01/09/2015
U.S. oil production has begun to drop in response to low oil prices, but not as dramatically as many had anticipated. Oil companies have cut back spending significantly in response to the fall in the price of oil. The number of rigs that are acti..
01/09/2015
Stephanie Yang Crude oil settling more than 10 percent higher on Thursday, for a sharp snap back after hitting a six-year low early this week. The rally buoyed energy stocks, which climbed almost 5 percent by the closing bell. H..
01/09/2015
Despite the two-day rally in oil, the volatility will continue over the next month or two, with the lows likely coming sometime in September or October, the former president of Shell Oil said Friday. However, "in the November, ..
01/09/2015
Alexandra Gibbs On Thursday, oil prices soared over 10 percent, pushed by positive U.S. data and a recovery in financial markets, but by Friday, oil was keeping investors on their toes. On Friday, both Brent and WTI crude s..
31/08/2015
Saudi Arabia is preparing to cut billions of dollars from its budget amid a steady drop in crude oil prices, a Bloomberg report suggests. Reportedly, Riyadh is currently working with advisers to review capital spending plans and delay some projects. ..
31/08/2015
Opec is powerless to arrest the slide in oil prices unless other producers such as Russia match any cuts in output, according to a former president of the group. With oil prices plummeting due to global oversupply, the Organisation of the Petroleu..
31/08/2015
Once upon a time, talk of an emergency OPEC meeting would have rippled through oil markets, likely triggering at least a brief rally in prices. DUBAI/LONDON: Once upon a time, talk of an emergency OPEC meeting would have rippled through oil markets,..
31/08/2015
Vivian Nereim Arif Sharif Saudi Arabia’s pledge to maintain its dollar currency peg, amid oil’s slump to a seven-year low, is likely to be followed by its smaller Gulf neighbors. Ahmed Alkholifey, the Saudi central bank’s deputy g..
31/08/2015
In the short-term, Janet Yellen could be the only hope that oil bulls have left. Oil prices have continued to plummet, except on August 24, they were no longer alone. Stock markets around the world crashed on what is becoming known as “Meltdow..
31/08/2015
TEHRAN (FNA)- Iranian Oil Minister Bijan Namdar Zanganeh said on Tuesday called on certain crude exporters to lower excess production to give Tehran back its share of the market, cautioning that Tehran will soon start with 1mbpd of exports under any ..
31/08/2015
Opec: bunker costs have broadly followed the 60% fall in crude oil prices since mid-2014. Opec: bunker costs have broadly followed the 60% fall in crude oil prices since mid-2014. Tanker owners might suffer a double hit from Middle East oil pro..
31/08/2015
As the selloff in global markets converge with growth concerns to drive down oil prices, analysts are weighing the odds that OPEC could be forced into a production cut. In the middle of mounting speculation that major oil producing countries could c..
28/08/2015
Around 90 per cent of the country's revenue comes from oil (Source: Getty) There's no escaping the market meltdown - even Saudi Arabia, which for years has revelled in its oil-rich economy, is having to consider austerity measures. &nbs..
25/08/2015
Oil prices resumed their downward trend on Friday pulled lower by weaker global stock markets and a sharp contraction in China's manufacturing activity, with the US benchmark on track for its longest weekly losing streak since 1986. Ac..
25/08/2015
Anthony Starkey With WTI on the precipice of breaking below $40/bbl, chatter abounds on just how low oil prices can go from here, with some discussing prices in the low $30s, or potentially lower. While this type of price action is not without ..
25/08/2015
The oil price was near its lowest in more than a decade, cash reserves were being depleted, emerging markets were in turmoil and Saudi Arabia was beginning to panic. “It was a very scary moment,” said Khalid Alsweilem, former..
25/08/2015
The Texas RRC Oil & Gas Production Estimates are in. By now everyone should know that the Texas oil and gas data is incomplete and the drooping data lines will eventually look more like the EIA lines as the more and more data comes. The EIA data i..
25/08/2015
OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’..
25/08/2015
TEHRAN, Aug. 20 (UPI) -- Once sanctions pressure on the energy sector is released, Iran must work to reclaim its share of the global market, a government spokesman said. Iran, under the terms of a November 2013 agreement, is allowed some oil exp..
25/08/2015
“No one can set the price of oil. It’s up to Allah,” said Saudi Arabian Oil Minister Ali al-Naimi in May. But less devout people believe that Saudi Arabia has been trying very hard to set the price of oil – and to set it low. ..
25/08/2015
New EIA data sparked yet another sell off for crude oil, with WTI declining by more than 4 percent on August 19, and Brent down by 3.8 percent. The last time oil was this low, the global economy was digging out of a massive financial meltdown. Thi..
25/08/2015
By Alex McGuire, Associate Editor, Money Morning • @AlexMcGuire92 • August 20, 2015 Yesterday (Wednesday), the Associated Press (AP) reported that Iran will be permitted to use its own experts to inspect Parchin – one of the countr..
25/08/2015
Yesterday’s 2.6 million barrel build to crude stocks from the US weekly inventory report has has sucker-punched oil prices lower once more. A drop in refinery utilization – combined with imports popping above 8 million barrels per day..
25/08/2015
A Gary Shilling, Bloomberg News In February, I predicted that crude oil prices would drop to US$10 to US$20 a barrel. At the time, the price of West Texas Intermediate was US$54, down from US$74 in November, when OPEC decided not to cut productio..
25/08/2015
(John Kemp is a Reuters market analyst. The views expressed are his own) By John Kemp LONDON Aug 20 (Reuters) - U.S. crude imports topped 8 million barrels per day (bpd) last week for only the second time this year, spurring an unexpected rise ..
25/08/2015
Pressure is building on Saudi Arabia from members within the Organisation of the Petroleum Exporting Countries (Opec) to agree to an emergency meeting to arrest plummeting oil prices. The Telegraph understands that Opec’s secretary general, ..
25/08/2015
Valero’s oil refinery in Memphis, Tenn. Refineries dialing back operations could send crude prices even lower. Photo: Luke Sharrett/Bloomberg News As crude oil teeters on the edge of the $30s, it isn’t necessarily China or Saudi Arabia t..
25/08/2015
By Robert Feinberg Dennis Gartman, founder and editor of The Gartman Letter, predicts the crude-oil price freefall will end in “panic liquidation,” bankruptcies, and distress mergers. He cites a “huge spread” ..
24/08/2015
Offshore staff LONDON – Production from the Te Giac Trang field offshore southern Vietnam has been averaging 33,600 boe/d. This is below expectations, according to partner SOCO International, and caused partly by drilling delays. Output m..
24/08/2015
Offshore staff LONDON – First oil and gas has flowed from the H5 wellhead platform (H5-WHP) on the Te Giac Trang (TGT) field in the Cuu Long basin offshore southern Vietnam. According to partner SOCO International, start-up was over a mon..
24/08/2015
Offshore staff TOKYO – JOGMEC has agreed to provide equity financing to two Japanese oil companies for exploration offshore Vietnam. Earlier this week Idemitsu and Sumitomo signed a production-sharing contract (PSC) with PetroVietnam for ..
24/08/2015
EBR Staff Writer Talisman Energy has awarded front end engineering and design (FEED) contract to Wood Group for the subsea development of the Ca Rong Do field offshore Vietnam. Under the contract, Wood Group Kenny (WGK) will conduct comprehensi..
24/08/2015
Wood Group has been awarded the FEED contract for the subsea development of the Talisman Energy Ca Rong Do Field offshore Vietnam, the company said in a news release. The field is estimated to contain about 67 million barrels of oil equivalent. ..
24/08/2015
A US$1.8 billion project to expand Dung Quat, Vietnam’s only oil refinery, is expected to start by the first quarter of 2016, its operator has said. Vietnam News Agency on Thursday quoted Dinh Van Ngoc, general director of Binh Son Refining an..
24/08/2015
The oil flow is from the 433a and 416b lots of Bir Sebaar (BRS) oil exploration project, jointly run by PVEP in a venture with Algeria’s SONATRACH and Thailand’s PTTEP. The Vietnamese firm holds a 40 percent stake in the consortium..
24/08/2015
Vietnam's national gas and oil group, better known as PetroVietnam, has recently forecast a "serious" funding shortfall of about VND70 trillion (US$3.16 billion) to develop government-approved projects over the next five years, news website VnEconomy..
24/08/2015
The retail prices of 92-octane (92 RON) petrol, and E5 bio-fuel were cut by VND768 (USD0.035) per litre from 3pm today (August 19) according to the Ministry of Industry and Trade (MoIT). The prices of 92 RON, the most popular grade of petrol in Vi..
24/08/2015
VGP – Viet Nam and the Republic of Dagestan agreed to exploit oil in the Caspian Sea, announced Dagestan’s Government Office on August 18. Dagestan’s PM Abdusadam Gamidov yesterday welcomed representatives of the Viet Nam Oil and..
20/08/2015
By Roland Head At just $49 per barrel, Brent crude oil is 28% lower than at the start of May and more than 50% lower than it was one year ago, when oil was still trading at over $100 per barrel. Oil firms have responded by slashing expenditure an..
20/08/2015
Tom Dispatch Why an Oil Glut May Lead to a New World of Energy The plunge of global oil prices began in June 2014, when benchmark Brent crude was selling at $114 per barrel. It hit bottom at $46 this January, a near-collapse widely viewed as a majo..
20/08/2015
Adam Garfinkle At this time last year, oil was trading just above $100 per barrel. Today, Brent crude is selling for just $49 per barrel, a staggering 50 percent drop that’s put producers around the world under pressure. Saudi-led OPEC hasn&..
20/08/2015
Peter Prazic, MA Exxon Mobil CorporationOil prices may look dismal at the moment, but they are even worse when you consider that summer demand is supposed to be the highest of all year. Oil is in such dire straits that it may even sink to as low a..
20/08/2015
Ravender Sembhy Saudi Arabia's attempt to crush the US shale industry is backfiring. Brent crude is trading at about $48.52 (£31) per barrel, compared with $107 (£69, €98) in June 2014, largely due to massive overproduction by Riy..
10/08/2015
Offshore staff LONDON – Production from the Te Giac Trang field offshore southern Vietnam has been averaging 33,600 boe/d. This is below expectations, according to partner SOCO International, and caused partly by drilling delays. Output m..
10/08/2015
Offshore staff NORTH SYDNEY, Australia – PanPacific Petroleum has issued an update on development planning for block 07/03 offshore Vietnam. Operator Repsol (Talisman) should finalize plans for the CRD oil and gas discovery in either late..
10/08/2015
An atmospheric distillation unit, a key component for oil refineries, arrives at Vietnam's Nghi Son Port. NGHI SON, Vietnam -- Idemitsu Kosan is part of a joint venture constructing a massive oil refinery in Vietnam. For the Japanese partner, bui..
10/08/2015
Vietnam produced an estimated 1.45 million tonnes, or 343,000 barrels per day (bpd), of crude oil in July, up 14.4 per cent from the same month last year, the government said on Wednesday. The actual output last month was revised up at 1.47 millio..
10/08/2015
Retail petrol prices were revised down 816 VND per litre as of 3 pm on August 4, marking the 13 th price adjustment this year. According to the Ministries of Industry & Trade and Finance, RON 92 petrol will cost no more than 19.304 VND per litre a..
20/07/2015
Vietnam has revised up its crude oil output target for 2015 amid concerns that a production shortfall will slash economic growth, but the potential to lift output may be limited given the country's aging oil fields and low global oil prices. The c..
17/07/2015
Europe’s economic health and the US dollar are key to maintaining oil prices. As strained negotiations between the Greek government and European financial ministers enter the end-game, the impact on energy markets remains uncertain, a report..
17/07/2015
A brief period of high profitability for the world's oil refineries is likely to come to an end as quickly as it began, the International Energy Agency (IEA) said. Weak crude oil and relatively high prices for gasoline, diesel and petrochemical fe..
17/07/2015
Any nuclear deal between Iran and six world powers loosening sanctions against Tehran could flood an oversupplied oil market with more fuel, yet sectors like cement and steel would see a rise in demand as the country works to revitalise its economy. ..
17/07/2015
Tamar Essner, energy analyst at Nasdaq Advisory Services It took until July, but the crude-oil markets have managed to ignore Chinafor most of the year so far. The price volatility that saw an 11-percent selloff in oil futures in the first quarter f..
17/07/2015
China regained its status from the U.S. as the world’s biggest crude oil importer as shipments surged to fill the Asian country’s strategic petroleum reserves. Overseas purchases by China rose to 29.49 million metric tons in June, a 27 p..
17/07/2015
Zachary Storella Weekly Large Trader COT Report: WTI WTI Crude Oil: COT Futures Sentiment CFTC COT data shows speculator’s bets dropped last week WTI Crude Oil Non-Commercial Positions: Futures market traders and large oil speculators sh..
17/07/2015
Houston (Platts) US crude oil production from shales is projected to fall for the fourth month in a row in August to 5.357 million b/d, a drop of 91,000 b/d from July estimates, the US Energy Information Administration said Monday in its latest Dril..
17/07/2015
Nick Cunningham Oil prices may have firmed up a bit this spring, but we could be heading into another protracted period of weak prices. First there are the demand risks. The Chinese stock market turmoil raises serious concerns over a potential fi..
17/07/2015
James Stafford What OPEC countries fear most is a follow-up technological revolution that will lead to a second oil boom in the U.S., and that fear is now being realized. A technological revolution spurred the U.S. oil boom that resulted in the g..
16/07/2015
Bruce Kennedy After weeks of negotiations, deadline extensions, threats to walk away from the talks and promises to work out the sticking points, a long-sought-after international agreement with Iran could be within reach. Six nations, including th..
10/07/2015
Stocks fell across the globe in response to Greece's 'No' vote in a referendum on whether to accept the latest bailout package offered by its European creditors. The big loser, amid selling in markets from Asia to Europe to the US, was crude oil. Fi..