In less than two decades, the United States will turn out to be a net exporter of oil in the world. By 2025, North America will become an oil exporter as well because of increasing production and energy efficiencies as predicted by Exxon Mobil Corp. Also, by 2025 the US is expected to become a leading exporter of natural gas as well as by 2035 it will develop into a self-reliant in energy. Therefore, up to 90% of Middle Eastern Oil will go to Asia by 2035. Continue reading
ConocoPhillips (COP) who was looking to sell its 8.4% interest in the troubled Kashagan oil field in Kazakhstan has finally found an Indian buyer. Oil & Natural Gas Corp. (ONGC), the Indian oil state group has announced its biggest overseas acquisition yesterday – ConocoPhillips $5.5 billion asset stake in the Caspian sea discovery. Continue reading
Even after two years of the Deepwater Horizon oil platform explored in the Gulf of Mexico, plenty of restoration efforts are going on. Continue reading
Ahead of the US presidential election, the prices on oil drops a little bit low as investors looked forward to watch the final result. Continue reading
Oil prices fell to a three month low in New York as Hurricane Sandy forced refineries on the US East Coast to shut down operations.
Oil futures declined 0.5 percent after retreating 0.9 percent yesterday. Phillips 66, Hess Corp., NuStar Energy LP (NS) and PBF Energy Inc. shut or pulled down output in an Continue reading
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A proposal for construction of two pipelines in Colorado has been put forth by Nustar Energy. The pipeline will commence from the Niobrara Shale Formation, near Watkins and Platville and connect to the Nustar Crude Oil Pipeline in Denver. Continue reading
European Union governments’ imposed sanctions target NIOC subsidiaries, National Iranian Gas Company, National Iranian Oil Refining and Distribution, and several Iranian banks. Continue reading
Saudi Arabia is taking pride in keeping oil prices stabilized for global economic growth despite a halving of Iranian exports because of oil embargo. It is also confident that the kingdom will meet present and future demand for oil, easing off concerns about escalating prices and uncertain supplies. Continue reading
Al Basrah Oil Terminal
Iraq oil exports rose to the highest level in more than three decades, Oil Ministry spokesman Asim Jihad confirmed on Monday. In September 2012, Iraq exports exceeded 2.6 million barrels per day (bpd) on an average compared to 2.565 million bpd in August. Basra accounted for 2.18 million bpd in August while the remaining shipments from northern Kirkuk were 420,000 bpd, including 10,000 bpd taken by truck through Jordon. Continue reading
There are concerns, that the weak economy is making oil prices fall. The prices on other petroleum related products are also coming down. Continue reading