Author Archive: AEN Staff

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Opinion: Oil traders hunt for shale pain threshold

Opinion: Oil traders hunt for shale pain threshold

Most shale producers need $45-$50/barrel oil to break even By John Kemp LONDON, June 21 (Reuters) – Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower. U.S. exploration and production firms have hired 530 extra drilling […]

Oil prices fall despite drop in US crude stocks

Oil prices fall despite drop in US crude stocks

Oil prices headed for weakest performance for first six months of a year since 1997 Oil prices fell about two per cent to a 10-month low in heavy trading on Wednesday despite data from the US Energy Information Administration that showed a drop in US crude and gasoline inventories. Brent crude futures ended the day […]

Opinion: Saudi Arabia eases austerity just as oil prices decline

Opinion: Saudi Arabia eases austerity just as oil prices decline

  In 2016 Saudi Arabia earned less than half from petroleum exports than in 2013 By John Kemp LONDON, June 21 Saudi Arabia’s decision to reverse some of last year’s austerity measures coincides with a renewed decline in oil prices and complicates the financial and economic outlook for the kingdom. All allowances, bonuses and financial […]

Renewable energy sources not harmful to US grid reliability

Renewable energy sources not harmful to US grid reliability

Renewable energy groups brace for Trump administration analysis Two companies concerned that the Trump administration will soon release a report undermining renewable energy industries released their own report on Tuesday. In mid-April, Energy Secretary Rick Perry directed the Department of Energy to conduct a study to “explore critical issues central to protecting the long-term reliability of […]

Tropical Storm Cindy threatens to hit oil refining, production centres

Tropical Storm Cindy threatens to hit oil refining, production centres

Tropical Storm Cindy affects gasoline prices On Tuesday, oil refining and production facilities braced for the arrival of Tropical Storm Cindy, a system developing in the US Gulf of Mexico that is expected to move inland over western Louisiana and eastern Texas on Thursday. The Gulf Coast storm forced the Louisiana Offshore Oil Port to […]

Oil prices: Brent to seven-month lows, US crude to nine-month lows

Oil prices: Brent to seven-month lows, US crude to nine-month lows

Oil prices down about 2 per cent Tuesday Oil prices fell about 2 per cent on Tuesday as investors’ concerns about over supply overshadowed news of high compliance with the OPEC supply cut deal. Brent settled at seven-month lows and US crude dropped to its lowest value since September, 2016. At the end of the […]

OPEC supply cut participants reach 106 per cent compliance in May

OPEC supply cut participants reach 106 per cent compliance in May

OPEC supply cut deal undercut by increased US, Libyan, Nigerian production Participants in the OPEC supply cut pact reached 106 per cent compliance with their pledges, according to Reuters’ sources familiar with the matter. OPEC members taking part in the agreement complied 108 per cent with their commitments while non-OPEC participants’ compliance was at 100 […]

OPEC should heed lessons from Achnacarry Agreement

OPEC should heed lessons from Achnacarry Agreement

The Achnacarry Agreement was an early attempt to restrict petroleum production By John Kemp Preamble from the Achnacarry Agreement LONDON, June 20 (Reuters) – OPEC members are struggling to protect their revenues in the face of renewed competition from U.S. shale producers and other suppliers outside the organisation. OPEC’s revenues from petroleum exports have fallen […]

Exxon, BP support carbon tax plan by elder Republican statesmen

Exxon, BP support carbon tax plan by elder Republican statesmen

Carbon tax plan calls for $40/tonne of CO2 produced Global oil companies including Exxon Mobil and BP Plc are throwing their support behind a carbon tax plan put together by a group of Republican statesmen, according to an advertisement in the Wall Street Journal on Tuesday. The carbon tax plan calls for a $40 tax […]

Cenovus CEO to be replaced, noncore asset up for sale

Cenovus CEO to be replaced, noncore asset up for sale

Cenovus CEO Brian Ferguson replaced after ConocoPhillips deal Cenovus CEO Brian Ferguson will be replaced after the unpopular deal to purchase ConocoPhillips oilsands assets in March sent company shares plummeting by half, wiping out nearly $7 billion in value. Following the announcement, shares in the Alberta oilsands company fell a further 10 per cent. The […]