Author: RittaFarr
After Targeting U.S. Farms, China Can Strike America’s Shale
China’s tariffs in one corner of the energy market signal U.S. shale fields may follow the nation’s farms as a target if a trade war escalates. Beijing on Wednesday took aim at America’s rural heartland by proposing levies on politically sensitive farm commodities such as soybeans, which were among 106 U.S. products targeted. The list also included petrochemicals and liquefied ...
How soaring US oil exports may derail the crude rally, an energy expert says
he U.S. is exporting crude oil at a record pace with no signs of slowing down. That has the potential to unbalance a global oil market in recovery, says energy expert Tom Kloza. “The exports are what we need to focus on through the next 30 days,” Kloza, co-founder of the Oil Price Information Service, told CNBC’s “Futures Now” last week. High U.S. production could dec...
Saudi Arabia and Iran’s ‘intensifying’ feud could soon end OPEC-led supply cuts, strategist says
Elevated geopolitical tension between Saudi Arabia and Iran could soon threaten the unity of an OPEC-led pact to keep oil prices in check, according to one commodity strategist. “Saudi Arabia-Iran tensions appear to be intensifying. While this provides a geopolitical premium in oil for now, it could develop cracks in OPEC’s unity, which could end the pact prematurely,” Nitesh Shah, commodities str...
Baker Hughes, GE sign contract with Iraq to process natural gas at…
BAGHDAD (Reuters) – Baker Hughes and General Electric signed a contract with Iraq’s government on Monday to process natural gas extracted alongside crude oil at two fields in southern Iraq, the oil ministry said. The plan was first announced by GE last July and is part of Iraq’s efforts to stop flaring gas associated with oil by 2021. Iraq continues to flare some of this gas because it lacks...
Bahrain’s Biggest Oil Find Since 1932 Dwarfs Reserves
Bahrain, the smallest energy producer in the Persian Gulf, discovered its biggest oil field since it started producing crude in 1932, according to the country’s official news agency. The shale oil and natural gas discovered in a deposit off the island state’s west coast “is understood to dwarf Bahrain’s current reserves,” Bahrain News Agency reported, without giving figures. U.S. consultants DeGol...
ExxonMobil Liberian oil deal went ahead despite anti-corruption concerns
ExxonMobil worked with a company connected to a senior Conservative party figure to transfer an oil asset in Liberia despite “concern over issues regarding US anti-corruption laws”, the Guardian can reveal. Documents seen by the Guardian show that ExxonMobil proposed a complex financial arrangement to move the rights to a Liberian oil block through two financial transactions on the same day, after...
API data reportedly show a hefty weekly rise in U.S. crude supply
U.S. crude stocks rose last week as refineries boosted output, while gasoline and distillate stocks fell, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories rose by 5.3 million barrels in the week ended March 23 to 430.6 million, compared with analysts’ expectations for a decrease of 287,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub ro...
Oil buoyed by Saudi talk of extending output cuts into 2019
Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019. Read Full Article Here: https://www.cnbc.com/2018/03/22/oil-focus-on-saudi-arabia-comments-that-curbs-could-last-into-2019.html
Crown Prince Mohammed bin Salman is moving on to his next target: Iran
With hostilities rising, a broader war in the Middle East is seeming more inevitable, says John Kilduff. Read Full Article Here: https://www.cnbc.com/2018/03/20/crown-prince-mohammed-bin-salmans-next-target-iran.html
Oil prices rise on report of falling US crude stockpiles, Middle East tensions
Oil prices rose for a second day on Wednesday, trading at six-week highs, after preliminary data showed a surprise decline in U.S. crude inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market, even though refinery maintenance reached a peak this month. But with the hardening stance o...
Tillerson’s firing raises doubts about the Iran nuclear deal, injects uncertainty into oil markets
The firing of Secretary of State Rex Tillerson clouds the outlook for the Iran nuclear deal and introduces uncertainty to the oil market. Read Full Article Here: https://www.cnbc.com/2018/03/13/tillersons-firing-injects-uncertainty-into-oil-markets.html
Rex Tillerson is unlikely to work for Big Oil again
In the span of only a week, two of the most senior former business executives who have served in Trump’s orbit are gone, presumably free to return to corporate America and collect lucrative board seats or offer consulting services on the ways of Trumpworld. But while there appears to be little reason former Goldman Sachs president and top economi...