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50% Of Proved Oil Reserves May Have Just Vanished

An extensive new scientific analysis…

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The $2 Trillion Gamble That Saudi Arabia Cannot Win

Prince Muhammad Bin Salman laid…

News

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U.S. Gasoline Now Contains 10 Percent Ethanol

May 04, 2016 at 22:20 | Charles Kennedy

More than 95 percent of all fuel pumped into American vehicles now contains 10 percent ethanol, according to a new report from the Energy Information…

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EIA: U.S. Crude Production Down 5.8%

May 04, 2016 at 22:11 | James Burgess

U.S. production has dropped 5.8 percent over the past year, while OPEC countries continue to boost output, according to new data from the Energy Information Administration…

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Green Zone Calms Down, But Unrest In Iraq Continues

May 04, 2016 at 22:02 | Charles Kennedy

Baghdad is still in a profound state of chaos days after protesters started withdrawing from its Green Zone, the capital’s government district, in what has been…

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Shell Cancels $4.6B in Floating LNG Contracts

May 04, 2016 at 21:30 | James Burgess

The continuing downward pressure on oil prices has led Royal Dutch Shell PLC to scrap a $4.6-billion contract with South Korean shipbuilder Samsung Heavy Industries Co.…

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Pakistan Seals Major LPG Deal with Iran

May 04, 2016 at 18:26 | Charles Kennedy

Pakistan and Iran have signed a deal under which the former will import 75,000 tons of liquefied petroleum gas within a year, months after a similar…

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Shell’s Shares Fall As Q1 Earnings Plunge 58%

May 04, 2016 at 17:26 | James Burgess

Royal Dutch Shell (NYSE:RDS.A) reported first-quarter earnings down 58 percent over the same quarter last year, and net income of $484 million, down from $4.43…

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Venezuela 2016 Oil Production Expected to Fall Further

May 04, 2016 at 16:24 | Charles Kennedy

Venezuela’s oil output in the first quarter of the year has fallen more than investors had expected, with a production level expected to remain at a…

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Iran Seeks to Overtake Qatar in Gas Production

May 04, 2016 at 16:05 | James Burgess

Iran will overtake Qatar in gas production by this time next year as Iran’s expands its operations in the Persian Gulf’s South Pars field, according to…

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Canadian Oil Sands Region Evacuated As Massive Wildfire Rages

May 04, 2016 at 15:44 | Charles Kennedy

A huge fire is sweeping through Canada’s oil sands region in Fort McMurray, Alberta, already having destroyed an entire neighborhood and forcing 80,000 people to…

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Kidnapping Now More Profitable for Pirates Than Cheap Oil

May 04, 2016 at 14:37 | James Burgess

Pirates operating off the coasts of West Africa are having a tough time turning a profit with oil prices so low, forcing them to once again…

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