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Oil Prices Gain 2% on Tightening Supply

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Seventy Seven Energy Files For Chapter 11 Bankruptcy

Seventy Seven Energy Files For Chapter 11 Bankruptcy

Jun 07, 2016 at 17:47 | Zainab Calcuttawala

Oilfield services company Seventy Seven Energy Inc. (SSEI) became the next victim of the chronic oil price downturn on Tuesday, when it filed for a prepackaged Chapter…

EIA Ups Crude Oil Price Predictions for 2016 and 2017

EIA Ups Crude Oil Price Predictions for 2016 and 2017

Jun 07, 2016 at 17:25 | Zainab Calcuttawala

The United States Energy Information Administration upped its forecasts of average crude oil prices by $1 a barrel and $3 for 2016 and 2017, respectively, on Tuesday, in…

Bombings In Istanbul Kill 12

Bombings In Istanbul Kill 12

Jun 07, 2016 at 15:43 | Zainab Calcuttawala

Twelve people, including seven Turkish officers, have perished in a bombing that targeted a police car in the central district of Istanbul, Oilprice.com sources on the ground have…

Africa’s Richest Woman To Completely Overhaul Angola’s State-Run Oil Co.

Africa’s Richest Woman To Completely Overhaul Angola’s State-Run Oil Co.

Jun 07, 2016 at 13:28 | Zainab Calcuttawala

Isabel dos Santos—the richest woman in Africa, the Angolan president’s daughter and now the CEO of the country’s state-run oil giant—on Monday said she plans to overhaul the…

Shell to Quit Up to 10 Countries, Sell 10% of Oil and Gas Assets

Shell to Quit Up to 10 Countries, Sell 10% of Oil and Gas Assets

Jun 07, 2016 at 11:57 | Lincoln Brown

Royal Dutch Shell announced this morning that it could be vacating up to 10 countries this year, as it moves to divest up to 10 percent of its…

API Slams D.C. Oil and Gas Divestment Moves as Short-Sighted

API Slams D.C. Oil and Gas Divestment Moves as Short-Sighted

Jun 07, 2016 at 11:20 | Lincoln Brown

The District of Columbia Retirement Board is the latest body to move toward divestment from oil and natural gas, prompting a warning from the American Petroleum Institute…

OPEC Crude Oil Basket Up to US$46 Per Barrel

OPEC Crude Oil Basket Up to US$46 Per Barrel

Jun 07, 2016 at 09:08 | Charles Kennedy

The OPEC Reference Basket (ORB) of 13 crude oils was up to US$46 per barrel on Monday, for a US$0.27 increase over last Friday’s price of US$45.73,…

Iraqi Nat Gas Plant Freed from the Hands of ISIS

Iraqi Nat Gas Plant Freed from the Hands of ISIS

Jun 06, 2016 at 17:18 | Zainab Calcuttawala

Iraqi forces liberated the Fallujah natural gas plant held by the Islamic State on Monday, according to local news reports that cited an anonymous security source in…

French Union Members Block Total Refinery From The Inside

French Union Members Block Total Refinery From The Inside

Jun 06, 2016 at 17:16 | Zainab Calcuttawala

A group of thirty members of the France’s General Confederation of Labor demonstrating against proposed labor reforms have blockaded two of Total’s refineries from the inside, recent idea…

Turkish Company Signs $4.2 Billion Iranian Nat Gas Deal

Turkish Company Signs $4.2 Billion Iranian Nat Gas Deal

Jun 06, 2016 at 17:01 | Zainab Calcuttawala

A Turkish company has agreed to a $4.2 billion deal to build seven natural gas plants in Iran as the host country recovers from a severe recession caused by international sanctions.…

U.S. Crude Prices At 10-Month High, Brent Tops $50

U.S. Crude Prices At 10-Month High, Brent Tops $50

Jun 06, 2016 at 16:54 | James Burgess

Oil futures briefly lost gains after US Federal Reserve statements on a potential interest-rate increase, but they bounced back to close Monday at a 10-month high. At…

Oil Crisis: Eni’s Goliat Down $807 Million in Value

Oil Crisis: Eni’s Goliat Down $807 Million in Value

Jun 06, 2016 at 15:21 | Zainab Calcuttawala

Eni has written down the value of the Goliat oil field in the Arctic by $807 million, according to Norwegian media reports. The online newspaper EDGAR.NO reported…

U.S. Supreme Court Backs Chevron in Treaty Dispute with Ecuador

U.S. Supreme Court Backs Chevron in Treaty Dispute with Ecuador

Jun 06, 2016 at 15:04 | Zainab Calcuttawala

The United States Supreme Court declined to hear an appeal lodged by the government of Ecuador that contested a $96 million arbitration settlement awarded to the American…

Israeli Energy Ministry Tries to Downplay Leviathan Gas Field Size

Israeli Energy Ministry Tries to Downplay Leviathan Gas Field Size

Jun 06, 2016 at 13:38 | Charles Kennedy

The Israeli Energy Ministry has said that the supergiant Leviathan offshore gas field may be 20 percent smaller than its developers, US-based Noble Energy and Israeli partner Delek…

Confident Saudis Increases Crude Prices To U.S., Asian Markets

Confident Saudis Increases Crude Prices To U.S., Asian Markets

Jun 06, 2016 at 12:17 | James Burgess

Even as Saudi Arabia vies for market share with a post-sanctions Iran, the Kingdom has raised oil pricing for Asian and U.S. customers, but dropped prices for Europe…

Devon Energy to Sell Off $1B in Prime Oil and Gas Assets

Devon Energy to Sell Off $1B in Prime Oil and Gas Assets

Jun 06, 2016 at 11:30 | Charles Kennedy

In an attempt to boost its balance sheet amid depressed oil prices, U.S. oil and gas company Devon Energy will sell off over US$1 billion in prime assets.…

Newly-Elected President Threatens Philippines’ Mining Industry

Newly-Elected President Threatens Philippines’ Mining Industry

Jun 06, 2016 at 10:30 | Dave Forest

Ominous signs are emerging in one of the world’s most well-endowed mining nations, where a newly-elected president may be setting up for a major battle with foreign minerals firms. The…

Eni Said to Lose Another 65,000 Bpd in Latest Niger Delta Attack

Eni Said to Lose Another 65,000 Bpd in Latest Niger Delta Attack

Jun 06, 2016 at 09:18 | James Burgess

Attacks late last week in the Niger Delta have put an additional 65,000 barrels per day of oil offline from Italian Eni’s Agip Oil company, according to

Buffett Up Stake in Phillips 66 to $6 Billion

Buffett Up Stake in Phillips 66 to $6 Billion

Jun 03, 2016 at 16:19 | James Burgess

American billionaire Warren Buffett, through his Nebraska-based company Berkshire Hathaway Inc. (NYSE: BRK-A), further increased his stake in Phillips 66 (PSX) by 537,968 shares, adding to Berkshire Hathaway’s…

Mining, Oil And Gas Jobs In The U.S. Drop For 20th Month in a Row

Mining, Oil And Gas Jobs In The U.S. Drop For 20th Month in a Row

Jun 03, 2016 at 16:04 | Zainab Calcuttawala

Even as the American economy grew by 38,000 jobs last month, the nation's mining sector lost just over 10,000 jobs in the month of May, according to…

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