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High Oil Prices Force Biden Admin to Halt SPR Refill Plans

High Oil Prices Force Biden Admin to Halt SPR Refill Plans

The Biden administration has canceled…

Anglo American Rejects BHP's $38.8 Billion Takeover Bid

Anglo American Rejects BHP's $38.8 Billion Takeover Bid

Anglo American rejected BHP's $38.8…

News

South Korean Oil Imports Rise 5% In Q1

South Korean Oil Imports Rise 5% In Q1

May 29, 2017 at 09:36 | Irina Slav

Crude oil imports to South Korea went up by 4.9 percent on the year in the first quarter of 2017, to 278.18 million barrels. The main driver behind the…

Shell Starts Production At New FPSO In Pre-Salt Brazilian Field

Shell Starts Production At New FPSO In Pre-Salt Brazilian Field

May 26, 2017 at 16:57 | Zainab Calcuttawala

Royal Dutch Shell’s Brazilian subsidiary BG E&P Brasil and partners began production in a deepwater field in the Santos Basin on Friday, according to a new report by World…

1.2 Million BPD Capline Pipeline Could Be Retired By 2021

1.2 Million BPD Capline Pipeline Could Be Retired By 2021

May 26, 2017 at 16:53 | Zainab Calcuttawala

New pipelines with similar routes may drive Plains All American LP’s Capline pipeline, from Louisiana-to-Illinois, obsolete, according to a new report by Reuters. The 1.2-million-barrel-per-day pipeline, was once the…

Saudi Arabia To Trim Oil Exports To U.S. To Force Inventories Lower

Saudi Arabia To Trim Oil Exports To U.S. To Force Inventories Lower

May 26, 2017 at 16:47 | Zainab Calcuttawala

Riyadh plans to purposely reduce exports to the United States to force a reduction in the latter’s sizeable inventories, which are preventing a greater rise in global oil prices,…

China Teapot Refiners Overflow, Slow Crude Oil Imports

China Teapot Refiners Overflow, Slow Crude Oil Imports

May 26, 2017 at 13:29 | Tsvetana Paraskova

Chinese independent refiners, the so-called ‘teapots’, are expected to import less crude at least until August, as high inventories, changing import quota policies, and stricter tax scrutiny are squeezing their…

Analysts Say Oil Industry Needs $45 Oil Price To Break Even

Analysts Say Oil Industry Needs $45 Oil Price To Break Even

May 26, 2017 at 12:46 | Tsvetana Paraskova

Technological advances and deflationary pressure from the downturn have resulted in an 8-percent drop in global average unit production cost to US$30 per barrel of oil equivalent in 2016, which…

Iran Sees $50B Oil Deals Enter Operational Phases In 2018

Iran Sees $50B Oil Deals Enter Operational Phases In 2018

May 26, 2017 at 11:48 | Tsvetana Paraskova

Iran expects around US$50 billion worth of oil contracts to launch their operational phases next year, according to Fardad Daliri, director of investment at the Industrial Development and Renovation Organization…

Kinder Morgan Ready To Start $5.48 Billion Trans Mountain Oil Pipeline Extension

Kinder Morgan Ready To Start $5.48 Billion Trans Mountain Oil Pipeline Extension

May 26, 2017 at 09:37 | Irina Slav

Kinder Morgan is ready to go ahead with its expansion project for the Trans Mountain crude oil pipeline, the company said in a press release. To fund the project,…

Are Nuclear Industry Lobbyists Putting The Public At Risk?

Are Nuclear Industry Lobbyists Putting The Public At Risk?

May 25, 2017 at 17:28 | Zainab Calcuttawala

A new article in Science magazine suggests that the nuclear industry’s lobbying activities in Washington have resulted in the disapproval of a measure that would have protected Americans’ from the…

Iran Could Consider Russian Deal For Farzad-B Block

Iran Could Consider Russian Deal For Farzad-B Block

May 25, 2017 at 17:14 | Zainab Calcuttawala

If India backs out of the Farzad-B natural gas block deal, Russian companies could be stepping in to fill the vacuum, according to remarks by Iranian Oil Minister Bijan…

Italian Bank To Syndicate $5.8B Loan For Rosneft Deal

Italian Bank To Syndicate $5.8B Loan For Rosneft Deal

May 25, 2017 at 17:08 | Tsvetana Paraskova

Intesa Sanpaolo, Italy’s largest bank by market capitalization, has started the process to syndicate the US$5.8 billion (5.2 billion euro) loan it had extended to Glencore and the Qatar Investment…

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

May 25, 2017 at 14:52 | Zainab Calcuttawala

The oil exports of Iraq’s semi-autonomous region of Kurdistan are not subject to the extension of OPEC’s production cuts, Iraq’s Oil Minister Jabbar al-Luaibi told Kurdish media network Rudaw during…

Texas Claims Victory As OPEC Forced To Roll Over Oil Production Cuts

Texas Claims Victory As OPEC Forced To Roll Over Oil Production Cuts

May 25, 2017 at 12:58 | Tsvetana Paraskova

“Texas shale producers forced OPEC this morning to extend its oil production cuts for 9 months,” Texas Railroad Commissioner Ryan Sitton said on Twitter on Thursday, shortly after OPEC agreed…

Equatorial Guinea Joins OPEC

Equatorial Guinea Joins OPEC

May 25, 2017 at 10:30 | Irina Slav

Equatorial Guinea has become the 14th member of OPEC on the day the cartel announced a nine-month extension of its November 2016 crude oil production cut. The addition, as

Libya Insists On Keeping Oil Output Cut Exemption

Libya Insists On Keeping Oil Output Cut Exemption

May 25, 2017 at 09:14 | Irina Slav

Libya has insisted that it remains exempt from the oil output reduction deal that OPEC today decided to extend by another nine months, to March 2018. According to Libya’s ambassador…

Kuwait Favors OPEC Production Cut Extension For A Whole Year

Kuwait Favors OPEC Production Cut Extension For A Whole Year

May 24, 2017 at 16:19 | Zainab Calcuttawala

Kuwait wants the OPEC deal extension to span a whole year,, as opposed to six months or nine, according to comments by the nation’s oil minister at the bloc’s…

Iraq Considers Massive Oil Hedge Akin To Mexico’s

Iraq Considers Massive Oil Hedge Akin To Mexico’s

May 24, 2017 at 16:11 | Zainab Calcuttawala

Top Iraqi oil marketer Falah Al Amri suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades well in…

Nigerian Oil Production To Reach 2.2 Million Bpd By June

Nigerian Oil Production To Reach 2.2 Million Bpd By June

May 24, 2017 at 16:04 | Zainab Calcuttawala

The CEO of Nigerian oil company Oando says the worst of the west African country’s output disruptions are over as the twice-attacked Forcados pipeline returns to full capacity by the…

Renewables Jobs To Double By 2030

Renewables Jobs To Double By 2030

May 24, 2017 at 15:56 | Tsvetana Paraskova

The number of people working in the renewable energy industry globally could rise to 24 million by 2030, compared to 9.8 million in 2016, the International Renewable Energy Agency (IRENA)…

Iran Discovers New Gas Field Next To South Pars

Iran Discovers New Gas Field Next To South Pars

May 24, 2017 at 12:53 | Tsvetana Paraskova

Iran has discovered a new gas field close to the giant offshore field South Pars in the Persian Gulf, Iranian media reported on Wednesday, quoting an unnamed official with the…

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