News

Opinion: OPEC meets again but has it had an impact on oil prices?

Opinion: OPEC meets again but has it had an impact on oil prices?

Structural factors in oil market more important than OPEC cuts   By John Kemp LONDON, May 24 Ministers from OPEC and non-OPEC oil exporters are meeting in Vienna today and tomorrow to decide whether to extend production cuts that have been in effect since the start of the year. The formal conference comes after extensive […]

US crude stocks down 4.4 million barrels

US crude stocks down 4.4 million barrels

US crude stocks at lowest point since mid-February The Energy Information Administration reported on Wednesday that US crude stocks fell for the seventh straight week as refiners processed near record amounts of crude last week. Along with the 4.4 million barrel drop in crude inventories, the EIA reported gasoline and distillate inventories also fell. Crude […]

OPEC supply cuts expected to be expanded into 2018

OPEC supply cuts expected to be expanded into 2018

OPEC supply cuts extension pushed by Saudi Arabia Ministers and delegates attending the meeting of the Organization of Petroleum Exporting Countries in Vienna this week say the OPEC supply cuts agreement is likely to be extended and sources say the group will also discuss how to tackle the stubborn global crude glut. Top producer Saudi Arabia […]

Oil prices edge up on possible OPEC extension, US drawdown

Oil prices edge up on possible OPEC extension, US drawdown

Oil prices up in seesaw trading Oil prices rose slightly in trading on Tuesday as investors considered an extension of OPEC supply cuts and another drop in US crude stocks against a proposal from the White House to sell half of America’s petroleum reserves. As of 11:49 a.m., Brent crude was up 9 cents to […]

Opinion: Hedge funds shuffle positions as OPEC decision nears

Opinion: Hedge funds shuffle positions as OPEC decision nears

Hedge funds rebuilding bullish long positions By John Kemp LONDON, May 22 (Reuters) – Hedge funds have started to rebuild bullish long positions in crude oil as OPEC prepares to extend its production cuts for an additional nine months. Hedge funds and other money managers increased their net long position in the three major futures […]

Oil-fired power plants provide small amounts of US electricity

Oil-fired power plants provide small amounts of US electricity

 Oil-fired generators generally used to meet peak demand electricity times Roughly 70 per cent of petroleum-fired electric generating capacity that still exists today was constructed prior to 1980, according to the US Energy Information Administration. Utility-scale generators that reported petroleum as their primary fuel comprised only 3 per cent of total electric generating capacity at the end […]

Report shows Marcellus production skyrocketing despite fewer wells

Report shows Marcellus production skyrocketing despite fewer wells

Pennsylvania production was roughly 378.9% less natural gas than 2016 By Nicole Jacobs, EnergyInDepth The Pennsylvania Department of Environmental Protection (DEP) released its annual oil and gas report this week, and it is chock full of great news for the Commonwealth. Not only is production skyrocketing despite a decrease in new shale well permits, the […]

Energy-saving lighting control more likely used by large commercial buildings

Energy-saving lighting control more likely used by large commercial buildings

 Commercial buildings have begun using more efficient lighting types according to EIA survey The most recent Commercial Buildings Energy Consumption Survey (CBECS) collected new information about lighting control technologies and strategies in the United States in 2012, according to the US Energy Information Administration. Compared with other investments in energy efficiency—such as upgrading heating, ventilation, and […]

OPEC net oil revenues in 2016 were lowest since 2004

OPEC net oil revenues in 2016 were lowest since 2004

Saudi Arabia has consistently earned more oil export revenues than any other OPEC member Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 billion in net oil export revenues in 2016, the lowest since 2004, according to the US Energy Information Administration. In real dollar terms, the 2016 revenue represents a 15 per […]

OPEC supply cuts could be deepened, extended: sources

OPEC supply cuts could be deepened, extended: sources

Panel reviewing options for OPEC supply cuts An OPEC panel reviewing options available to cartel members looking for ways to drain global crude inventories is considering deepening and extending the OPEC supply cuts agreement, according to Reuters sources. OPEC and 11 non-OPEC members participating in the production cut agreement will meet in Vienna next week to […]