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Nigeria To Launch Crude Trading at its Commodity Exchange

Nigeria To Launch Crude Trading at its Commodity Exchange

Africa’s biggest oil producer, Nigeria,…

Energy / Crude Oil

Analyst: OPEC’s Cuts Actually Destabilize Oil Market

Sep 05, 2019 at 13:37 | Tsvetana Paraskova

Contrary to its official mission to stabilize the oil market, OPEC’s strategy is doing the contrary—the oil production cuts are destabilizing the oil market, Emirates NBD’s Commodity Analyst Edward…

Oil Rises After EIA Reports Crude Inventory Draw

Sep 05, 2019 at 10:31 | Irina Slav

A day after the American Petroleum Institute once again surprised traders by reporting an estimated build in U.S. crude oil inventories, the Energy Information Administration released its own…

UK Offshore Oil & Gas Is About To Boom Again

Sep 03, 2019 at 12:01 | Rystad Energy

As tens of thousands oil and gas professionals gather in Aberdeen for the biannual SPE Offshore Europe conference & exhibition, the UK offshore scene is poised for a timely comeback.…

Why Saudi Arabia Split Up Its Energy Ministry

Sep 02, 2019 at 09:27 | Irina Slav

Saudi Arabia will split its Energy, Industry, and Mining Ministry, with the current minister, Khalid al-Falih, remaining at the helm of energy policies. Industry and mining will be the prerogative…

OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production

Aug 30, 2019 at 17:19 | Julianne Geiger

OPEC’s production increased in August thanks to Iraq and Nigeria a Reuters survey found on Friday. OPEC’s August production has been estimated at 29.61 million barrels per day, which…

A Dramatic U-Turn In Mexican Oil & Gas

Aug 29, 2019 at 17:02 | Nick Cunningham

Mexico may do a U-turn, and call on the private sector once again to boost oil and gas production. Mexican President Andrés Manuel López Obrador has tried to put the…

Tighter Inventories Give Oil Markets Hope

Aug 28, 2019 at 17:04 | Nick Cunningham

Oil traders continue to look beyond the escalating U.S.-China trade war, bidding up oil prices as they watch tightening inventories. Crude prices have gained this week on the back of…

Hedge Funds Clueless About Oil’s Next Move

Aug 28, 2019 at 15:50 | Tsvetana Paraskova

Amid a summer lull and heightened uncertainty about global economic and geopolitical events, money managers remain conflicted about where oil prices will be heading next. Hedge funds barely changed their…

China Helps Venezuela Boost Oil Production

Aug 28, 2019 at 11:00 | Irina Slav

China has financed the construction of a new oil blending plant in Venezuela that will boost the country’s flagging oil production by 120,000 bpd, IHS Markit reports, citing an…

Huge Crude Oil Draw Sends Oil Prices Higher

Aug 28, 2019 at 09:49 | Irina Slav

Crude oil prices continued higher today after the Energy Information Administration reported a 10-million-barrel draw in crude oil inventories. The report followed the American Petroleum Institute’s estimate of an…

OPEC+ Boasts 159% Compliance With Oil Production Cuts

Aug 27, 2019 at 10:06 | Tsvetana Paraskova

The OPEC+ coalition of producers achieved in July a compliance rate of 159 percent with the oil production cuts which the partners extended last month into March 2020 in their…

China Willing To Pay More For Crude As Trade War Bites

Aug 27, 2019 at 09:34 | Irina Slav

China’s imposition of tariffs on U.S. crude oil signals its willingness to suffer more pain in the trade war than analysts may have expected. That’s according to a Bank of…

The Real Reason Why US Oil Production Has Peaked

Aug 23, 2019 at 13:55 | Dan Steffens

One of the basic assumptions or “Paradigms” that is keeping a lid on the price of oil is the belief that U.S. oil production will continue going up year­-after-year. This…

U.S. To “Drown The World” In Oil

Aug 21, 2019 at 16:22 | Nick Cunningham

The U.S. could “drown the world in oil” over the next decade, which, according to Global Witness, would “spell disaster” for the world’s attempts to address climate change.…

Alberta Extends Oil Production Cuts

Aug 21, 2019 at 10:50 | Irina Slav

Alberta has announced an extension of the obligatory oil production cuts approved by the previous government on the grounds that it is uncertain when new pipeline capacity would come on…

How Much Crude Oil Has The World Really Consumed?

Aug 20, 2019 at 16:50 | Julianne Geiger

The Energy Information Administration (EIA) estimates that the world consumed 96.92 million barrels per day in 2016, with the top 10 consumers accounting for 60 percent of the total…

Oil & Gas Industry Leads Forbes Profit Growth List In 2019

Aug 20, 2019 at 09:32 | Tsvetana Paraskova

The oil and gas sector on the Forbes 2019 list of the world’s biggest public companies saw the largest profit growth among the top 10 sectors on the list, data…

Tanker Turmoil And Drone Attacks Barely Move Oil

Aug 19, 2019 at 16:23 | Nick Cunningham

Gibraltar released the seized Iranian tanker that had been held up for several weeks, a move that could de-escalate tensions between Iran and the West. The tanker set sail for…

Saudi Arabia’s Newest Strategy To Send Oil Prices Higher

Aug 16, 2019 at 15:18 | Tsvetana Paraskova

The world’s top crude oil exporter, Saudi Arabia, has been cutting for nearly two years its production and shipments as per OPEC’s deal, in which, being the cartel’s largest oil…

OPEC Oil Production Continues To Slide As Saudis Cut Deeper

Aug 16, 2019 at 09:14 | Tsvetana Paraskova

OPEC’s crude oil production fell by another 246,000 bpd in July compared to June, as Saudi Arabia deepened its cuts, as U.S. sanctions further trimmed output in Iran and Venezuela,…

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