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News

Saudis Cut February Oil Supply To Buyers In India, Southeast Asia

Saudis Cut February Oil Supply To Buyers In India, Southeast Asia

Jan 11, 2017 at 10:14 | Tsvetana Paraskova

Complying with the OPEC deal, Saudi Arabia has cut February term crude oil loadings to some buyers in India and Southeast Asia, but is shipping full delivery volumes to North…

India’s 2016 Oil Demand Jumps 11% To Record Highs

India’s 2016 Oil Demand Jumps 11% To Record Highs

Jan 11, 2017 at 09:28 | Tsvetana Paraskova

India’s economic growth and rising income pushed up vehicle sales and fuel demand last year, with oil consumption soaring 11 percent to the highest on record, according to oil…

Markets Brace As API Estimates First Crude Inventory Build In Eight Weeks

Markets Brace As API Estimates First Crude Inventory Build In Eight Weeks

Jan 10, 2017 at 16:07 | Julianne Geiger

The American Petroleum Institute (API) reported a 1.5-million-barrel build in its latest data release on Tuesday afternoon. The build to crude inventory sent oil prices downward, even though a…

Iran To Begin Gas Exports To Iraq Once Baghdad Starts Paying

Iran To Begin Gas Exports To Iraq Once Baghdad Starts Paying

Jan 10, 2017 at 16:00 | Tsvetana Paraskova

Iran is ready to begin exporting natural gas to Iraq via a pipeline as soon as Baghdad starts making payments, Iranian deputy oil minister for international affairs and trade, Amir-Hossein…

Platts Sees China’s LPG Demand Growth Slows In 2017

Platts Sees China’s LPG Demand Growth Slows In 2017

Jan 10, 2017 at 14:47 | Tsvetana Paraskova

Driven by robust industrial and petrochemical consumption, Chinese liquefied petroleum gas (LPG) demand will continue to grow this year by 10 percent, but well below the 24-percent demand jump last…

Enbridge Sells New Canadian Crude Grade To US, But No One’s Buying

Enbridge Sells New Canadian Crude Grade To US, But No One’s Buying

Jan 10, 2017 at 14:15 | Tsvetana Paraskova

Enbridge Inc has started offering the shipping of a new Canadian crude blend via pipeline to the U.S., but no refiner has bought any amount of the new grade so…

PwC Advising Saudis On $20B In Cut Projects

PwC Advising Saudis On $20B In Cut Projects

Jan 10, 2017 at 13:27 | Tsvetana Paraskova

PricewaterhouseCoopers is advising Saudi Arabia on US$20 billion worth of projects it could cancel in order to reduce the budget deficit it had amassed with the low oil prices of…

Oil Downturn Shrinks Texas 2018-19 Spend By 2.7%

Oil Downturn Shrinks Texas 2018-19 Spend By 2.7%

Jan 10, 2017 at 11:35 | Tsvetana Paraskova

Texas is expected to have around US$104.9 billion in revenue available for general-purpose spending in 2018 and 2019, down by 2.7 percent compared to the 2016-2017 period, Texas Comptroller Glenn…

Iran Close To Hitting 4-Million-Bpd Output Target

Iran Close To Hitting 4-Million-Bpd Output Target

Jan 10, 2017 at 09:57 | Irina Slav

When Saudi Arabia initiated the latest OPEC discussion about an oil production cut, Iran insisted that it would only consider joining market rebalancing efforts when it reached a daily output…

U.S., Cuba Seal Oil Spill Prevention Deal, More to Come

U.S., Cuba Seal Oil Spill Prevention Deal, More to Come

Jan 10, 2017 at 09:23 | Irina Slav

The United States and Cuba have signed an agreement to team up on preventing, containing and cleaning up oil spills in their respective areas of the Gulf of Mexico,…

‘’2017 E&P Spend To Rise For First Time In Three Years’’

‘’2017 E&P Spend To Rise For First Time In Three Years’’

Jan 09, 2017 at 18:08 | Tsvetana Paraskova

Following a couple of years of reduced exploration and production (E&P) investments, spending by global oil and gas companies is expected to increase by 7 percent in 2017, for the…

Google’s Waymo To Release Its First Fleet Of Self-Driving Minivans

Google’s Waymo To Release Its First Fleet Of Self-Driving Minivans

Jan 09, 2017 at 17:47 | Julianne Geiger

Waymo’s first fleet of self-driving Chrysler Pacific minivans will hit public roads later this month, according to an announcement made at Detroit’s North American International Auto Show on Sunday. Waymo,…

Rosneft Seeks To Pull Out Of Its Only Project In Algeria

Rosneft Seeks To Pull Out Of Its Only Project In Algeria

Jan 09, 2017 at 16:33 | Tsvetana Paraskova

Rosneft may soon withdraw from its only project in Algeria, an exploration project which Russia’s oil giant considers to have doubtful prospects, Russian business daily Kommersant reported on Monday,…

Amid OPEC Cuts, Iraq Maintains February Crude Supply To 3 Buyers

Amid OPEC Cuts, Iraq Maintains February Crude Supply To 3 Buyers

Jan 09, 2017 at 14:38 | Tsvetana Paraskova

Iraq has not cut February crude supply allocations of the Basra grade to three buyers in Asia and Europe, in a sign that OPEC’s no.2 producer could keep exports at…

East Timor, Australia Scrap Oil, Gas Treaty Amid Boundary, Espionage Row

East Timor, Australia Scrap Oil, Gas Treaty Amid Boundary, Espionage Row

Jan 09, 2017 at 13:33 | Tsvetana Paraskova

Australia and East Timor have agreed to tear up a temporary treaty regulating maritime boundaries in the latest development in a long-standing dispute that has involved sea boundary claims, oil…

Argentina To Scrap Oil Product Export Duty

Argentina To Scrap Oil Product Export Duty

Jan 09, 2017 at 12:26 | Irina Slav

Argentina will remove a duty on oil product exports that has been in place for 15 years in a bid to encourage more foreign oil and gas investments, according…

Naftogaz Expects Gas Supply “Provocations” From Gazprom

Naftogaz Expects Gas Supply “Provocations” From Gazprom

Jan 09, 2017 at 10:51 | Irina Slav

Ukraine’s state-owned oil and gas company Naftogaz said in a Facebook statement it expected foul play from Gazprom regarding the transit of Russian gas via Ukraine to Europe. According…

North Sea Field Decommissioning Comes At A Hefty Price

North Sea Field Decommissioning Comes At A Hefty Price

Jan 09, 2017 at 10:40 | Irina Slav

The decommissioning of depleting oil and gas fields in the North Sea will have a price tag of US$29 billion (24 billion pounds) for UK’s taxpayers, which may very well…

Angola Cuts Supply As Part Of OPEC Deal

Angola Cuts Supply As Part Of OPEC Deal

Jan 09, 2017 at 09:43 | Tsvetana Paraskova

Angola has become the latest OPEC member to announce the beginning of production cuts as part of the cartel’s deal to curtail production in a bid to lift oil prices.…

Kuwait Slashes Oil Production To 2.707M BPD On OPEC Accord

Kuwait Slashes Oil Production To 2.707M BPD On OPEC Accord

Jan 06, 2017 at 16:53 | Charles Kennedy

Kuwaiti officials say the OPEC-member country has reduced oil production this month to around 2.707 million barrels per day, in line with the targeted amount under the OPEC output cut…

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