Libya’s Oil Output Threatened As Intense Fighting Breaks Out In Tripoli
Libya saw overnight its worst clashes in the capital Tripoli so far this year, sparking concerns about battles spilling over to the OPEC member’s oil-producing and exporting infrastructure. The most powerful and heavily armed factions in Tripoli fou…
Americans Struggling To Pay Skyrocketing Energy Bills
A summer of record-breaking heat has dramatically increased electricity consumption for Americans with many now struggling to keep up with their skyrocketing electric bills. According to the U.S. Energy Information Administration (EIA), the average ho…
Argentina’s Oil And Gas Industry Will Survive Elections
Argentina’s shale oil and gas industry won’t be rocked by the upcoming elections, according to executives from some of the country’s top oil and gas companies.Argentina is due to hold an election this October, but no matter who wins, the country’s…
Saudi Arabia Will Supply Full Oil Volumes To Asian Buyers In September
Saudi Arabia will supply full crude oil volumes in September under contracts with Asian buyers, Reuters has reported, citing multiple unnamed sources.The news comes days after the Kingdom raised its official selling prices for crude yet again and said…
European Gas Prices Surge 30% On Australian Supply Fears
European natural gas prices have rocketed more than 30% on Wednesday, as traders panicked over the possibility of reduced LNG supply from Australia, a world leading supplier of the commodity. The European benchmark,TFF, jumped to as high as ?2 per m…
Iran Plans To Boost Oil Output To 3.5 Million Bpd Before October
Iran expects to increase its oil production by 250,000 barrels per day (bpd) to reach 3.5 million bpd output by the end of next month, the head of the National Iranian Oil Company (NIOC) said on Wednesday. At the time when the current Iranian administ…
Aramco Raises Arab Light Prices In Big Bet On Asian Refining Boom
Saudi Aramco raised the official selling price (OSP) for its Arab Light crude oil grade to Asia by $0.30 per barrel for the month of September, to $3.50 above the Oman/Dubai average, Aramco said on Saturday. The state-run oil giant also raised the pri…
An Oil Boom Is Underway In Ghana
Several African countries have welcomed investment in oil and gas in recent years, as parts of the continent undergo industrialization and investors look to develop new reserves. Africa provides companies with the potential for low-cost, low-carbon oi…
Saudi Arabia And Kuwait Reaffirm Rights To Disputed Gas Field
Saudi Arabia and Kuwait reiterated on Thursday that the natural resources in a gas field disputed with Iran “are exclusively owned by the Kingdom of Saudi Arabia and Kuwait, as the two countries have the full sovereign rights to exploit the resources…
OPEC’S Production Falls By Most In 3 Years: Survey
OPEC’s crude oil production fell in July by the largest amount in years, according to a new Bloomberg survey.According to the results of the survey, OPEC’s crude production fell 900,000 barrels per day (bpd) last month, to an average of 27.79 millio…
Biden Administration Proposes Hike In Fuel Economy Standards
The Biden Administration is proposing raising the fuel economy standards for passenger vehicles and light trucks by 2032 in an effort to reduce fuel consumption and emissions. The U.S. Department of Transportation’s National Highway Traffic Safety A…
Pakistan Secures Aramco Partnership Deal for $10B Refinery
Leading Pakistani state-owned companies are set to partner with Saudi Aramco in the giant $10-billion Greenfield Refinery project at Gwadar Port. Pakistan’s Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan S…
Saudi Arabia Likely To Extend Oil Production Cuts
Saudi Arabia is expected to prolong its voluntary 1 million-barrel oil supply cut into September as it seeks to support the rebound in oil prices. The top OPEC producer introduced the additional cutback this month in a bid to support higher oil prices…
Chevron Considers Building LNG Export Terminal In The Mediterranean
Chevron is considering the construction of a floating LNG terminal in the Eastern Mediterranean to use as an export hub for Asia and Europe.That’s according to Chevron’s global head of gas, who spoke to Japan’s Nikkei, saying that the Eastern Medit…
Canada To Cut Some Oil & Gas Subsidies
The Canadian federal government has established a framework for revoking what are deemed to be inefficient subsidies for fossil fuels, but fell short of climate activists’ expectations, and failed to put a dollar amount on the subsidies to be elimina…
Asia Snapping Up U.S. Crude Oil In Near Record Amounts
Asia has scheduled near-record volumes of U.S. crude oil to be shipped next month, according to trade sources who spoke to Reuters.Between 1.5 million and 1.9 million bpd of U.S. crude—most of which is WTI Midland—will make their way to Asia in Augu…