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 …
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, …
Oil markets rose on Thursday, lifted by a fourth straight weekly fall in U.S. crude inventories, though climbing output capped prices well below the 2015 highs reached earlier this week. U.S. West Texas Intermediate (WTI) crude futures were at $56.74 a barrel at 0711 GMT, up 14 cents, or 0.25 percent from their last settlement. …
By Mitchell Posner For years, InterOil (NYSE: IOC) wasn’t taken seriously as an E&P company. The business press used words like “fluky.” It’s now a mainstream LNG producer, and has provided a considerable return for its shareholders. Last week, the company announced that Oil Search will acquire InterOil, exchanging 8.05 shares for each share of …