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Breaking News:

Asian Oil Imports Dropped in April

News

No Plans To Cut Oil Production Says Russian Energy Minister

No Plans To Cut Oil Production Says Russian Energy Minister

Sep 22, 2016 at 14:58 | Erwin Cifuentes

Russia’s Energy Minister, Alexander Novak, claimed there are no official plans to cut oil production despite seemingly contradictory information provided by his number 2 man. Novak earlier today said representatives…

BP’s Azerbaijan Gas Project Will Cost $18 Billion

BP’s Azerbaijan Gas Project Will Cost $18 Billion

Sep 22, 2016 at 13:58 | Lincoln Brown

BP has revealed the cost of its contracts in the second phase of its development of the offshore Shah Deniz gas and condensate field in Azerbaijan, and the expansion…

Gazprom Neft Launches World’s Northernmost Land Oilfield

Gazprom Neft Launches World’s Northernmost Land Oilfield

Sep 22, 2016 at 13:43 | Irina Slav

Gazprom Neft launched commercial-scale production at the Messoyakha field, the northernmost land oilfield in the world, in the Russian Arctic. The field has swallowed US$1.3 billion in investments, and…

These Drillers Are Set To Get Never-Ending Rights In Canada’s Northwest

These Drillers Are Set To Get Never-Ending Rights In Canada’s Northwest

Sep 22, 2016 at 12:13 | Lincoln Brown

ConocoPhillips, Husky Energy, Shell and MGM Energy are set to get exclusive, lifetime drilling rights to an area 2,485 square miles in size in the Canol shale area, located just…

ISIS Builds Wall Of Oil Tankers To Stand Against Iraqi/US Forces

ISIS Builds Wall Of Oil Tankers To Stand Against Iraqi/US Forces

Sep 22, 2016 at 09:09 | Irina Slav

The Islamic State is digging a moat around its biggest stronghold in Iraq, Mosul, in preparation for an expected attack from the Iraqi army and its U.S. partners, and…

Nigeria Sees Three Weeks Of Output Growth After Ceasefire In Niger Delta

Nigeria Sees Three Weeks Of Output Growth After Ceasefire In Niger Delta

Sep 21, 2016 at 18:01 | Zainab Calcuttawala

Nigerian oil production has increased from 1.57 million barrels a day three weeks ago to 1.75 million bpd this week, according to new data released by Oil Minister Ibe…

Schlumberger, Halliburton Hit By Wage Strike In Norway

Schlumberger, Halliburton Hit By Wage Strike In Norway

Sep 21, 2016 at 17:44 | Zainab Calcuttawala

Over 300 of Norway’s oil industry workers conducted a walk-out on Wednesday after wage negotiations failed to produce an acceptable outcome for the Industri Energi trade union, according to…

SEC Charges Hedge Fund Manager Of Insider Trading Of Atlas Pipeline Shares

SEC Charges Hedge Fund Manager Of Insider Trading Of Atlas Pipeline Shares

Sep 21, 2016 at 17:20 | Zainab Calcuttawala

The U.S. Securities and Exchange Commission announced charges against hedge fund CEO Leon Cooperman on Thursday for insider trades conducted on the basis of non-public corporate information he had learned…

Apple May Purchase McLaren In A Bid To Reach The Auto Market

Apple May Purchase McLaren In A Bid To Reach The Auto Market

Sep 21, 2016 at 17:06 | Lincoln Brown

Google may be trying to lead the way on self-driving cars, but Apple is interested in getting into the self-driving and electric vehicle business, which in and of itself, is…

Ukraine Supreme Court Upholds $3.4 Billion Gazprom Fine

Ukraine Supreme Court Upholds $3.4 Billion Gazprom Fine

Sep 21, 2016 at 12:50 | Zainab Calcuttawala

The highest court of Ukraine rejected a claim filed by the Russian firm Gazprom, which challenged an anti-trust ruling made by the Anti-Monopoly Committee of Ukraine (AMU) this week.…

Protests Expected After PDVSA Awards Orinoco Drilling Contracts

Protests Expected After PDVSA Awards Orinoco Drilling Contracts

Sep 21, 2016 at 12:30 | Lincoln Brown

PDVSA, the state oil company of Venezuela has awarded Schlumberger NV, Horizontal Well Drillers out of Oklahoma, and contractor Y&V from Venezuela $3.2 billion in contracts to drill wells…

Lukoil About To Add 29,400 Bpd To Total Output

Lukoil About To Add 29,400 Bpd To Total Output

Sep 21, 2016 at 11:38 | Irina Slav

Russia’s Lukoil will start commercial-scale production at the Filanovsky oilfield in the Caspian Sea before the end of the month, the company said. There are already two production wells…

First Oil Cargo In 2 Years Departs From Libyan Coast

First Oil Cargo In 2 Years Departs From Libyan Coast

Sep 21, 2016 at 11:07 | Irina Slav

The Seadelta tanker bound for Italy, has finally left the port of Ras Lanuf. This is the first export cargo of crude oil from Libya since 2014, the oil…

Petrobras Slashes 2017-2021 Budget By 25%

Petrobras Slashes 2017-2021 Budget By 25%

Sep 21, 2016 at 09:24 | Irina Slav

Brazil’s state-owned energy giant Petrobras said in a regulatory filing it will be spending US$74.1 billion over the next five years—a 25-percent reduction on the capex of US$98.4 billion…

Crude Spikes After API Reports Massive Crude Draw

Crude Spikes After API Reports Massive Crude Draw

Sep 20, 2016 at 16:41 | Zainab Calcuttawala

The American Petroleum Institute reported a 7.5 million barrel draw in U.S. crude oil supplies on Tuesday, instead of the build that many expected. American crude inventories were slated…

Fire At Aramco Oil Terminal In Saudi Arabia Injures 8

Fire At Aramco Oil Terminal In Saudi Arabia Injures 8

Sep 20, 2016 at 16:00 | Tsvetana Paraskova

A fire at Saudi Aramco’s oil terminal Ras Tanura injured eight workers on Tuesday morning, but oil and gas operations at the site have not been affected, the Saudi Arabian…

U.S. Drivers Squander $2.1 Billion On Premium Gasoline Annually

U.S. Drivers Squander $2.1 Billion On Premium Gasoline Annually

Sep 20, 2016 at 15:59 | Tsvetana Paraskova

  Over the past 12 months, U.S. drivers splurged more than US$2.1 billion on premium-grade gasoline for vehicles designed to run on regular gasoline, the American Automobile Association (AAA)

Statoil Boasts 5 Billion Barrels From Statfjord Field

Statoil Boasts 5 Billion Barrels From Statfjord Field

Sep 20, 2016 at 15:45 | Irina Slav

Norway’s state-owned oil company Statoil has celebrated the five-billionth barrel of crude extracted from the North Sea Statfjord field, where production began in 1979. The Norwegian company operates the…

The Federal Government Is Seeking More Control Of Self-Driving Cars

The Federal Government Is Seeking More Control Of Self-Driving Cars

Sep 20, 2016 at 14:10 | Lincoln Brown

The U.S. Department of Education said Monday that it was mulling over the idea of taking the authority to review and approve the technology for “self-driving” cars, and that…

India Turns To Iran To Boost Its SPR After Talks With UAE Stall

India Turns To Iran To Boost Its SPR After Talks With UAE Stall

Sep 20, 2016 at 11:26 | Lincoln Brown

After stalled talks with the United Arab Emirates, India is turning to Iran for 6 million barrels of crude oil as it seeks to build up its strategic reserves.…

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