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News

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…

Boasting About Oil Exports, Iran Says OPEC Needs Cooperation To Boost Prices

Boasting About Oil Exports, Iran Says OPEC Needs Cooperation To Boost Prices

Dec 08, 2016 at 14:40 | Tsvetana Paraskova

Just two days after saying that Iran can now sell as much oil as it wants to any country it “deems appropriate”, Iran’s President Hassan Rouhani said on Thursday…

Russian Energy Minister Says U.S. Will Not Attend NOPEC Meet

Russian Energy Minister Says U.S. Will Not Attend NOPEC Meet

Dec 08, 2016 at 14:34 | Tsvetana Paraskova

The U.S. will not be attending OPEC’s meeting with other oil exporters, as the cartel has not invited countries that are not exporters, Russia’s TASS news agency quoted Russian…

Iraqi Kurds May Reject Oil Cuts, Putting Baghdad In Difficult Position

Iraqi Kurds May Reject Oil Cuts, Putting Baghdad In Difficult Position

Dec 08, 2016 at 13:49 | Julianne Geiger

Authorities of the Kurdistan Regional Government (KRG) in northern Iraq have announced that they will most likely not take part in the recently agreed oil output reduction deal made…

Chevron Plans Further Capex Cuts for 2017

Chevron Plans Further Capex Cuts for 2017

Dec 08, 2016 at 11:39 | Irina Slav

Chevron has announced its capital expenditure program for 2017, which will see the company spend US$19.8 billion next year, down 42 percent on 2015 and at least 15 percent…

Trump Picks Climate Change Skeptic For EPA Chief

Trump Picks Climate Change Skeptic For EPA Chief

Dec 08, 2016 at 10:45 | Irina Slav

Oklahoma’s Attorney General Scott Pruitt will be named chief of the Environmental Protection Agency by President-elect Donald Trump, according to a member of his transition team. The news was…

How Strategic Oil Reserves May Cover Coal Miner Health Benefits

How Strategic Oil Reserves May Cover Coal Miner Health Benefits

Dec 07, 2016 at 17:47 | Zainab Calcuttawala

A new bill proposed in the U.S. House of Representatives would sell off the country’s strategic oil reserves to pay for health care benefits for retired coal miners, according to…

Mexico Eyes Higher Oil Output Than Venezuela, Brazil

Mexico Eyes Higher Oil Output Than Venezuela, Brazil

Dec 07, 2016 at 17:32 | Irina Slav

Mexico plans to increase its crude oil production substantially, overtaking both Venezuela and Brazil if its plans work out. This has emerged after earlier this week, the country awarded…

Google To Run On 100 Percent Renewables By The End Of 2017

Google To Run On 100 Percent Renewables By The End Of 2017

Dec 07, 2016 at 15:25 | Zainab Calcuttawala

Wind farms and solar panels will provide 100 percent of the energy Google uses to power its business operations by the end of next year, according to a report…

Trafigura’s Profit Dips, Oil Trade Volumes Jump

Trafigura’s Profit Dips, Oil Trade Volumes Jump

Dec 07, 2016 at 13:42 | Tsvetana Paraskova

Commodities trader Trafigura said on Wednesday that its profit for the year ending 30 September 2016 dropped by 12 percent to US$975 million on the back of low commodity…

Putting 900 Orphans To Sleep – A Serious Task

Putting 900 Orphans To Sleep – A Serious Task

Dec 07, 2016 at 12:48 | Tsvetana Paraskova

The Railroad Commission of Texas’ program to plug abandoned wells spent US$8.5 million to plug 544 wells in the fiscal year 2016, which ended August 31, fuelfix reports. The…

UAE Oil Minister: We Expect No Significant U.S. Shale Output Growth Anytime Soon

UAE Oil Minister: We Expect No Significant U.S. Shale Output Growth Anytime Soon

Dec 07, 2016 at 11:51 | Irina Slav

UAE’s Oil Minister Suhail al-Mazrouei said in a TV interview he did not expect any “significant growth” in shale oil output anytime soon, despite higher oil prices resulting from…

Russia Will Not Compensate Its Oil Firms For Production Cuts

Russia Will Not Compensate Its Oil Firms For Production Cuts

Dec 07, 2016 at 10:28 | Tsvetana Paraskova

Russian oil companies will not receive compensation for the production cuts that Russia has pledged to implement as part of a deal with OPEC producers to reduce global oil supply,…

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