Thursday, September 21, 2017

Oil News

Oil Prices Slip Ahead of Key OPEC Meeting

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OPEC meeting in Vienna on Friday as U.S. crude production has reached pre-Harvey storm levels. Oil prices slipped on Thursday, giving up some recent gains before a meeting of oil producers that could extend production limits aimed at clearing a glut in supplies that has depressed the market for more than three years. Ministers from the Organization of the Petroleum Exporting Countries, Russia and other producers meet in Vienna on Friday and are due to consider extending output cuts that began in January.

Kuwait Tackles Another Offshore Oil Spill

Major oil exporter Kuwait is dealing with another crude oil spill off its southern coast, state news agency KUNA said on Monday, the latest in a series of unexplained leaks in the Gulf Arab state in recent months. KUNA said the latest spill has been detected in the Ras al-Zour area, where Kuwait National Petroleum Company (KNPC) is building the Middle East's largest oil refinery with a capacity of 615,000 barrels per day at a cost of $11.5 billion in contracts.

Oil on Course for Strongest Q3 since 2004

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Brent crude set for Q3 rise of nearly 16 pct. Oil rose was on course for its largest third-quarter gain in 13 years as prices rose on Wednesday after the Iraqi oil minister said that OPEC and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut. Brent crude futures were up 48 cents at $55.62 a barrel by 1020 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 54 cents to $50.02.

Oil Nears Five-Month Highs

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Saudi crude exports fell to three-year low in July, as U.S. shale output seen rising for 10th month in October. Oil prices traded close to five-month highs on Tuesday after key Middle Eastern producers showed they continued to comply with output cuts under an OPEC-led deal that Iraq's oil minister said could be extended or deepened. A weaker U.S. dollar also lent support to dollar-denominated commodities such as oil, traders said.

Corbin Joins Sparrows Group as European Director

Matt Corbin (Photo: Sparrows)

Sparrows Group has appointed Matt Corbin as its regional operations director for the UK and Europe to support the company’s continued growth in the oil and gas, renewables and industrial sectors. Corbin, who has more than 20 years’ experience working in the oil and gas industry, has held several leadership positions including UK managing director for the subsea division of Aker Solutions and UK regional general manger for GE Oil & Gas.

Shell to Shed Iraqi Oil Assets

Royal Dutch Shell is set to end a century of oil production in Iraq by withdrawing from two of the Arab state's flagship fields to focus on more profitable gas development. Shell's retreat highlights the challenges foreign operators face with low-margin oil contracts in Iraq, an OPEC member that sits on some of the world's biggest oil reserves and wants to boost production after years of conflict hindered development. The…

Brazil: 17 Firms Registered to Bid for Pre-salt Oil Exploration

A total of 17 companies have registered to take part in two rounds of bidding for licenses to explore pre-salt oil areas in Brazil, Oil and Gas Secretary Marcio Felix said on Thursday. The auctions next month include some of the most promising oil blocks in the world. Pre-salt oil, referring to reserves found beneath a deep layer of undersea salt, has been said to be of high quality and commercial value. The Brazilian government…

Oil Nears Five-Month Highs

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Brent, WTI on track for biggest weekly gains in two months; U.S. refineries restarting after hurricane shutdowns. Brent oil prices held steady near five-month highs, and were on track for the highest weekly rise since the end of July on higher demand forecasts and the restart of oil-hungry refineries in the United States. The Organization of the Petroleum Exporting Countries this week forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market…

Six Companies Buy Oil from US Emergency Crude Reserve

Six companies bought 14 million barrels of oil from the U.S. Strategic Petroleum Reserve in a sale required by law to help fund medical research and the federal government, said the Department of Energy on Thursday. BP Oil Supply, Exxon Mobil Corp, Phillips 66 , Shell Trading, Valero Marketing and Supply Company, and Macquarie Commodities Trading bought oil from the reserve, which is held in salt caverns on the Texas and Louisiana coasts. No prices were immediately available.

Oil Rises on IEA Optimism

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IEA raises 2017 global oil demand growth; says investors sees tighter market, higher oil prices. Oil prices rose on Wednesday after the International Energy Agency (IEA) said the global oil surplus was starting to shrink due to robust global demand and an output drop from OPEC and other producers. By 1021 GMT, international benchmark Brent crude was up 27 cents, or 0.5 percent, at $54.54 a barrel. U.S. West Texas Intermediate (WTI) was up 38 cents, or 0.8 percent, at $48.61 a barrel.

Chevron Drills Oil Well in Iraqi Kurdish Area after Two-year Gap

U.S. firm Chevron drilled its first exploration well this month in Iraqi Kurdistan after a two-year break, industry sources said, signalling its confidence in the area despite an international row over region's independence referendum plan. Chevron, the second largest U.S. oil and gas company, drilled the well in Sarta block, north of the regional capital Erbil, the first such well since the second half of 2015, two industry sources told Reuters.

Venezuela publishes Oil Prices in Chinese Currency for First Time

Venezuela on Friday published the price of its oil and fuel in Chinese currency for the first time, following President Nicolas Maduro's announcement that the government would ease off the U.S. dollar in response to sanctions by the United States. Maduro last week said his government would shun the dollar after Washington blocked Americans from certain financial dealings with Venezuela on charges it is undermining democracy.

Oil Weakens on Fears Irma Could Dent U.S. Demand

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Losses capped by talks over extension to production pact; Saudi Arabia, Venezuela, Kazakhstan discuss deal extension. Oil prices edged lower on Monday on concerns that Hurricane Irma's pounding of heavily populated areas of Florida could dent oil demand in the world's top oil consuming nation. Losses were capped by weekend talks between Saudi Arabia's oil minister and counterparts over a possible extension to a pact to cut global oil supplies beyond next March.

Coal's Problem is Not Climate Change: Kemp

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U.S. coal companies blame climate campaigners and the Obama administration for waging a war on coal that has cost thousands of jobs and threatened struggling mining communities. But coal’s long-term problems stem not from politics but from physical properties that make it an inferior source of energy compared with oil, gas and (arguably) renewables. Coal has been losing the “war” for market share since the middle of the 20th century as other sources of energy have become cheaper and more abundant.

Total Ups Renewables Stake With Two Deals

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Total buying 23.5 pct stake in EREN RE. Oil major Total has stepped up its expansion into renewables with investments in solar and wind energy producer EREN RE and energy efficiency firm GreenFlex. Bruised by pressure on oil prices over the last two years, Europe's biggest oil companies have been intensifying their push into renewable energy to seek new sources of future revenue. Total said it was buying a 23 percent stake in renewables company EREN RE for 237.5 million euros ($285 million)…

Oil Rises on Stronger Demand, Supply Restrictions

Global oil demand estimates rising; U.S. Gulf oil refineries slowly returning after storms. Oil prices rose on Thursday, building on recent gains after forecasts for stronger oil demand by the International Energy Agency (IEA). Brent crude was up 40 cents at $55.56 a barrel by 1100 GMT, having risen by 89 cents, or 1.6 percent, on Wednesday. U.S. light crude was up 40 cents at $49.70 after a 2.2 percent gain in the previous session.

Oil Slips But Hovers Near Recent Highs

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Gulf refineries restarting after Hurricane Harvey as U.S. U.S. crude oil prices slipped below $50 per barrel on Monday but stayed close to multi-month highs amid a drop in shale drilling and as refineries continued to restart after Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents at $49.62 at 1115 GMT, but still close to Thursday's near-four month high of $50.50. Brent crude futures were 33 cents lower at $55.29 a barrel, near an almost five-month high of $55.99 touched on Thursday.

US Drillers Cut Most Oil Rigs since January

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U.S. energy firms cut the most oil rigs in a week since January as a 14-month drilling recovery stalled due to weak crude prices. Drillers cut seven oil rigs in the week to Sept. 15, bringing the total count down to 749, the least since June, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Drillers have not added any rigs since the week of Aug. 11. The rig count, an early indicator of future output…

Platts to Publish U.S. Crude Prices in Asia

Platts, Argus vie for U.S.-Asia crude benchmark. Oil pricing agency S&P Global Platts said on Thursday it planned to publish U.S. crude prices at the close of the Asian trading day starting in December as U.S. exports to the region have risen. The Platts announcement follows the launch last year by rival price agency Argus Media of U.S. Gulf Coast crude prices for the Asia-Pacific. The two companies are competing to establish…

Saudi Aramco Adding 1.9 mln barrels of crude to Japan Storage

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Oil giant Saudi Aramco will on Wednesday add 1.9 million barrels (300,000 kilolitres) of crude to storage that it holds in Japan, a Japanese trade ministry official said on Monday. The move comes as Japan from this month raises the crude storage capacity that it lends for free to the state-run Aramco by 30 percent to 8.2 million barrels, based on a previous agreement between the two nations. The extra storage, which the Japanese government announced in July…

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