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Oil settles up at $40.83 as big US gasoline drawdown offsets crude build

Oil prices jumped about 3 percent on Wednesday after the U.S. government reported a larger-than-expected gasoline inventory drawdown that offset a …

Oil

Oil Price Outlook

<i>Our</i> <i></i>Short-Term Price Outlook <i></i><i>service covers a period of eight quarters and provides monthly forecasts for crude oil, natural gas, NGL, refined</i> …

Brent crude prices steady after rise on Russia-Saudi pact

London Brent crude for November delivery was down 15 cents at $47.48 a barrel by 7.22 p.m. ET, after settling up 80 cents at $47.63 on Monday. The global benchmark on Monday hit a near one-week high of $49.40 after the Russia-Saudi news.<p>NYMEX crude for October delivery did not settle on Monday due …

Here’s how oil and emerging economies are linked

This week's fluctuations in oil prices and their impact on the world's stock markets may have investors worried but some analysts have pointed out a …

Oil

Crude Falls to Two-Week Low as U.S. Supply Gains Seen Resuming

Oil fell to the lowest in almost two weeks on speculation that a drop in U.S. crude inventories is only temporary and supplies will swell again as …

Indonesia to step up oil exploration, fishing in South China Sea waters

By<p>By Randy Fabi<p>JAKARTA, June 29 (Reuters) - Indonesia's president on Wednesday ordered an expansion of offshore oil exploration and commercial …

China

With Second Big Oil Discovery, Exxon Puts Guyana On The Map

Today ExxonMobil announced a big find at its new well offshore Guyana, called Liza-2. It builds on the success of 2015’s Liza-1. At Exxon’s recent annual meeting, CEO Rex Tillerson declared that first Liza to be the world’s biggest discovery of 2015. Together, the Lizas’ high-porosity sandstone …

Oil & Gas Industry

Oil Exploration Decrees to be Reportedly Issued within Two Weeks

Executive decrees for offshore oil and gas exploration will be issued within two weeks, the Kuwaiti al-Anbaa newspaper reported on Sunday.<p>“An …

Exxon’s Oil Discovery Off Guyana's Coast May Be Twice as Large as Early Estimate

Exxon Mobil Corp.’s (IW 500/1) oil discovery off the coast of Guyana may hold as much as 1.4 billion barrels, twice the size of the previous …

China will find it hard to sign oil exploration deals: expert

MANILA - International Criminal Court (ICC) Judge Raul Pangalangan said China will now find it hard to sign agreements to explore or exploit …

China

Guyana's Big Oil Discovery: How ExxonMobil, Hess, And CNOOC Discovered Over A Billion Recoverable Barrels

ExxonMobil, Hess, and CNOOC strike it big in Guyana, a small South American country that borders Venezuela.<p>As the Liza-2 well uncovered commercially …

May urges Argentina to allow more flights & oil exploration around disputed Falklands

British Prime Minister Theresa May has called on Argentina to run more flights to the Falkland Islands and lift restrictions imposed by Buenos Aires on oil exploration in the region.<p>It is May’s first public exchange with Argentina over the fiercely contested South Atlantic islands which are …

Best Near-Term Price Gains Ahead For: Oil Exploration & Production Stocks

Market-makers [MMs] hedge their clients’ (big-money-fund portfolio managers) trades in these stocks every day, protecting their firm’s capital …

Kenya approves oil production plan; Tullow readies full exploration

Kenya is set to join the ranks of oil producing countries after its government approved plans to eventually extract as many as 4K bbl/day from newly …

Oil

Oil Discoveries at Lowest Level Since 1947

Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, …

Oil Discoveries Lowest Since 1947

Wood Mackenzie principal analyst Benjamin Shattuck discusses why oil discoveries are at a seventy-year low on "Bloomberg Markets.” (Source: Bloomberg)

No Oil Discoveries? No Problem!

New oil discoveries are at a 70-year low. And some market observers are screaming "the sky is falling." They claim that a reduction in production and …

Oil & Gas Industry

New Oil Discoveries At 70-Year Low, Large Supply Constraints As Soon As 2025

<b>Published on</b> August 31st, 2016 | <i>by James Ayre</i><p>0<p>August 31st, 2016 by <b>James Ayre</b><p>Discovery of new oil supplies was at a 70-year low in 2015 — with just …

Oil & Gas Industry

The State of Texas: A Major Oil Discovery In The Permian Basin

QUOTE OF THE DAY<p>“I understand I made some mistakes. There was some bad things that went on under my watch. I was the captain of this ship. The …

A massive oil discovery could supply every refiner on the Gulf Coast

The Alpine High discovery, confirmed after two years of testing, could contain three billion barrels of oil and 75 trillion cubic feet of rich gas, a company press release said.<p>"Today's announcement is the culmination of more than two years of hard work by the Apache team," John J. Christmann IV, …

Decline In Oil Discoveries Is Not A Big Deal

A report earlier this year from IHS that the volume of oil discoveries last year was the lowest in decades has raised concern for future production levels as well as causing glee amongst the largely discredited peak oil community. Obviously, the drop in oil prices meant much less exploration and so …

Oil & Gas Industry

Oil discoveries hit 70-year low

Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they'll probably find even less, …

Oil & Gas Industry

Saudi Stocks Advance Most Since April on ‘Milestone’ Oil Meeting

Saudi Arabian stocks rose the most in more than four months on investor optimism that officials from the kingdom and Russia will cooperate to shore …

Oil price outlook cut as doubts grow over output freeze - poll | Reuters

REUTERS - Oil analysts have cut their price forecasts for the first time since February, as the prospect of the world’s largest producers agreeing to freeze output dims and U.S. production shows signs of gradually picking up.<p>After five consecutive months of upward revisions, the 34 analysts and …

Oil

What Iraqi’s Support For An OPEC Freeze Means For Oil

Iraq surprised the oil market this week by insisting that it would support an output freeze at the upcoming OPEC meeting in Algeria. The comments …

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Saudi Arabia just dropped an important signal on an OPEC deal

As recently as a week ago the prospects for a deal looked slim. But the favorable comments from several OPEC nations may have cracked open the door to deal just a bit. Earlier this week Iraq's Prime Minister said that his nation would support a production freeze in Algeria. Separately, Iran said …

Brent crude futures ease as hope for output freeze fades | News Home | Reuters

NEW YORK (Reuters) - Global benchmark Brent crude fell almost 1 percent on Tuesday as hopes waned for an agreement between two of the biggest oil producers to freeze output to tackle a global supply glut.<p>A worker looks on at the Bashneft-Ufaneftekhim oil refinery outside Ufa, Bashkortostan, Russia …

Oil

Iran Says Too Early to Discuss Oil Output Freeze at Algiers

It will be too early for Iran to discuss freezing crude output when the world’s biggest producers meet later this month in Algiers, according to an …

Oil

Iran supports any action to help stabilize oil markets

Baku, Azerbaijan, Sep. 6<p>By Emil Ilgar – Trend:<p>Iran’s oil minister says Tehran supports any common action by OPEC members that would help stabilize …

Oil