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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

Iran’s Dark Fleet: The High Cost of Clandestine Oil Exports

Jan 08, 2024 at 07:22 | RFE/RL staff

More than 6,000 kilometers from Tehran, in treacherous waters off the shores of Singapore, a "dark fleet" of oil tankers waits to offload the precious cargo that helps…

China Replaces Western Energy Firms in Iraq’s Supergiant Oil Field

Jan 08, 2024 at 06:53 | Simon Watkins

The official handover of the lead operator role on one of the world’s biggest oil fields – West Qurna 1 – from the U.S.’s ExxonMobil to China’s PetroChina was completed…

Libya NOC Declares Force Majeure on Largest Oil Field

Jan 08, 2024 at 05:51 | Tom Kool

Libya’s National Oil Corporation has declared a force majeure on the country’s largest oil field, Sharara amid protests from local communities. The force majeure entered into effect on Sunday, the…

Standard Chartered: Oil Demand Growth To Remain Robust In 2024 And 2025

Jan 06, 2024 at 12:14 | Alex Kimani

Crude oil futures fell back on Thursday’s session after making big gains in the previous session, with the latest weekly data showing a "massive" increase in U.S. domestic distillate…

Canada's Oil Sands Set for Expansion as Pipeline Nears Completion

Jan 05, 2024 at 08:51 | Tsvetana Paraskova

Canada’s oil producers plan higher output for this year and expect to earn more from their heavy crude once the long-delayed expanded Trans Mountain Pipeline enters into service.   The start…

Oil Starts Year with Moderate Gains

Jan 05, 2024 at 04:19 | Irina Slav

The first week of the new year looks set to end with a moderate gain for oil benchmarks fueled by escalating tensions in the Middle East and supply disruptions in…

This Ain't Your Daddy's Shale Boom

Jan 04, 2024 at 11:53 | Tsvetana Paraskova

Despite a decline in the number of drilling rigs, U.S. crude oil production jumped to record-high levels last year to blunt the impact of OPEC’s oil supply-management policies. The growth…

Very Large Product Builds Push Oil Lower Despite Crude Draw

Jan 04, 2024 at 10:10 | Irina Slav

Crude oil prices moved lower today after the Energy Information Administration reported substantial fuel inventory builds for the week to December 29. In crude oil, the authority estimated an…

Turning Dreams into Reality in North Dakota’s Oilfields

Jan 04, 2024 at 07:50 | ZeroHedge

Josef McConnell, a tennis coach from Southern California, had been unemployed for a year after the government response to the pandemic destroyed his business. Then, in 2021, a…

Argentina’s New President Plans Controversial Economic Overhaul

Jan 04, 2024 at 07:45 | Matthew Smith

In a shocking development, political outsider Javier Milei won Argentina’s November 2023 presidential election, taking 56% of the vote, with leftist opponent Sergio Massa receiving 44%. The television personality and…

Why Oil Prices Will Continue To Lag in 2024

Jan 03, 2024 at 07:56 | Tsvetana Paraskova

Oil prices, which had averaged above $100 per barrel in 2022, were significantly lower in 2023 and averaged just above $80 a barrel—despite another war breaking out in the world.…

Argentina’s New President Is Looking To Shake Up Its Oil Industry

Jan 03, 2024 at 07:32 | Alex Kimani

When Argentine libertarian Javier Milei made his debut into politics in 2020 with a mission to"blow up" the system, few predicted that he would have a chance to do the…

The 11 States Leading America’s Oil Production Boom

Jan 02, 2024 at 07:12 | Robert Rapier

U.S. oil production has increased by 21% over the past five years. According to data from the Energy Information Administration (EIA), earlier this month U.S. oil producers set…

We’re on the Verge of a Reset of Expectations in the Oil Sector

Dec 29, 2023 at 13:42 | David Messler

Despite a late Santa rally in the oilpatch this week, it's probably time to recognize that we are on the verge of a reset of expectations for the oil sector…

Brent Closes The Year Below $80 as Red Sea Tensions Ease

Dec 29, 2023 at 12:31 | Michael Kern

Oil prices recouped some losses on the last trading day of the year with Brent crude set to close well below $80 per barrel.

OPEC’s Influence on Oil Prices To Remain Significant In 2024

Dec 29, 2023 at 08:50 | Irina Slav

At their latest meeting in early December, the Organization of Petroleum Exporting Countries and its partners, led by Russia, agreed to reduce their combined production of crude oil to…

Is It Time To Refill America’s Strategic Petroleum Reserve?

Dec 28, 2023 at 09:41 | Irina Slav

In late 2021, President Biden ordered the release of 50 million barrels of crude from the Strategic Petroleum Reserve to bring down the price of gasoline. Then, in the…

Iraq Forges Ahead On Greater Integration With China

Dec 28, 2023 at 05:25 | Simon Watkins

Given the festive time of year, it is perhaps fitting that senior Iraqi politicians are again pushing for the full activation of the ‘Iraq-China Framework Agreement’, which is akin to…

U.S. Shale Growth Could Exceed Forecasts in 2024

Dec 27, 2023 at 08:47 | Tsvetana Paraskova

U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by…

Europe Eyes Venezuelan Oil in Diversification Drive

Dec 27, 2023 at 06:56 | Cyril Widdershoven

The recent easing of sanctions between the United States and Venezuela, marked by pivotal legal settlements and new commercial arrangements, represents a significant turning point for the global energy industry.…

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