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Energy / Crude Oil

Saudi Crude Oil Exports Slump to 10-Month Low

Jul 05, 2024 at 13:20 | Charles Kennedy

The world’s top crude exporter, Saudi Arabia, shipped the lowest volumes of oil in June for ten months as Saudi domestic consumption grew and Russia continued to take market share…

Will OPEC+ Ever Rein In Its Non-Compliant Members?

Jul 05, 2024 at 08:30 | Tsvetana Paraskova

OPEC and the OPEC+ group have had reasons to be happy this week as Brent oil prices topped $87 per barrel.  But the most recent rise in oil is…

Energy Independence: What It Means and How We Measure It

Jul 05, 2024 at 05:43 | Robert Rapier

The idea of U.S. energy independence remains a hot topic, even making an appearance at the recent presidential debate. Everyone seems to have an opinion on it, even…

Oil Prices Rise As EIA Confirms Huge Crude Draw

Jul 03, 2024 at 09:37 | Irina Slav

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 12.2 million barrels for the week to June 28. The inventory change 

China Sets Out To Develop More Local Oil, Gas

Jul 02, 2024 at 13:48 | Irina Slav

China's government this week made a decisive step towards developing more of the country's oil and gas reserves, including unconventional ones. A new umbrella company grouping all the state majors…

Kurdistan's Oil Independence Dream Just Got Shattered

Jul 02, 2024 at 12:04 | Simon Watkins

It is likely to be around 100 degrees Fahrenheit this week in Iraqi Kurdistan’s capital of Erbil, but few regional commentators will doubt that many in the semi-autonomous region will…

WTI Crude Soars to Highest Level Since April on Demand Optimism, Hurricane Beryl

Jul 02, 2024 at 09:26 | ZeroHedge

Hurricane Beryl strengthened overnight to a powerful Category 5 storm as it churned in the Caribbean Sea. The Cat. 5 storm is the earliest on record in the Atlantic hurricane…

Ineos Energy CEO: UK Making Oil and Gas Investment Difficult

Jul 02, 2024 at 08:21 | City A.M

The chief executive of Ineos Energy has said the business will prioritise expansion in the US and Denmark over Britain, arguing that the…

As Oil Struggles To Hit $90, Will OPEC+ Cut Production Again Soon?

Jul 01, 2024 at 13:12 | Simon Watkins

Early June saw OPEC+ extend its 3.66 million barrels per day (bpd) of production cuts to the end of 2025. It also announced that it would extend another 2.2 million…

Shale Consolidation Could Reverse Output Growth Trend

Jun 28, 2024 at 14:56 | Irina Slav

Mergers and acquisitions in the U.S. shale oil and gas space could lead to a decline in production, industry executives said in the latest edition of the Dallas Fed…

U.S. Targets Iranian Oil Exports with Latest Sanctions

Jun 28, 2024 at 06:49 | RFE/RL staff

The United States on June 27 issued fresh sanctions against Iran in response to Tehran further expanding its nuclear program, U.S. Secretary of State Antony Blinken said in…

Guyana's GDP Skyrocket by Over 40% in a Single Year Thanks to Oil Boom

Jun 27, 2024 at 09:58 | Matthew Smith

Impoverished South American country Guyana, once long ignored by the world, has emerged as a major global oil producer after supermajor Exxon made a swath of world-class discoveries in…

Namibia Is Gearing Up for a Major Oil Boom

Jun 27, 2024 at 09:54 | Felicity Bradstock

Namibia’s nascent oil industry is going from strength to strength following several discoveries that have provided great enthusiasm around the future of Namibian oil. The recent success of the industry…

Canada, The Unexpected Winner in the Global Oil Boom

Jun 27, 2024 at 09:38 | Tsvetana Paraskova

Canada’s oil output is booming as producers ramp up projects and extraction amid expanded market access and narrowing discounts of the Canadian heavy crude to the U.S. benchmark. The Trans…

Italian Oil Major Eni Sells Alaska Assets To Hilcorp

Jun 27, 2024 at 08:07 | Tom Kool

Italian oil major Eni SpA told the media today that it decided to sell two high quality upstream assets in Alaska. According to a press release on…

Oil Moves Lower on Surprise Inventory Build

Jun 26, 2024 at 09:38 | Irina Slav

Crude oil prices ticked down today, after the U.S. Energy Information Administration reported an inventory build of 3.6 million barrels for the week to June 21. This compared with…

M&A Wave Hints at Eagle Ford Revival

Jun 26, 2024 at 08:53 | David Messler

How about that Eagle Ford-EF, basin? Sometimes you would think that the only place that E&P companies cared about was the Permian. It gets all the attention and…

U.S. Shale's "Long Sideways” Movement Suggests Room to Run

Jun 25, 2024 at 17:06 | Alex Kimani

While last week’s rig count from Baker Hughes showed U.S. oil drilling activity still in a downward trajectory, hitting a 29-month low, Standard Chartered suggests that neither the output slowdown…

Brazil's Oil Surge Set to Challenge OPEC's Market Strategy

Jun 25, 2024 at 11:29 | Tsvetana Paraskova

Brazil's oil production has started to recover following a plunge earlier this year as many offshore platforms underwent planned repairs and maintenance work. After a 25% drop in Brazilian output…

The Top 7 Oil Companies by Proved Reserves

Jun 25, 2024 at 09:13 | ZeroHedge

Saudi Aramco controls 259 billion barrels worth of oil and gas reserves, which is unmatched by any other company globally. This is a key factor in the company’s…

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