America's LargestPosts Tagged Saudi Arabia
Natural Gas Condensate Will Provide Major Boost to OPEC Oil Production
The National reported yesterday that OPEC countries are expected to add 2 million barrels per day (bpd) of liquids production capacity by the end of next year through projects to expand natural gas output. “Condensate,” as the article refers to liquids present in natural gas wells, “is almost identical to premium quality light crude oil, [...]
Read More »China’s Quest to Dominate 21st Century Oil Supplies
China, through its national oil companies, has recently invested at least $40 billion in oil ventures in over twenty countries, the Journal of Energy Security reported earlier this month. It’s bought large interests in oil fields in Nigeria, Sudan, and Kazakhstan; built pipelines in Myanmar, Sudan, and Kazakhstan; built refineries at home and abroad; bought [...]
Read More »Leaders at G-8 Summit Hope for Stable Oil Prices, but See Uncertain Future
With oil prices continuing to be unsteady—the price of crude oil hit a seven-month high on Monday and then dropped this morning—speculators and government leaders alike are weighing in on when the price might stabilize, and how it should stabilize.
While optimism about a Wall Street recovery had helped to drive oil prices up, U.S. leaders [...]
Saudi Minister’s Comments Keep Oil Prices Higher
The price of crude gained 1.6 percent to close at $63.43 a barrel and the price of heating oil closed 1.1 percent higher.
HEAT USA Price Report
Evening projection (for Thursday’s average retail heating oil price per gallon): UP $0.02
Oil Prices Up on OPEC Statements; Crude Hits New High
At 9:47 am EDT, the price of crude had gained 0.8 percent to reach $62.94 and the price of heating oil had increased by 0.3 percent.
HEAT USA Price Report
Today’s average retail heating oil price per gallon: UP $0.02
Morning projection (for Thursday’s average price per gallon): UP $0.01
Oil Rises on Improved Consumer Confidence; Crude Hits New 6-Month High
The price of crude gained 1.2 percent today to close at $62.45 a barrel and the price of heating oil rose by 0.4 percent.
HEAT USA Price Report
Evening projection (for Wednesday’s average retail heating oil price per gallon): UP $0.01
Oil Analysts are Closely Watching OPEC
Since their meeting on March 15, OPEC has been receiving a lot of watchful attention from the EIA and other oil market analysts. These forecasters are monitoring the organization in an effort to learn how OPEC is going to adapt to a lower global demand for oil as well as how they are going to [...]
Read More »Oil Prices Up on Cautious Optimism
The price for a barrel of crude remained above the $47 mark this morning, gaining 1.8 percent to stand at $47.91 as of 9:28 am eastern time. The price of heating oil also rose, gaining 2.7 percent over yesterday’s closing price. News that Saudi Arabia continues to make reduced shipments of crude to Asia and [...]
Read More »Saudi Oil Minister: Switching to Renewables too Fast Could Bring About “Nightmare Scenario”
Yesterday, at a meeting of oil executives from around the world in Houston, Saudi Oil Minister Ali Naimi made a speech that warned against shifting from oil to renewable energy sources too quickly, the Wall Street Journal’s Environmental Capital blog reported this morning.
An attempt to phase out oil-based energy sources and switch to renewable power [...]
20 Asian and Middle Eastern Nations to Discuss Drop in Oil Investment
Oil and trade representatives for 20 oil-producing and oil-consuming nations in Asia and the Middle East will meet in Tokyo this April to discuss declining investment in oil projects brought about by the global recession and low crude prices. The summit, co-chaired by the Japanese Trade Minister Toshihiro Nikai and Qatari Oil Minister Abdullah bin [...]
Read More »Oil Prices Finish Up Slightly on Saudi Production Cuts and Cold Weather in Northeast
Announcements of major production cuts and unusually cold weather predictions outweighed persistent demand concerns stemming from the worldwide economic slowdown, making for increases in crude and heating oil prices on NYMEX. Crude gained $0.19 today, settling at $39.50 a barrel at market’s close. Heating oil rose 3.3% an investors anticipated increased demand later this week, [...]
Read More »Additional Saudi Cuts Keep Crude Prices Even; Cold Weather Drives up Heating Oil Prices
It appears that recent OPEC cuts finally made their mark on oil prices this morning, sending the price of crude above $38 a barrel before it fell to $37.58 ($0.01 below its opening price) at 9:45 am eastern time. A looming cold snap in the Northeast which could bring record low temperatures this week helped [...]
Read More »January Crude Sinks as Contract Expires, February Crude Rises; Heating Oil Up in Both Months
This morning’s trend of falling crude prices for January delivery and increases in crude prices for February delivery combined with rising heating oil prices on January and February contracts continued through the market’s close at 2:30 pm. January crude contracts lost 8% to close at $33.17 a barrel while February contracts rose by about [...]
Read More »Low Oil Prices Setting Causing Cutbacks in Oil Projects; Stage is Set for Future Price Spike
Low oil prices have been a welcome relief for heating oil and gasoline users around the country–fuel prices that were at or near record highs as recently as six months ago are now 25 to 50 percent lower. Even better, it appears as though low oil and energy prices will remain low for at least [...]
Read More »Oil Prices Up on IEA Demand Predictions, Saudi Output Cut
Two pieces of good news sparked a bullish trend in crude and heating oil prices this morning, lifting crude by 7% and heating oil by 5%. Crude surpassed the $45 per barrel mark and rested at $46.60 at 9:55 am eastern time. The International Energy Agency predicted that world oil demand would grow [...]
Read More »Wacky Day on Oil Markets Ends With Crude Up and Heating Oil Down
In one of the most volatile trading days for oil commodities in recent months, this morning’s inventory data released by the EIA predicted the final performances of crude and heating oil. Crude oil stocks in the U.S. rose less than expected while stockpiles of gasoline and distillates, which include heating oil, increased substantially, defying [...]
Read More »UPDATE: Heating Oil Price Jump Spurs Midday Price Changes
After rising steadily this morning and then plunging sharply in response to U.S. stockpile data showing an increase in distillate stocks, the market price for heating oil has shot up again, presumably as a result of Saudi Arabia’s announcement of deep production cuts. The Zone will publish the full story this evening in today’s final [...]
Read More »60 Minutes Profiles Oil Giant Saudi Arabia
Last night, Leslie Stahl anchored the leading story on CBS’s 60 Minutes that profiled “The Oil Kingdom”–the world’s biggest oil producer (by far)–Saudi Arabia. The segment included interviews with Saudi Arabia’s Oil Minister Ali Al-Naimi and the national Saudi oil company’s (known as Saudi Aramco) CEO, Abdallah Jum’ah. Stahl also toured a massive [...]
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