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OPEC Cheating Will Cap Oil At $52

Oil prices rallied strongly following…

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Saudi Arabia Surrenders To U.S. Shale

The OPEC oil production cut…

News

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China May Clip Teapot Refiners’ Wings

Dec 09, 2016 at 15:11 | Irina Slav

China may not renew the oil product export quotas for independent refineries, the so-called teapots, according to local trading sources who spoke to S&P Platts. The current quotas expire…

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Congo Eyes Oil Output of 300,000 Bpd in 2018

Dec 09, 2016 at 13:41 | Irina Slav

The Republic of the Congo, which gets 65 percent of its GDP from oil, plans to increase daily production to 300,000 barrels from the current 250,000 barrels over the next…

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Harold Hamm’s Continental Sees South Korea As A Main Export Destination

Dec 09, 2016 at 10:48 | Tsvetana Paraskova

Continental Resources (NYSE:CLR) is placing South Korea at the top of its list of potential crude oil and condensate export destinations as the U.S. company is considering exports, chairman and…

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A Major Red Flag? Chinese Oil Demand Growth Could Shrink 60% In 2017

Dec 08, 2016 at 17:54 | Tsvetana Paraskova

Chinese growth of crude oil imports may likely shrink by more than 60 percent next year, as storage facilities are filling in and smaller refiners face more scrutiny over taxes…

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Boasting About Oil Exports, Iran Says OPEC Needs Cooperation To Boost Prices

Dec 08, 2016 at 14:40 | Tsvetana Paraskova

Just two days after saying that Iran can now sell as much oil as it wants to any country it “deems appropriate”, Iran’s President Hassan Rouhani said on Thursday…

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Russian Energy Minister Says U.S. Will Not Attend NOPEC Meet

Dec 08, 2016 at 14:34 | Tsvetana Paraskova

The U.S. will not be attending OPEC’s meeting with other oil exporters, as the cartel has not invited countries that are not exporters, Russia’s TASS news agency quoted Russian…

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Iraqi Kurds May Reject Oil Cuts, Putting Baghdad In Difficult Position

Dec 08, 2016 at 13:49 | Julianne Geiger

Authorities of the Kurdistan Regional Government (KRG) in northern Iraq have announced that they will most likely not take part in the recently agreed oil output reduction deal made…

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Chevron Plans Further Capex Cuts for 2017

Dec 08, 2016 at 11:39 | Irina Slav

Chevron has announced its capital expenditure program for 2017, which will see the company spend US$19.8 billion next year, down 42 percent on 2015 and at least 15 percent…

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Trump Picks Climate Change Skeptic For EPA Chief

Dec 08, 2016 at 10:45 | Irina Slav

Oklahoma’s Attorney General Scott Pruitt will be named chief of the Environmental Protection Agency by President-elect Donald Trump, according to a member of his transition team. The news was…

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How Strategic Oil Reserves May Cover Coal Miner Health Benefits

Dec 07, 2016 at 17:47 | Zainab Calcuttawala

A new bill proposed in the U.S. House of Representatives would sell off the country’s strategic oil reserves to pay for health care benefits for retired coal miners, according to…

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