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OPEC predicts U.S. shale will steal market share for years to come

OPEC predicts U.S. shale will steal market share for years to come

OPEC slashed estimates for the amount of oil it will need to pump in coming years. OPEC will supply a diminishing amount of oil in the next five years. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. It projecting that its share of world markets will shrink until...

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Exxon’s former CEO says climate change ‘with us forever more’

Exxon’s former CEO says climate change ‘with us forever more’

Current or former leader of one of the world’s largest energy producers to testify under oath about climate change. It’s Continues status as a founding member for an additional five years. United Way of Beaumont and North Jefferson County to receive $200,000. That’s why a New York courtroom was packed on last Wednesday to see...

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Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

The Trump dministration is standing by to deploy the nation’s emergency oil reserves. The volunteer medical team of the King Salman Humanitarian Aid and Relief Center (KSRelief) held pediatric. Saudi Arabia’s energy minister said drones that attacked Saudi Aramco installations had caused an interruption. The Kingdom’s Ministry of Culture took part in the sixth “Big...

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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Putin’s budget has lowest break-even oil price in over a decade

Putin’s budget has lowest break-even oil price in over a decade

Oil prices may be recovering, but Russian President Vladimir Putin isn’t taking any chances. On August 10, opposition supporters held a mass protests in the Russian capital. Russia’s President Vladimir Putin has urged the United States to begin new arms talks. Russian President Vladimir Putin has taken a step towards cooling tensions with Georgia. It’s...

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Qatar invests $550 million in Permian midstream operator

Qatar invests $550 million in Permian midstream operator

Oryx Midstream Services, the largest privately-held midstream crude operator in the Permian basin. Qatar and Somalia denied a news report that suggested Doha. A Qatari national was released from prison in Saudi Arabia. Qatar has inaugurated a new naval base in the country’s northeast. Two military training aircraft have collided in mid-air without causing any...

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Iran seizes UK tanker as tensions soar

Iran seizes UK tanker as tensions soar

Iran’s Revolutionary Guard Corps seized a British oil tanker in the Strait of Hormuz amid soaring tensions. The rial was 118,000 against the dollar on last saturday. A recording has emerged of Iranian coastguards telling a British Royal Navy. Ali Larijani, has announced that the detaining of the British oil tanker Stena Impero on July...

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Turkey scoffs at EU rebuke, vows to keep drilling off Cyprus

Turkey scoffs at EU rebuke, vows to keep drilling off Cyprus

Turkey rebuffed a set of punitive measures by the European Union. The US president takes a softer line against the deal. Turkey has said punitive European Union measures. Turkey’s President Recep Tayyip Erdogan said a controversial Russian missile defence system will be fully deployed. The United States denounced Turkey’s decision to buy Russia’s S-400 missile...

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Trump’s LNG push is helping power German green cruise liner boom

Trump’s LNG push is helping power German green cruise liner boom

President Donald Trump’s bid to dump a glut of liquefied natural gas on Europe. Donald Trump intends to nominate new members to the Federal Energy Regulatory Commission (FERC). U.S. Senators Ron Wyden and Jeffrey Merkley sent a letter to the president Donald Trump. LaFleur has been a member of the Commission since 2010. Trump said...

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Iran offers up 6 MMbbl of oil with dismal results

Iran offers up 6 MMbbl of oil with dismal results

Iran struggles to sell 6 MMbbl of oil, only one deal has closed for 35,000 bbls, so far. Iran will respond firmly to any Israeli naval action against its oil shipments. Iraqi Prime Minister Adel Abdul Mahdi has visited Tehran for talks with Iran’s President Hassan Rouhani. Payam Derafshan told the Associated Press news agency...