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How Iraq Continues To Trick Washington

How Iraq Continues To Trick Washington

The U.S. government has multiple…

Saudi Aramco Eyes Stake in Chinese Petrochemical Firm

Saudi Aramco Eyes Stake in Chinese Petrochemical Firm

Saudi Arabia’s oil giant, in…

News

Saudis Say Eased Output Cuts In February, Oil Prices Drop

Saudis Say Eased Output Cuts In February, Oil Prices Drop

Mar 14, 2017 at 11:44 | Tsvetana Paraskova

While OPEC’s secondary sources placed Saudi Arabia’s February crude output further dropping to 9.797 million bpd, the Saudis self-reported output was back to above 10 million bpd – still cutting…

Tillerson Used Alias Email For Climate Change Communication, Says New York AG

Tillerson Used Alias Email For Climate Change Communication, Says New York AG

Mar 14, 2017 at 11:28 | Irina Slav

Exxon’s former CEO and current Secretary of State, Rex Tillerson, used an alias email account for communication regarding climate change, New York’s Attorney General Eric Schneiderman said in the…

Somali Pirates Hijack First Tanker Since 2012

Somali Pirates Hijack First Tanker Since 2012

Mar 14, 2017 at 11:03 | Irina Slav

Somali officials have confirmed reports about a tanker hijacking by local pirates in the Indian Ocean, although there is still no final clarity as to what flag the vessel was…

Russia Announces Four-Year Delay In Scrapping Oil Export Duty

Russia Announces Four-Year Delay In Scrapping Oil Export Duty

Mar 14, 2017 at 10:13 | Zainab Calcuttawala

Russian Finance Minister Anton Siluanov announced a four-year delay in the abolishment of oil export duties on Monday. The new timeline means that Moscow will scrap the taxes on…

U.S. Shale Set For 109,000 BPD Increase Next Month

U.S. Shale Set For 109,000 BPD Increase Next Month

Mar 13, 2017 at 17:01 | Julianne Geiger

OPEC just can’t seem to catch a break; shale drillers in the U.S. are now expected to increase April oil output by 109,000 barrels per day, according to new information…

Norway Plans Record Number Of Arctic Oil Exploration Blocks

Norway Plans Record Number Of Arctic Oil Exploration Blocks

Mar 13, 2017 at 15:22 | Tsvetana Paraskova

Norway’s government announced initial plans on Monday to open a record number of oil exploration blocks in the Barents Sea, sparking renewed criticism from environmental groups. Norway’s Ministry of…

Hyundai Engineering In $3.2B Petrochemical Project In Iran

Hyundai Engineering In $3.2B Petrochemical Project In Iran

Mar 13, 2017 at 14:11 | Tsvetana Paraskova

South Korea’s Hyundai Engineering Co said on Monday that it had signed a deal worth US$3.2 billion with Iran’s Ahdaf Investment Company for the construction of the second phase…

EU, Gazprom Move Closer To Resolving Gas Sales Dispute

EU, Gazprom Move Closer To Resolving Gas Sales Dispute

Mar 13, 2017 at 13:56 | Tsvetana Paraskova

Signaling a thaw in relations, the European Commission (EC) said on Monday that Gazprom had offered commitments to address the EU’s competition concerns regarding the Russian gas giant’s dominating…

Russia’s Rosneft Says Oil Production Cuts May Not Be Extended

Russia’s Rosneft Says Oil Production Cuts May Not Be Extended

Mar 13, 2017 at 13:28 | Tsvetana Paraskova

Russia’s oil giant Rosneft sees a lack of will among the main signatories to the OPEC/non-OPEC deal and U.S. shale production as the main risks to a possible extension of…

Iran Overtakes Iraq As India’s No. 2 Oil Supplier

Iran Overtakes Iraq As India’s No. 2 Oil Supplier

Mar 13, 2017 at 12:32 | Tsvetana Paraskova

Indian refiners boosted Iranian crude oil imports in February while they received one-third lower imports from Saudi Arabia and Iraq. Both Saudi Arabia and Iraq are bound by OPEC supply…

Gas Station War Brings South Houston Gas Price To $0.78

Gas Station War Brings South Houston Gas Price To $0.78

Mar 13, 2017 at 11:47 | Irina Slav

A little local price war between two gas stations in South Houston has allowed drivers to fill up for $0.78 a gallon, despite having to wait in line for…

Clashes In Libya Force Oilfield Shutdowns, Force Majeure Possible

Clashes In Libya Force Oilfield Shutdowns, Force Majeure Possible

Mar 13, 2017 at 10:36 | Irina Slav

Continued fighting between the Libyan National Army and the Benghazi Defense Brigades may cause the declaration of force majeure at two oil export terminals, a board member of the National…

Saudi Arabian Budget Deficit Set to Narrow in 2017 on Higher Oil Prices

Saudi Arabian Budget Deficit Set to Narrow in 2017 on Higher Oil Prices

Mar 10, 2017 at 17:21 | Zainab Calcuttawala

Higher oil prices and well-planned spending will narrow the deficit in Saudi Arabia’s budget this year, according to a research note published by Merrill Lynch. In 2017, the shortfall…

Musk Guarantees Tesla Technology Can Solve South Australia’s Power Deficit

Musk Guarantees Tesla Technology Can Solve South Australia’s Power Deficit

Mar 10, 2017 at 16:36 | Zainab Calcuttawala

Elon Musk bets his company, Tesla, can bring over 100 megawatts of energy to South Australia’s grid via battery in 100 days, according to a recent Twitter exchange the…

Vitol Expects U.S. Crude Exports Growing ‘A Lot More’

Vitol Expects U.S. Crude Exports Growing ‘A Lot More’

Mar 10, 2017 at 16:25 | Tsvetana Paraskova

Rising production in the Permian, coupled with cheap pipeline and railway transport fees to the Gulf of Mexico, will enable the U.S. to significantly raise its already record-high crude oil…

Rosneft Boosts Ties With Ex Juice King To Lift Trade In Europe

Rosneft Boosts Ties With Ex Juice King To Lift Trade In Europe

Mar 10, 2017 at 12:30 | Tsvetana Paraskova

In a bid to boost its oil products trade in southern Europe and Turkey, Russia’s oil giant Rosneft is expanding its business ties with oil products trading and logistics firm…

Big Oil Regains Deepwater Drilling Appetite

Big Oil Regains Deepwater Drilling Appetite

Mar 10, 2017 at 12:21 | Tsvetana Paraskova

After three years of deepwater exploration in the doldrums, the big international oil companies are resuming their offshore exploration efforts with lowered costs and highly selective smarter choices for drilling…

World Bank Tribunal Annuls Venezuela Damages Reward For Exxon

World Bank Tribunal Annuls Venezuela Damages Reward For Exxon

Mar 10, 2017 at 10:06 | Irina Slav

The International Center for Settlement of Investment Disputes annulled an earlier decision that would have seen Venezuela pay more than a billion dollars to Exxon for the nationalization of two…

Tillerson To Stay Away From Keystone XL

Tillerson To Stay Away From Keystone XL

Mar 10, 2017 at 09:34 | Irina Slav

Secretary of State Rex Tillerson has recused himself from any issues and deliberations around the Keystone XL oil pipeline project, a statement from the State Department revealed. The statement was…

Repsol Announces Largest U.S. Onshore Conventional Discovery In 30 Years

Repsol Announces Largest U.S. Onshore Conventional Discovery In 30 Years

Mar 09, 2017 at 17:38 | Zainab Calcuttawala

The Spanish company Repsol announced a find in Alaska that could be the largest “onshore conventional hydrocarbons discovery” made in the United States in the past thirty years, according to…

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