Traders have placed so many…
Iran announces plans to build…
Historically, giant commodity traders such as Switzerland's Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the giants…
Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory dip of 700,000 barrels for the week ending July 14, falling to 457.4 million barrels—a figure…
As Mexico’s state-owned Pemex experiences yet another fire on its platform, its health and safety standards are once again being called into question. Pemex has long faced international pressure to…
With the amount of crude oil in the U.S. Strategic Petroleum Reserve now at multi-decade lows, the prospect of replenishing the reserves could be an arduous task according to some,…
While Alaska is not yet ready to give up on oil and gas, it has faced years of difficulties in getting new projects off the ground, which is making the…
Pemex’s long legacy of corruption continues. Mexico’s beleaguered state-run oil company has been a hotbed of bribery and weak regulation for decades. Despite the fact that Mexico’s current president Andrés…
One of OPEC’s largest producers, Kuwait, plans to boost its crude oil production capacity to 3.15 million barrels per day (bpd) within four years, from 2.7 million bpd now, the…
The June 2022 electoral victory of Colombia’s first-ever leftist President, Gustavo Petro, was heralded as a moment of monumental change for the strife-torn country. It represented a…
Libya’s largest oilfield was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned and are set to reduce global oil supply at a time…
Despite mounting pressure from international organisations and governments worldwide to reduce carbon emissions, a large quantity of oil and gas companies continue to carry out routine gas flaring practices.…
Back in March, the Biden administration issued the green light for ConocoPhillips’ (NYSE:COP) long-disputed $8 billion Willow project in Alaska, much to the consternation and chagrin of environmentalists. ConocoPhillips remains the…
OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday.…
A frequently overlooked aspect of Venezuela’s immense economic and humanitarian crisis is the tremendous environmental damage occurring as a result of autocratic president Nicolas…
The reason why oil traded above $100 for much of 2022 is due to fears that it would be effectively withdrawn from global markets as a result of…
When Saudi Arabia announced at the June OPEC meeting that it will reduce its oil production by 1 million barrels daily, traders basically brushed it off. When it announced it…
Shell has made a fourth hydrocarbon discovery offshore Namibia, one of the hot spots in offshore exploration right now. The UK-based supermajor said on Wednesday that it had confirmed…
Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory increase of 5.9 million barrels for the week to July 7. This
Last year, oil prices hit multi-decade highs shortly after Russia invaded Ukraine, prompting the Biden administration to urge U.S. producers and OPEC to ramp up production at a faster clip…
The governments of Iran and Iraq have agreed on a gas supply deal that will see Iraq receive more gas from its neighbor for power generation. The deal also settles…
Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes…