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Oil Price Daily News Update


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Oil Price Daily News Update

Ukraine Standoff Escalates, Could South Stream be in Doubt?

Posted: 08 Apr 2014 03:29 PM PDT

When completed, the South Stream pipeline will run from Russia, underneath the Black Sea to Bulgaria, and on to Western Europe. It will carry Russian natural gas to Europe while bypassing Russia’s neighbor Ukraine. Russia clearly finds this pipeline to be strategically important – the Kremlin would be able to operate with greater freedom when using natural gas to bully Ukraine, and it wouldn’t have to worry about angering its large customer base in Western Europe. However, the project is very much in doubt as the standoff between…Read more…

China Drills Into the “Roof of the World” to Help Alleviate Foreign Dependence

Posted: 08 Apr 2014 03:19 PM PDT

From copper to iron to oil, China is the world’s leading importer of almost every raw mineral. Wary of the risks this dependence brings, Beijing is looking ever inward to exploit the mineral wealth of its interior, including the politically contentious and technically challenging Tibetan Plateau. The most recent development is a 7-kilometer deep borehole drilled by Chinese resource exploration teams. The exact location of the borehole, the deepest ever drilled at such a high altitude, as well as the companies involved in the exploration are…Read more…

Russia’s New Weapons: Passports and Pipelines

Posted: 08 Apr 2014 03:09 PM PDT

Following Russia’s annexation of Crimea and Sebastopol last month, Western leaders have been pondering how to get back at Moscow for its actions without starting a new world war. The situation is what the Brits may describe as a sticky wicket.  They want to get back at Russian President Vladimir Putin but at the same time they don’t want to upset him too much seeing that he controls much of the oil and natural gas that flows to Eastern and Western Europe via a number of pipelines.The options available to punish Russia for its actions…Read more…

Russia Appears Undeterred By Iran’s Gas Courtship of Armenia

Posted: 08 Apr 2014 03:03 PM PDT

Mystery is swirling around a deal to boost Iranian natural gas exports to Armenia: why does the Kremlin seem to be going along with the idea?On March 19, Armenian Energy Minister Armen Movsisian announced that Armenia plans to increase its imports of gas from neighbouring Iran to 2 billion cubic meters per year, an increase of nearly 75 percent over the current annual volume. In exchange, Armenia would export electricity to Iran.The announcement marked a sudden turnabout for Armenia: just late last year, officials in Yerevan rebuffed Iranian overtures…Read more…

British-Based BG Group Relocates to Singapore

Posted: 08 Apr 2014 02:50 PM PDT

UK-based BG Group is joining in the rush on Singapore as the company moves to relocate its global oil and gas-trading headquarters to the Asia’s largest emerging hub. BG’s decision is based on its desire to be closer to some of its key business, including a 2008 contract to supply 3 million tons of liquefied national gas (LNG) annually for 10 years to Singapore beginning in 2013. “By moving the center of our global LNG and oil marketing business to Singapore, the heart of the fastest growing LNG region, we are closer to many more…Read more…

Natural Gas Accounted for Half of New Capacity in 2013

Posted: 08 Apr 2014 02:47 PM PDT

Natural gas-fired power plants accounted for more than half of newly installed capacity last year, surpassing all other forms of power generation combined, according to the EIA. The 6,861 megawatts of gas capacity installed by utilities accounted for a little more than 50% of 13,500 megawatts constructed in 2013. Solar came in second place, with 2,959 megawatts installed. Coal, wind, and biomass came in third, fourth, and fifth, respectively. The volume of installed solar was a notable achievement for the industry, which surpassed wind power…Read more…

U.S. Oil Imports Fall to Zero Over Next 25 Years

Posted: 08 Apr 2014 02:44 PM PDT

The EIA projects that U.S. oil imports will shrink to essentially zero by 2037 due to prolific production of crude oil. By 2020, the EIA estimates that U.S. oil production could reach 9.6 million barrels per day, the highest rate of production since 1970. The rapid increase in output can be credited to tight oil production, which accounts for 81% of the growth. By 2019, tight oil will make up about half of U.S. oil production. The EIA mapped out several scenarios using assumptions about how productive America’s oil patch will be. In the most…Read more…

Shell Begins Oil Exports from Iraq’s Majnoon Field

Posted: 08 Apr 2014 02:41 PM PDT

Royal Dutch Shell hit commercial production targets in its Majnoon field in Iraq, allowing it to begin exports. Shell owns a 45% stake in the field and leads a consortium that includes South Oil Co., Petronas, and Missan Oil Co. The field is producing 210,000 barrels per day – more than the 175,000 bpd average that triggers cost recovery. Iraq awarded the Majnoon field to Shell’s consortium back in 2010. The Majnoon field is one of the largest in the world with an estimated 38 billion barrels of oil, and it is located 60 kilometers…

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