting costs have fallen in North America, there are high levels of anxiety among OPEC producers and Russia as a result of the recent drop in oil prices.America’s Inventiveness Morgan Stanley claims that producers are getting more oil per dollar spent drilling, driving down costs by as much as $30 a barrel since 2012. What are the key…

  • Saudi Arabia: Producing More Crude, Selling Less?

    Media reports are quoting an anonymous source as saying Saudi Arabia, the world’s leading oil exporter, supplied foreign and domestic customers with less crude during September even though its oil production was up slightly.The source, identified only as being familiar with the Saudi oil industry, said it extracted, on average, 9.7 million barrels of crude each day of the month, a rise from 9.597 million barrels per day in August. At the same time, the source said, Saudi Arabia supplied customers with 9.36 million barrels per day in September, down from 9.688 million barrels per day the month before.Sources –…

  • How Wall Street Is Killing Big Oil

    Investors force big private energy companies into liquidation; energy dominance shifts to emerging markets CHICAGO: Lee Raymond, the famously pugnacious oilman who led ExxonMobil between 1999 and 2005, liked to tell Wall Street analysts that covering the company would be boring. “You’ll just have to live with outstanding, consistent financial and operating performance,” he once boasted. For generations, Exxon and its Big Oil brethren, including Chevron, ConocoPhilipps, BP, Royal Dutch Shell and Total, dominated the global energy landscape, raking in enormous profits and delivering fat dividends to shareholders. Big Oil has long been an investor darling. Those days are over.…

  • Statoil Hits North Sea Oil Bonanza In Abandoned Field

    When the Norwegian energy company Norsk Hydro explored a prospective oil well in the North Sea in 1992, it found only an estimated 6 million barrels of crude, then abandoned it. Now Norway’s energy giant Statoil says it’s found more than 10 times that amount in the well.Statoil announced Oct. 21 that it has found between 30 million and 80 million barrels of recoverable oil at the site, named Well 25/8-18 S, off the southwestern coast of Norway. What makes the discovery more attractive is that it’s close enough to the Grane oil field – just four miles away –…

  • Drowning In Oil Again

    For 4 years now the oil price (Brent) has been range bound between $90 and $130 per barrel (Figure 2). This is where it settled after the convulsions of the $148 per barrel peak in 2008 followed by the financial crash. Recently it has dipped to around the $80 mark and although we have seen a slight recovery many analysts believe it could break lower. With the world in turmoil, including OPEC producers Iraq and Libya ± Iran, and Russia cast out by the West, one might expect the oil price to be quite perky. But the opposite is true.…

  • How Oil Platforms Increase Fish Populations

    Oil platforms off the coast of Southern California create a fertile breeding ground for fish, producing 10 times more fish weight than conventional marine habitats and 27 times more when compared with natural rocky reefs.Researchers say the findings could have important policy implications for the decommissioning and construction of oil platforms, wind farms, and other offshore structures.“Given the hundreds of thousands of fishes that sometimes live around these platforms, these results were not a complete surprise,” says Milton Love, a research biologist with the Marine Science Institute at University of California, Santa Barbara.Related: BP May Owe Anglers $585 Million After…

  • 2014 May Be A Crucial Year For Iranian Oil

    On September 29, representatives from the five Caspian littoral states (Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan) convened in Astrakhan, Russia for a fourth round of negotiations on the legal status of the Caspian Sea. An agreement among the states will prove highly beneficial to Iran and, if a deal is reached in talks on the Iranian nuclear program between Tehran and the P5 + 1 group, may lead to a reversal of the decline in the Iranian oil and gas industry. The age of Iran’s oil industry means that some of the country’s oil fields are maturing and production rates…