An article in the Los Angeles Times cites state regulators and simple economics as reasons why new offshore drilling opportunities, promised by the Trump administration, will probably amount to nothing more than a few news headlines. The piece maintains that “California has powerful legal tools to head off new offshore development, and the price of …
Plunging temperatures along with above average snowfall has energy companies scrambling for oil and gas on the east coast. According to Oil Price, “Oil imports to the East Coast jumped by almost 60 percent last week in anticipation of increased demand due to heating needs. JBC Energy predicts distillate use to increase by 90,000 barrels …
New Mexico is among the nations top producing states and moves up in the oil and gas rankings. Since production is reaching record highs, New Mexico officials are celebrating. Production hit more than 16.3 million barrels of oil in New Mexico at the end of 2017. New Mexico Oil and Gas Association director Ryan Flynn …
Europe will be paying more for oil now that russia is moving more of its supply to the chinese oil market. Russia is the biggest crude oil supplier to China and will most likely gain the exports to the country by 200,000 barrels a day in 2018. Russia supplied 5.12 million tons of their crude …
China is set to open a domestic oil market to trade futures contracts. According to Bloomberg Businessweek, “The Shanghai International Energy Exchange, a unit of Shanghai Futures Exchange, will be known by the acronym INE and will allow Chinese buyers to lock in oil prices and pay in local currency. Also, foreign traders will be allowed …
Venezuela’s government has announced a plan to release a cryptocurrency backed by 5.3 billion barrels of oil worth $267 billion. According to reporting by CNBC, “President Nicolas Maduro surprised many earlier this month when he announced the “petro” cryptocurrency, to be backed by OPEC member Venezuela’s oil, gas, gold and diamond reserves.” Industry insiders are skeptical …
Prices in 2018 will be decided in Texas. Crude oil is expected to hit record levels next year. Brent crude oil, a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide, is expected to average $60 per barrel in 2018, while others will average …
The oil industry has its first weekly advance since November and US crude oil stock fell to the lowest level in more than 2 years. Oil is balanced for a second yearly gain as the Organization of Petroleum Exporting Countries (OPEC) and its partners cut supplies to take of a global surplus. Ineos, a privately …
Mexico made a huge deal with Trafigura to become a crude oil trading partner. It is now the first foreign company to get the right to market Mexican Crude oil. Before only the commercial division of state energy major Pemex was eligible for trading the country’s oil and gas. Now oil traders will compete …
Cybersecurity is currently increasing in importance for the oil and gas industry as it moves towards greater digitization and automation. That could be extremely bad for an industry that’s focused on digital tech, but also wants to expand after the decline in 2014 of oil prices. The problem is not unique to oil and gas, …