OilPrice.com (130)

EIA Report Kills Bullish Sentiment

Amid restarting refineries along the Gulf Coast and growing optimism about strengthening demand, the EIA dampened spirits somewhat by reporting a substantial increase in crude oil inventories for the week to September 15. These, according to the authority, stood at 472.8 million barrels as of last ...

Taiwan Cuts Off Fossil Fuels To North Korea

Taiwan will no longer offer its fossil fuels to North Korea, the island announced on Tuesday in a bid to emerge as a responsible member of the international community. Taiwan also said it would immediately halt any remaining clothing and textile imports from North Korea, in line with recent economic ...

Clash In Oil-Rich South Sudan Region Kills At Least 25

South Sudanese authorities reported the deaths of at least 25 people on Tuesday following a clash between government forces and rebel groups in the oil-producing regions in the north of the world's youngest country. The rebels pledge their loyalty to Former Deputy President Riek Machar, who has been ...

Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction

The Lebanese Parliament voted into law on Tuesday legislation that regulates the tax regime from oil and gas operations in the country, in a milestone law for bidders in Lebanon's first tender for offshore exploration oil blocks. The draft law planned for a 20-percent income tax, and a stamp-duty ...

Iraq Sees No Need For Further OPEC Oil Output Cuts

Iraq doesn't see a need for more collaborative oil production cuts currently, but it would support consensus within OPEC if such need arises, Iraqi Oil Minister Jabbar al-Luiebi said on Tuesday, adding that it was still too early to decide on actions to take beyond March next year. OPEC and the ...

Will This Become The Netfilx Of The Marijuana Space?

Netflix revolutionized the entertainment industry in 2007 with streaming, and now it's a $78-billion market cap company. Franco-Nevada , now worth $15 billion, and $9-billion Wheaton Precious Metals, , changed the mining industry forever with royalty-streaming option for precious metals. ...

Could Kurdish Independence Spark An Oil War?

As the date of the Kurdish independence referendum approaches, oil industry moguls should be concerned about an oil production war between Iran and headless Iraq. The Kurds are expected to vote on their political status in late September. A vote in the affirmative would mean that Iraq would lose a ...

Have Oil Markets Reached A Turning Point?

Big Oil has been wheelin' and dealin' across the globe as geopolitical risks mount, and OPEC delivered a sigh of relief to crude markets with a signal that has brought the bulls out to play.  • The EIA projects total world energy consumption will rise by 28 percent between 2015 and 2040, with ...

India's Oil Majors To Lift Borrowing To Cover Dividends, Capex

India's three major state-held oil refining and marketing firms—Indian Oil Corporation , Bharat Petroleum Corporation , and Hindustan Petroleum Corporation —will increase borrowings to keep their large dividend payments and high capital spend, Moody's Investors Service said on Tuesday. These ...

The Mysterious Company Behind Kyrgyzstan's Hydro Disaster

It is back to square one for Kyrgyzstan, as the Central Asian state strives to build a giant hydropower plant. Representatives of a little-known entity from the Czech Republic, which was the surprise winner of a tender last summer, acknowledged on September 18 that they do not have the money to ...

The Single Biggest Player In The Electric Car Market

The announcement by the U.K. and France that they would prohibit the production of diesel and petrol cars by 2040 made for good headlines, but came as little surprise when you consider the pace of change in the automotive industry. China's announcement last week that it was considering setting a ...

Gulf Keystone Plans Further Oil Output Increase In Kurdistan

Independent E&P Gulf Keystone, whose operations are concentrated in Kurdistan, said it has enough cash flow to invest in further crude oil output production in the region. In the release of its first-half 2017 financial results, the company said its cash balance as of September 18 stood at ...

Venezuela's Crisis Deepens As Hurricane Approaches

Oil traders have started to divert fuel shipments from their original destination in Venezuela as Hurricane Maria approaches the Caribbean, Reuters vessel tracking data has shown. Yet the hurricane, which moves at speeds of up to 125 mph, is not the only reason Venezuela's waters are quickly ...

The Precious Metal Heading For A Supply Squeeze

The South African mining industry got more bad news this week, with sources saying major platinum producer Lonmin has been threatened with a possible shutdown of its mines, after being cited by regulators for non-compliance in its local social programs. But elsewhere, the news for platinum producers ...

Iran Looks To Ramp Up Production

Iran's crude oil production is expected to grow to 4 million bpd by the end of the current Iranian year, March 20, 2018, the chief executive of the National Iranian Oil Company , Ali Kardor, told Iran's news agency Tasnim on Tuesday. Iran is currently pumping over 3.8 million bpd of oil, the manager ...

Tension Rises In Oil-Rich Kurdistan

Ethnic tensions are heating up in Kirkuk, the center of northern Iraq's oil industry, ahead of an independence referendum that the Kurdistan Regional Government has slated for September 25. Kirkuk, a multi-ethnic city, is the key to the control of the region's oil riches— and Baghdad has indicated ...

Petrobras To Issue $2B New Bonds, Exchange Shorter-Term Debt

Petrobras plans to offer U.S.-dollar denominated global notes in one or more series for a total principal amount of up to US$2 billion, and to purchase or exchange five series of outstanding notes, Brazil's state-controlled oil firm said on Monday as it seeks to cut debt and extend bond ...

Kuwait Faces New Oil Leak Near Ras al-Zour

Kuwait's struggle with oil spills continues in September as the state news agency reports the clean-up of another leak off the southern coast on Monday, as the nation tries to juggle its  critical role in the future of natural gas markets as a key negotiator between Saudi Arabia and Qatar in a ...

Sonatrach Aims To Reform Algiers Energy Laws

Algerian oil and gas laws need an upgrade if it is to attract foreign investors, according to the North African country's government petroleum company, Sonatrach. Sonatrach CEO Abdelmoumen Ould Kaddour told reporters that the current legal framework needs updating and strengthening for it to be a ...

5 Top Marijuana Stocks For 2017

The U.S. marijuana market is forecast to reach $25 billion by 2020, with recreational use currently legalized in only two states, while the Canadian pot market forecast to be worth about $8 billion, and recreational use is expected to be legalized countrywide in less than a year. Some think ...

IEA: Price Spike Coming In 2020

The oil market has been awash in crude for more than three years, and OPEC has struggled to accelerate the rebalancing effort, but the world could be heading for a supply crunch in a few years due to the sharp fall in industry spending. The halving of oil prices from $100 per barrel before 2014 ...

Reserves vs Valuations: Exxon's Permian Predicament

The world's largest listed oil firm, ExxonMobil, has been lagging behind other supermajors in reserve replacement ratio—a key metric in the industry that shows the amount of proved reserves a company adds to its reserve base during the year relative to the amount of oil and gas it produced. For ...

The World's Largest Offshore Oil Field Is Back In Action

Without much international fanfare, the world's largest offshore oil field and the largest discovered in the last 40 years, Kazakhstan's Kashagan Field, is on the verge of finally moving beyond the manifold impediments that hindered its development. Discovered in 2000, the 13 Bbbl field was set to ...

The Chinese Giant Taking Over Energy Markets

Last week's announcement of the US$9-billion acquisition by Chinese CEFC of a more than 14-percent stake in Rosneft sent ripples across the oil industry and among commodity traders. The Chinese conglomerate, which started as a small oil trader, bought the stake from none other than Glencore, ...

Vitol Ups Cash-for-Oil Deals With Kazakhstan To $5B

Commodity trader Vitol has raised its export prepayment loans to Kazakhstan's state oil firms to US$5 billion, boosting further its primary position in lifting Kazakh oil at a time when the central Asian country's output is expected to grow, the Financial Times reported on Monday. At the end of ...

New Saudi Railway Expected To Reduce Dependence On Crude Oil

Saudi Arabia plans to soon issue contract tenders for a 1,000-mile railway between the Red Sea and the Persian Gulf, and to extend links to serve oil giant Aramco, Saudi Railway Company's chief executive Bashar Al Malik told Bloomberg in an interview published on Monday. Saudi Arabia has been ...

The Kurdish Referendum Could Reshape Oil Markets

Iraq, the second-largest OPEC producer, may be facing a significant disruption to its oil exports this month. On September 25, citizens of the northern region of Kurdistan, a semi-autonomous area of Iraq, will vote in a referendum for national independence. If the referendum passes, as it is ...

Will Low Oil Prices End Saudi Arabia's Gas Subsidies?

Although Saudi Arabia has managed to narrow its budget deficit, the Kingdom continues to feel the fiscal pressure of low oil prices, and is mulling over the phasing out of gasoline subsidies, and making gas prices level with varying international prices, Bloomberg reported on Monday, citing a person ...

Nigerian Workers Stop Oil Product Loading As Union Goes On Strike

Oil workers in Nigeria stopped on Monday the loading of oil products, natural gas, and aviation fuel as the Nigeria Union of Petroleum and Natural Gas Workers joined an indefinite nationwide strike of its current affiliate United Labour Congress of Nigeria , demanding better conditions and pay as ...

Does Canada Need More Oil Sands Pipelines?

The claim that building more pipelines to carry Canada's oil sands production to ports for export will unlock significantly higher prices for bitumen is not supported by either past or current market conditions, a new study shows. According to Jeff Rubin, senior fellow at the Centre for ...

Will This Climate Change Ruling Kill U.S. Coal?

I wrote last month about a landmark court decision in U.S. energy. Where judges threatened to shut down the $3.5 billion Sabal Trail pipeline in Florida — because regulators hadn't assessed climate change effects from the downstream burning of the pipeline's natural gas for power. At the ...

Oil Price Volatility Is Set To Return

Oil markets could experience more intense price volatility in the coming years because of insufficient investment in new production, according to the head of the International Energy Agency's oil market and industry unit, Neil Atkinson. Speaking at a conference in Manama, Bahrain, Atkinson noted ...

Shell To Restart Major Oil Refinery

Shell is set to restart its 325,700-bpd Deer Park refinery in Texas, after shutting it down for three weeks during and after Hurricane Harvey's sweep of the U.S. Gulf Coast. By noon on Sunday, the refinery's biggest crude oil distillation unit, with a capacity of 270,000 bpd, was up and running ...

Sub-$50 Oil Could Kill Shale

Oil prices are at their highest levels in months on the back of strong demand and some key supply outages around the world. But the next price movements are unclear, as is the response from U.S. shale. As the International Energy Agency noted last week, global oil supply fell in August by about ...

Mexico's 2018 Election Could Derail Its Oil Boom

Three years ago, Mexico opened its energy sector to private investments in a landmark energy reform that ended more than seven decades of monopoly of its state firm, Pemex. Now Mexico has begun liberalizing gasoline prices as well. After an initially slow start to attracting foreign investment, ...

Just How Big Is The Oil Market?

Big Oil The Oil Market Is Bigger Than All Metal Markets Combined Ever since the invention of the internal combustion engine, oil has been one of the most crucial commodities on Earth. Without it, modern transportation as we know it would not be possible. Industries such as aviation, aerospace, ...

BP Cuts North Sea Production Costs In Half

Dudley credits standardization, simplification In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea. This focus on standardization, simplification and discipline ...

Investors Flock To The Next Big LNG Hot Spot

On June 1, 2017, Italian oil major Eni officially signed off on its Coral South Liquefied Natural Gas project in Mozambique, almost 6 years after the initial discovery of extensive gas reserves positioned Mozambique as potentially one of the world's leading natural gas producers. Not only is the ...

Will Shell's Gas Gamble Pay Off?

Supermajor Royal Dutch Shell has decided to divest its Iraqi oil assets in a move to focus on its future in natural gas. The industry giant is seemingly breaking from its oil heritage to head full speed into the Golden Age of Gas.' Shell's decision to leave Iraq's upstream oil assets is not without ...

China To Dictate Energy Growth In Coming Years

Natural gas, renewables expected to grow significantly The EIA released this year's International Energy Outlook today, outlining expected trends in energy through 2040. The International Energy Outlook predicts that total world energy consumption will grow by 28 percent between 2015 and 2040, ...

BP And Azerbaijan Lock In Caspian Sea Oil Deal

The government of Azerbaijan signed a new production sharing agreement with the consortium operating the Azeri-Chirag-Deepwater Gunashli oil field in the Caspian. The new deal gives Baku a much larger stake in the field and establishes Azerbaijan's economic ties to Europe for decades to come. The ...

Ambitious Solar Project Takes Root In Tunisia

The recent submission of proposals for the construction of a new solar park project in Tunisia highlight the country's potential as a location for renewable energy projects at a time when domestic demand for power is rising rapidly. In early August UK company TuNur submitted its proposal to the ...

Venezuela Publishes Oil Prices In Yuan For First Time

In a move that is largely seen as Maduro giving Washington the middle finger, Venezuela has made good on its promise to layoff the U.S. dollar, publishing its oil prices in yuan on Friday. Last Friday, Maduro had announced the forthcoming change, but that threat came after 14 years of similar ...

Is The Window Closing On Shale Opportunities?

The energy story this week is still centered in the aftermath of Harvey and Irma – and how those storms will continue to impact the energy markets from both a supply and demand side. The obvious outcome in the Gulf Coast of Harvey has been a lot of crude oil waiting to be turned into product. Much ...

Multiple Factors Suggest A Contrarian Trade In Oil

Regular readers, god bless them, will be aware that I am a bit of a contrarian. Most dips are buying opportunities to me and commodity rallies result in my cursor hovering over the Sell' button. It will come as no surprise to them, therefore, that with WTI rallying strongly in the last week and ...

Oil Markets Are Rebalancing At Last

Friday September 15, 2017 In the latest edition of the Numbers Report, we'll take a look at some of the most interesting figures put out this week in the energy sector. Each week we'll dig into some data and provide a bit of explanation on what drives the numbers. Let's take a look. 1. Whiplash for ...

Global Energy Advisory 15th September, 2017

Last week the Indian energy minister announced New Delhi has renegotiated the price for the fuel under a 20-year contract with Exxon. Renegotiations of long-term contracts in oil and gas are a rare occurrence, so Exxon's move sent ripples across the industry. According to Indian media reports, the ...

Oil Markets Prepare For An End-Of-Year Rally

November West Texas Intermediate crude oil is in a position to close sharply higher for the week in reaction to a bullish report from the International Energy Agency . According to the IEA, global oil demand is set to accelerate faster than anticipated this year. Strong second-quarter demand has ...

Qatar Unfazed By Arab Blockade

Qatar's resilience in the face of months of economic and diplomatic ostracization echoes in the ears of Saudi Arabia—a regional and religious leader running out of options in its quest to keep the states on the Arabian Peninsula within the confines of its geopolitical agenda. Doha flaunted its ...

Protesters Jailed Over Natural Gas Pipeline Protest In Virginia

Nineteen protestors were arrested during a protest in Richmond, Virginia, against the construction of the Atlantic Coast and Mountain Valley natural gas pipelines. The demonstration of roughly 40 people occurred outside of the Virginia Department of Environmental Quality, which is charged with ...