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Breaking News:

Oil Prices Gain 2% on Tightening Supply

Energy / Crude Oil

Goldman: OPEC Must Raise Production

Jun 06, 2018 at 13:20 | Tsvetana Paraskova

While many market participants view the recent talk of OPEC potentially raising oil production by as much as 1 million bpd as a bearish factor for oil prices, Goldman Sachs…

Oil Prices Slip As Inventories Increase Across The Board

Jun 06, 2018 at 09:45 | Irina Slav

A day after American Petroleum Institute estimated a solid build in gasoline inventories that pressured West Texas Intermediate, the Energy Information Administration added to the bearish mood by reporting…

PDVSA Could Declare Force Majeure On Oil Exports

Jun 06, 2018 at 08:30 | Irina Slav

Venezuela’s state oil company may be forced to announce a force majeure on crude oil exports if clients awaiting delivery continue to refuse to accept new contract terms the company…

Will Saudi Arabia Listen To U.S. Demands For More Oil?

Jun 05, 2018 at 17:12 | Nick Cunningham

The Trump administration has sent a request to Saudi Arabia for it and the rest of OPEC to boost oil production by 1 million barrels per day (mb/d), according to…

New Technology Could Wipe Out Trillions In Fossil Fuel Investment

Jun 05, 2018 at 16:58 | Irina Slav

We are living in a carbon bubble with trillions of dollars held in oil, gas, and coal assets that would be wiped out before long as technological advancements in all…

Venezuela’s PDVSA Fails To Meet Oil Supply Obligations

Jun 05, 2018 at 10:05 | Irina Slav

Venezuela’s state oil company PDVSA has told eight foreign clients it will be unable to supply the contracted volumes of crude oil, a company employee told S&P Platts. "Among…

U.S. Asks OPEC To Boost Oil Production By 1 Million Bpd

Jun 05, 2018 at 08:59 | Tsvetana Paraskova

The United States has quietly asked Saudi Arabia and several other OPEC nations to raise oil production by some 1 million bpd, Bloomberg reported on Tuesday, quoting people familiar…

The Oil Trader Tug-Of-War

Jun 04, 2018 at 17:03 | Tsvetana Paraskova

Despite the recent sell-off, Brent Crude prices continue to be supported by geopolitical events and supply concerns, while the U.S. benchmark WTI Crude has been pressured to the downside by…

Iranian Crude Exports Rise Despite U.S. Sanctions

Jun 04, 2018 at 13:49 | Tsvetana Paraskova

Iran’s crude oil and condensate exports hit 2.7 million bpd in May, higher than its average volumes over the past year, while the U.S. withdrew last month from the…

Expect A Bounce In WTI Prices

Jun 01, 2018 at 15:45 | Martin Tillier

We are still in a period of headline risk in financial markets generally. Stocks, bonds and currencies are all reacting to news on subjects as diverse as trade, North Korea,…

Rosneft Throws OPEC For A Loop, Boosts Output By 70,000 Bpd

Jun 01, 2018 at 09:13 | Irina Slav

Rosneft increased its crude oil production by 70,000 bpd over the last two days, the company told investors, in preparation for an OPEC+ decision to start easing production quotas, Bloomberg…

Why Aren’t Permian Oil Producers Profitable?

May 31, 2018 at 16:35 | Robert Rapier

The Wall Street Journal recently reported that only five of the Top 20 U.S. oil companies focused mostly on hydraulic fracking generated more cash than they spent in the…

Reuters: OPEC Production Falls To 13-Month Low

May 31, 2018 at 14:12 | Tsvetana Paraskova

OPEC’s oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel’s…

Oil Prices Rebound As Crude Inventories Shrink

May 31, 2018 at 10:10 | Irina Slav

Crude oil prices moved higher today after the Energy Information Administration reported a draw in crude oil inventories of 4.2 million barrels for the week to May 25, a…

The Oil Giant That Outsmarted Trudeau

May 30, 2018 at 16:39 | Nick Cunningham

In a desperate bid to keep its last remaining proposed oil pipeline alive, Canada has decided to buy Kinder Morgan’s Trans Mountain Pipeline system for an estimated C$4.5 billion. Canada…

U.S. Oil Companies Look To Skirt Biofuel Quotas

May 30, 2018 at 13:34 | Haley Zaremba

Continuing a national trend, the United States’ second-largest oil refining company has recently requested a biofuel hardship waiver from the Environmental Protection Agency (EPA). The waiver, if granted, would…

IEA: EVs Could Cut Oil Demand By 2.5 Million Bpd By 2030

May 30, 2018 at 09:26 | Tsvetana Paraskova

Electric vehicles (EVs) are expected to displace 2.5 million bpd of oil demand by 2030, as supportive policies and cost reductions will likely lead to constantly growing EV sales, according…

OPEC Overcompliance Has Created A Problem

May 29, 2018 at 16:50 | Irina Slav

Crude oil inventories in the Organization for Economic Co-operation and Development have fallen below their five-year average level, a high-ranking OPEC official told S&P Platts this week. They are…

The Biggest Challenge For U.S. Oil Exports

May 29, 2018 at 11:57 | Tim Daiss

As Saudi Arabia and Russia grapple with both the geopolitics and economics of continuing or stopping their one and a half year long oil production cut reached between OPEC and…

OPEC Unlikely To Open The Oil Taps In June

May 29, 2018 at 10:45 | Tsvetana Paraskova

OPEC probably won’t decide in June to bring back more oil supply, because the cartel and its allies will be watching the ongoing geopolitical events that could impact broader global…

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