Post Tagged with: "Middle East"

Source: Reuters

Oil tops $70 as Iran, Trump trade threats

Reuters


LONDON – Oil prices rose over 1% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike

Brent crude futures LCOc1 …

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

From Reuters


Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.

Traders are awaiting a speech from Federal Reserve Chair Jerome Powell …

U.S. Oil Sector Sets Another Record in Another Sign of Energy Independence

U.S. Oil Sector Sets Another Record in Another Sign of Energy Independence

From The Houston Chronicle


The U.S. energy sector broke another record last year as the shale boom sent natural gas and petroleum production soaring.

U.S. petroleum and natural gas production jumped by 16 percent and by 12 percent respectively in …

Courtesy of Chesapeake

Oil Steadies as Hopes of Easing Trade Tensions Lend Support

From Reuters


Oil prices steadied on Tuesday on optimism U.S.-China trade tensions will ease and hopes major economies will take stimulus measures to ward off a possible economic slowdown, after falling earlier on concerns over future demand.

Brent crude LCOc1 …

Iranian Tanker Sought by US Heading Toward Greece

Iranian Tanker Sought by US Heading Toward Greece

From The Houston Chronicle


An Iranian supertanker with $130 million worth of light crude oil that the U.S. suspects is tied to a sanctioned organization left Gibraltar and was heading east into the Mediterranean Sea on Monday, with its next …

Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations

Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations

From Reuters


Oil prices gained roughly 2% on Monday after a weekend attack on a Saudi oil facility by Yemen’s Houthi forces threatened crude supplies and as traders looked for signs that top economies would take measures to counteract a …

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

Iran Says it Expects Tanker Held by U.K. to Be Released Soon

From The Houston Chronicle


Iran expects an oil tanker seized by the U.K. in the Strait of Gibraltar in July will be released soon, the semi-official Fars News agency reported Tuesday, a move that could help to ease concerns about …

Oil Dives Nearly 5% to Seven-Month Low on Surprise U.S. Stock Build, Trade War

Oil Dives Nearly 5% to Seven-Month Low on Surprise U.S. Stock Build, Trade War

From Reuters


Oil prices tumbled more than 4.5% on Wednesday to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears that demand will shrink due to Washington’s escalating trade war with Beijing.…

GE’s Baker Hughes Beats Estimates on International Demand, LNG Drilling

GE’s Baker Hughes Beats Estimates on International Demand, LNG Drilling

From Reuters


General Electric Co’s oilfield services arm, Baker Hughes, beat quarterly profit estimates on Wednesday, driven by higher LNG drilling and demand for its oilfield services in international markets, sending its shares up nearly 6%.

Revenue in the oilfield …

Source: Abu Dhabi National Oil Company

Singapore’s Sovereign Wealth Fund Joins KKR and BlackRock in Abu Dhabi Pipeline Investment

By Tyler Losier, Energy Reporter, Oil & Gas 360

Combined investment in Abu Dhabi National Oil Company’s pipeline project reaches almost $5 billion
Source: Abu Dhabi National Oil Company

Singapore’s sovereign wealth fund, GIC, has entered into an agreement with

U.S. Sanctions China’s State-Run Oil Company for Buying from Iran

U.S. Sanctions China’s State-Run Oil Company for Buying from Iran

By Tyler Losier, Energy Reporter, Oil & Gas 360

Secretary of State Mike Pompeo announces sanctions for Zhuhai Zhenrong and its chief executive
The United States government will be imposing sanctions on Zhuhai Zhenrong Company Limited, a state-run oil company

Muhammad bin Salman, Deputy Crown Prince of Saudi Arabia
Photo Credit: The Economist

Saudi Arabia Urges Global Community to Deter Maritime Trade Disruptions

From Reuters


Saudi Arabia’s cabinet said on Tuesday that Iran’s interception of commercial vessels in Gulf waters, including its seizure of a British tanker, violated international law and must be prevented.

The Saudi remarks came after Britain called on Monday …

Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports

Millions of Barrels of Iranian Oil Are Piled Up in China’s Ports

From Bloomberg


Iran-owned tankers continue to haul shipments to bonded tanks, oil held by Iran’s state-owned producer and Chinese companies

Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude …

Oil Tankers Dodge Top Mideast Refueling Hub After Ship Attacks

Oil Tankers Dodge Top Mideast Refueling Hub After Ship Attacks

From The Houston Chronicle


Oil tanker owners are avoiding sending their ships to the Middle East’s main refueling hub after a spate of attacks on vessels in the past two months ratcheted up tensions and highlighted the growing risks of …

Saudi-Russian Oil Fling Becomes a Marriage to Last an ‘Eternity’

Saudi-Russian Oil Fling Becomes a Marriage to Last an ‘Eternity’

From Bloomberg


Nine-month extension takes output cuts into a fourth year, countries approve new charter formalising OPEC+ grouping

It was supposed to be a six-month fling, but Saudi Arabia and Russia have instead signed up for eternity.

Complete with poem …

Source: Islamic Republic News Agency

Saudi Aramco Says It Can Keep Oil Flowing If Hormuz Disrupted

From The Houston Chronicle


Saudi Arabian Oil Co. has the experience and infrastructure it needs to keep crude flowing should supply through the Strait of Hormuz be disrupted, according to the chief executive officer of the state-run producer.

“We are …

Crude Up Over 5% After Trump’s Latest Iran Tweets

Crude Up Over 5% After Trump’s Latest Iran Tweets

By Tyler Losier, Energy Reporter, Oil & Gas 360

Downed drone leads to comments from White House
As of mid-afternoon Thursday, WTI crude oil prices are trading at almost $57 after President Trump tweeted that Iran made a “very big

Source: Islamic Republic News Agency

Oil Spikes After ‘Suspicious’ Tanker Attacks in Middle East

By Tyler Losier, Energy Reporter, Oil & Gas 360

Two vessels seriously damaged after seemingly intentional strike
Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as

Present Day Middle Eastern Game of Thrones – Part Two

Present Day Middle Eastern Game of Thrones – Part Two

[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are …

Present Day Middle Eastern Game of Thrones – Part One

Present Day Middle Eastern Game of Thrones – Part One

“The Middle East shapes energy politics, energy crises, and it has a huge impact on geopolitics” – Helen El Mallakh

Ahead of the upcoming 174th OPEC meeting in Vienna, Austria, (scheduled for Friday, June 22, and immediately followed by …

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share.

Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an …

Superior Drilling Products Reduces Loss to $.01, Drops Debt by 23%, Expects Strong Growth in 2018

Superior Drilling Products Reduces Loss to $.01, Drops Debt by 23%, Expects Strong Growth in 2018

Superior Drilling Products, Inc. (ticker: SDPI) had a net loss of $786 thousand in Q4 2017, or $(0.03) per share. For 2017, the company had a net loss of $279 thousand, or $(0.01) per share. Superior reduced debt by $3.9 …

CB&I Wins $95 Million Saudi Aramco Shell Refinery Contract

CB&I Wins $95 Million Saudi Aramco Shell Refinery Contract

CB&I (ticker: CBI) won a contract for more than $95 million from the Aramco-Shell JV – Saudi Aramco Shell Refinery (SASREF). The scope of work includes the engineering, procurement and construction management for SASREF’s modernization and expansion of its existing …

Source: Business Insider

ISIS Oil Revenue Tanks: Down 85% – Study

ISIS is losing territory and revenue, down 60%, 80% 

Three years after Islamic State leader Abu Bakr al-Baghdadi declared the ‘Caliphate’, the terrorist group known for its extreme brutality has lost more than 60 percent of its territory and 80 …

Middle East Share of World Oil Production Highest since 1975: IEA

Middle East Share of World Oil Production Highest since 1975: IEA

Middle East Oil will account for Most of the World’s Demand Growth IEA Believes

An updated analysis from the International Energy Agency (IEA) has determined that the current oil price environment has boosted the share of oil produced in the …

July 8, 2016 - 2:34 pm Closing Bell Story‎, Oil and Gas 360 Articles, OPEC
Oil Prices Unaffected despite Additional Russia Sanctions and Obama’s Pledge to Ramp up Action in Middle East

Oil Prices Unaffected despite Additional Russia Sanctions and Obama’s Pledge to Ramp up Action in Middle East

President Obama addressed the nation on Wednesday night, urging Congress to increase funding, assistance and conduct “a series of strategic airstrikes” against the Islamic State, or ISIL, the group marching across Iraq that recently beheaded two American journalists on …