The price of Brent oil climbed past $80 a barrel Monday, leaving the international crude benchmark on course to its highest close in almost four years as OPEC and its allies keep their production in check. Brent’s move comes as some analysts believe OPEC and its allies will struggle to make up for...
https://www.hellenicshippingnews.com/brent-crude-breaks-above-80-r/
OPEC is dying. President Donald Trump will probably rejoice. But he may not like what takes its place any better. For a while, in its youth, the group burned so very bright, helping members wrest control over their oil industries and stand up to foreign producers — and their governments. But now,...
https://www.hellenicshippingnews.com/opec-like-a-dying-star-is-about-to-go-supernova/
Libya’s crude oil production is currently at its highest in more than five years despite current security challenges, the chairman of the state-owned National Oil Corporation said Sunday. Mustafa Sanalla, speaking to reporters ahead of an OPEC/non-OPEC monitoring committee meeting, said that...
A new report from the U.S. Energy Information Administration (EIA) indicates that the growing shortage of pipeline takeaway capacity in the Permian Basin of West Texas and Southeast New Mexico is resulting in some companies reallocating capital initially earmarked for Permian drilling to other...
The United States military spends about $81 billion a year to protect oil supplies around the world and keep fossil fuels flowing into American gas stations, according to new analysis. Securing America’s Future Energy, a think tank that advocates for reducing U.S. dependence on oil, released the...
With the first facility coming online just 31 months ago, the U.S. now stands at the beginning of a tremendous chance to flourish in the rapidly expanding liquefied natural gas (LNG) export business. Our capacity to export LNG is set to boom from ~3.5 Bcf/d today (about 4% of total U.S. gas...
https://www.hellenicshippingnews.com/the-u-s-must-not-lose-chinas-liquefied-natural-gas-market/
Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output. “All countries should aim to reach one goal: a balance of demand and...
https://www.hellenicshippingnews.com/high-oil-prices-benefit-no-one-says-russias-energy-minister/
Crude oil production during August 2018 stood 3.70 per cent lower than crude production during August 2017. An official statement said oil production stood at 2.908 million tonne during August 2018. Natural gas production on the other hand rose marginally by 0.59 per cent when compared with August...
https://www.hellenicshippingnews.com/india-crude-oil-production-dips-while-gas-flatlined-in-august/
The rise of U.S. shale oil is set to extend well into the 2020s, stealing market share from OPEC, the group said in its latest World Oil Outlook. Total supply from outside of the Organization of Petroleum Exporting Countries will surge by 8.6 million barrels a day from 2017 to 2023, to 66.1 million...
https://www.hellenicshippingnews.com/opec-expects-u-s-shale-to-steal-market-share-until-late-2020s/
A steady rise in U.S. oil output will gather pace in the next five years, OPEC said on Sunday, predicting that demand for the producer group’s crude will decline despite a growing appetite for energy fed by global economic expansion. “Declining demand for OPEC crude is a result of strong non-OPEC...