The United States and many other countries have been imposing economic sanctions on Russia since the superpower annexed the Crimea in 2014. These sanctions prohibit companies which do business in the United States or other participating countries from doing business in Russia. The energy giant Exxon Mobil Corp. sought a waiver from this prohibition which… Keep reading →
Oil
US Treasury Department Tells Exxon: The Answer is Still No
By Michael McDonaldSign up and get Breaking Energy news in your inbox.
We will never sell or share your information without your consent. See our privacy policy.Keeping Oil Down: Weak Demand for Gas Combines with Libyan Pipelines
By Michael McDonaldOil prices fell again this week as lower than expected demand for gasoline combined with two major oil fields in Libya resuming production to further depress crude prices. The combination of lower than expected demand and increased production stoked concerns that despite the efforts of major oil producers the global inventory surplus would remain unaffected.… Keep reading →
Nigerian Military Force Attack Illegal Oil Pirates
By Michael McDonaldLast Thursday, representatives of the Nigerian military stated that the military had destroyed 13 illegal refineries in the oil hub located in the Niger Delta. Two soldiers were killed in the attacks upon what were described as “sea robbers”. A spokesman for the military, Major Abubakar Abdullahi, said soldiers had “discovered and destroyed 13 illegal… Keep reading →
Broken Contract Brings BP and Monroe Energy to Court
By Michael McDonaldBritish Petroleum one of the largest energy companies in the world has accused Monroe Energy of wrongfully terminating a crude supply contract in 2016. According to the federal court filings by the oil company BP claims Monroe’s actions cost BP at least $59 million in damages. In a lawsuit filed in the U.S. District Court… Keep reading →
- Dealmaking, FERC (Federal), LNG, Oil, pipeline, US
Alaska LNG Project Under FERC Review
By Danielle IzzoThe state of Alaska, along with Alaskan government officials, are making major strides to ensure the approval of their LNG export project. This week the government and energy officials involved submitted a formal application for review to the Federal Energy Regulation Commission. Supporters of this extensive project will be patiently waiting for a response from… Keep reading →
Is Oil About to Stabilize?
By Michael VinciThe International Energy Agency (IEA) has released a statement that they believe the oil market is soon approaching equilibrium, mostly due to the success of the OPEC production deal. The agency’s data shows that demand is growing at a constant and regular pace in the oil market. “The numbers are there to support it,” according… Keep reading →
The decision by the Trump Administration to launch missile strikes against Syria may affect oil markets. The Middle Eastern country broke international law established by the United Nations and the Geneva Conventions when it decided to use chemical weapons on rebels in the country – a banned form of artillery. The true outcome hinges on… Keep reading →
OPEC Cutback Extension Called into Question
By Michael VinciThe agreement between OPEC and non-OPEC countries around the world to limit supplies has been called into review by a joint committee of ministers from the oil producers. Prior statements from these countries has hinted at the possibility of an extension, always citing the high levels of conformity between the members of the pact. Previously,… Keep reading →
Repsol, a Spanish energy company with drilling operations in Alaska, claims to have found an oil reserve containing 1.2 billion barrels of oil. The find in Alaska’s North Slope is the largest onshore discover in the United States in the last 30 years.
Danielle Izzo, Breaking Energy Staff
For the past two years oil prices have suffered because of excess supply. To respond to this slump, OPEC, in conjunction with other oil producing countries, came to an agreement that would ensure a reduction in the production of crude oil. As of January 2017, the agreement has gone into effect with strong support from participating countries.
According to the International Energy Agency reported that 90% of the countries in accord with the agreement have maintained support and participation. The price of the OPEC Reference Basket rose from $25 per barrel in 2016, to $52.40 per barrel in 2017 largely thanks to OPEC’s supply cut.
