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Is $100 Oil Possible? Wells Fargo Says No

Jun 16, 2017 at 16:56 | Zainab Calcuttawala

$100 oil is but a “pipe dream,” according to a new investor note by Wells Fargo. “$100 per barrel oil remains a pipe dream” due to “massive overproduction,” real estate…

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PetroChina Cuts Fuel Oil Floating Storage

Jun 16, 2017 at 14:12 | Irina Slav

PetroChina and trader Mercuria have sold off half of the fuel oil they had in floating storage off the coasts of Singapore and Malaysia on strong demand, according to traders…

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Russia’s Central Bank Sees Oil Prices Down To $40 In 2018-2019

Jun 16, 2017 at 14:06 | Tsvetana Paraskova

In view of the current price movements and the oil market outlook, Russia’s central bank is keeping its oil price forecast for this year at US$50 per barrel, and still…

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Exxon Proceeds With $4.4B Liza Oil Development Offshore Guyana

Jun 16, 2017 at 13:20 | Tsvetana Paraskova

ExxonMobil said on Friday that it had made a final investment decision to proceed with the first phase of development of the Liza field offshore Guyana, which is expected to…

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Medallion Midstream Expands Permian Pipeline Capacity

Jun 16, 2017 at 11:46 | Irina Slav

Medallion Midstream has announced the end of its binding open season for commitments from crude oil shippers for two extensions in its Wolfcamp pipeline system that will see its…

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Pakistan To Restart Refinery Damaged In Fire 2 Years Ago

Jun 16, 2017 at 10:25 | Tsvetana Paraskova

Pakistani company Byco Industries Inc will restart in July its refinery that was shut in October 2015 after a fire, Byco’s chief executive officer Amir Abbassciy told Bloomberg in…

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T. Boone Pickens Offloads Pinnacle Midstream

Jun 15, 2017 at 17:27 | Zainab Calcuttawala

BP Energy Partners—owned by oil tycoon T. Boone Pickens—is offloading a small portfolio company, Pinnacle Midstream, according a new report by Reuters. Anonymous sources said Pinnacle could sell for around…

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Gazprom: New U.S. Sanctions Encourage American Gas Exporters

Jun 15, 2017 at 17:22 | Zainab Calcuttawala

Gazprom claims the United States’ new sanctions against Russia serve the interests of American natural gas exporters who seek to increase their market share in Europe, according to a…

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195,700 Acres In Nevada For Auctioned Oil Projects

Jun 15, 2017 at 17:16 | Irina Slav

The Bureau of Land Management (BLM) has put up for lease 195,732 acres of public land in Nevada for oil and gas development, sparking anger among environmentalists who had been…

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BP, Reliance To Invest $6B In India’s Deepwater Offshore Gas

Jun 15, 2017 at 17:10 | Tsvetana Paraskova

UK supermajor BP and India’s Reliance Industries Limited will invest US$6 billion in the development of three projects from already-discovered deepwater gas fields offshore India, BP said in a

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