The government of Iran has announced it intends to increase its oil production to pre-sanction levels over the next couple of months, flooding the market with a new oil source just as Russia and Saudi Arabia have a deal in the works to stabilize the very volatile oil market.
ASSOCIATED PRESS — One of the largest oil producers in the U.S. is purchasing a privately-held New Mexico company and some of its subsidiaries in a $2.5 billion deal that will expand its footprint in major energy-producing basins in the West.
ASSOCIATED PRESS — Canada’s Enbridge is buying Houston-based Spectra Energy for about $28 billion, creating North America’s largest energy infrastructure company.
Several Native American tribes from the Klamath Basin in Northern California have declared their support for an ongoing protest in North Dakota at the intersection of the Cannonball and Missouri Rivers against the Daktoa Access Pipeline project.
Pay-for-play accusations are being levied against longtime California governor Jerry Brown in a new report from Consumer Watchdog that details $9.8 million paid in contributions to Brown’s political and other initiatives, many of which occurred in close succession with policy moves favorable to the 26 energy companies that donated.
The Kingdom is struggling with weak GDP growth, higher fees and taxes, and an economy that is unable to pay the dues to its workers, leaving thousands of workers from South Asia with an uncertain future.
The UK edition of the Business Insider reports today: There is proof that Saudi Arabia is more interested in trying to kill competition in the oil industry at the expense of cratering oil prices — its oil production just hit
Switzerland’s highest court has ordered Israel to pay Iran around $1.1 billion plus interest in a decades-old dispute over a secretive oil pipeline company predating the 1979 Islamic revolution which made the countries enemies.
A new survey of some of the largest investment banks should give market stakeholders hoping to see steady oil pricing above $50 per barrel through next year a sigh of relief in a post-Brexit world.
Satellite images show that the Islamic State (ISIS/ISIL) has constructed hundreds of makeshift refineries in Iraq to offset the losses from U.S.-led airstrikes against the oil infrastructure that fuels and funds the jihadist group to the tune of tens of millions of dollars per month.
The Fourth of July might give Americans a new concept of independence after a global study was released showing the United States now leads Saudi Arabia and Russia in recoverable oil reserves thanks in large part to Texas.
LONDON (Reuters) – As many as 120,000 oil workers will have lost their jobs in Britain by the end of the year compared to mid-2014 when oil prices started declining and unleashed sector-wide cost cuts, the industry’s lobby group said
(Reuters) More than 25 European and Asian-owned supertankers are shipping Iranian oil, data seen by Reuters shows, allowing Tehran to ramp up exports much faster than analysts had expected following the lifting of sanctions in January.
It seems like only yesterday that the great hope of the oil market was that oil-producing nations, both inside and outside OPEC, would come together and cap production to bring prices back up. Now the chief executive of the Saudi national oil company says it will increase production, but he expects prices to start rising anyway.
The sweeping wildfire that has consumed a fifth of Fort McMurray, Canada, has slowed its march over the city’s surrounding forests, but experts still warn it could be “months” before the last ember is put out.
South Korean President Park Geun-hye has asked Iran to help convince North Korea to cooperate with U.N. Security Council resolutions for nuclear disarmament.
TEL AVIV – An oil well near the Dead Sea is worth NIS 1.2 billion ($322 million), a new report released Sunday by Israel Opportunity Energy Resources LP claimed.
TEL AVIV – For far too long, Gulf countries have relied solely on petrodollars and now they must find other sources of income in a post-oil world in order to save themselves from economic ruin.
The New York Times offered a new set of clues recently as to how Saudi Arabia is handling the ongoing collapse of global oil prices by looking at the Saudis’ effort to “reformat” their economy, becoming less dependent on oil.
Iran is seeking $2.5 billion investment to modernize its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday. Iran emerged
A number of factions within Venezuela’s socialist left are seeking a way to remove President Nicolás Maduro, in a last-ditch effort to “save the Revolution” begun by late dictator Hugo Chávez.
The crashing price of oil may be good for Americans on the road, but in some cases, it is bad for their jobs. As the price of oil collapses, jobs in Oklahoma City are now being lost, as Devon Energy Corp. has announced it is shedding up to 700 jobs.
The Daily Beast’s Eleanor Clift said that the tax on oil in President Obama’s budget would get passed on to consumers, “which would add up to something like 18 cents more a gallon” and wondered “If you can’t raise money
Iran’s re-entry into the oil market, following the end of sanctions over its nuclear program, will also mark the beginning of a major effort to reduce its dependency on the U.S. dollar. Not only is Iran demanding payment in euros instead of dollars for its new oil contracts, but it also wants the billions owed by its trading partners to be remitted in euros.
The government of Venezuela has received its first shipment of oil imported from the United States – 500,000 barrels from West Texas Intermediate (WTI), purchased through Venezuela’s U.S.-based affiliate, Citgo Oil.
A number of former Venezuela cabinet members under Hugo Chávez are calling for an investigation into hundreds of billions of dollars that are unaccounted for in national oil revenue, accusing members of President Nicolás Maduro’s government of embezzling the funds.
CNN warns not to “hold your breath” waiting for Saudi Arabia to trim back oil production and stabilize prices.
The parliament of Libya’s internationally-recognized government, which controls less than half the country, rejected a painstakingly-negotiated United Nations proposal for a unified Libyan government on Monday.
The Daily Beast’s Eleanor Clift said that while she admires GOP presidential candidate Texas Senator Ted Cruz for refusing to “bow” to “the ethanol gods,” he did so “because he’s in the pocket of big oil” on Friday’s “McLaughlin Group.”
Gawker Media’s hunger for investor cash unexpectedly led to an investment by a flamboyant strongman this week. No, not Hulk Hogan.
Amid reports that the new strategy of hitting ISIS economic targets, including its cash reserves and oil infrastructure, is significantly harming the Islamic State comes a complaint from the Syrian government that it is harming them as well.
If President Obama’s master plan is to develop Iran into a regional super-power, settling the Middle East’s sectarian problems through Shiite conquest, then his nuclear deal was a major step forward.
The Islamic State (ISIS/ISIL) has started auctioning off property belonging to Christians in Mosul, Iraq, as a way to raise funds.
The Times of India reports the latest evidence that economic warfare against the Islamic State is doing some real damage: a 50 percent pay cut for salaries to fighters in Syria, announced in December by the ISIS equivalent of the Treasury Department in their capital city of Raqqa.
From CNN Money: The end of economic sanctions against Iran could shake up oil markets. U.S. and European Union sanctions on Tehran were finally lifted on Saturday, restoring Iran’s access to world’s markets. Iran has been gearing up for this
According to a report at Tasnim News, Chinese President Xi Jinping will make his first visit to Iran on January 22, at the invitation of Iranian President Hassan Rouhani.
During Obama’s last State of the Union address on January 12, he described “conventional power”–oil, coal, etc.–as “dirty energy” that must be replaced by wind and sun power.
Turkish Airlines removed two Russian women from a flight to Bahrain at Atatürk Airport on January 10 due to “unruly behavior.”
A string of car bombings and other terrorist actions was topped off with a massive truck bomb that killed 47 people at a police training center in the western town of Zliten, Libya today.
The Wall Street Journal ran an editorial on Sunday afternoon titled, “Who Lost the Saudis?” It lays out a convincing case for why Russia and Iran are out to get the House of Saud—which, for all of its many, many flaws, is still an impediment to the agenda of America’s primary geopolitical adversaries.
