The United Arab Emirates, a model Persian Gulf petro-state where endless billions from crude exports feed a giant sovereign wealth fund, isn’t the most obvious customer for Texan oil. Yet, in a trade that illustrates how the rise of the American shale industry is upending energy markets across the globe, the U.A.E. bought oil directly […]
U.S. Oil Production Hits 10 Million Barrels Per Day for First Time Since 1970…
U.S. oil production hit 10 million barrels per day in November for the first time since 1970, highlighting the power of shale oil and natural gas boom. More than 6 million of those barrels came from shale, the Energy Information Administration reported Wednesday. Nationwide output reached 10.038 million barrels a day in November, the agency […]
Trump Administration Grants Permit for Oil Company to Explore Drilling in Acrtic Ocean…
The Trump administration on Tuesday approved an oil company’s request to drill an exploratory well on a man-made artificial island in the Arctic Ocean. The Bureau of Safety and Environmental Enforcement granted a permit for Italian oil company Eni SpA to drill an exploratory well in the Beaufort Sea to test production conditions there, the […]
Keystone XL May Need Another State Department Review After Regulators OK Modified Route…
The State Department is considering whether it needs to reapprove the Keystone XL pipeline after Nebraska regulators on Monday approved an alternate route for the project. The Nebraska Public Service Commission voted 3-2 in favor of a permit for Keystone XL, which had been considered the last major regulatory hurdle facing the long-debated project. But […]
China Begins to Reset the World’s Reserve Currency System…
A report released by the Nikkei Asian Review indicates that China is prepared to release a yuan-denominated oil futures contract that is convertible (backed by) physical gold. The contract will enable China’s largest oil suppliers to settle oil sales in yuan, rather than in dollars, and then convert the yuan into gold on…
Outlook for Oil Looks Bleak, Prices Hit 7-Month Low…
Crude oil started the week with a loss, which may be extended today as U.S. shale drillers continue to add rigs, and Libya and Nigeria ramp up production, undermining their fellow OPEC members’ efforts to reduce output and support prices. Oil prices are now at a 7-month low. Oil prices were pressured when last Friday, […]
‘Axis of Love’: Saudi-Russia Detente Heralds New Oil Order…
A meeting between the two men who run Russia and Saudi Arabia’s oil empires spoke volumes about the new relationship between the energy superpowers. It was the first time that Rosneft boss Igor Sechin and Saudi Aramco chief Amin Nasser had held a formal, scheduled meeting – going beyond the numerous times they had simply […]
Oil Jumps As Saudis and Russians Agree to Extend OPEC Deal into 2018…
What Saudi Arabia’s Oil Minister said in March will not happen, has happened: in a joint statement, Khalid al-Falih and his Russian counterpart Alexander Novak said that OPEC and Russia have agreed to extend the oil production cut deal struck at the end of last year until March 2018. The news immediately sent prices higher, […]
Here’s Why You’ll Pay Higher Gas Prices Whatever the Market…
The average gasoline tax in the U.S. is 49.5 cents per gallon, according to data from the American Petroleum Institute. That’s not too bad as far as averages go, but it has been climbing over the last five years and it will continue rising as states lose hope that the federal government will chip in […]
Saudi Oil Minister: OPEC Output Cut Could Extend into 2018…
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