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 …
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 …
According to Michele Della Vigna, head of energy-industry research at Goldman Sachs, in 2018 companies from Royal Dutch Shell Plc to Exxon Mobil Corp will find themselves with an excess of cash which will fund dividends, ruling the world of deep water mega-projects and even coming out ahead in tax negotiations with oil-reliant governments around …
Source: Forbes Australia is known for its plethoric natural resources. The abundant resource sector has long been a major contributor to the country’s economy. However, despite $200 billion of capital investments over the past decade, industries are experiencing a down turn in activity compared to the prosperous period of the mining boom. The oil sector, particularly, is showing a climactic decline due to a combination of exhausting mature oil fields and a lack of innovation …
As oil prices bubbled up near the psychologically significant $50-per-barrel mark, Baker Hughes (BHGE) reported Friday that U.S. oil and gas producers took eight rigs offline during the past week, bringing the Houston oilfield services provider’s total count to 936. Baker Hughes data showed the oil rig count decreased by seven week over week to 749, …
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 …
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 …
At last, Saudi Arabia seems to be doing what it takes to reduce the world’s most visible oil glut: the one in the U.S. Unfortunately, its renewed vigor comes as OPEC’s deal to reduce excess crude stockpiles starts to show signs of unraveling elsewhere, a subject that will be wrestled with by the group’s oil ministers …
(AP) The U.S. Energy Information Administration on Tuesday projected coal will briefly retake its crown from natural gas as the primary fuel for power generators in 2017 due to an increase in gas prices. Coal, however, is expected to lose that title again in 2018 as producers boost gas output and utilities to retire more …
Lower prices for oil this year and next are likely to prompt a slowdown in U.S. crude production next year, but domestic output is still expected to reach an annual record in 2018, according to a report from the U.S. Energy Information Administration released Tuesday. The report provided some additional support for oil prices Tuesday, with …