OilPrice.com (125)

Oil Price Drop Imminent If Moscow Says No' To Extension

As the November 30 meeting in Vienna of OPEC and its partners in the oil production cut deal nears, worry has returned among traders: one of the brokers of the deal might decide to walk out on the deal instead of participating in another extension. We're talking about Russia, the world's top ...

Keystone XL Is Far From Certain

The state of Nebraska just cleared one of the last hurdles for the Keystone XL pipeline, potentially ending a decade-long saga over the 1,700-mile pipeline. The Nebraska Public Service Commission, a five-member regulatory body, voted 3-2 in favor of the project, which would give TransCanada ...

Can OPEC Control The Oil Bulls In Vienna?

Until a month ago, oil analysts and investors thought a nine-month extension of the OPEC production cut agreement was a foregone conclusion.     But as the November 30 meeting draws near, oil prices have begun to rally on the back of a growing geopolitical risk premium as tensions rise in the ...

Thanksgiving Gas Prices At 3-Year High

GasBuddy's newest report pegs gas prices at their highest average since 2014, the year oil prices crashed from their highs of over $100 per barrel. Gasoline prices are up a full 20 percent compared to last year, just in time for the busiest driving weekend of the year in the United States – ...

Is The LNG Glut Real?

LNG prices have tanked over the past few years after a wave of new natural gas export capacity has come online in places like Australia and the U.S. However, despite fears that the LNG market would collapse under a massive glut of gas, the supply/demand balance for LNG is a lot tighter than ...

Iraq's Giant Majnoon Oilfield Attracts Attention Of Supermajors

Iraq's giant Majnoon oilfield has attracted the attention of British Petroleum and Italian Eni, according to Iraqi officials who spoke to Reuters on Monday. Royal Dutch Shell is slated to exit the play in southern Iraq by June 2018, paving the way for other oil majors to take its place. American ...

Energy Majors Hit Hard By Climate Regulations

They say that bad news come in threes. The headlines one day this past week certainly gave credence to that notion—at least for the fossil fuel business. The first news came out of Siemens, a Munich-based industrial conglomerate somewhat akin to the troubled General Electric. After last week's ...

South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop

Between November 1 and 20, Iraq's crude oil exports from the south averaged 3.5 million bpd, up by 150,000 bpd from October and close to record highs, as Baghdad tries to offset the drop in exports from the northern route from Kirkuk to Ceyhan after Iraqi forces reclaimed control of Kirkuk oil ...

Keystone XL Pipeline Gains Approval After A 9-Year Battle

Nebraskan regulators voted to approve the construction of a portion of TransCanada's Keystone XL pipeline in the state on Monday, according to emerging reports regarding the project. The Nebraska Public Service Commission made a 3-2 decision to allow the pipeline, but unsurprisingly, its opponents ...

Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk

Iraq's security forces have found mass graves inside oil wells in an area in northeastern Iraq close to the oil-rich Kirkuk, and they believe the bodies are of civilians executed by ISIS, a security source told local media on Monday. Iraq will now collect DNA samples to identify the victims, the ...

Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria

Chevron's Nigerian unit and the Nigerian National Petroleum Corporation have signed the second and final phase of a US$1.7-billion alternative financing agreement for a joint project in Nigeria that is expected to boost the country's crude oil production by 39,000 bpd in the long term, NNPC said ...

Who's Next? Venezuela's Collapse Puts These Nations At Risk

"It's a wake-up call for a lot of people who will say 'Look, the stuff I own is actually very risky'..." warns Ray Jian, who oversees about $6 billion at Pioneer Investment Management Ltd. in London. "People have been ignoring risks in places like Lebanon for a long time," and the official ...

Iraq Steps In To Offset Falling Venezuela Oil Production

As Venezuela's crude oil production continues to decline, a co-member from OPEC is stepping in to fill the gap, Reuters reports, citing industry and OPEC sources. This year, daily production is set to fall by at least 250,000 barrels and next year the pace of decline may accelerate, reaching 300,000 ...

Iran: Most OPEC Producers Back Extension Of Cuts

The majority of OPEC members are in favor of the cartel extending the oil production cuts, but a final decision will be made at the highly-anticipated meeting on November 30, according to Iran's Oil Minister Bijan Zanganeh. The majority of members support the extension of the plan, but the final ...

Short Bets On Oil Spike Ahead Of OPEC Meeting

Short bets on Brent crude jumped by the most since June last week, signaling the return of uncertainty that OPEC will agree to extend the oil production cut deal it sealed a year ago. Data from CFTC cited by Bloomberg revealed that hedge funds increased their bearish bets on the international crude ...

ConocoPhillips Sets Price Ceiling For New Projects

ConocoPhillips will only invest in new projects that can be profitable at an oil price of below US$50 a barrel, CEO Ryan Lance told the FT, adding that the company will continue to focus increasingly on U.S. shale despite skepticism about its growth potential among analysts. Conoco believes that ...

Musk's Hardcore Smack-Down' To Gasoline Vehicles

Elon Musk unveiled Tesla's new electric Semi truck, which he said will blow your mind clear out of your skull and into an alternate dimension.' The electric semitrailer would have a 500-mile range and will roll out in 2019, if all goes according to plan. On top of that, Musk surprised the crowd ...

The Wireless Power Grid: More Than A 100 Years In The Making

If you can imagine a massive, horrifying beast with some 6 million miles of tentacles that costs up to $33 billion to feed and $5 trillion to replace, then you can imagine the U.S. electricity grid. But it's a beast that can possibly be vanquished, finally. How? Magnetic induction and ...

Can Argentina Replicate The U.S. Shale Boom?

Argentina has consistently been hyped as the location where the next shale revolution will unfold. The unfolding has taken some time, but progress in shale production is starting to take off in the South American nation. In October, state-owned YPF announced plans to spend $30 billion on shale ...

Is This The New Sweet Spot For Shale?

Over the last year, 'permania' has become so frenzied that the land rush drove exploration rights prices in West Texas sky high—and along with it, equipment and labor costs. So, what's next? While most analysts and oil companies focus on the larger portion of the Permian in Texas, southeastern New ...

China Is The World's Biggest Energy Market Mover

China is the biggest importer of crude oil to date. It is also the biggest single investor in renewable energy. However you look at it, China has become the most dominant player on several markets, including coal, oil, and renewable energy, plus electric cars—it is already the biggest car market ...

Tesla Investors Are Losing Patience

I have covered advanced biofuel companies for more than a decade, and just about all of them made implausible claims about their technologies. They consistently overpromised and underdelivered, until they finally ran out of money and declared bankruptcy. I am not sure that electric vehicle maker ...

The Hidden Cost Of Electric Cars

EU electric car producers got a fresh lease on life last week as the European Commission proposed caps on vehicle emissions as a way to fight against global warming—and to help close a technological gap with China. The Asian nation is the world's biggest supporter and producer of electric ...

When Will Oil Demand Begin To Taper Off?

It's possible that 2017 may go down as the year when the concept of peak oil demand went from speculation to potential reality, as companies and energy analysts began estimating when demand growth for oil would begin to taper off. The debate over whether peak demand is coming has been fierce, but ...

Can Oil Majors Continue To Beat Estimates?

Over the last decade, driven by high growth and increasing demand, oil prices soared to $140 per barrel. Then came 2016, and per-barrel prices plummeted to $30. What happened? The European economy slowdown, emerging economies' diminishing oil demand, OPEC maintaining pumping volumes, the ...

Are Autonomous Cars Ready To Ditch The Backup Driver?

Two years ago on my daily commute to work in Chandler, Arizona, I noticed something new sharing the roads with me: a fleet of white cars with a funny contraption on top of it, and prominent decals on the side labeled Google' and Self-Driving Car.' I snapped the photo below the first time I saw one ...

Can Australia Surpass Qatar As World's Top LNG Supplier?

An advantageous geographical location and liberalised trade in energy resources allow Australia to successfully compete for the most lucrative and promising liquefied natural gas markets. Come 2020, Australia likely will be the world's largest LNG supplier. However, its domestic LNG industry will ...

Fuel Crisis Hits Kazakhstan Hard

Despite being the second-largest oil producer and exporter in the former Soviet Union, only behind Russia, Kazakhstan has been historically plagued by chronic deficits of fuel for domestic consumption. National energy security is at the top of the country's priority list, yet little progress has ...

Investors Look To The Permian As Oil Bulls Take A Break

This week in energy was dominated by the predictions from two top energy sources – OPEC and the International Energy Agency. On the one side you had OPEC, which is meeting on November 30th to decide the fate of production guidelines going forward. It might be no surprise, in advance of that ...

Tesla' E-Truck Is A Big Thing For Energy Markets

Yesterday, Tesla unveiled its new truck, and the event was vintage Musk. As if the world's first fully electric semi wasn't enough, he used the occasion to unveil a new roadster that was driven from the trailer of the demo. That kind of showmanship and marketing has been his genius in the past. It ...

U.S. Shale To Become Profitable At Last

Friday November 17, 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. Shale earnings ...

Global Energy Advisory November 17, 2017

According to the latest World Energy Outlook, released earlier this week by the International Energy Agency, U.S. shale oil will dominate world markets in the next decade, driving 80 percent of global supply growth and displacing OPEC as the market swinger. The agency said that technological ...

Are Oil Prices About To Turn Lower?

For weeks, investors had been focusing on whether OPEC will extend its deal with other major producers including Russia to extend its strategy to cut production, trim the excess global supply and stabilize prices. However, the last two weeks, the major influence on the crude oil market has been ...

Shell Oil Trading Head Steps Down After 29 Years

The head of Royal Dutch Shell's oil trading division has stepped down after 29 years of service to the company, emerging reports say. Mike Muller announced his resignation in an internal announcement, which was seen by Reuters. He will remain with the company until the end of the year, after which ...

Higher Oil Prices Reduce North American Oil Bankruptcies

Higher oil prices are letting North American oil and gas companies dodge bankruptcy announcements, according to an analysis conducted by the Dallas-based law firm Haynes and Boone.   This year, only 20 companies on the continent have declared bankruptcy—there were three times more than that last ...

Iraq Struggles To Keep Oil Exports Elevated

Since the Kurdish referendum in late September, when Iraqi Kurds overwhelmingly voted for independence from Iraq, there has been a drop in crude flows through the Kirkuk-Ceyhan pipeline, as tension has ratcheted up in the region. After exports from Ceyhan averaged 540,000 bpd through the first nine ...

Statoil To Boost Exploration Drilling Offshore Norway In 2018

Norway's oil major Statoil plans to significantly step up its exploration drilling for oil and gas on the Norwegian Continental Shelf in 2018, a spokesman told Reuters on Friday. We are looking at drilling 25 to 30 wells in Norway in 2018. That's an early ambition we have and it depends on some ...

$1.6 Billion Canadian-US Hydropower Project Approved

The U.S. Department of Energy approved on Thursday a US$1.6-billion Canada-New Hampshire transmission line project that has been languishing in regulatory purgatory since 2010. The line will deliver up to 1,090 MW of clean energy from Hydro-Québec's hydroelectric plants in Canada to New ...

Oil Survives Bearish Backlash

Oil prices rallied on Friday morning after seeing some of their worst weeks in some time as bearish news continues to pile up.  Friday, November 17, 2017 Crude benchmarks posted steep losses this week in the wake of the incredibly bearish assessment from the IEA. The losses continued on Wednesday ...

Venezuela Officially In Default

After rating agencies declared Venezuela in selective default and after a meeting with creditors on debt restructuring failed earlier this week, the International Swaps and Derivatives Association —a finance industry body—has voted that both Venezuela and its state oil firm PDVSA had defaulted ...

Markets Shrug On Flat Oil Rig Count

The number of oil and gas rigs in the United States rose again this week, this time by 8, according to Baker Hughes, ending a short-lived downward trend in weeks prior.  The number of oil rigs stayed flat this week, while the number of gas rigs gained eight. The WTI and Brent benchmarks fell ...

Iran Prepares To Export LNG To Boost Trade Relations

Iran could ship its first export-bound cargo of LNG at the end of 2018, BMI Research said, after a JV between Iran's Kharg Gas Refining Co. and Helma Vantage began talks with Belgian ship owner Exmar to charter its floating LNG vessel Caribbean FLNG for the short term. The JV has already sealed a ...

Tesla's Surprise Unveiling Reveals Fastest Production Car Ever

While all EV enthusiast and investor eyes were focused on Tesla's Semi-truck unveiling last night, the EV maker shocked the crowed with a bonus at the end of the ceremony, presenting the new Tesla Roadster that Elon Musk says will be the fastest production car ever made, period.' The Tesla Roadster ...

Chinese Crude Inventories Fall For First Time In 12 Months

The crude oils stockpiles of China fell for the first time in 12 months on the back of a drop in imports to the lowest in a year and robust processing rates at local refineries, S&P Platts reports, citing its latest calculations that are based on what official data is available from Beijing. The ...

Keystone Pipeline Leaks 5,000 Barrels Into Farmland

Just days before Nebraska regulators gather to announce their decision on Keystone XL, its older namesake, Keystone, leaked a reported 5,000 barrels of crude oil into agricultural lands in South Dakota. Voice of America cited state officials as saying they did not believe the leak had caused any ...

Saudi Oil Minister: Markets Will Not Rebalance By March

Saudi Oil Minister Khalid al-Falih said that international oil supply and demand will not be rebalanced by March, according to a new report by Reuters. The current version of the deal by the Organization of Petroleum Exporting Countries to rebalance the oil market only lasts till March, so the ...

Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount

An obscure Dutch firm will manage the Junin 10 oil block in the Orinoco Belt region, according to a new announcement from a struggling Venezuela. A new Reuters report says the deal was made on Thursday, giving Stichting Administratiekantoor Inversiones Petroleras Iberoamericanas a 40-percent stake ...

Top 5 Miners To Ride The Christmas Commodity Boom

Precious and industrial metals have had a banner year on a weak dollar and the beginnings of what appears to be another upcycle for commodities. Strong demand and questions about the availability of long-term supply are pushing up prices across the board. • Gold prices are up sharply since ...

Oil Prices Could Double If Middle East Conflict Escalates

Barrel traders recently pushed the price of West Texas Intermediate oil above $US 55; the first time in over two years. Scarcity doesn't really justify the upward price movement. There isn't a shortage of oil in the world. But there could be, in the worst case, if missiles start flying between ...

The IEA Is Grossly Overestimating Shale Growth

This week, the IEA said that U.S. shale would dominate the oil and gas markets over the next decade, rising to a level 50 percent higher than any other country has ever managed.' With a remarkable ability to unlock new resources cost-effectively,' U.S. shale will add millions of barrels of new oil ...