Rivaling Russia for the title of leader in oil production, the United States is expected to surpass Saudi Arabia in output, a country who has long been one of the world’s biggest producers of crude. According to The Wall Street Journal, “Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 …
India today put on auction a record exploration acreage for prospecting of oil and gas, from 55 blocks, in the first bid round in eight years. Each block on offer has been carved out by prospective bidders under the open acreage licensing (OAL) of the new Hydrocarbon Exploration and Licensing Policy (HELP), Oil Minister Dharmendra …
Large investment banks are upping their price targets for oil as crude futures hit levels not seen since the early days of a slump in December 2014. According to reporting by CNBC, “The banks says the long-oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts …
The price of oil touched $70 today. The rise may be attributed to a tightening supply from OPEC and Russia. While U.S. supplies have been expanding, they have yet to stop the upward trend. Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that …
The man who helped shape the oil and gas industry of the 20th century, T. Boone Pickens, has decided to retire at 89. “It’s no secret the past year has not been good to me, from a health perspective or a financial one,” he wrote in a letter he posted on LinkedIn on Friday. “Health-wise, I’m still …
According to Bloomberg Markets, President Trump “plans on sticking with an agreement that suspends American sanctions on Iran in return for limiting its nuclear research, according to two administration officials familiar with the matter.” He must decide by Friday. But with these possible sanctions hanging over Iran, investors are hesitant to invest in Iranian oil.
Citigroup Inc. claims wildcards including war, Middle East tensions, Donald Trump and Kim Jong Un driving crude toward $80 a barrel. According to an article in Bloomberg Markets, “After prices were boosted by OPEC’s output curbs in 2017, the U.S. President has shifted the focus to geopolitical risks, with his pursuit of sanctions on Iran …
The price of oil rose above $68 on Tuesday, hitting levels not seen since mid 2015. The rise, according to Reuters, is the result of “OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.”
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 …
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 …