We said two days ago that it’s been a tough week for anybody who needs to heat their home or put gasoline in their cars in Britain. The litany of negative events and mishaps includes extremely low temperatures, the shutdown of the Forties pipeline due to a hairline crack and an explosion at one of… Read more »
Posts Categorized: Uncategorized
Key Pipeline Closure Amplifies OPEC’s Efforts
OPEC’s continued efforts to draw the global oil glut down to its five-year average are receiving an unexpected shot in the arm by an oil pipeline outage. But this time, it’s not the usual suspects of Libya, Nigeria, or Iraq. It’s a shutdown of a major oil pipeline in the North Sea, which is expected… Read more »
World Bank To Cut Off Oil & Gas Funding
As part of its support to countries to meet their Paris Climate Agreement targets, the World Bank said on Tuesday that it would stop financing upstream oil and gas projects after 2019. The World Bank will only make exceptions to consider possible support for financing upstream gas “in the poorest countries where there is a… Read more »
Brent Pipeline Closure Confuses Oil Markets
The closure of one of the most important pipelines in the oil market sent Brent prices soaring on Monday, with one analyst claiming it was “one of the most significant unplanned crude oil shortages we have seen this year”. Oil prices have since lost those gains, with markets apparently recovering from the original price shock…. Read more »
OilCoin: The World’s First Compliant Cryptocurrency
A team of banking and technology managers and former U.S. regulatory commissioners said on Monday that they are launching the world’s first regulatory compliant cryptocurrency backed by a physical asset—OilCoin, which will be based on oil reserves. OilCoin’s public token sale, also known as the initial coin offering (ICO), is expected to begin in January… Read more »
Baker Hughes: US rig count ticks up 2 units to 931
The US drilling rig count climbed for the fifth straight week with a 2-unit gain to 931 rigs working during the week ended Dec. 8, data from Baker Hughes indicate. The pair of rigs are both oil-targeted, bringing the total to 751 from a week ago. Gas-directed rigs remain unchanged from a week ago at… Read more »
Oil Prices Could Jump To $80 Next Year
Strong global economic growth and Saudi Arabia bringing a risk premium to oil prices could send Brent oil prices surging to $80 next year, more than 25 percent compared to current prices, according to economist Jim O’Neill, a former chairman of Goldman Sachs Asset Management. At 11:59am EST on Monday, Brent Crude was down 0.79… Read more »
Saudi Oil Minister Hints At Post OPEC Deal Strategy
OPEC and Russia-led non-OPEC oil producers left any ‘exit strategy’ talk out of their agreement to extend the production cut pact through the end of 2018 last week, and now Saudi Arabia’s Energy Minister Khalid al-Falih fed the market some hints about what OPEC would do after the cuts. Unless sudden oil market developments occur,… Read more »
ADNOC, CNPC agree to offshore collaboration
Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects. The agreement covers discussions between the two companies on possible CNPC participation in the Lower Zakum, Umm Shaif, and Nasr areas as well as the Bab, Bu… Read more »
US Senate panel adopts Murkowski plan to lease ANWR to meet budget
The US Senate Energy and Natural Resources Committee adopted Chair Lisa Murkowski’s (R-Alas.) proposal to authorize oil and gas leasing on the Arctic National Wildlife Refuge’s Coastal Plain for federal budget reconciliation purposes. The final 13-10 vote on Nov. 15 ran along party lines, with Republicans voting aye and Democrats, with Independents Bernie Sanders (Vt.)… Read more »
