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News

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Oil Prices Rise As API Reports Huge Crude Inventory Draw

Aug 15, 2017 at 15:53 | Julianne Geiger

The American Petroleum Institute (API) reported a major draw of 9.2 million barrels in United States crude oil inventories—the biggest draw since September 2016. The draw compares to analyst expectations…

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Iraqi Oil Governor Defects To Iran Amid Corruption Probe

Aug 15, 2017 at 14:26 | Zainab Calcuttawala

Iraq’s anti-corruption push has led the governor of oil-rich Basra to quit his job and defect to Iran, according to sources close to the matter who spoke to Reuters.…

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Second Oil Spill Reported in Kuwait’s Ras Al-Zour Waters

Aug 15, 2017 at 14:12 | Zainab Calcuttawala

A new oil slick off of Kuwait’s southern shores is spreading in the Persian Gulf and will add on the impact of a recent 35,000-barrel spill in the same water…

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Libyan Oil Liberator Aims To Boost Russian Ties

Aug 15, 2017 at 13:19 | Tsvetana Paraskova

In a sign that Libya’s powerful military is moving closer to Russia, Libyan National Army (LNA) commander Khalifa Haftar—the man responsible for recapturing the country’s oil ports and essentially restarting…

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Australia Takes On Qatar For Top LNG Producer Status

Aug 15, 2017 at 10:35 | Irina Slav

Australia this week moved a step closer to becoming a real problem for Qatar on the LNG market, after the second floating production, storage, and offloading vessel for the Ichthys…

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Iran Boosts S. Korea Oil Market Share While Saudis Cut

Aug 15, 2017 at 09:32 | Tsvetana Paraskova

Iran continues to raise market share in Asia, with crude sales to South Korea increasing by 26.5 percent on the year in July, while Saudi Arabia’s oil sales to Seoul…

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EIA Predicts US Shale Output Up By 117,000 BPD In September

Aug 14, 2017 at 16:56 | Zainab Calcuttawala

New Energy Information Administration (EIA) data puts U.S. shale output up 117,000 barrels per day in September compared to August. Production in the Permian Basin is expected to see…

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Sierra Club Sues DOE For Sources Used In Electric Grid Study

Aug 14, 2017 at 16:03 | Zainab Calcuttawala

The U.S. Energy Department’s newly commissioned study on the national electric grid hit a new legal road block this week when a green group filed a lawsuit against the agency…

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Hedge Funds Bullish On Crude For The 3rd Time This Year

Aug 14, 2017 at 14:29 | Zainab Calcuttawala

For the third time this year, hedge fund managers have become bullish on crude oil prices, raising their long position by 705 million barrels in the week ending on August…

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China’s Refinery Run Rates At 10-Month Low

Aug 14, 2017 at 13:33 | Tsvetana Paraskova

At 10.71 million bpd, China’s crude refineries saw in July their lowest daily throughput rate since September last year as state firms and independent refineries, both swimming in inventory, continue…

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