Author: Irina Slav

  • Trudeau, Where Is Your Back Up Plan For The Arctic Ban?

    When Canada’s federal government issued a five-year moratorium on oil and gas drilling in the Arctic at the end of last year, the environmentalist community rejoiced, just as it did in the United States, when the Obama administration did the same. Everyone seemed sure the move would bring benefits to everyone. Or perhaps they just didn’t really care that there are communities heavily dependent on the oil and gas industry for their livelihood. Now, the premier of Canada’s Northwestert Territories has slammed Ottawa for its…

  • Oil Prices Slip After Surprise Build In Crude Inventories

    After Brent and WTI both fell yesterday as traders started taking profit on the latest price rally, the EIA reported that U.S. crude oil inventories went up in the week to November 3, by 2.2 million barrels, rejecting API estimates of a 1.562-million-barrel draw. Analysts polled by S&P Platts had forecast a 2.7-million-barrel draw in crude inventories, as well as a 2.25-million-barrel decline in gasoline stockpiles. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls, especially…

  • Bakken Oil Production Rises As Oil Prices Jump

    Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts. Helms identified as the biggest challenges growing production in the Permian as well as a hypothetical ending of the OPEC production cut agreement. While the first challenge is very real, with the Permian still being the star of the shale patch, the latter challenge is more likely than…

  • Bakken Oil Production Rises As Oil Prices Jump

    Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts. Helms identified as the biggest challenges growing production in the Permian as well as a hypothetical ending of the OPEC production cut agreement. While the first challenge is very real, with the Permian still being the star of the shale patch, the latter challenge is more likely than…

  • Google Gets There First: Autonomous Cars On The Road

    Google’s self-driving car project, Waymo, has become the first to launch completely autonomous cars, free of humans behind the wheel, on the road. Waymo’s CEO, John Krafcik said yesterday at a conference in Portugal that the company had been testing the driverless vehicles on Arizona roads for the last couple weeks and will soon start offering taxi services using these cars. These cars will drive subscribers to Waymo’s Early Rider program within a 100-square-mile area in Chandler, a Phoenix suburb, and there will be a Waymo employee…

  • Supermajors Square Off For The Top Spot In Oil

    Brent’s close to $65 a barrel and WTI is climbing closer and closer to $60—and analysts are rushing to make bullish forecasts for the fourth quarter of the year. Big Oil is preparing for an even better three-month period than Q3, when all supermajors beat profit expectations. Two of them stand out: Exxon and Shell. It’s no secret that Shell has ambitions to overtake Exxon as the world’s number-one oil company in terms of value. It’s actually on track to beat Exxon on cash flow from operations for full 2017. The Anglo-Dutch…

  • Can Oil Prices Hit $65 This Week?

    Brent crude, the international benchmark, closed above US$64 a barrel for the first time since mid-2015 yesterday, and WTI settled at over US$57 as a string of political arrests in Saudi Arabia rattles markets, heightening worry about internal destabilization in the world’s number-two oil producer. But it wasn’t just the arrests causing the rally. Regional tensions in the Middle East are also heightening, supporting the price rally and reinforcing a bullish outlook for the near term. Last weekend, Lebanon’s Saudi-backed Prime…

  • Iraq, Iran In Negotiations To Ship Oil From Kirkuk Fields

    The energy ministries of Iraq and Iran are negotiating the shipment of crude oil from the fields around Kirkuk to the Kermanshah refinery in Iran, the head of SOMO, Alaa al-Mussawi said. Initially, al-Mussawi said, Iraq will ship 15,000 bpd of crude by trucks to the Iranian refinery, eventually increasing this amount in view of the refinery’s 25,000-bpd capacity. Until recently, oil from the fields around Kirkuk was shipped to the Turkish port of Ceyhan via a pipeline owned and operated by the Kurdistan Regional Government. However,…

  • Big Oil Plans Blockchain-Based Trading Platform

    A consortium involving Shell, BP, and Statoil is working on the development of a blockchain-based energy commodity trading platform, along with three large commodity traders—Gunvor, Koch Supply & Trading, and Mercuria, Reuters reports, citing the consortium. The platform, which has financial backing from Dutch ABN Amro, ING, and French Societe Generale, should launch by the end of next year. In January this year, Mercuria, in partnership with ING and Societe Generale, announced it was preparing the first oil trade using blockchain technology.…

  • Aramco Board Targeted In Anti-Corruption Crackdown

    A string of arrests of senior government officials in Saudi Arabia has also struck Aramco board member Ibrahim al-Assaf, a former Finance Minister in the Kingdom. The situation apparently remains volatile and the arrest could spell further trouble for Aramco’s IPO next year. The arrests came after late on Saturday King Salman surprised the public with the unveiling of a new government agency, an anti-corruption committee. The committee is headed by his son, Crown Prince Mohammed bin Salman (MBS), and by the end of the week it had made 11…