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What would the end of OPEC mean?

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The Organization of the Petroleum Exporting Countries – the oil market institution that has exerted an unyielding power over the price of crude for nearly 60 years – is now in deep crisis. The latest OPEC meeting in Vienna offered new insights into the cartel’s raging civil war that is tearing it apart and threatens Read More

N.Y. Fed's U.S. fourth-quarter GDP growth holds near 2.4 percent

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NEW YORK (Reuters) – The U.S. economy is growing at a 2.42 percent pace in the fourth quarter as stronger-than-expected November data on industrial output offset the steepest drop in import prices in over three years last month, the New York Federal Reserve’s Nowcast model showed on Friday. This was little changed from the 2.44 Read More

Torchlight Completes the Drilling Phase of its A39 #1 Well in the Company’s Orogrande Basin Project

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PLANO, Texas, Dec. 14, 2018 (GLOBE NEWSWIRE) — Torchlight Energy Resources, Inc. (TRCH) (“Torchlight” or the “Company”), today announced that the Company has completed the drilling phase of the A39 #1 well in its Orogrande Basin drilling program with operator Maverick Operating and drilling partner Wolfbone Properties. The A39 #1 was drilled to a vertical depth of 4,035 Read More

Protesters besiege Hungarian parliament, clash with police over ‘slave law’ (VIDEOS)

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A controversial labor bill dubbed the ‘slave law’ has sparked an angry public response in Hungary. Protesters have clashed with police outside the parliament as thousands staged a massive rally in Budapest. Thousands of people marched through the Hungarian capital on Wednesday, in an attempt to discourage lawmakers from approving a controversial amendment to the Read More

Wood. reports 2018 pre-close trading update

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12/13/2018 ABERDEEN — Our positive trading momentum has continued and our full year results will demonstrate good organic revenue growth. We have delivered a stronger second half, due to our typical second half bias and the phasing of cost synergies, projects and the wider market recovery. We expect full year revenue to be up over Read More

South Korea stopped importing condensate from Iran before receiving sanctions waivers

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December 13, 2018 Source: U.S. Energy Information Administration, based on ClipperData, LLC South Korea, the world’s leading importer of condensates, has sought alternatives to partially offset declines in imports of Iranian condensates during the past few months, particularly in light of U.S. sanctions on Iranian exports of crude oil and condensate. South Korea purchased close Read More

IEA sees global oil supply tightening more quickly in 2019

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LONDON (Reuters) – The global oil market could move into deficit sooner than expected thanks to OPEC’s output agreement with Russia and to Canada’s decision to cut supply, the International Energy Agency said on Thursday. FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched the modern petroleum industry Read More

For one week in November, the U.S. was a net exporter of crude oil and petroleum products

3 days ago DieselGasoil Comments Off on For one week in November, the U.S. was a net exporter of crude oil and petroleum products
December 12, 2018 During the week ending November 30, 2018, the United States exported more crude oil and petroleum products than it imported for the first time in weekly data going back to 1991. From November 24–30, the United States exported an estimated record 3.2 million barrels per day (b/d) of crude oil as well Read More

Vestas receives largest order to date in India with 252 MW EPC project from auction

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News release from Vestas Asia PacificSingapore, 12 December 2018 Leveraging Vestas’ experience from more than 4 GW of turnkey projects across the globe, Vestas has received an order for a 252 MW Engineering, Procurement and Construction (EPC) project in India. The order is Vestas’ largest order to date in India and placed by Vivid Solaire Energy Read More