Saudi Arabia and the United Arab Emirates have opened new pipelines bypassing the Strait of Hormuz, the shipping lane that Iran has repeatedly threatened to close, in a move that will reduce Tehran’s power over oil markets, the Financial Times reports.
Iran has announced plans to start building its first nuclear submarine—a piece of advanced military technology that only the most powerful nations on earth are even able to construct—and which runs on uranium enriched to such a level that it can double as the fuel source for a nuclear bomb.
Prices of commodities from oil to copper have fallen sharply. Money is flowing out of the sector and some investors are questioning the so-called commodities ‘supercycle’ – the mantra that prices will rise and rise, underpinned by Chinese growth, the Financial Times reports.
Washington is sending contradictory signals about two proposed natural gas pipelines that could begin to alleviate Pakistan's chronic energy shortages.
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.
Investor Dennis Gartman tells "Fast Money" which way he thinks crude oil will be going in the second half of this year.
Of all the major oil-producing countries in the world, only four are showing a long-term decline in production capacity by 2020. Factors like the recent showdown with Iran over its nuclear program are more influential, according to a Harvard University report.
Radical Islamist Mohammed Morsi won Egypt's first election since Mubarak, and now he says he wants to "re-think" peace with Israel. Radio talk show host John Batchelor, offers insight.
John Hofmeister, founder and CEO of the nonprofit Citizens for Affordable Energy and Shell Oil’s former U.S. CEO, tells CNBC that looming EU sanctions aimed at punishing Iran for continuing its nuclear program will be “a non-event.”
In one week, a EU-wide ban on Iranian oil goes into effect along with EU-wide ban on insuring any ship carrying Iranian oil, with John Hofmeister, Shell's former president & CEO.
Oil fell to its lowest levels in a year and a half on Thursday, the outlook for oil remains weak and sanctions imposed on Iran are likely to make matters worse, Dan Yergin, co-founder and chairman of energy research consultancy Cambridge Energy Research Associates (IHS CERA) told CNBC.
In ten days on July 1st a sweeping European Union ban on Iranian imports will go into effect in response to the Islamic Republic’s burgeoning nuclear program. In addition, and just as importantly, EU based insurance firms will no longer be able to insure any ship carrying Iranian oil.
Though Turkey was one of several countries to receive a temporary waiver from U.S. sanctions, it is looking to Saudi Arabia and Libya for crude oil, as well as a number of other energy sources.
CNBC's Kelly Evans reports OPEC leaders agree to keep its oil production ceiling unchanged.
Ali al-Naimi, Saudi Arabia’s highly influential oil minister is once again the center of attention at OPEC's meeting this week, with reporters hanging on every word from a man some describe as the ‘Central Banker of Oil’.
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.
A twenty-five percent plunge in oil prices might seem to make curbing the supply of crude a no-brainer for the world’s oil producers. And yet it looks increasingly possible that the 161st ordinary meeting of OPEC in Vienna this week could end in a virtual stalemate
As the countdown draws to a close for the start of OPEC’s deliberations in Vienna on Thursday, two of its heavyweight members could once again clash over critical policies at a time when the cartel is struggling to maintain its influence.
Benchmark oil prices may trade within a tight range this week as participants wait for the outcome of a repeat Greek election on June 17 and the Organization of the Petroleum Exporting Countries (OPEC) meeting to decide production policy on Thursday in Vienna, according to CNBC's weekly survey of oil market sentiment.
Tom Essaye, President, Kinsale Trading says there will be no change to OPEC's output ceiling.