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Oil slips as OPEC-Texas agreement looks less likely

Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to...

China refuses oil from Russian companies hit by U.S. sanctions

The trading arm of a Chinese state-owned refiner is turning away crude from Russian energy giant Rosneft PJSC, the parent of a...

Oil tests recovery from historic crash following global price war

Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in...

Billions at Risk for U.S. LNG Exports on China 25% Tariffs

China is proposing a 25% tariff on imports of U.S. liquefied natural gas as retaliation for the Trump Administration’s latest push to increase tariffs on the Asian giant. The shares of America’s largest gas exporter, Cheniere Energy, fell on the report. Such a move would be a major blow for America’s emerging business to export the chilled fuel abroad, a key outlet needed for shale supplies growing at a record clip this year. It’s the first time the fuel has been ensnared by the expanding trade war and comes as Russia plans to begin pumping gas to China through its newly-built 2,500-mi Power of Siberia pipeline by the end of 2019.

Canadian Heavy Oil Near Five-year Low Prompts Drilling Cuts

Canadian heavy oil is the weakest in almost five years, leading Canada’s largest producer to focus on drilling for lighter crude. Western Canadian Select’s discount...

North Sea Oil Rig Strikes Hit Total

The British trade union Unite announced a strike on the Alwyn, Dunbar and Elgin platforms in the North Sea yesterday. Unite’s regional officer Wullie Wallace said that talks were planned for this Thursday between union members and the French energy giant Total to discuss pay and a new shift rota.

Saudi Arabian Crude Deliveries to U.S. Swell, as Venezuelan Output Falls

Saudi Arabia is sending the most crude oil to the U.S. in 15 months. The world’s largest oil exporter loaded 1 MMbpd onto tankers bound for the U.S. in July, according to preliminary vessel-tracking data compiled by Bloomberg. That’s a 36% jump from June and the single biggest monthly flow to the U.S. since April 2017. The surge in flows might help officials in Riyadh to argue that they’re responding after U.S. President Donald Trump blamed OPEC for high oil prices and called on Saudi Arabia to add supply. It also helps replace barrels that have been lost by the collapse in Venezuela, normally a major source of U.S. crude imports, according to Olivier Jakob, managing director of consultants Petromatrix GmbH in Zug, Switzerland.

Iran Official Urges Trump Not to Use U.S. Strategic Oil Reserve

A senior Iranian oil official urged U.S. President Donald Trump not to use the nation’s Strategic Petroleum Reserve (SPR) to push prices lower, and instead drop sanctions on Iran’s crude exports. “My advice to you, Mr. President, is to avoid touching the SPR - to cool down and give up sanctioning Iranian oil," Hossein Kazempour Ardebili, Iran’s representative to OPEC, said by email.

Saudis Offer Extra Oil in Asia as OPEC Leader Pumps More

Evidence is mounting that Saudi Arabia is heeding U.S. President Donald Trump’s call for OPEC to keep the oil market amply supplied and rein in prices. The Middle East kingdom is offering extra crude volumes on top of its contractual supplies to some buyers in Asia, according to people with knowledge of the matter, as the OPEC’s defacto leader plans record oil output after unwinding a deal with its allies to curb output. OPEC has come under pressure from Trump to pump more before the U.S. midterm elections in November, after a rally in crude to a 2014 high lifted American gasoline prices. Meanwhile, some Saudi customers such as India have warned that higher prices will curb demand. In China, Unipec -- the trading unit of the nation’s biggest refiner -- had cut purchases citing costly pricing by the kingdom.

Norway Oil Strike Escalates with Limited Supply Impact

Norwegian drilling workers escalated a strike early Monday, with the impact on the country’s oil production expected to remain limited to one North Sea field in the short term. The SAFE union took out a further 901 workers on top of 669 already on strike, broadening a walkout over pay and pensions to 28 installations off Norway, the Norwegian Shipowners’ Association said in a statement. Analysts have said they don’t expect the escalation to lead to any immediate additional outages. The stoppage marks the first time since 2012 that industrial action has hampered Norwegian oil production, though it’s targeting supplier companies rather than producers and mostly affecting operations unrelated to current output.

Latest article

Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

Oil slips as OPEC-Texas agreement looks less likely

Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to...

Oxy nears truce with Icahn, adding new directors to its board

Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil...

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