Kuwait Looks To Nearly Double Production After Major Oil Find
A week ago, Kuwait Oil Company (KOC) announced a significant discovery of light oil and associated gas in the offshore Al-Nokhatha field.Kuwait has revealed ambitions to nearly double its oil output over the next decade.Sheikh Nawaf al-Sabah, CEO of K…
Stock Market’s Short-Term Focus Threatens Energy Transition Goals
KKR: The energy transition would need a major change in the mentality of stock market investors to succeed.Earlier this year, several Big Oil supermajors, notably BP and Shell, signaled a pullback on their transition investments.The problem that most …
The Plot To Further Disrupt Russian Oil Flows Proof That Sanctions Don’t Work
While Russia sends more of its crude to its own refineries, it appears that the West, led by the UK, is doubling down on its efforts to further strain the Russian economy by targeting its oil sales.The reduction in Russian oil exports has contributed …
Oil Prices Are Heading for a Second Consecutive Weekly Decline
Oil prices are on track for another weekly decline as demand fears take center stage.A larger-than-expected U.S. crude inventory draw offered temporary support but prices were falling again on Friday morning.Hopes of a Fed rate cut in September and wi…
Middle East Oil Benefits As China Buys Less African Crude
SCMP: Angola was the No. 2 exporter of oil to China in 2010, second only to Saudi Arabia, by last year, it had plummeted to No. 8.Angola–and other African oil producers–have a hard time luring investors to further develop its oilfields and boost inf…
Four Unexplored Indian Basins May Hold More Oil Than The Permian
Four largely unexplored sedimentary basins in India could hold up to 22 billion barrels of oil, S&P Global Commodity Insights has reported. In effect, lesser-known Category II and III basins, namely Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan…
Oil prices fall to snap four-week winning streak as rally stalls out
Crude oil futures fell on Friday, snapping a four-week winning streak as the recent rally lost momentum. Prices rose earlier in the session after two days of gains, as June consumer inflation eased to around its lowest level in more than three years, …
U.S. Oil, Gas Drilling Activity Continues To Drop
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.The total rig count fell by 1to 584 this week, compared to 675 rigs this same time last year.The …
Gasoline Traders Back Out of Nigeria Amid $6B in Unpaid Debt
Industry sources told Reuters on Thursday that Nigeria owes gasoline suppliers over $6 billion in outstanding debt, prompting traders to back out of deals with the state-run oil firm amid criticism that wasteful and corrupt subsidies could cause a rep…
Saudi Aramco Bids for Australian Energy Major
Saudi Aramco is considering a takeover bid for Australian energy major Santos, Bloomberg has reported, citing unnamed sources, who also said the UAE’s Adnoc was also studying an offer for the company.The bids were a demonstration of Middle Eastern en…
Saudi Arabia's Non-Oil Activity Growth Slows Down
Growth in non-oil business activity in Saudi Arabia has slowed down to the lowest in two and a half years, based on the latest PMI data from the kingdom.The Riyad Bank Saudi Arabia Purchasing Managers Index reading for June came in at a seasonally adj…
Oil Prices Hold Gains Amid Geopolitical Uncertainty and Demand Optimism
Crude oil prices today held on to earlier gains made this week that pushed them to the highest in almost two months as fears of a further escalation of violence in the Middle East and expectations of robust demand in the U.S. sparked optimism among tr…
CNOOC Begins Oil Production at South China Sea Field
China’s state-held oil and gas giant CNOOC said on Thursday that it had launched crude oil production from a new development project in the South China Sea.CNOOC, which specializes in offshore exploration and production in China and abroad, announced…
Pemex Tax Payment Deferred as State Oil Firm Struggles With $100-Billion Debt
Mexico has allowed Pemex to defer its June monthly tax payments to July 31 as the government continues to support its state oil giant that has been reeling under $100 billion in debts for years. Petroleos Mexicanos, as Pemex is officially known, has …
Port Maintenance Drags Russia’s Oil Shipments Down to Three-Month Low
Maintenance works at Russia’s busiest oil ports dragged down weekly crude oil shipments to the lowest level in over three months as the ports of Primorsk on the Baltic Sea and Kozmino in the Far East halted vessel departures for four days each in the…
Asia Coal Imports Remain Strong in June
Coal imports into Asia this month are expected to remain strong despite a slight decline in coal demand from China and India—the biggest importers.Japan, the third-biggest, is the only one of the top coal importers in Asia set to see an increase in i…