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Biden Administration's SPR Plans Derailed by Oil Price Surge

Biden Administration's SPR Plans Derailed by Oil Price Surge

The Biden Administration cancels planned…

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

UK Firms Have Insured Over €120 Billion in Russian Oil

Jan 24, 2024 at 07:55 | City A.M

A former Cabinet minister has called on the insurance industry to think on its obligations after it was revealed that UK firms have insured over €120bn worth of…

Traders Turn Bearish on U.S. Oil

Jan 23, 2024 at 18:39 | Irina Slav

Traders are selling West Texas Intermediate futures in anticipation of further strong production growth. As a result, prices are weakening further despite the uncertainty of such an outlook. In fact,…

Denser Texas Crude Leads U.S. Oil Production Growth

Jan 23, 2024 at 10:34 | Charles Kennedy

Higher production of relatively denser crude oil in Texas, the top oil-producing U.S. state, drove part of the U.S. crude oil output growth last year, the Energy Information Administration (EIA) 

China Takes Advantage of Lower Oil Prices to Build Inventories

Jan 19, 2024 at 15:22 | Tsvetana Paraskova

China is taking advantage of the slide in oil prices, which began in October, to ramp up its stockpiling of cheaper crude.  In December alone, China is estimated to have…

E&P Companies Face Tough Year Despite Oil Patch 'Bumper Crop'

Jan 19, 2024 at 14:10 | David Messler

The U.S. Energy Industry has defied past norms where declines in drilling and completion activity would quickly result in lower production. Technology has turned that paradigm on its…

Oil Moves Up on Inventory Draw

Jan 18, 2024 at 10:11 | Irina Slav

Crude oil prices inched higher today after the U.S. Energy Information Administration reported an estimated inventory decline of 2.5 million barrels for the week to January 12. This 

China Breaks Oil Import Records in Landmark Year

Jan 16, 2024 at 10:17 | Irina Slav

Watching China for a sense of where oil prices are heading has become standard practice among analysts in the past decade—and with a good reason. The Asian powerhouse has become…

Occidental’s CEO Sees Oil Supply Crunch from 2025

Jan 16, 2024 at 10:17 | Charles Kennedy

The world would find itself short of oil from 2025 onwards as exploration for longer-producing crude reserves is set to lag demand growth, Vicki Hollub, chief executive of Occidental Petroleum,…

Norway To Boost Oil and Gas Exploration 

Jan 12, 2024 at 12:51 | Tsvetana Paraskova

Oil and gas companies plan to boost exploration activity and spending offshore Norway this year as Western Europe’s top oil and gas producer looks to maintain production and…

Argentina's Oil Revolution: Vaca Muerta Shale Fuels Economic Hope

Jan 12, 2024 at 08:39 | Matthew Smith

For a decade, Argentina’s governments have viewed the 7.5-million-acre Vaca Muerta, or Dead Cow, shale formation as an economic silver bullet. Since President Cristina de Kirchner nationalized YPF…

Oil Demand Balance More Bullish Than 2023

Jan 11, 2024 at 17:01 | Alex Kimani

Last year proved to be another disappointing year for the majority of commodities with everything from oil and gas to grains and base metals recording large declines. Unfortunately for the…

Surging Tanker Rates Make U.S Oil Too Expensive for Asia

Jan 11, 2024 at 11:20 | Tsvetana Paraskova

The tense situation in the Middle East with constant Houthi attacks on commercial vessels in the Red Sea is upending the global trade of crude oil and petroleum products—again.   The…

Platts Survey: OPEC+ Raised Oil Output in December

Jan 11, 2024 at 09:59 | Charles Kennedy

Crude oil production from the OPEC+ countries increased by 130,000 barrels per day (bpd) to 42.73 million bpd in December 2023, as Iraq and African producers lifted their crude output,…

Traders Speculate on $110 Oil As Middle East Tensions Escalate

Jan 10, 2024 at 12:14 | Tsvetana Paraskova

While oil prices have been struggling to move above $80 per barrel for weeks, some traders have bet on oil hitting as high as $110 a barrel in the early…

South Korean Shipper Sparks Surge in Global Oil Tanker Rates

Jan 10, 2024 at 07:37 | ZeroHedge

Last week, when looking at the latest global container shipping rates, we observed a surge in prices for all legacy Red Sea routes such as US and Europe to China,…

New Study Claims UK North Sea Oil Isn’t Worth the Trouble or Expense

Jan 10, 2024 at 07:33 | Alex Kimani

The United Kingdom’s North Sea Transition Authority gave the greenlight in September for the development of the Rosebank field by owners Equinor ASA…

Oil Climbs Higher on Signs of U.S. Inventory Draw

Jan 10, 2024 at 06:49 | Irina Slav

Crude oil prices extended their gains from Tuesday after the American Petroleum Institute reported an estimated inventory draw of over 5 million barrels that observers had not expected. That…

Security Concerns in Red Sea Boost U.S. Oil Appeal

Jan 09, 2024 at 08:47 | Irina Slav

Oil production in the Permian Basin this year is set to grow more slowly than in 2023, industry executives with operations in the area have signaled. The outlook for the…

Azerbaijan Doubles Down on Its Domestic Oil Potential

Jan 09, 2024 at 07:01 | Eurasianet

Norway's national oil company Equinor has announced that it has sold its shares in two Azerbaijani oil fields and the Baku Tbilisi Ceyhan oil pipeline to Azerbaijan's state…

Manufacturing Slowdown Weighs on Oil Demand

Jan 08, 2024 at 08:04 | Tsvetana Paraskova

Continued weakness in manufacturing activity in the United States, Europe, and China eased demand for diesel and other distillates in the fourth quarter, also easing the diesel markets that were 

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