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Oil Prices Gain 2% on Tightening Supply

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Engine Efficiency Seen Leading To U.S. Gasoline Demand Peak In 2018

Engine Efficiency Seen Leading To U.S. Gasoline Demand Peak In 2018

Mar 03, 2017 at 13:06 | Tsvetana Paraskova

Gasoline demand in the U.S. is expected to peak next year due to continuous engine efficiency gains, Reuters reports, quoting analysts at energy consultancy Wood Mackenzie. Demand for gasoline…

Brazil’s Crude Oil Exports Sets Yet Another Record

Brazil’s Crude Oil Exports Sets Yet Another Record

Mar 03, 2017 at 11:49 | Tsvetana Paraskova

Brazil’s oil exports jumped by 94 percent on the year in February, beating the previous record from January, as new offshore production is consistently coming on stream, according to…

EPA Scraps Methane Emission Reporting Rule

EPA Scraps Methane Emission Reporting Rule

Mar 03, 2017 at 11:39 | Irina Slav

The Environmental Protection Agency has removed an Obama-era rule that requires oil and gas companies to report methane emissions from oilfields – a rule that had prompted complaints from…

Mexico Plans Two Annual Oil Tenders

Mexico Plans Two Annual Oil Tenders

Mar 03, 2017 at 10:45 | Irina Slav

Mexico is planning to hold two regular oil field auctions every year, beginning in 2018, aiming to stimulate more foreign energy companies and local private players to invest in…

Russia’s Oil Production Cuts Don’t Increase In February

Russia’s Oil Production Cuts Don’t Increase In February

Mar 02, 2017 at 17:18 | Zainab Calcuttawala

New figures from Moscow show that Russia is continuing to cut oil production by just a third of the amount it had promised to the members of the Organization…

North Sea Oil Production Costs Continue To Fall

North Sea Oil Production Costs Continue To Fall

Mar 02, 2017 at 17:03 | Zainab Calcuttawala

Production costs for Canadian Natural Resources in the North Sea came in around $42 per barrel—well below the current rate for a Brent barrel at $55.17—down by a third…

Yemeni Oil Reserves Under Dispute As Civil War Rages On

Yemeni Oil Reserves Under Dispute As Civil War Rages On

Mar 02, 2017 at 16:35 | Zainab Calcuttawala

A Yemeni economic expert from the region contends that French Total’s operations in the Kharkhir region amount to stealing on behalf of Saudi Arabia and ousted president Mansour Hadi –…

After Brief Interruption, Oil Begins To Flow From Kirkuk

After Brief Interruption, Oil Begins To Flow From Kirkuk

Mar 02, 2017 at 14:27 | Irina Slav

Crude oil is once again flowing from the fields around Kirkuk, after an interruption that lasted for several hours, as security forces searched the area for bombs, said to have…

Gazprom Sales To Europe, Turkey Fall In February

Gazprom Sales To Europe, Turkey Fall In February

Mar 02, 2017 at 13:41 | Tsvetana Paraskova

Gazprom’s sales of natural gas to Turkey and Europe, excluding the former Soviet Union countries, dropped to 582 million cubic meters per day in February, down by 34 million…

Israel Just Started Exporting Natural Gas…To Jordan

Israel Just Started Exporting Natural Gas…To Jordan

Mar 02, 2017 at 12:43 | Tsvetana Paraskova

Israeli firm Delek Drilling – the part of Delek Group developing Israel’s offshore gas fields – has started exporting natural gas to Jordan in what are Israel’s first gas exports…

Uganda Seeks $500M From China To Jumpstart Oil Production

Uganda Seeks $500M From China To Jumpstart Oil Production

Mar 02, 2017 at 12:17 | Tsvetana Paraskova

Uganda has requested a loan of more than US$500 million from China’s Export–Import (EXIM) Bank that it would use to build roads in its oil belt in view of a…

Kuwait Energy Seeks London Listing, Hopes For $1B Valuation

Kuwait Energy Seeks London Listing, Hopes For $1B Valuation

Mar 02, 2017 at 11:02 | Tsvetana Paraskova

Exploration and production company Kuwait Energy is working with Bank of America on an initial public offering in London that could value the Middle East-focused group at US$1 billion,

Libya Militia Seizes Turkish Tanker

Libya Militia Seizes Turkish Tanker

Mar 02, 2017 at 09:12 | Irina Slav

Six armed men have seized the Haci Telli oil tanker sailing under a Turkish flag in the Libyan port of Zuwarah, claiming that the company leasing the vessel owes…

Venezuela Is Down To Its Last $10B As Debt Payments Loom

Venezuela Is Down To Its Last $10B As Debt Payments Loom

Mar 01, 2017 at 17:14 | Zainab Calcuttawala

Venezuela’s central bank is down to its last $10.5 billion in foreign reserves, according to the institution’s most recent report on the country’s financials. Over the remainder of 2017,…

Exxon Now Spends 50% Of Drilling Budget On Shale

Exxon Now Spends 50% Of Drilling Budget On Shale

Mar 01, 2017 at 17:06 | Zainab Calcuttawala

ExxonMobil’s newest trades in long-term pumping projects will give the company the option to switch off shale oil and gas production in lockstep with barrel prices, according to a new…

Nigeria Commits To New Oil And Gas Output Goals By 2020

Nigeria Commits To New Oil And Gas Output Goals By 2020

Mar 01, 2017 at 16:57 | Zainab Calcuttawala

The Nigerian Petroleum Development Company (NPDC) will see its production grow to 500,000 barrels per day by 2020, according to a new commitment made by the Nigerian National Petroleum…

Russia Proceeds With Cuts, Compliance Still Very Low

Russia Proceeds With Cuts, Compliance Still Very Low

Mar 01, 2017 at 15:01 | Tsvetana Paraskova

Russia’s crude oil output dropped in February to some 11.10 million bpd from 11.11 million bpd in January and from the more than 11.20 million bpd in October last year…

Iran’s Oil Cargoes To Europe Surge Since EU Eased Sanctions

Iran’s Oil Cargoes To Europe Surge Since EU Eased Sanctions

Mar 01, 2017 at 14:43 | Tsvetana Paraskova

Iran is trying to restore its pre-sanctions market share of oil shipments to Europe and has sent many crude tankers to European countries since the EU lifted most of the…

Gazprom: Talks On Second China Gas Deal Slowed By Weaker Demand

Gazprom: Talks On Second China Gas Deal Slowed By Weaker Demand

Mar 01, 2017 at 13:26 | Tsvetana Paraskova

Weaker Chinese gas demand and China’s ongoing energy reform have slowed down progress on talks between Gazprom and Chinese authorities on a second gas export route from Russia to China,…

Total Buys Petrobras Assets In Brazil For $2.2B

Total Buys Petrobras Assets In Brazil For $2.2B

Mar 01, 2017 at 11:21 | Tsvetana Paraskova

Total SA and Petrobras signed on Tuesday the final agreements on an asset package sale that will see the French major buy stakes in offshore concession areas from the…

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