Quite suddenly, there is remarkable oil industry news to come out of the East Mediterranean region. If the plan is executed, in the space of seven years the balance of energy security in Western Europe will be radically changed.
Oil is headed for its biggest weekly loss since early March as signs that OPEC will continue with output reductions are offset by growing U.S. production and inventory gluts.
Last week, U.S. banks boosted the borrowing bases for several independent energy companies, lifting spirits in the industry.
Military Marker… Seeks To Claim Oil and Gas Reserves" The global chess game never seems to end, and with Russia's latest military move the situation in the oil and gas laden Arctic region of the globe is likely to increase tensions even more.
Backed by Murdoch, Cheney, Rothschild, and others, Genie Energy has been granted drilling rights in Syria's Golan Heights region
OPEC's progress in reducing the oversupply in global oil markets relied on contributions from Nigeria and Libya in March, two countries that are exempt from the group's deal to rein in production.
At the start of March we showed a fascinating chart from Rystad Energy, demonstrating how dramatic the impact of technological efficiency on collapsing US shale production costs has been: in just the past 3 years, the wellhead breakeven price for key
Saudi Arabia's king Salman last week invited Beijing to take a more active part in Middle East politics and in response, the Chinese Foreign Ministry said it would be happy to act as mediator between Riyadh and Tehran – and this on top of prelimi
U.S. shale producers boost rig count for ninth straight week... Libya's Es Sider, Ras Lanuf oil ports poised to resume shipping
could be a new oil price war ...Saudi Arabia had forecast a collapse in output from Russia's mature fields. Instead, production has risen in the past two years to an all-time high of 11.2 million bpd, partly because a devaluation in the ruble reduced
Just as WTI was trying to record its first increase in 6 days, the latest, March, OPEC monthly report was released which revealed something surprising: while secondary sources claimed that Saudi Arabia production declined by 68kbpd to 9.797mmbpd, acc
Three years of drastic cuts to upstream spending because of the meltdown in oil prices could result in a shortage of oil supply in a few years, according to a new report from the International Energy Agency.
Some 1.2 billion barrels of oil have been discovered in Alaska, marking the biggest onshore discovery in the U.S. in three decades.
The Pawnee Nation of Oklahoma has filed a lawsuit accusing multiple oil companies of triggering earthquakes that caused widespread damage.
It's the beginning of the end for the Bakken Shale play
Russia has once again taken the crown from Saudi Arabia as the world's biggest oil producer. The two countries are global leaders in crude production by a wide margin, trading the top spot from time to time.
Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.
Libya's oil production problems extend far beyond whether the forces of Tripoli or Benghazi secure ultimate control over the country: Clan-based militias are running their own smuggling operations, and their mafia reach is said to extend as far as