OPEC’s second-largest oil producer, Iraq, has never hidden the fact that it wants to get the highest possible revenues from its oil. It even pleaded exemption from the cartel’s cuts in the talks leading to the production reduction deal, on the grounds that it needed more funds to fight ISIS. Iraq didn’t get that exemption, …
Gasoline futures soared Monday as Tropical Storm Harvey continued to wreak havoc on Texas, knocking major Gulf Coast refineries out of action. And while the storm is also expected to curtail offshore crude oil production in the Gulf of Mexico, crude futures are under pressure. That’s because the supply impact is more than offset by the …
Bloomberg is attempting to make the case that Tesla’s CEO Elon Musk and cheap gasoline prices have driven natural gas away as an economically viable vehicle fuel. But that does not seem to be the case if you look at the role compressed natural gas (CNG) and liquefied natural gas (LNG) has been playing on a global …
Mexico has fracked just a few test wells, while the U.S. has had nearly 2 million commercial ones. Mexico hasn’t yet produced shale gas, compared to the U.S., which now that the Anadarko play in Oklahoma has been added to the EIA’s Drilling Productivity Report on 7 shale plays is producing 60 Bcf/d of shale gas – over …
Concerns over the ability for U.S. shale-oil production to offset efforts by other oil producers to rebalance the market have been greatly exaggerated. The energy industry is already suffering from the impact of spending cuts over the past several years, said Phil Flynn, senior market analyst at Price Futures Group, in a webinar held Tuesday …
Stocks were under pressure on Monday, Aug. 21, as bulls waited on the sidelines for reason to move back into the market. The Dow Jones Industrial Average and the S&P 500 were slightly lower, while the Nasdaq was off 0.23%. Stocks spent much of the morning session flitting between slight losses and gains. Crude oil …
Indonesia’s oil industry is languishing, it’s fields are depleting and it desperately needs investment, but unlike another up-and-coming oil major—Argentina—it’s not willing to do what is necessary to lure in big foreign money. Indonesia’s oil industry contributed just 3 percent of GDP last year, from almost 15 percent in 2014 and as much as a quarter back …
Oil stocks have been performing dismally this year, and oil prices have failed to sustain a rally, so why are these stocks still attractive? Low valuations and high dividend yields, say analysts. Supermajor oil companies are living a new reality that is based on new profits in a forever-low oil price environment—and globally, analysts say, …
LONDON — The Danish container shipping company A.P. Moller-Maersk said on Monday that it had agreed to sell its oil and gas business to the French energy giant Total for $4.95 billion. Oil prices have started to recover after an extended downturn, strengthening profit at major oil producers in the second quarter of this year and opening …
Source: Wall Street Journal From California’s Central Valley to the Native American lands of Oklahoma, more small- and mid-sized oil firms—many backed by private equity—are forgoing expensive shale drilling projects and opting for old-school wells instead. As crude prices languish under $50 a barrel, and with increasing costs for land, labor and infrastructure, some shale …