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News

Oil Falls As API Reports A Significant Build To Crude, Gasoline Inventories

Oil Falls As API Reports A Significant Build To Crude, Gasoline Inventories

Dec 13, 2016 at 16:30 | Zainab Calcuttawala

Oil prices fell on Tuesday after the American Petroleum Institute’s (API) weekly report showed a large build of 4.68 million barrels in the United States’ crude inventory levels, instead of…

China’s Sinopec Studies Taking Over Kurdistan’s Gulf Keystone

China’s Sinopec Studies Taking Over Kurdistan’s Gulf Keystone

Dec 13, 2016 at 15:14 | Tsvetana Paraskova

China’s Sinopec has approached debt-ridden Kurdish oil producer Gulf Keystone Petroleum for talks over a possible takeover, Bloomberg reported on Tuesday, citing people familiar with the negotiations. China Petroleum…

OPEC Cuts Begin: UAE’s Oil Firm To Cut January Deliveries

OPEC Cuts Begin: UAE’s Oil Firm To Cut January Deliveries

Dec 13, 2016 at 13:51 | Tsvetana Paraskova

In a first visible sign that at least some OPEC cuts are underway, Abu Dhabi National Oil Company (ADNOC) has said that it will reduce crude oil supplies, and although…

Chinese Refiners Process Record Amount Of Crude In November

Chinese Refiners Process Record Amount Of Crude In November

Dec 13, 2016 at 12:00 | Irina Slav

Refineries in China processed an average 11.14 million barrels daily last month, or a total of 45.77 million tons, which constituted a 3.4-percent annual increase, the country’s National Bureau of…

Russia’s Gazprom Neft To Study Iranian Oil Fields Development

Russia’s Gazprom Neft To Study Iranian Oil Fields Development

Dec 13, 2016 at 11:00 | Tsvetana Paraskova

In the latest of a series of Russian-Iranian oil deals, Russia’s oil producer Gazprom Neft and National Iranian Oil Company (NIOC) signed an agreement on Tuesday under which the…

Sinopec Sells Half Of Major Gas Pipeline

Sinopec Sells Half Of Major Gas Pipeline

Dec 13, 2016 at 10:15 | Irina Slav

 Sinopec, the world’s biggest oil refiner, has agreed to sell 50 percent in its unit Sichuan to East China Gas Pipeline Co. for a total amount of around US$3.3…

Rick Perry Shortlisted For Energy Secretary

Rick Perry Shortlisted For Energy Secretary

Dec 12, 2016 at 17:40 | Julianne Geiger

Former Texas Governor Rick Perry is sitting at the top of Trump’s shortlist for United States Energy Secretary, according to people familiar with the president-elect’s selection process. Other contenders for…

Kuwait Appoints New Oil Minister

Kuwait Appoints New Oil Minister

Dec 12, 2016 at 16:46 | Julianne Geiger

Kuwait’s Emir Sheikh Sabah al-Ahmad al-Sabah has appointed a new oil minister for the country, following early elections held in late November in which the opposition won more than…

Gates And Other Mega Investors Launch $1B Clean Energy Fund

Gates And Other Mega Investors Launch $1B Clean Energy Fund

Dec 12, 2016 at 16:14 | Tsvetana Paraskova

Bill Gates, Jeff Bezos, Richard Branson and other billionaire investors worth a combined fortune of US$170 billion are launching on Monday the Breakthrough Energy Ventures (BEV) fund, committing to invest…

Hasty Rosneft Privatization Deal Defies Expectations

Hasty Rosneft Privatization Deal Defies Expectations

Dec 12, 2016 at 14:35 | Ekaterina Pokrovskaya

The much anticipated plan on the privatization of the Russian oil giant Rosneft’s 19,5% stake was surprisingly declared completed on the night of December 7, as the company’s CEO Igor…

Russia Delays Meeting With Oil Producers On Cuts

Russia Delays Meeting With Oil Producers On Cuts

Dec 12, 2016 at 13:27 | Tsvetana Paraskova

The meeting between Russia’s largest oil producers and the energy commission, expected to discuss the implementation of the 300,000-bpd production cut on December 19, has been postponed, Reuters reported…

Norway Is Looking At More Tough Years For Oil

Norway Is Looking At More Tough Years For Oil

Dec 12, 2016 at 10:39 | Irina Slav

Norway’s energy industry is facing another five years of subdued investments despite the recent uptick in international benchmark oil prices, according to a report by the Norwegian Oil and…

Exxon’s Tillerson Frontrunner In Race For State Department

Exxon’s Tillerson Frontrunner In Race For State Department

Dec 12, 2016 at 09:11 | Irina Slav

Exxon’s chief executive Rex Tillerson has emerged as a clear frontrunner in the race for the job of Secretary of State, with a Donald Trump transition team member telling…

WoodMac: Oil Explorers Set To Book Double-Digit Returns In 2017

WoodMac: Oil Explorers Set To Book Double-Digit Returns In 2017

Dec 09, 2016 at 18:24 | Tsvetana Paraskova

Following five years of single-digit returns, the global oil exploration industry stands a good chance of achieving double-digit returns next year, as lower costs as well as smarter and leaner…

EU Hosts Russia-Ukraine Gas Talks To Secure Winter Supplies

EU Hosts Russia-Ukraine Gas Talks To Secure Winter Supplies

Dec 09, 2016 at 17:13 | Tsvetana Paraskova

The European Commission is hosting on Friday a trilateral meeting with Russia and Ukraine in a bid to ease their dispute over natural gas transit and deliveries—the first such…

Trump’s Transition Team Memo Points To Major Shift In U.S. Energy Policy

Trump’s Transition Team Memo Points To Major Shift In U.S. Energy Policy

Dec 09, 2016 at 16:56 | Tsvetana Paraskova

The transition team of President-elect Donald Trump has asked 65 questions of the Department of Energy, including how to keep nuclear plants online, to identify staff who helped President Obama’s…

China May Clip Teapot Refiners’ Wings

China May Clip Teapot Refiners’ Wings

Dec 09, 2016 at 15:11 | Irina Slav

China may not renew the oil product export quotas for independent refineries, the so-called teapots, according to local trading sources who spoke to S&P Platts. The current quotas expire…

Congo Eyes Oil Output of 300,000 Bpd in 2018

Congo Eyes Oil Output of 300,000 Bpd in 2018

Dec 09, 2016 at 13:41 | Irina Slav

The Republic of the Congo, which gets 65 percent of its GDP from oil, plans to increase daily production to 300,000 barrels from the current 250,000 barrels over the next…

Harold Hamm’s Continental Sees South Korea As A Main Export Destination

Harold Hamm’s Continental Sees South Korea As A Main Export Destination

Dec 09, 2016 at 10:48 | Tsvetana Paraskova

Continental Resources (NYSE:CLR) is placing South Korea at the top of its list of potential crude oil and condensate export destinations as the U.S. company is considering exports, chairman and…

A Major Red Flag? Chinese Oil Demand Growth Could Shrink 60% In 2017

A Major Red Flag? Chinese Oil Demand Growth Could Shrink 60% In 2017

Dec 08, 2016 at 17:54 | Tsvetana Paraskova

Chinese growth of crude oil imports may likely shrink by more than 60 percent next year, as storage facilities are filling in and smaller refiners face more scrutiny over taxes…

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