Daily News

Cyprus, Egypt sign accord for Mediterranean gas pipeline

Cyprus and Egypt on Wednesday signed an agreement paving the way for the Mediterranean’s first subsea pipeline to carry Cypriot natural gas to the Arab country for re-export to Europe. “Today’s signing is an important milestone, not only for Cyprus but also the entire eastern Mediterranean region,” said Energy Minister George Lakkotrypis after he signed […]

By September 19, 2018 0 Comments Read More →

The US shale oil production increases in October by 79,000 bpd

The US shale oil production will increase in October 2018 by 79,000 barrels per day to 7.59 million barrels per day, according to the forecast of the the Energy Information Agency (EIA). A significant increase in yield is expected in three of the seven provinces where shale oil production is concentrated. It is most likely […]

By September 19, 2018 0 Comments Read More →

Iraq’s Oil Production Problem

Iraq’s oil production will only grow marginally over the next 10 years despite its potential capacity, which stands at as much as 7 million bpd, an analyst from IHS Markit has forecast. According to Christopher Elsner, OPEC’s second-largest producer will only be able to boost production to 5 million bpd over the next decade, and […]

By September 18, 2018 0 Comments Read More →

OPEC chief: Cartel must stay together as US sanctions Iran

OPEC must stick together for the good of the global economy as founding member Iran faces renewed U.S. sanctions, the head of the cartel said Tuesday — though he did not address how an already-tight market will make up for the loss of Iranian supply. Mohammed Sanusi Barkindo also said an agreement between OPEC and […]

By September 18, 2018 0 Comments Read More →

Russia’s Novak says oil at $70-80 per barrel is temporary and sanctions driven

Russian Energy Minister Alexander Novak said on Tuesday that oil prices of between $70 and $80 per barrel were only temporary and were driven by sanctions, adding that the long-term price would stand at around $50 per barrel. He said the $50 per barrel forecast was based on estimates by analysts and oil companies. Novak […]

By September 18, 2018 0 Comments Read More →

China’s diesel demand has peaked, gasoline to peak 2025 -CNPC research

China’s diesel demand has peaked and gasoline will peak in 2025, while natural gas demand will increase over the next two decades to feed a massive gasification campaign, according to a forecast released on Tuesday by a research arm on a state energy group. The research unit of China National Petroleum Corp (CNPC) also said […]

By September 18, 2018 0 Comments Read More →

Leave oil and gas out of US-China trade dispute, energy execs warn

Oil and gas should be left out of the escalating trade dispute between the U.S. and China, global energy executives told CNBC on Tuesday. “One of the things that could be damaging for the LNG (liquefied natural gas) industry in the U.S. is the taxes that could be levied on them by China and others,” […]

By September 18, 2018 0 Comments Read More →

U.S. official: Increase LNG exports to Europe to counter Russia

The United States needs to increase its natural gas exports to Europe to counter Russia’s increasing energy dominance in the region, a top Trump administration official warned. Europe is shifting away from coal and new pipelines from Russia to Europe could put the countries at the mercy of Gazprom, Russia’s largest gas producer. “Due to […]

By September 18, 2018 0 Comments Read More →

Obama Was Wrong: We Can and Did ‘Drill Our Way Out of the Problem’

When gas prices topped $4 per gallon in May 2011, President Barack Obama said, “We can’t just drill our way out of the problem.” Throughout his presidency, Obama stated some version of that sentiment every time he wanted to push to subsidize alternative energy sources. More than seven years later, human ingenuity, technological innovation, and […]

By September 18, 2018 0 Comments Read More →

The U.S. Calls On Russia To Cap Soaring Oil Prices

As crucial mid-term congressional elections in November draw near, the Trump administration is feeling the heat over higher oil prices. London-traded global oil benchmark Brent breached the $80 per barrel price point on Wednesday, its highest level since May 2. NYMEX-traded U.S. oil benchmark West Texas Intermediate Crude (WTI) reached over $70 per barrel on […]

By September 17, 2018 0 Comments Read More →