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Big Oil May Not Support All Trump 2.0 Policies

Big Oil May Not Support All Trump 2.0 Policies

Trump's two primary campaign promises,…

The Global Economic System is Reaching Its Limits

The Global Economic System is Reaching Its Limits

The world's economic myths, especially…

News

Venezuela Expects Refinery Output Capacity To Drop To 44%

Venezuela Expects Refinery Output Capacity To Drop To 44%

Aug 02, 2017 at 09:22 | Zainab Calcuttawala

Venezuelan state energy giant PDVSA expects its refineries to run at 44 percent capacity in August due to crude supply issues, Reuters reported on Tuesday. At maximum output, the…

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

Aug 01, 2017 at 15:54 | Julianne Geiger

The American Petroleum Institute (API) reported a surprise build of 1.779 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected…

Russian Oil Output Down 307,600 Bpd

Russian Oil Output Down 307,600 Bpd

Aug 01, 2017 at 14:04 | Zainab Calcuttawala

Russian oil output is down 307,600 barrels per day, compared to October levels, according to the country’s oil minister. “At the end of July 2017, the reduction of oil…

Europe’s Largest Oil Refinery Shuttered For Weeks

Europe’s Largest Oil Refinery Shuttered For Weeks

Aug 01, 2017 at 13:36 | Zainab Calcuttawala

A Royal Dutch Shell refinery in Rotterdam will remain closed until mid-August after a fire at the facility’s electricity stations caused it to shut down over the weekend, according to…

Japan Protests Chinese Ship Activity In Contested East China Sea

Japan Protests Chinese Ship Activity In Contested East China Sea

Aug 01, 2017 at 13:29 | Tsvetana Paraskova

Japan has filed a protest with China after noticing activity from Chinese mobile drilling ships in a gas-rich area near the East China Sea’s Senkaku Islands that are controlled by…

Energy Transfer Sells Stake In Troubled Rover Pipeline

Energy Transfer Sells Stake In Troubled Rover Pipeline

Aug 01, 2017 at 12:20 | Tsvetana Paraskova

Energy Transfer Partners is selling a 32.44-percent stake in an entity of Rover Pipeline Project to Blackstone Energy Partners for around US$1.57 billion, while the US$4.2-billion Rover natural…

Kurdistan Claims Iraq-Iran Oil Pipeline Violates U.S. Sanctions

Kurdistan Claims Iraq-Iran Oil Pipeline Violates U.S. Sanctions

Aug 01, 2017 at 11:16 | Tsvetana Paraskova

The autonomous Iraqi region of Kurdistan has not been informed of plans by the central government that Iraq and Iran agreed to study the potential construction of a pipeline that…

BP Q2 Profit Slumps As Write-downs Weigh

BP Q2 Profit Slumps As Write-downs Weigh

Aug 01, 2017 at 09:22 | Irina Slav

BP reported underlying profit on a replacement cost basis of US$684 million for the second quarter of the year, down from US$1.5 billion for the first quarter. On an…

Alphabet’s Secret Lab Develops Competitor For Lithium-Ion Battery

Alphabet’s Secret Lab Develops Competitor For Lithium-Ion Battery

Jul 31, 2017 at 16:42 | Zainab Calcuttawala

A new project by Alphabet Inc.’s clandestine X lab could put salt and antifreeze at the center of battery technologies for renewable energy sources. A decade ago, this lab made…

Foreign Traders Remain Wary Of Urals Futures Contracts

Foreign Traders Remain Wary Of Urals Futures Contracts

Jul 31, 2017 at 16:34 | Zainab Calcuttawala

Russia has been trying to create an exclusive futures market for its Urals grade crude, but the initiative faces opposition from trading houses and a lack of interest from foreign…

Nigerian Peace Talks Over Oil In Jeopardy As Deadline Approaches

Nigerian Peace Talks Over Oil In Jeopardy As Deadline Approaches

Jul 31, 2017 at 16:28 | Zainab Calcuttawala

Peace talks between community leaders in the Niger Delta and Abuja are now in jeopardy, according to a new report by Reuters. Local officials told a press conference in…

University Refuses To Be Cowed By Boko Haram Oil Attack

University Refuses To Be Cowed By Boko Haram Oil Attack

Jul 31, 2017 at 13:51 | Tsvetana Paraskova

The University of Maiduguri will continue to do research activities for potential oil exploration in the Chad Basin despite last week’s attack by Boko Haram terrorists who kidnapped an oil…

Washington Could Suspend Oil Exports To Venezuela

Washington Could Suspend Oil Exports To Venezuela

Jul 31, 2017 at 11:34 | Irina Slav

The U.S. government is discussing sanctions against Venezuela’s oil industry after yesterday’s Constituent Assembly election that Washington’s UN ambassador Nikki Haley called a “sham”. According to sources who spoke…

Iran, Iraq Plan Pipeline To Export Kirkuk Crude Oil

Iran, Iraq Plan Pipeline To Export Kirkuk Crude Oil

Jul 31, 2017 at 10:47 | Tsvetana Paraskova

Iraq and Iran have reached an agreement to commission a feasibility study of a crude oil pipeline that would export oil from Iraq’s northern fields in Kirkuk via Iran,…

Riyadh Mulls Over Rising Oil Tax System

Riyadh Mulls Over Rising Oil Tax System

Jul 31, 2017 at 10:01 | Irina Slav

Saudi Arabia is considering changing the way it taxes Aramco, the state oil giant, in a bid to boost oil revenues in case oil prices rise. Bloomberg quotes sources…

Energy Sector Drives Canadian Economic Recovery

Energy Sector Drives Canadian Economic Recovery

Jul 28, 2017 at 18:08 | Zainab Calcuttawala

The energy sector recovery boosted the Canadian economy in May, giving the nation the fastest level of growth since October 2000, according to a new report by The Canadian…

Chevron Back In Black, But Misses Q2 Profit Estimate

Chevron Back In Black, But Misses Q2 Profit Estimate

Jul 28, 2017 at 12:47 | Tsvetana Paraskova

As expected, Chevron Corporation (NYSE:CVX) returned to a net profit in the second quarter, driven by lower expenses and higher production, but the earnings per share of US$0.77…

Ecuador, Schlumberger Reach Agreement On Debt Payments

Ecuador, Schlumberger Reach Agreement On Debt Payments

Jul 28, 2017 at 10:44 | Irina Slav

Ecuador’s government has reached an agreement with Schlumberger to start repaying a debt accumulated over the last few years, according to a Reuters report. The government also said the…

UAE To Change Terms Of Japanese Oil Concessions

UAE To Change Terms Of Japanese Oil Concessions

Jul 28, 2017 at 08:47 | Irina Slav

Adnoc will offer Japanese energy companies that hold concessions for fields in the Emirates new terms and conditions as part of a renegotiation of the concessions, the company’s CEO

Saudi Coalition Blocks Four Oil Tankers From Entering Houthi Port

Saudi Coalition Blocks Four Oil Tankers From Entering Houthi Port

Jul 27, 2017 at 17:36 | Zainab Calcuttawala

The Saudi Arabia-led coalition and the Yemeni government blocked four oil tankers from entering the Hudaidah port on the Red Sea, in a move that will likely worsen the…

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