OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis
5 Players To Watch In The FinTech Revolution
by Meredith Taylor
16 Oct 2017 at 4:18pm
Artificial intelligence and Blockchains are the two biggest game-changing technology spheres that--even separately--could be bigger than the Internet breakout of the 1990s for investors. Our future?which is already here?is about maximum automation, algorithmic data and extremely efficient streamlining. From an artificial intelligence (AI) perspective, it?s about everything from self-driving cars to a possible cure for cancer. And when it comes to Blockchain, it?s about streamlining absolutely every kind of transaction in?
Is The Aramco IPO On The Brink Of Collapse?
by Nick Cunningham
16 Oct 2017 at 3:13pm
In what could be a humiliating decision, Saudi Aramco is considering not staging an IPO next year as planned, due to the difficulty of pulling off an international listing. On Friday, the Financial Times reported that Aramco is weighing a different strategy: selling stakes in the company to private investors and sovereign wealth funds. No final decision has been made yet, but there are several potential paths forward, including a public listing on Saudi Arabia?s domestic stock exchange plus a private sale. Or a private sale followed by an?
Oil Markets Fear Iraqi Escalation
by Cyril Widdershoven
16 Oct 2017 at 3:03pm
The expected military operation of Iraqi forces against the Kurdish peshmergas in Kirkuk has begun. Sources indicate that the Iraqi military, supported by Shia militias and Iranian forces, are battling in and around Kirkuk to retake the city and its vast oil reserves. Initial media reports that Kurdish fighters withdrew from the city without a fight are now being countered by reports on the ground of direct military contact. Iraqi military reports still indicate that they have retaken the Kirkuk oil fields and entered parts of Kirkuk. The official?
Canada Aims To Solve U.S. Nuclear Woes
by Tsvetana Paraskova
16 Oct 2017 at 2:56pm
Canada believes it may have the answer to replacing some U.S. nuclear capacity with other forms of carbon-free energy. When New York state and Massachusetts retire three nuclear reactors between 2019 and 2021, the two states will lose a combined 2.7 gigawatts of carbon-free power. Both states want to replace that capacity with other forms of clean energy, in line with their ambitious goals to reduce greenhouse gas emissions and increase the share of renewables in their energy mix. Some thousand miles north, Hydro-Quebec, owned by the Quebec?
U.S. Oil Production To Increase in November As Rig Count Falls
by Julianne Geiger
16 Oct 2017 at 2:50pm
U.S. oil production is set to increase in November, according the Energy Information Administration?s (EIA) Drilling Productivity Report published on Monday. (Click to enlarge)The EIA has forecast an increase of 81,000 barrels per day in November over October levels, even as the number of active oil rigs in the United States dipped steadily over the third quarter, shedding 20 rigs over the last eight weeks. The EIA is also predicting that U.S. crude oil production will hit 9.9 million barrels per day in 2018, a new high for the United States,?
Is Hydrogen Fuel As Dumb As Musk Thinks?
by Irina Slav
16 Oct 2017 at 1:58pm
Hydrogen fuel cells are a controversial thing. Elon Musk, for example, finds them ?incredibly dumb?, and he?s far from the only one. Yet the concept of using the universe?s most abundant element to fuel vehicles is still alive and kicking. The latest of its proponents to make headlines is Swiss company, H2 Energy, which says it has achieved a closed-cycle hydrogen production process that uses all-renewable sources to make hydrogen for fuel and other applications. Its project, in partnership with utility IBAarau, is reportedly?
New Tech Could Turn Seaweed Into Biofuel
by Haley Zaremba
16 Oct 2017 at 12:46pm
In the future, we may not look up to the sun for energy, but down into the ocean?s depths. This month the U.S. Department of Energy announced an investment of nearly $1.5 million in projects to develop renewable energy from Hawaiian seaweed, following large investments in other parts of the nation in a new push toward the potentially groundbreaking development of seaweed-based biofuels. The $1.5 million will go toward establishing two large-scale offshore seaweed farms for development and production of biofuels. Of this hefty sum, $995,978?
Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
by Tsvetana Paraskova
16 Oct 2017 at 12:24pm
Russia?s oil producer Gazprom Neft is ?holding its nose? to the OPEC/non-OPEC production cut deal because it has made the company cut its production growth targets, Gazprom Neft?s first deputy CEO Vadim Yakovlev told Reuters in an interview published on Monday. ?The companies involved in this deal are paying a different price. The effect is equal for everyone, but the contribution of the companies to the deal is different,? Yakovlev said. ?This is related to the market players? ability to increase?
Tesla Execs Bail As Cash Flow Hits Record Lows
16 Oct 2017 at 11:59am
One month after Tesla lost its head of business development who wished to "spend more time with his family", and just weeks after the EV company's veteran battery technology director also unexpectedly quit amid a growing senior management exodus (full list at the bottom of this article), Tesla decided to even out the ranks on the bottom as well, and fired "hundreds of workers" this week, including engineers, managers and factory workers even as the company struggles to expand its manufacturing and product line, according?
Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
by Tsvetana Paraskova
16 Oct 2017 at 11:20am
Venezuela?s President Nicolas Maduro claimed victory in a regional election on Sunday in a surprise win defying opinion polls, but the opposition refused to recognize the outcome, decrying fraud, in what could lead to another wave of sanctions against the regime and renewed unrest in the country sitting on the world?s biggest oil reserves. The pro-government electoral board said that Maduro?s allies and candidates had won 17 governorships, compared to the six governorships won by the opposition. The voter turnout was more than?
EU Urges U.S. Congress To Protect Iran Nuclear Deal
by RFE/RL staff
16 Oct 2017 at 10:34am
European Union foreign ministers have closed ranks in support of the Iran nuclear agreement, warning that U.S. President Donald Trump's threats to abandon the multinational accord jeopardize efforts to find a peaceful solution to the nuclear standoff with North Korea. "At a time of acute nuclear threat the EU is determined to preserve the JCPOA as a key pillar of the international nonproliferation architecture," the ministers said in a joint statement issued during a meeting in Luxembourg, referring to the 2015 Joint Comprehensive Plan?
Iraq Seizes Kirkuk, Briefly Knocks 350,000 Bpd Offline
by Nick Cunningham
16 Oct 2017 at 10:00am
Oil prices spiked on Monday after Iraqi forces seized the oil fields around Kirkuk, which had largely been under Kurdish control since 2014. There were conflicting reports as of Monday, but oil supplies from the region may have been disrupted, although perhaps only temporarily. The military maneuver by Iraqi forces comes as retaliation for the Kurdish independence vote staged a few weeks ago, a move condemned by Baghdad, as well as the governments of Turkey and Iran, both of which have their own Kurdish populations. Iran closed border crossings,?
Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary
by Irina Slav
16 Oct 2017 at 8:26am
OPEC and its partners may not need to extend the November 2016 crude oil production cut agreement beyond its March 2018 deadline if everyone fully complies with their quotas, Kuwait?s Oil Minister Essam al-Marzouk told media yesterday. Al-Marzouk noted that OPEC?s compliance rate had hit 116 percent, without adding, however, that this figure referred to August production specifically, while the September data from OPEC?s secondary sources revealed that compliance had fallen, with seven OPEC members pumping more in September than?
Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
by Tsvetana Paraskova
16 Oct 2017 at 8:10am
An oil rig exploded on Sunday evening in Lake Pontchartrain just north of New Orleans, leaving 7 people injured, one missing, and crude oil possibly leaking into the lake, authorities say. The Coast Guard said Sunday evening that it was coordinating search efforts for a missing man after an explosion on an oil platform in Lake Pontchartrain. One of the platform workers has said that eight people were aboard at the time of the explosion, and one person did not make it to shore. Of the seven people who made it to shore, six were taken to the hospital,?
This Major Political Shift Could Rock Copper Markets
by Dave Forest
16 Oct 2017 at 7:59am
Indonesian officials said this past week they are close to an agreement on the major Grasberg mine. Which would see a price set for the government?s legislated purchase of a 51 percent interest in this world-leading operation. And elsewhere, more major developments emerged for the global copper market. With a leading presidential candidate in the world?s top producing nation saying he wants to overhaul the local mining sector. That?s Chile, which is gearing up for a presidential election in November. And?