Talking to Putin Tomorrow to Figure Out How to Stabilize Oil Prices Venezuela has struck a deal with China, its most generous creditor in recent years, for $5 billion designed to increase oil production in the coming months. Venezuela President Nicolas Maduro confirmed the agreement via a television broadcast on the evening of September 1 but was not specific on
Oil prices see the largest percent gain in six years The U.S. crude oil benchmark West Texas Intermediate closed today 10.3% higher at $42.56 per barrel. In percentage terms, that is the largest gain seen in WTI prices in one day since March 12, 2009. In dollar terms, it was the largest gain in three years. Global benchmark Brent crude
Concerns in China push global markets down China’s Shanghai Composite index saw the single largest one-day percentage loss since 2007 earlier today, shedding 8.5% of its value. Even as Chinese authorities allowed pension funds managed by local governments to invest in the stock market for the first time, potentially channeling hundreds of billions of yuan into the country’s market, concerns
Allowing independent refiners to import could boost demand China’s Ministry of Commerce announced today that it will grant licenses to two independent refineries to directly import crude oil as the country works to allow more room for independent players in its oil and gas markets, reports Economic Times. Up until now, about 90% of China’s crude imports have gone to
OPEC sees higher demand balancing markets OPEC Secretary General Abdalla Salem El-Badri said the organization does not expect prices to fall any lower as demand picks up in 2016 and continues to grow through the end of the decade. “The balance of supply and demand must be brought into line by the market,” said a joint statement from El-Badri and
Oil demand driven by growth in air travel and vehicle usage China’s implied oil demand grew 3.5% in June, as rising air travel and vehicle usage boosted fuel consumption, reports Reuters. A drop in passenger car sales amid recent stock market weakness could limit future demand growth, however. China consumed about 10.56 MMBOPD of oil in June, up from 10.20
The E.U. is the only major economy showing steady declines in natural gas demand Demand for natural gas has been growing around the world, albeit at a slower pace than many had hoped, but the European market has actually show a decline in natural gas demand since 2010. All other major gas consuming countries have shown increases in demand going
Additions to capacity would give China the third largest nuclear capacity worldwide China plans to reach a nuclear capacity of 58 gigawatts (GW) and have another 30 GW of capacity under construction by 2020 in a push to reduce carbon emitting fuel sources. The added nuclear capacity would make China’s nuclear supply the third largest in the world following the
Remote location and complex geology remain obstacles The Chinese government announced yesterday that it will open six oil and gas blocks for private companies to explore in the Xinjiang region in northwest China. China’s Ministry of Land and Resources said that it hoped the move would “stir up market vigor.” However, obstacles still remain, according to Neil Beveridge, an analyst
Currently only four countries produce commercial amount of shale resources The shale revolution has unlocked tremendous natural resource potential in the United States and Canada, with other countries trying to take advantage of shale gas and tight oil. As recently as last year, only four countries in the world were producing commercial volumes of either shale gas or tight oil,
Major tight oil discovery in China China’s state-owned China National Petroleum Corp. (CNPC) discovered more than 100 million metric tons of tight oil geological reserves in its Changqing field, according to a report by Reuters. Converted to barrels of oil, the discovery was over 733 million barrels of oil. This marks the first time that a tight oil discovery of
Cheniere executive indicates that China may buy LNG from the company “There’s a lot of interest from Chinese buyers for long-term LNG volume, especially for 2020 onwards,” Cheniere Vice President for Asia at Cheniere Marketing Pte Ltd Nicolas Zanen, on the sidelines of the Asia Oil and Gas Conference in Kuala Lumpur, told Reuters. Cheniere Energy (ticker: LNG) is set
Sign up to receive daily news and stock prices from Oil & Gas 360® directly in your email inbox.
Market Data ©2020–2024 QuoteMedia. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). RT=Real-Time, EOD=End of Day, PD=Previous Day. Market Data powered by QuoteMedia. Terms of Use.
