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Oil Rises On Crude Draw Despite Product Builds

Oil Rises On Crude Draw Despite Product Builds

Oil prices reversed on Wednesday…

Energy / Crude Oil

Asian Buyers Rush To Secure North Sea Oil After Saudi Surprise Cut

Jan 08, 2021 at 13:10 | Tsvetana Paraskova

Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to…

The Real Crisis For Oil Is Yet To Come

Jan 07, 2021 at 12:25 | Felicity Bradstock

Italian energy major, Eni, described 2020 as a “year of war”, regarding the energy crisis experienced in the face of a global pandemic. But it may be too…

Ecuador Scrambles To Clean Up Its Oil Industry

Jan 06, 2021 at 12:27 | Matthew Smith

The last year was difficult for Ecuador’s beaten-down hydrocarbon sector. Aside from the severe fallout from the COVID-19 pandemic and sharply weaker oil prices, the industry was rocked…

Goldman Sachs: Here's What's Behind Saudi's Shocking Production Cut Decision

Jan 06, 2021 at 08:59 | ZeroHedge

The first monthly OPEC+ meeting to decide on the group’s production ended with an unexpected, in fact shocking two-month agreement: Saudi announced an unexpected and unilateral…

Oil Demand Is Still OPEC’s Top Concern

Jan 04, 2021 at 08:45 | Irina Slav

OPEC has signaled it is concerned about oil demand despite its production control efforts as Covid-19 cases continue to surge in key markets, and the global total is…

Cambodia Prepares To Produce Its First Oil

Dec 31, 2020 at 11:53 | Felicity Bradstock

As Asian oil demand looks set to increase over the next decade, Cambodia is taking advantage of the opportunity with its first crude oil production.  Cambodia’s…

China Is Fueling South America’s Oil Boom

Dec 31, 2020 at 11:33 | Matthew Smith

Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic…

How One Bad Oil Bet Sparked A Global Trading Disaster

Dec 31, 2020 at 11:30 | Haley Zaremba

By now we are all keenly aware of the near-devastating impact that the novel coronavirus has had on oil markets and the fossil fuel industry around the world.…

Merger Mania Is Transforming Canada’s Oil Scene

Dec 31, 2020 at 11:22 | Felicity Bradstock

Canada’s oil landscape looks encouraging for 2021 as Whitecap Resources Inc. acquires two oil and gas companies in addition to mergers between other energy companies, with anticipated growth…

Fracking Could Save Colombia From Economic Crisis

Dec 30, 2020 at 13:06 | Matthew Smith

Colombia country is facing its worst economic catastrophe of modern times because of the global COVID-19 pandemic. The IMF believes that the strife-torn…

Oil Jumps On Significant Crude Inventory Draw

Dec 30, 2020 at 09:40 | Irina Slav

Crude oil prices rose further today after the Energy Information Administration reported an oil inventory draw of 6.1 million barrels for the week to December 25. A day earlier,…

What Big Oil’s $145 Billion Write-Downs Mean For The Industry

Dec 28, 2020 at 11:48 | Tsvetana Paraskova

The 2020 oil price collapse provided a reality check for the global oil and gas industry, which reassessed its price assumptions for the years ahead and readjusted the…

Russia: OPEC+ Deal Could Be Tweaked If Oil Demand Recovers Faster

Dec 28, 2020 at 10:04 | Tsvetana Paraskova

The terms of the OPEC+ production pact could be revised if oil demand recovers next year faster than currently expected, Russian Deputy Prime Minister Alexander Novak, who is still in…

The Very Real Possibility Of Peak Oil Supply

Dec 24, 2020 at 10:35 | Alex Kimani

Three months ago, British oil giant BP Plc. (NYSE:BP) sent shockwaves through the oil and gas sector after it declared that Peak Oil demand was already…

Oil Prices Rise On Bullish EIA Inventory Report

Dec 23, 2020 at 09:41 | Irina Slav

Crude oil prices today moved higher after the Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This compared with a

ConocoPhillips Makes Large Oil Discovery Offshore Norway

Dec 22, 2020 at 13:40 | Charles Kennedy

ConocoPhillips has made a large oil discovery in the Norwegian Sea close to a producing oilfield, the U.S. oil and gas company said on Tuesday. Preliminary estimates point to…

The Worst May Be Over For U.S. Oil

Dec 22, 2020 at 12:03 | Irina Slav

More than 40 oil and gas companies in the United States filed for bankruptcy protection in the first eleven months of this year, according to Haynes & Boone’s latest

Peru’s Oil Crisis Is Worsening

Dec 21, 2020 at 13:23 | Matthew Smith

A string of crises has engulfed Peru, Latin America’s sixth-largest economy, since the start of 2020. If the marked impact of the COVID-19 pandemic on Peru were not…

Russia Backs Another 500,000 Bpd Oil Production Increase

Dec 21, 2020 at 10:08 | Tsvetana Paraskova

Despite renewed fears about oil demand due to the new coronavirus strain, the leader of the non-OPEC group in the OPEC+ pact, Russia, is still in favor of another 500,000…

Fuel Demand In India Is Soaring Despite Pandemic

Dec 18, 2020 at 18:32 | Tsvetana Paraskova

India, the world’s third-largest oil importer and consumer, turned from the worst-performing demand market in July into one of the fastest-growing fuel demand markets in November, lending support…

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