- Five Major Challenges Facing The Energy Industry
- Record-high prices at the pump, a looming diesel shortage right when the summer season is starting, and an uncooperative OPEC are probably reasons for many head
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062017-09
- US crude oil futures settles down 7 cents at $49.09 per barrel
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Oil futures eased on Thursday on a slightly bigger-than expected U.S. crude inventory build as the restart of U.S. refiners after Hurricane Harvey was being countered by the threat of Hurricane Irma.
The U.S. Energy Information Administration said U.S. weekly crude stocks increased 4.6 million barrels last week, topping analysts' forecast of a 4.0-million barrel build in a Reuters poll.
042017-09
- OPEC Compliance to Output Cuts Rise to 96% in August
- OPEC compliance to agreed production cuts rose to 96% in August compared to 92% the previous month thanks to output reduction from Iraq and Saudi Arabia, says Vienna-based JBC Consultancy. Iraq, which has struggled to cut as much as promised, reduced its output by 50,000 barrels a day. While production from Saudi Arabia, which has been slashed by 124% of the level it committed, and the United Arab Emirates each decreased by 30,000 barrels a day last month.
302017-08
- South Texas oil and gas drillers' shares drop as Harvey forces field closures
- Oil and gas producers focused on drilling a major shale field in South Texas saw their shares sink on Monday as Tropical Storm Harvey blew through the region.
Drillers in the Eagle Ford region ceased operations and pulled crews as Harvey caused devastating flooding and brought high winds along the Gulf Coast over the weekend. Several refineries in the area were also closed, removing about 25 percent of Gulf Coast refining capacity, according to S&P Global Platts.
212017-08
- Russia's Rosneft closes deal to buy 49 pct stake in India's Essar Oil
- Russia's largest oil producer Rosneft said on Monday it had successfully closed a deal to buy a 49 percent stake in Indian private refiner Essar Oil Limited (EOL).
An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 percent share of EOL.
"Together with our partners we intend to support the company to significantly improve its financial performance and, in the medium term, adopt an asset development strategy," Rosneft cited its CEO Igor Sechin as saying in a statement.
162017-08
- Superior dividends and great valuations: why investors should consider oil stocks
- While the global oversupply of oil continues to weigh on crude prices and suppressed stock prices for oil companies, the sector offers attractive value to investors, experts argue.
"The sector has been underperforming, there's great value, so you have to play the sector," Beat Wittmann, partner at Swiss financial advisory Porta Advisors, told CNBC's Squawk Box on Wednesday.
"The sector is so attractive right now and it's a global demand-supply game."
142017-08
- Oil companies Rein in Spending on Lower Oil Prices
- Oil companies have been cutting back on their capital expenditure budgets as a result of lower-than-expected oil prices this year, according to the International Energy Agency. In its monthly report for July, the agency surveyed recent earnings reports for 17 U.S-focused oil and gas producers, which showed the companies cut thei capex budgets by as much as $1.7 billion combined. However, the IEA also found"further productivity gains and increased efficiency and capital discipline"by the companies, which should allow them to "boost their output goal without additional spending."
112017-08
- Dong Energy CEO says we're at an 'inflection point' when it comes to renewables
- The last few years have seen renewable energy technologies become price competitive, the CEO of Dong Energy told CNBC on Thursday.
"I do believe what we've seen – especially over the last couple of years – is we've seen renewable technologies coming down very rapidly in price," Henrik Poulsen said.
"We're really seeing green technologies becoming very price competitive and that is also beginning to now materialise in some of the most recent auctions we've seen around the world," Poulsen went on to add.
092017-08
- Oil rises 39 cents, settling at $49.56, after another big drop in US crude stockpiles
- Oil prices edged higher on Wednesday after a report showed U.S. refineries processed record amounts of crude in the latest week, eating into inventories, although a surprise jump in gasoline stockpiles limited price gains.
072017-08
- US crude dips 19 cents, settling at $49.39, as oil exporters discuss output cuts
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Oil prices fell on Monday as the market worried about higher output from OPEC and the United States, and as oil exporters met to discuss a deal to limit output.
U.S. crude futures ended Monday's session down 19 cents at $49.39 per barrel, after sinking to a low of $48.54 a barrel. Global benchmark Brent crude futures were down 25 cents at $52.17 a barrel by 2:19 p.m. ET (1819 GMT), after trading as low as $51.37 a barrel.
Both contracts stood well below levels hit last week, which marked their highest since late May.
042017-08
- Compliance to Agreed OPEC Reductions Continued Falling
- OPEC'S production rose in July due to higher Libya and Nigeria production but compliance by members commotted to production cuts has also continued falling, says JBC Energy in a report.
