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Saudi Arabia to tender construction for Mecca 600MW solar project: energy ministry

15 hours ago DieselGasoil Comments Off on Saudi Arabia to tender construction for Mecca 600MW solar project: energy ministry
DUBAI (Reuters) – Saudi Arabia plans to tender a contract to build a 600 megawatt solar power project in Mecca, the country’s energy ministry said in a tweet on Sunday. The plant is part of a wider plan to build a 2,600 megawatt solar power project in Saudi city, which will be implemented in phases, Read More

Reaching for political heights? Trump's statement on Golan sparks int'l uproar

2 days ago DieselGasoil Comments Off on Reaching for political heights? Trump's statement on Golan sparks int'l uproar
US President Donald Trump’s idea to recognize Israel’s sovereignty over the Golan Heights has sent shock waves throughout the world as nations in the Middle East and beyond slammed it as contrary to international law. Trump has once again rocked the world with yet another demonstratively pro-Israeli stunt as he said it was time for Read More

Alberta sees OPEC pricing go from too cheap to too pricey

2 days ago DieselGasoil Comments Off on Alberta sees OPEC pricing go from too cheap to too pricey
By Robert Tuttle on 3/22/2019 Photo: Canadian Natural. CALGARY (Bloomberg) — Trying to fix the crude market has been hard enough for OPEC. Alberta’s go at it is proving a bigger challenge than the oil-rich Canadian province anticipated. Since mandatory production cuts were announced in December, local heavy crude has gone from too cheap to Read More

More shale, who cares? Saudi Arabia pushes for at least $70 oil

2 days ago DieselGasoil Comments Off on More shale, who cares? Saudi Arabia pushes for at least $70 oil
DUBAI/LONDON (Reuters) – Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded. FILE PHOTO: U.S. President Donald Trump welcomes Saudi Arabia’s Crown Prince Read More

US 'oil weapon' could change geopolitics forever

3 days ago DieselGasoil Comments Off on US 'oil weapon' could change geopolitics forever
The United States became the world’s top oil producer in February, and now it may use its leverage to reinforce its position as a geopolitical force. In a dynamic that shows just how far US oil production has come in recent years, the US Energy Information Administration (EIA) said on Monday that in the last two months Read More

'Perfect storm' of tight supply & global demand drives oil prices higher

4 days ago DieselGasoil Comments Off on 'Perfect storm' of tight supply & global demand drives oil prices higher
Oil prices have risen far higher and faster than most analysts expected, with major banks now changing their forecasts as a perfect storm of factors forms around oil markets. “The latest Brent rally has brought prices to our peak forecast of $67.5/bbl, three months early,” Goldman Sachs wrote in a note. The investment bank said Read More

Oil majors rush to dominate U.S. shale as independents scale back

5 days ago DieselGasoil Comments Off on Oil majors rush to dominate U.S. shale as independents scale back
EDDY COUNTY, NEW MEXICO (Reuters) – In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles. Natural gas flares off at a production facility owned by Exxon near Carlsbad, New Mexico, U.S. February 11, 2019. Read More

Oil hits 2019 high as OPEC+ re-commits to cuts in the near term

6 days ago DieselGasoil Comments Off on Oil hits 2019 high as OPEC+ re-commits to cuts in the near term
By Ben Foldy on 3/18/2019 NEW YORK (Bloomberg) — Oil closed at its highest yet this year as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension. Futures advanced 1 percent in New York on Monday. The group known as OPEC+ closed a Read More

Oil closes in on four-month highs on OPEC cuts, U.S. stock draw

6 days ago DieselGasoil Comments Off on Oil closes in on four-month highs on OPEC cuts, U.S. stock draw
NEW YORK (Reuters) – Oil prices rose to near four-month highs on Monday, supported by the prospect of extended OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles. FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo Read More