Futures Markets
Gasoline, heating oil futures decline
Crude oil prices were lower on Tuesday ahead of Wednesday’s new data on US inventories, as some analysts believe that the new figures will show that gasoline supplies will have increased on higher output from refineries.
At the close of trade on the New York Mercantile Excahnge, West Texas Intermediate crude August contracts were 10 cents [...]
Oil & gas supplies unlikely to keep up with demand
A study conducted by the National Petroleum Council has revealed that the petroleum industry alone is unable to meet escalating global demand for oil, which could rise to 120 million barrels a day by 2030 compared with 84 million barrels a day today.
These conclusions follow a medium-term outlook by the International Energy Agency, based [...]
Crude drops on refinery restarts
The price of crude oil was lower on Monday as a refinery in Indiana and a pipeline from Texas to Illinois both returned to full operation, leaving the Kansas refinery closed by recent floods out of commission for the time being.
West Texas Intermediate crude for August delivery was down 13 cents to $73.80 per barrel [...]
Western Oil Firms find it difficult to make money in Africa
Large overseas oil companies are finding it increasingly difficult to make money in Africa due to output restrictions, unstable politics and steps by some governments to change contracts.
Africa is one of the last regions available to foreign oil exploration and many companies are reaping the rewards from high energy prices. However, difficulties [...]
Brent up on maintenance shutdowns
The price of crude oil was higher on Friday as the International Energy Agency again warned that OPEC must increase production in order to avoid tight supplies in the second half of the year.
In addition, the IEA estimated that demand growth would rise to 2.2 million barrels per day next year despite higher prices but [...]
IEA warns OPEC on oil production
The IEA (International Energy Agency) has warned OPEC, the representative body of oil exporting countries, to step up production in the wake of recent price rises.
The statement comes as the price of crude oil has reached a twelve-month peak at around $77 a barrel. The increasing price of oil has the potential to cripple [...]
Additional 200,000 barrels of oil for BP-Angola
The production of 200,000 extra barrels of oil per day is set to begin on 1st September this year when its Greater Plutonio project in Block 18 becomes functional.
BP-Angola’s chairman made the announcement at the International Trade Fair which opened in the Angolan capital Luanda. He commented that the operation of Greater Plutonio project, 100 [...]
Crude rises but gasoline futures decline
Crude oil prices were higher on Thursday on US gasoline consumption that was at its highest so far this year, rising to 9.7 million barrels per day, the third highest level in history.
Concerns were also raised about a report that four grades of Brent crude from North Sea fields will decline by 6.8 percent next [...]
Oil and gas exploration to begin at the Great South Basin
According to Associate Energy Minister Harry Duynhoven, international investors are preparing to spend over a billion dollars exploring the Great South Basin, New Zealand. The work planned for the Great South Basin is unique to New Zealand’s history and could double the amount of investment in oil and gas exploration over the next 5 [...]
Russia wants to tap into oil
Russian President Vladimir Putin has ordered a vessel to make a 90-day voyage to the Arctic in a bid to tap into its vast potential oil, gas and mineral wealth. His scientists claim that an underwater ridge close to the North Pole is actually part of Russia’s continental shelf.
The countries ringing the Arctic, under [...]
Gasoline stockpiles rise in US
Oil prices were volatile on Wednesday, especially in New York, as the US Energy Information Administration released its weekly report on inventories.
Crude oil inventories were down 1.4 million barrels in the week ending July 6 to a total of 252.6 million barrels against a predicted rise of 100,000 barrels.
Gasoline supplies, on the other hand, grew [...]
The world is not running out of oil
According to Mark Finley, a BP economist, the world has plenty of oil left. Mr Finley walked the group of about 20 through BP’s annual Statistical Review of World Energy , released in June.
Motorists might complain about high gas prices but Mr Finley commented that it’s an indication of a good performing oil market, not [...]
IEA warning sends crude oil higher
Crude oil prices were higher on Tuesday after a warning from the International Energy Agency that supplies will be under pressure for the next five years.
Brent Crude for August delivery was 82 cents higher to $76.61 per barrel, while September contracts added 79 cents to $76.82 on the Intercontinental Exchange.
Meanwhile, August contracts for West Texas [...]
Oil potential in Ghana
Mr M.O. Boateng, the Managing Director of the Ghana National Petroleum Corporation has said that there is huge potential for oil in Ghana.
The recent discovery of 600 million barrels of light oil offshore from Ghana is just the tip of the iceberg according to Mr Boateng.
According to Tullow, one of Europe’s largest [...]
WTI declines in New York trade
Crude oil prices were mixed on Monday.
While Brent crude for August delivery added 63 cents to $76.25 per barrel on the Intercontinental Exchange in London, August contracts for West Texas Intermediate crude was 79 cents lower to $72.02 by early afternoon in New York.
Nymex August gasoline added 3 cents to $2.34 per gallon, while Nymex [...]
Offshore oil discovery at Vietnam’s southern coast
Oil has been found at a field off Vietnam’s southern coast and tests have showed a flow rate of 2,500 barrels of oil a day. The oil was discovered by the joint venture of Petrovietnam and Petroliam Nasional Bhd. Each of the companies hold a 50% stake in the oil venture.
About 3 miles northeast of [...]
Closures send oil prices higher
Crude oil prices were higher on Friday on issues ranging from continuing unrest in Nigeria to an upcoming announced closure of a North Sea oil field.
Brent crude for August delivery added 60 cents to $75.35 per barrel after going as high as $76.01 per barrel in morning trade on the Intercontinental Exchange.
August contracts for West [...]
China to develop Sudan offshore oil
China National Petroleum Corp. and Indonesia’s PT Pertamina, have confirmed this week that they have both signed 20 year agreements with the Sudanese government for exploration and development of offshore oil assets.
It comes as the Chinese government comes under increasing pressure to avoid working with Sudan over human rights abuses in Darfur, at a time [...]
Woodside Petroleum denies Cossack Pioneer problems
A spokesman for Woodside Petroleum has denied that the company is aware of any problems with at the key Cossack Pioneer facility in the North West Shelf Venture (NWSV), off Northwest Australia.
The response comes after Reuters reported that BHP Billiton had declared force majeure on 650,000 barrels of oil from the field.
However, BHP Billiton refused [...]
Venezuela in control of key oil investments
Last week, Venezuela took over the majority of key oil investments by foreign companies. The companies that accepted the new terms were BP, Chevron, Statoil and Total, however ConocoPhillips and ExxonMobil declined the terms.
Hugo Chavez, the Venezuelan president, broadcasted the takeover of the bulk of the control of operations in the Orinoco belt this year [...]