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The Global Economic System is Reaching Its Limits

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API Reports Big Inventory Build Across The Board

API Reports Big Inventory Build Across The Board

Jan 31, 2017 at 16:24 | Julianne Geiger

U.S. crude oil inventories increased by 5.8 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, compounded by large builds—again—in both gasoline…

Oman Oil Company To Invest $1B In Oil, Gas Projects In 2017

Oman Oil Company To Invest $1B In Oil, Gas Projects In 2017

Jan 31, 2017 at 16:14 | Tsvetana Paraskova

State-held Oman Oil Company plans to invest US$1 billion in developing various upstream and downstream projects in Oman this year, the firm’s chief executive Isam Al Zadjali said on…

West Africa Oil Exports To Asia Surge To Fill In OPEC Supply Gap

West Africa Oil Exports To Asia Surge To Fill In OPEC Supply Gap

Jan 31, 2017 at 16:08 | Tsvetana Paraskova

West Africa is becoming the latest oil exporting region to take advantage of the OPEC supply-cut deal and ship increased volumes of crude to the world’s highest-demand market: Asia. According…

Venezuelan State-Oil Firm Poised For Default

Venezuelan State-Oil Firm Poised For Default

Jan 31, 2017 at 15:55 | Damir Kaletovic

Venezuelan state-run oil company PDVSA’s default is probable, according to rating’s agency Fitch, as the country struggles with the long-running drop in oil prices—its only source of export revenue.…

Exxon Misses Q4 Estimates On Low Prices

Exxon Misses Q4 Estimates On Low Prices

Jan 31, 2017 at 11:34 | Tsvetana Paraskova

After Chevron badly missed on its Q4 last Friday, another oil supermajor missed analysts estimates today: ExxonMobil Corporation (NYSE:XOM) reported fourth-quarter earnings below analyst expectations and cited…

Iran Oil Minister Says “No Ban on U.S. Oil Firms”

Iran Oil Minister Says “No Ban on U.S. Oil Firms”

Jan 31, 2017 at 09:20 | Irina Slav

Iran’s Oil Minister Bijan Zanganeh has said that U.S. oil companies willing to do business in Iran will not be banned from doing so. The remark, quoted by local…

Two Months Of Attacks In Syria Cost Oil Sector $2B

Two Months Of Attacks In Syria Cost Oil Sector $2B

Jan 30, 2017 at 23:07 | Damir Kaletovic

Syrian Prime Minister Imad Khamis has claimed that terrorist attacks during the last two months have cost the country’s oil sector US$2 billion. Khamis said the Syrian government was…

Nigerian Trans Forcados Pipeline Could Reopen By End-Q2

Nigerian Trans Forcados Pipeline Could Reopen By End-Q2

Jan 30, 2017 at 18:06 | Tsvetana Paraskova

The Trans Forcados Pipeline in Nigeria - which has suffered several militant attacks and has been shut for most of 2016 – could resume operations at some point at the…

Oil Demand Won’t Peak Soon: IEA Chief

Oil Demand Won’t Peak Soon: IEA Chief

Jan 30, 2017 at 17:58 | Irina Slav

Crude oil demand won’t peak anytime soon, the head of the International Energy Agency Fatih Birol said, adding that growth will be spurred by emerging economies. Reuters quoted Birol…

Kazakhstan’s Tengiz Oil Field Expansion To Create 20,000 Jobs

Kazakhstan’s Tengiz Oil Field Expansion To Create 20,000 Jobs

Jan 30, 2017 at 17:36 | Tsvetana Paraskova

The implementation of the project to raise production at Kazakhstan’s huge Tengiz oil field will create more than 20,000 oil-related jobs in the country, the ministry of labor and social…

Sweden Set To Allow Port Hosting Nord Stream 2 Works

Sweden Set To Allow Port Hosting Nord Stream 2 Works

Jan 30, 2017 at 17:26 | Tsvetana Paraskova

In a change of course, the Swedish government is inclined to let Russia’s Gazprom use Sweden’s southern port of Karlshamn for the construction of the Nord Stream 2 gas pipeline,…

Saudis Approve Historical Tax Package Amid Oil Price Crisis

Saudis Approve Historical Tax Package Amid Oil Price Crisis

Jan 30, 2017 at 16:27 | Damir Kaletovic

As the oil price crisis catches up with Saudi Arabia, residents of the oil-rich Kingdom will have to start paying taxes on services and products as of next year, after…

U.S. Natural Gas-Fired Power Capacity Seen Rising 8% By 2018

U.S. Natural Gas-Fired Power Capacity Seen Rising 8% By 2018

Jan 30, 2017 at 14:05 | Tsvetana Paraskova

The U.S. electricity industry plans to raise natural gas-fired generating capacity by 8 percent in 2018 compared to existing capacity as of the end of 2016, the Energy Information Administration…

Kurdish Parties Squabble Over Oil Revenues

Kurdish Parties Squabble Over Oil Revenues

Jan 30, 2017 at 11:41 | Irina Slav

Political parties in the Kurdistan autonomous region of Iraq are quarreling over the share each of them gets from oil trade, according to the secretary of the Kurdistan Social Democratic…

Lukoil Eyes Start Of Oilfield Development In Iran This Year

Lukoil Eyes Start Of Oilfield Development In Iran This Year

Jan 30, 2017 at 08:53 | Irina Slav

Lukoil hopes it will begin the development of two oil fields in Iran later this year, after the conclusion of negotiations currently held with the National Iranian Oil Company. This…

Iran May Cancel $7B Pipeline Project With Pakistan

Iran May Cancel $7B Pipeline Project With Pakistan

Jan 27, 2017 at 17:11 | Damir Kaletovic

Iran has said it may cancel its high-profile, US$7-billion ‘peace pipeline’ project with Pakistan over lengthy construction delays, with would deprive energy-starved Pakistan of the some 22 million cubic…

South Sudan Plans To Double Oil Production

South Sudan Plans To Double Oil Production

Jan 27, 2017 at 16:59 | Damir Kaletovic

South Sudan aims to double its oil production to 290,000 barrels per day in fiscal year 2017/2018, the country’s finance minister said on Friday, up from current output of…

Angola’s March Oil Exports To Drop To 1.51 Million Bpd

Angola’s March Oil Exports To Drop To 1.51 Million Bpd

Jan 27, 2017 at 16:54 | Tsvetana Paraskova

Angola’s state-held oil firm Sonangol plans to load 1.51 million barrels per day in March under its finalized exports schedule, down from plans to export 1.62 million bpd in February,…

Chevron’s Q4 Earnings Miss Estimates By A Mile

Chevron’s Q4 Earnings Miss Estimates By A Mile

Jan 27, 2017 at 09:47 | Tsvetana Paraskova

Chevron Corporation (NYSE:CVX) reported on Friday earnings of US$0.22 per share for the fourth quarter, compared with a loss of US$0.31 per share for the fourth quarter of…

Shell About to Close Major North Sea Asset Sale

Shell About to Close Major North Sea Asset Sale

Jan 27, 2017 at 08:33 | Irina Slav

Shell and Chrysaor are in the late stages of negotiating an asset sale deal worth US$3 billion, according to unnamed sources quoted by Reuters. The sale concerns part of…

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