MEXICO: Discovered Richest Oil Field in 15 Years

Mexico’s Pemex Company reported that the new oil field is of great economic importance due to its location next to existing oil production infrastructure. Mexico’s President said that the oil will be produced at a low cost due to the convenient location of the oil field. Mexican President Enrique Pena Nieto said that Pemex has …

Traders Bet their Oil Storage Assets that OPEC Cuts Will Work

The jury is still out on whether OPEC can rein in a global oil glut but top commodity traders are betting it can by selling stakes in storage tank businesses that profited from oversupply. Since January, Glencore, Vitol and Gunvor have completed or have been seeking to sell parts of their holdings in storage firms. …

OPEC Secretary General speaks at IP Week conference in London

OPEC Secretary General, HE Mohammad Sanusi Barkindo, two days ago delivered a keynote address at the International Petroleum (IP) Week conference in London.  The session was moderated by Manus Cranny, Markets Editor/Anchor, Bloomberg TV, who followed the Secretary General’s speech with a number of questions, including some from the audience. The Secretary General initially highlighted …

Iran to Sell Russia 100,000 Barrels of Oil per Day – State TV

Iran announced on Tuesday it will begin selling 100,000 barrels of oil per day to Russia within the next 15 days and receive payment half in cash and half in goods and services, the Iranian Students’ News Agency (ISNA) reported. Iranian Oil Minister Bijan Namdar Zanganeh provided details about the deal after meeting Russian energy …

IBC Committees Hold Joint Meeting

Paris hosted recently  a joint meeting of two Working Committees (the Modern Technologies and Prospective Oil and Gas Industry Projects Working Committee and the Information and Communications Working Committee) of the International Business Congress (IBC). The meeting was moderated by Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee, and Clemens Blum, Executive Vice President …

Trump Clears Way for Controversial Oil Pipelines

U.S. President Donald Trump signed orders on Tuesday smoothing the path for the controversial Keystone XL and Dakota Access oil pipelines in a move to expand energy infrastructure and roll back key Obama administration environmental actions. Oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to …

OPEC Meeting in Vienna Last Weekend

In December, OPEC’s production fell by 220,900 barrels a day to 33.085 million barrels a day, with the biggest drops coming from Saudi Arabia and Nigeria, according to secondary source data in the group’s monthly report published on 18 January. The organization agreed to reduce its output to 32.5 million barrels a day, although that …