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Keyword: oil

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  • Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

    02/16/2018 8:28:46 PM PST · by Rabin · 28 replies
    Oilprice.com ^ | Oct 24, 2017 | Zainab Calcuttawala -Scott Angelle
    The U.S. Department of the Interior will offer offshore Texas, Louisiana, Mississippi, Alabama and Florida for oil and gas exploration and development //snipp// This will be the largest such lease sale in the country's history, it will include almost 77 million acres of federal waters in the Gulf. The lease sale will be live streamed online from New Orleans.
  • Argentina Is On The Cusp Of A Shale Boom

    02/16/2018 11:05:04 AM PST · by nickcarraway · 15 replies
    OILPRICE ^ | Feb 15, 2018 | Matthew Smith
    The end of the Peronist hold on Argentine politics and rise of pro-business president Mauricio Macri has heralded in a new age for what was long regarded as one of the most economically unstable nations in Latin America. The former Buenos Aires mayor and businessman won the presidency in 2015, ousting his mercurial populist Peronist predecessor Cristina Fernández de Kirchner. Since coming to power, Macri has worked to restructure a shattered economy ruined by decades of market warping tariffs and subsidies, protectionism, heavy handed regulation, rampant inflation and unsustainable fiscal policies. The center-right president has been able to achieve what...
  • Moscow Far More Worried about Trump than Many in the West Think

    02/14/2018 2:17:08 PM PST · by GoldenState_Rose · 30 replies
    Window on Eurasia ^ | February 12, 2018 | Liliya Shevtsova
    Many analysts dismissed “the Kremlin list” the Trump Administration released two weeks ago as a bad joke or worse and thus failed to recognize the extent to which its contents in fact have made Moscow far more afraid of the US president than they were before, according to Liliya Shevtsova. First of all, “by publishing practically the entire list of members of the Russian government and Presidential Administration, the White House shifted from the traditional Western effort of trying to divide the Russian elite into pro-Western and anti-Western factions..." Instead, it properly treated the entire kleptocratic elite as being linked...
  • The Death of Oil Has Been Greatly Exaggerated

    02/11/2018 7:05:18 AM PST · by NOBO2012 · 38 replies
    MOTUS A.D. ^ | 2-11-18 | MOTUS
    The proclamation of solar power’s dominance may have been a bit prematureMeanwhile, in the Oil-ympics, Team USA is currently looking strong: US sells oil to the Middle East as surging domestic production puts America on pace to rival Russia and Saudi as world's top energy producer. In 2013, the US shipped just over 100,000 barrels a day.This past November, American firms exported 1.53 million barrels a day.The US now exports up to 1.7 million barrels per day of crude, and this year will have the capacity to export 3.8 billion cubic feet per day of natural gas.Terminals conceived for importing...
  • How Soaring US Oil Exports to China are Transforming the Global Oil Game

    02/10/2018 10:43:27 AM PST · by Oatka · 34 replies
    Reuters via gCaptain ^ | 02/09/2018 | Henning Gloystein
    [Reuters] Bit by bit, the U.S. petroleum industry is turning world oil markets inside out. First, sharp drops in U.S. imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging U.S. exports – largely banned by Washington until just two years ago – challenge the last region OPEC dominates: Asia.
  • Gulf Coast Shipping Boom: U.S. Oil Exports Pour Into Worldwide Markets

    02/09/2018 11:44:21 AM PST · by Oatka · 22 replies
    Reuters via gCaptain ^ | Catherine Ngai, Libby George and Florence Tan
    [Reuters] In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
  • Oil Prices Tank As U.S. Drillers Add Massive Number Of Rigs

    02/09/2018 10:20:16 AM PST · by bananaman22 · 31 replies
    Oilprice.com ^ | 02-09-2018 | Juli
    As if the recent nosedive that oil prices have taken in the last few days wasn’t bad enough—Baker Hughes reported a staggering increase to the number of rigs. The number of active oil and gas rigs increased by 29 to Baker Hughes data. This brings the total number of oil and gas rigs to 975, which is an addition of 234 rigs year over year.
  • California Move Meant to Challenge Trump’s Offshore Drilling Plan

    02/08/2018 3:29:36 PM PST · by Oatka · 18 replies
    Reuters via gCaptain ^ | 02/07/2018 | Sharon Bernstein
    [Reuters] California will block the transportation through its state of petroleum from new offshore oil rigs, officials told Reuters on Wednesday, a move meant to hobble the Trump administration’s effort to vastly expand drilling in U.S. federal waters. California’s plan to deny pipeline permits for transporting oil from new leases off the Pacific Coast is the most forceful step yet by coastal states trying to halt the biggest proposed expansion in decades of federal oil and gas leasing.
  • European Refiners Could Ditch Poor Quality Russian Crude

    02/05/2018 12:17:13 PM PST · by nickcarraway · 8 replies
    OILPRICE ^ | Feb 05, 2018
    While Russia is sending its top-quality crude oil to China in its battle for market share on the prized Asian market, European refiners are left with lower-quality imports from Russia and are now reviewing how much Russian crude they would buy and at what price, Reuters reported on Monday, citing traders and sources close to European refiners. The quality of Russia’s Urals crude grade has deteriorated so much that some refiners are considering renegotiation of supplies and prices. The Urals grade exported to Europe is a blend of different oils, and that blending is taking place inside the pipeline system...
  • Tillerson says US considers Venezuela oil sale restrictions

    02/04/2018 3:03:54 PM PST · by markomalley · 5 replies
    Stars & Stripes ^ | 2/4/18 | LUIS ANDRES HENAO
    <p>Secretary of State Rex Tillerson said Sunday that the U.S. is still considering restricting the sale of oil from crisis-torn Venezuela.</p> <p>Tillerson said in Argentina's capital that the U.S. wants "free, fair, and verifiable elections" in Venezuela, and wants to apply enough pressure to end the crisis in the South American country. The government there has faced widespread criticism over its decision to push up presidential elections under conditions that opponents say overwhelmingly favor President Nicolas Maduro.</p>
  • ‘Relentless’ growth could see the US topple Russia, Saudi Arabia as world’s largest oil producer

    01/31/2018 5:49:39 PM PST · by GoldenState_Rose · 12 replies
    CNBC ^ | Jan 31, 2018 | Sam Meredith
    The U.S. is well-placed to overtake the likes of Saudi Arabia and Russia as the world's leading energy producer over the next 12 months, according to the latest monthly report from the International Energy Agency (IEA). "This year promises to be a record-setting one for the U.S.," the IEA said in its closely-watched report published Friday. The latest monthly report from the IEA comes at a time when crude futures have climbed to highs not seen since the early days of a slump in December 2014. Brent crude futures hit a peak of $70.37 a barrel on Monday, with the...
  • Is Trump Behind Canada's Oil Driller Exodus?

    01/31/2018 3:55:25 PM PST · by bananaman22 · 8 replies
    Oilprice.com | 31-01-2018 | Irina
    Canadian drillers are moving rigs south to the U.S. to seize more profitable opportunities. But it’s not just the bright prospects of the Permian that is attracting Canadian companies—moving south of the border has more to do with favorable tax rates and more takeaway capacity and market access opportunities than there is in Canada.
  • 'Major' Deep Offshore Oil Discovery Made in US Gulf of Mexico

    01/31/2018 2:45:58 PM PST · by Alas Babylon! · 55 replies
    Rigzone Website ^ | Andreas Exarheas
    Chevron Corporation announced Wednesday that a ‘major’ oil discovery has been made at the Ballymore prospect, located deep offshore in the U.S. Gulf of Mexico. The Ballymore well reached a total measured depth of 29,194 feet and encountered more than 670 feet of net oil pay with ‘excellent’ reservoir and fluid characteristics, Chevron said in a statement on its website. A sidetrack well is currently being drilled to further assess the discovery, which is already deemed commercially viable. “The Gulf of Mexico deepwater is an integral part of our company’s long-term strategy,” Jeff Shellebarger, president of Chevron North America Exploration...
  • Saudi Oil Minister Tired Of Shale Hype

    01/30/2018 4:39:34 PM PST · by nickcarraway · 27 replies
    OILPRICE ^ | Jan 25, 2018 | Nick Cunningham
    “I was not disputing the amazing revolution of shale . . .[but] in the overall global supply demand picture it’s not going to wreck the train,” al-Falih said, charging that the IEA is overstating the role of shale in a global market. “We should not be scared,” he added. “That’s the core job of the IEA, not to take it out of context.” Al-Falih has clearly become annoyed at all the pestering from reporters and market analysts about the prospect of U.S. shale spoiling OPEC’s plans this year. He put on a brave face and dismissed questions about OPEC losing market share as...
  • The Biggest Threat To U.S. Oil Exports

    01/30/2018 4:11:41 PM PST · by bananaman22 · 20 replies
    Oilprice.com ^ | 30-01-2017 | Nick Cunningham
    For much of last year, the two crude oil benchmarks traced one another pretty closely, with Brent often trading at a relatively minor $1 to $3 per barrel premium to its American counterpart. But the spread between the two blew out after Hurricane Harvey, an event that took several million barrels per day of refining capacity offline for a few weeks. Crude oil piled up into storage, and the glut pushed the WTI benchmark down relative to Brent. The refineries along the Gulf Coast returned to operations within a relatively short period of time, but the effects of the disaster...
  • Mexico’s drug cartels, now hooked on fuel, cripple the country’s refineries

    01/25/2018 9:41:23 AM PST · by RightGeek · 15 replies
    Reuters ^ | 1/24/18 | Gabriel StarGardter
    Fuel theft is fast becoming one of Mexico’s most pressing economic and security dilemmas, sapping more than $1 billion in annual revenue from state coffers, terrorizing workers and deterring private investment in aging refineries that the government, following a 2014 energy reform, hoped instead would be thriving with foreign capital. Because of government offensives that toppled narco kingpins in recent years, Mexico's drug cartels have splintered and are eager for new sources of revenue. ... The cash-rich cartels, believed by the Mexican government to generate well over $21 billion each year, are an increasing threat to Pemex, which in 2016...
  • NAFTA exit could hamper US gas exports to Mexico, speaker warns

    01/22/2018 5:49:06 PM PST · by brownwill6767 · 12 replies
    Oil and Gas Journal ^ | 1/16/18 | Nick Snow
    A US withdrawal from the North American Free Trade Agreement could create an additional delay for projects seeking to export US natural gas to Mexico, dealing an unnecessary blow to the Trump administration’s goal of establishing US energy dominance, an American Petroleum Institute official warned during a Jan. 16 discussion at the Heritage Foundation.
  • U.S. Could Become World's Biggest Oil Producer in 2018

    01/19/2018 12:17:01 PM PST · by nickcarraway · 31 replies
    CNN ^ | January 19, 2018 | Ivana Kottasová
    The United States could soon be pumping more oil than any country on earth.The International Energy Agency said Friday that "explosive" increases in U.S. oil output would push the country ahead of Saudi Arabia this year and put it in a position to challenge top producer Russia. "This year promises to be a record-setting one for the U.S.," the IEA said. "Relentless growth should see the U.S. hit historic highs." That could be enough, it said, for U.S. production to "rival" that of Russia, which has partnered with Saudi Arabia on efforts to keep oil prices high by throttling output...
  • TransCanada: Keystone XL pipeline construction will start next year

    01/18/2018 12:47:50 PM PST · by jazusamo · 9 replies
    The Washington Times ^ | January 18, 2018 | Ben Wolfgang
    The Canadian energy giant TransCanada said Thursday it’s prepared to move ahead with the long-awaited Keystone XL oil pipeline and plans to start construction next year, laying to rest rumors that it would abandon the project in the wake of regulatory setbacks in Nebraska. In a statement, the company said it’s beginning to work with Nebraska landowners to secure necessary easements to allow the pipeline to go forward. “Over the past 12 months, the Keystone XL project has achieved several milestones that move us significantly closer to constructing this critical energy infrastructure for North America,” said Russ Girling, TransCanada’s president...
  • Watch "Energy Dominance needs NAFTA" at the Heritage Foundation

    01/18/2018 10:25:34 AM PST · by brownwill6767 · 5 replies
    Heritage Foundation ^ | 1/16/18 | Heritage Foundation
    You can watch and listen to the discussion by clicking the URL-LINK in the post. Opportunities abound for negotiating a better NAFTA. As the Trump Administration pushes for modernization, one commonsense policy area that should be preserved and improved is energy.