- 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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022017-08
- Oil rises nearly 1%, settling at $49.59, after report shows record US gasoline demand
- Oil prices edged higher on Wednesday, as surging U.S. fuel demand offset data from the Energy Department that showed crude inventories did not fall as much as expected last week.
Crude inventories in the United States fell by 1.5 million barrels in the week to July 28, the Energy Information Administration said, about half the decline analysts had expected.
312017-07
- Oil surges into the close to settle above $50, posts best monthly gain since April 2016
- U.S. crude oil surged into the close of trading to settle above the key psychological level of $50 a barrel.
U.S. West Texas Intermediate crude ended Monday's session up 46 cents at $50.17, its first close above $50 a barrel since May 24. That pushed WTI's monthly gain to about 9 percent, making July the best month for the commodity since April 2016.
282017-07
- Royal Dutch Shell's Second- Quarter Earning Rise Sharply
- Royal Dutch Shell PLC on Thursday said second-quarter net profit rose to $1.9 billion as cash generation increased sharply in the quarter, indicatiing the company is continuing to adapt to lower oil prices.
The Anglo-Dutch oil giant's quartely profit on a current cost-of-supplies basis--a muber similar to the net income that U.S. oil companies report--rose to $1.9 billion from $239 million in the same period last year. Earnings were buyed by a fragile recovery in the price of oil, though impairments related to divestments in the period dampened overall profit.
262017-07
- India starts path to cut oil, gas imports
- The government of India said it held its first advisory council meeting to lay out an ambitious road map to cut oil and gas imports by 10 percent.
Indian Petroleum Minister Dharmendra Pradhan chaired the first meeting for the body tasked with cutting oil and gas dependency. During the meeting, the ministry said expanding domestic oil and gas developments, including shale reserves, and coal-bed methane could help the country achieve its goals for the start of the next decade.
242017-07
- North American strength helps Halliburton smash profit view
- Halliburton swung to a quarterly profit and handily beat analysts' expectations on higher demand in North America, sending the world's No. 3 oilfield services provider's shares up 2.5 percent.
The company's revenue from North America surged 83 percent to $2.77 billion in the second quarter, due to increased demand for pumping and well-construction services in the region.
212017-07
- US crude dips 33 cents, settling at $46.79, as traders await OPEC meeting
- Oil prices dipped on Thursday in choppy U.S. trading, as nagging worries about abundant global crude supplies dragged prices lower after an early rally pushed Brent above $50 per barrel for the first time since early June.
Traders predicted prices would hold near current levels ahead of Monday's meeting between key OPEC and non-OPEC producers in St. Petersburg, Russia.
192017-07
- US Set for Oil Production Surge?
- Weekly EIA data points to a sharp slowdown in US oil production growth--output has risen by just 83k bpd over the past nine weeks, about a third of the previous nine weeks pace, to 9.4M bpd. But that may be about to change, analysts say. Monday's Drilling Productivity Report indicated drilled but uncompleted wells, or DUCs, in shale regions hit 6,031 last month from 5,877 in May. These DUC's are virtually guaranteed oil producers once they're primed and ready for action, so rising inventories combined with indications of more oil patch activity"likely serve as harbingers of robust producti
172017-07
- Oil Prices Notch Fifth Day of Gains
- Oil prices rose for a fifth straight day Friday, as the U.S. dollar weakned and investors focused on signs of an easing supply overhang.
U.S. crude futures settled up 46 cents, or 1%, to $46.54 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 49 cents, or 1.01% to $48.91 on ICE Futures Europe.
U.S. crude futures ended the week up 5.22%. They have been climbing in recent days as investors have been encouraged by recent data showing large weekly declines in U.S. oil stockpiles.
--News from www.sinopecnews.com.cn
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To be global leader of oilfield
142017-07
- venezuela-losing-$6.9b-in-oil-income
- Venezuela's declining oil production, due mostly to operational struggles rather than good-faith adherence to OPEC quotas, is costing it nearly $7B annually, says Russ Dallen of Caracas Capital.
132017-07
- Oil rises 1%, settling at $45.49, after bigger-than-expected drop in US crude stockpiles
- Oil price gains eased on Wednesday after government data showed U.S. crude stocks plunged more than expected last week as imports declined and drillers continued to pump more.
Crude inventories fell by 7.6 million barrels in the last week, compared with analysts' expectations for an decrease of 2.9 million barrels.
