(By Oil & Gas 360) – This week was a reminder that today’s energy market can change direction in a matter of hours. Escalating military action between the U.S. and Iran briefly sent crude prices sharply higher before economic concerns pulled them back lower. While oil remained volatile, the week’s bigger story centered on the industry’s continued investment in long-term
(Oil & Gas 360) By Greg Barnett, MBA – Hanging in my office is a Bowles map published in 1783, the year America secured its independence. Among the rivers, settlements, mountains, and boundaries of a young Republic appears a single word in western Pennsylvania: Petroleum. The resource was known. The opportunity was not. For nearly eighty years, the hydrocarbons beneath
(World Oil) – International Energy Agency Executive Director Fatih Birol pressed the European Union to revisit its moratorium on drilling for oil and gas in the Arctic, challenging the bloc’s long-held opposition to new fossil fuel development there. “I support the Commission to give a very close look at this issue because it is extremely important for the European energy security,”
(Oil Price) – ADNOC Logistics and Services has placed a $900-million order for four newbuild LNG carriers to expand its fleet as Abu Dhabi’s national oil company seeks to boost gas exports to seize the global rise in LNG demand. ADNOC Logistics and Services on Friday announced a newbuilding order for an additional four next-generation LNG carriers with a total value of approximately
(World Oil) – Venezuela’s interim government published long-awaited oil regulations on Thursday that effectively end the decades-long control of national oil company Petróleos de Venezuela SA (PDVSA) over the country’s lifeblood industry. Spanning 29 pages in the Official Gazette, the regulations lay out rules for the private sector to operate, from wellhead to fuel pump, as well as fiscal terms, with a range
(BOE Report) – A recent escalation of hostilities between the U.S. and Iran could upend the International Energy Agency’s forecast of a significant oil market surplus next year, it said on Friday, as global supply jumped in June when the Strait of Hormuz reopened but still lagged pre-war levels. Global oil markets received some respite last month as a peace
(Investing) – DUBAI – Daily tanker traffic in the Strait of Hormuz appeared to have slowed on Friday, after the U.S. and Iran exchanged hostilities this week and renewed their arguments over who was in control of passage through the critical waterway. The attacks renewed concerns about the recovery of global oil supplies and shipping, and highlighted the fragility of an
