Indian Oil Corp. , the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a dayin the year to March 2020 to diversify its crude sources, its chairman said on Feb. 18.
World energy demand is bound to be driven by population growth on the other side of the world from Washington, D.C. Consumption is expected to be driven by the Middle East, Asia and Africa, which might not be able to turn their backs on petroleum and natural gas to satisfy their needs quite so easily. Africa and India stand to doubled their energy demand into 2050. Meanwhile, Washington seems narrowly focused on controlling energy consumption in the United States and Europe where, as data suggests, it’s already been falling.
U.S. Vice President Mike Pence rebuked European powers over Iran and Venezuela on Feb. 16 in a renewed attack on Washington's traditional allies, rejecting a call by Germany's chancellor to include Russia in global cooperation efforts.
A look at top performers among oil and gas producers suggests that a $50 WTI price environment will not act as a show-stopper for U.S. shale.
Drilling curbs by oil producers in the Permian Basin, the largest U.S. shale field, will continue until transport bottlenecks ease and investors stop punishing companies, executives say.
EnergyNet has been retained to handle state and federal oil and gas lease sales across the U.S. including nearly 1 million acres for lease in Wyoming alone.
A federal judge in Houston ordered a former Venezuelan oil minister this week to pay the owners of Harvest Natural Resources $1.4 billion in damages in a fraud suit.
A federal court dismissed a lawsuit from Energy Transfer accusing the environmental group of racketeering and defamation with the aim of blocking the Dakota Access Pipeline.