*Aim to keep pressure on Russia over Ukraine. BRUSSELS, Dec 18- The European Union banned investment in Crimea on Thursday, halting European help for Russian Black Sea oil and gas exploration and outlawing European cruise ships from calling at Crimean ports. EU leaders, who meet in Brussels later on Thursday, will pledge to keep up pressure on Russia over its role in...» Read More
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.
The US Department of Justice intends to prove at trial that gross negligence or willful misconduct by BP caused the 2010 Deepwater Horizon disaster in the Gulf of Mexico, government lawyers have said, in the clearest statement yet that they are seeking the maximum possible penalties from the British oil group. The FT reports.
Geopolitical and economic issues are shaping the price of oil more than worries about supply.
'Senior' Colombian oil stocks are just above 50 percent of their highs, and the rest are anywhere from 20-50 percent of their highs.
Is our energy future one of falling prices and plentiful supply or should we prepare for declining supply and sky high prices?
The Venezuelan president pledged to invest $130 billion in Venezuela's Orinoco Oil Belt between 2013 and 2019 to boost national production from 3 million barrels per day to 6 million bpd, doubling output to make it OPEC’s second-largest producer after Saudi Arabia, knocking Iran into third place.
Nothing infuriates Americans more than volatile, spiking gasoline prices. But often the causes given for gasoline price hikes seem contrived.
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.”
Turkey’s dependence on imported oil is hampering its growth, and is likely to continue doing so as the country’s prosperity increases, regional analysts and energy experts say.
Gulf states are planning to use ray guns to protect their oil and gas infrastructure and also dissuade pirate attacks.
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.
As a result of a Congressional mandate passed in 2005 and expanded in 2007, over 40 percent of this year’s greatly depleted corn crop will be diverted from food and livestock, and instead be sold at the gas pump. We are trading our precious, fertile acres of farmland for a small dent in our oil usage. We are prioritizing our goal to reduce oil dependence over providing food to people.
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.
Struggling Australian steelmaker BlueScope Steel's nearly $1.4 billion joint venture with Japan's Nippon Steel signals the company is on the path to recovery, its CEO Paul O'Malley told CNBC on Monday after the deal was announced.
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.
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.”
Retail gasoline prices in the U.S. Midwest were as much as 50 cents higher than in the rest of the country this week, and a number of contributing factors are to blame.