*Oil prices near 4- year low as OPEC output cut hopes fade. LONDON, Nov 27- Fading hopes of a meaningful cut in production at Thursday's OPEC meeting sent oil prices tumbling to a four-year low as Thanksgiving in the United States saw world stocks touch the brakes on their recent rally. OPEC sources have told Reuters action is unlikely and Brent oil dropped by more...» Read More
Andrei Gaidamaka, Lukoil deputy CEO, discusses how a drop in crude oil inventories will impact energy exploration and production.
Saudi Arabia, the world's central bank for oil, could become a net oil importer by 2030 according to a new study by Citigroup, the international financial conglomerate.
Oligarchs are the wealthy few who benefit from the government and for all intents and purposes call the shots behind the scenes. Oilprice.com considers five key oligarchs and oligarch families who will shape the future.
Geopolitical and economic issues are shaping the price of oil more than worries about supply.
Paul Sankey, Deutsche Bank analyst, explains his bearish call on global oil.
US companies and individuals have been prohibited from doing business with Mexican oil company ADT Petroservicios and the company’s U.S. assets have been frozen due to owner Francisco Antonio Colorado Cessa’s links to the Los Zetas drug-trafficking cartel.
It is time to own gold in yen, euro and dollar terms, as well as Brent crude, noted investor Dennis Gartman said Friday on CNBC.
Nothing infuriates Americans more than volatile, spiking gasoline prices. But often the causes given for gasoline price hikes seem contrived.
Last September, Sunoco and ConocoPhillips announced they would both close their Pennsylvania oil refineries. Fortunately, a public/private/labor partnership solution came together.
Fundamentally, it seems, markets are well supplied, though it may be emotional factors driving certain aspects of the energy market.
According to the U.S. government’s Energy Information Agency, “In 2009, India was the fourth largest energy consumer in the world, after the United States, China, and Russia. Despite a slowing global economy, India's energy demand continues to rise. As vehicle ownership expands, petroleum demand in the transport sector is expected to grow in the coming years. While India's domestic energy resource base is substantial, the country relies on imports for a considerable amount of its energy use. According to the International Energy Agency, hydrocarbons account for the majority of India's energy use.”
The White House has confirmed the Obama administration is considering tapping oil from the 727 million barrel Strategic Petroleum Reserve. Traders at the NYMEX were quick to accuse the administration of playing politics.
Gulf states are planning to use ray guns to protect their oil and gas infrastructure and also dissuade pirate attacks.
China’s sluggish growth and contractions in oil supply and demand should be enough to convince oil market bulls that the oil rally can’t continue for long, Neil Atkinson, Director of Energy Research and Analysis at Data Monitor, told CNBC.
The International Monetary Fund said Syria was one of the few countries in the Middle East whose economy is expected to contract in 2012. The IMF expected the regional economy to grow by more than 5 percent in 2012, an increase from last year. Economic problems for Damascus were compounded last week when the U.S. government extended sanctions on Iran to include the Syrian energy sector. Washington said the government in Damascus was generating millions in revenue through gasoline sales to Iran. With few political or military options available, economic warfare may be the best option for an international community frustrated with the bloodshed.
Iran has struggled to find a reliable consumer base given international sanctions pressure, and its recent production levels suggest the Islamic republic is retreating somewhat from the international energy sector.
A major oil find by Canada’s Tethys Petroleum in Tajikistan comes at a bad time for the Central Asian country, as the security situation is about to skyrocket out of control in a restive province on the border with Afghanistan.
The promise of discovering a clean, green, safe, and (due to the fact that it is fueled by the most abundant metal and gas on the planet, nickel and hydrogen) cheap renewable energy source is causing many investors and scientists to overcome their previous reluctance and enter the field.
A combination of persistently high prices and a weak economic backdrop will keep a lid on oil consumption this year, the International Energy Agency (IEA) said on Friday, while a slightly improved demand growth for 2013 will likely be offset by, among other things, the resumption of nuclear capacity in Japan reducing the need for oil.
U.S. Secretary of State Hillary Clinton is in the midst of an 11-day trip across sub-Saharan Africa. Speaking on 1 August on the topic “Remarks on Building Sustainable Partnerships in Africa,” Clinton at the University of Cheikh Anta Diop in Dakar, Senegal, Clinton told her audience, “The Obama Administration’s comprehensive strategy on Sub-Saharan Africa is based on four pillars: first, to promote opportunity and development; second, to spur economic growth, trade, and investment; third, to advance peace and security; and fourth, to strengthen democratic institutions.”