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Why selling crude oil to China is good for America

exports, Bakken, china

Continental Resources, Inc. recently announced its first-ever sale of Bakken oil specifically for delivery overseas. Continental Resources has sold 1,005,000 barrels of crude oil for November delivery to Atlantic Trading and Marketing (“ATMI”), which intends to export the oil to China. “This is a historic day for Continental and begins a new chapter in our long-term strategy to establish multiple ...

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WSJ: Why Canada and Brazil hurting market balancing efforts

goodrich files bankruptcy

No one really thinks about how the “little guys” affect the effort to rebalance the oil market. Today, the Wall Street Journal reported that a “wave of new petroleum production from countries like Canada and Brazil is adding a new problem for oil traders.” The WSJ notes that the two countries are the seventh and 10th largest oil suppliers, and production ...

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Will OPEC continue to cut production?

Ten OPEC countries achieved 91 percent of their required cuts in January, according to an S & P Global Platts survey released on Monday. In the agreement signed last year, OPEC countries promised to cut 1.2 million b/d for six months and freeze production at 32.5 million b/d for six months in 2017. This includes production by Indonesia, whose OPEC membership is ...

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Iran makes $6 billion deal with Total, CNPC

total SA, Iran

According to the Wall Street Journal, Iran plans to sign a preliminary $6 billion deal with Total SA on Tuesday to help develop an onshore gas field. The move by Total is the first return by a Western energy company since sanctions were lifted this year. Total was long one of the most active Western oil companies in Iran, and ...

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AP Interview: IMF says low oil prices still hurting Mideast

middle east oil, mideast economy, oil prices, OPEC

DUBAI, United Arab Emirates (AP) — Oil-producing Mideast countries are coping with low global oil prices though more government reforms are needed, the International Monetary Fund’s chief for the Mideast said as the organization issued a new report Wednesday showing weak economic growth in the region. Masood Ahmed also told The Associated Press that Iran’s economy beat expectations by growing ...

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British government OKs fracking at 1 site despite opposition

Britain fracking

LONDON (AP) — The British government has approved fracking at a site in northern England despite opposition from the local county council. The landmark decision by Communities Secretary Sajid Javid Thursday means the shale company Cuadrilla will be able to proceed with plans to develop a site in Fylde, 230 miles (370 kilometers) northwest of London. The government stopped short ...

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Iran oil industry fires, blasts raise suspicions of hacking

Iran, hacking

DUBAI, United Arab Emirates (AP) — A series of fires at Iranian petrochemical plants and facilities have raised suspicions about hacking potentially playing a role, with authorities saying that “viruses had contaminated” equipment at several of the affected complexes. Iran officially insists the six known blazes over the span of three months weren’t the result of a cyberattack. However, the ...

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Vattenfall gets EU green light to sell German coal assets

Wyoming coal

BERLIN (AP) — Energy company Vattenfall AB says it has received approval from the European Commission to sell its loss-making coal assets in Germany. The Swedish state-owned company said Thursday that it expects the transfer to Czech energy company EPH and private equity group PPF Investments to be completed in the coming weeks. The assets include four active mines and ...

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