Oilman Harold Hamm says the Saudi hard line on production has turned the Russian "ruble into rubble" while also squeezing U.S. producers.» Read More
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.
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.
The Kurdish government in Iraq announced Wednesday it would resume oil exports from the region later this week. Erbil had shut down exports in April, blaming the central government in Baghdad for withholding payments owed to international oil companies working in the semi-autonomous north. The region's Ministry of Natural Resources said the resumption was a goodwill gesture meant to encourage the central government to settle the outstanding payments. With foreign companies seemingly focusing their financial energy in northern Iraq, however, the gesture may be more of a power play than a confidence-building effort.
Argentina is making few friends in the fossil fuels industry these days. Sam Logan, owner of Southern Pulse, speaks to Oilprice.com about the politics of populism behind Argentina’s energy aggression.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow.
Royal Dutch Shell is one of six energy companies hoping to begin drilling for oil and gas in the Arctic next month, and the U.S. Coast Guard is billions of dollars short of what it needs to monitor and protect those operations, according to a report.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks at where oil and precious metals are likely headed tomorrow as Fed Chairman Ben Bernanke delivers his second day of testimony on Capitol Hill.
CNBC's Sharon Epperson takes a look at the factors behind oil's recent rally and how the surge will impact prices at the pump.
Sentiment in the oil market may start turning positive as prices begin reflecting expectations of tighter supply in the second-half, but lingering worries of a global economic slowdown still present a downside risk, according to CNBC's weekly survey of oil market sentiment.
While tensions between Britain and Argentina have been rising as a natural response to the 30th anniversary of the Falkland Islands War, oil is the primary driver of a renewed Falkland dispute that will determine the fate of tens of billions of dollars in black gold.
No commercially exploitable oil had been discovered in Kenya until Tullow Oil began drilling this year in the blazing savanna of the Rift Valley, about 250 miles northwest of Nairobi, the New York Times reports.
CNBC's Sharon Epperson on oil price action in the day ahead, with an outlook on EU sanctions against Iran and tomorrow's meeting with Western countries about its nuclear program.
The DOE's Energy Information Administration expects the cartel's share to remain at the current 40 percent, while US domestic output rises.
Airlines, trucking companies and other big energy consumers are betting on further oil price falls, with many reluctant to lock in at current levels amid fears prices could plunge if the global economy weakens further. The FT reports.
The markets jump on reports central banks are putting plans in place to prepare for the Greek elections; UK bankers say they will take whatever steps necessary to protect their currency; the video game industry continues its free fall; Allen Stanford is sentenced to 110 years in jail.
CNBC's Kelly Evans reports OPEC leaders agree to keep its oil production ceiling unchanged.
"People are being less concerned about sanctions against Iran," Richard Hulf, fund manager at Artemis Investment Management, told CNBC. However, they are more concerned about a slowdown in the economy, "the euro zone, the U.S. fiscal cliff towards the end of the year, general slowdown in industrial consumption, so the oil price has come down. So this sets a scene for quite a sparky meeting," he added.
Edward Morse, Head of Commodities Research, Citi says that lots more driving taking place in the U.S. now than four months ago, but gasoline demand is still at the low end when compared over a six year period.
Dominic Schnider, Head Commodity Research, UBS Wealth Management, UBS Wealth Management says there is enough oil supply in the short-term and that production actually needs to be cut by half a million barrels. But he expects oil prices to remain high at about $90.