Known as the ST40, the reactor represents the third of five stages in the company's plan to deliver fusion energy to the grid by 2030. Controlled fusion requires temperatures in excess of 100m°C, but this has never been achieved by a privately funded company. To reach that goal, Tokamak Energy is focusing on compact, spherical tokamak reactors, as it believes they are...Read more w/video
(by Patricia Garip) One wonders if Venezuela's energy minister Nelson Martinez has packed extra underwear on his new tour of Opec and non-Opec oil producers. The streets of Caracas are ablaze with protests, and Opec's traditional price hawk has become a crippled bird. It is a rich irony that the accelerating downfall of Venezuela's once-thriving oil industry isn't enough to realize...Read more
(by Ross McCracken) Even with oil prices hovering around the $50/b mark, the US rig count has increased rapidly while E&P companies continue to record substantial reductions in well drilling costs. The increase in new well oil production per rig demonstrates the extraordinary gains the shale drillers have made. In April 2014, new well oil production per rig on the Bakken was recorded at...Read more
(by Anthony DiPaola/Bloomberg) DUBAI -- Crude will probably drop to $40/bbl or below unless OPEC and allied producers extend their collective cuts in output beyond June, according to analysts including the Abu Dhabi Investment Authority's head of research. The six-month cuts that took effect in January have set a floor for prices, but an increasing supply of U.S. shale oil...Read more
(by Dana Khraiche) BEIRUT -- Saudi Arabia's security forces foiled an attempt to blow up an oil product distribution center in Jazan, a province bordering Yemen in the kingdom's southwest, according to the state-run news agency. A remote-controlled boat laden with explosives was spotted leaving a small island in Yemeni waters and later intercepted, the Saudi Press Agency said...Read more
(by Serene Cheong, Dan Murtaugh/Bloomberg) SINGAPORE -- OPEC needs a year more to accomplish what’s at the moment proving to be mission impossible, according to a veteran oil analyst. Saudi Arabian oil minister Khalid Al-Falih acknowledged last week that the group and its allies, after three months of limiting output, have failed to hit their target of eroding oil inventories below...Read more
(by Iain Packham) The third GCC Media Forum in Abu Dhabi last week flashed a glimmer of light on the inner political workings of the six-month Opec and non-Opec production cut deal and portends a potential extension. Following the arrival of the prerequisite Saudi Arabian oil minister Khalid al-Falih, the GCC energy ministers convened in a majlis on the sidelines of the forum and...Read more
(by Clyde Russell) Is it yet time to call the crude oil output cuts by OPEC and its allies a failure? Certainly there is an increasing disconnect between the rhetoric of OPEC and other producers cutting output on the one hand and the reality of a well-supplied crude oil market and mixed signals on the level of global inventories on the other. The Organization of the Petroleum Exporting...Read more
(by Deon Daugherty) A barrel of oil lingers priced in the low $50s and the global supply and demand ratio remains out of whack. Does that mean failure for OPEC's six-month experiment to stabilize global markets and increase the price of oil? Not according to the experts. When markets closed April 21, the price of WTI had dropped below $50 to $49.62 per barrel, underscoring investor...Read more
(by Starr Spencer) HOUSTON -- The long-awaited bottoming of the two-plus-year oil and natural gas industry downturn has finally reached beyond North America, with gradual recovery this year before accelerating into 2018, the CEO of oil services giant Schlumberger said Friday. While North American investment will be up as much as 50% this year, most of the world's production comes...Read more
(by John Kemp) LONDON -- Hedge funds have tempered their bullishness towards crude oil as the short-covering rally that gripped the market since the end of March ran its course. Hedge funds and other money managers increased their net long position in the three major futures and options contracts linked to Brent and WTI by 8 million barrels in the week to April 18 (tmsnrt.rs/2p97vXr)...Read more
(by James Osborne) President Donald Trump has personally rejected Exxon Mobil's bid to resume a potentially lucrative oil and gas drilling venture with Russian firm Rosneft. A statement posted on the Treasury Department's website Friday reads: "In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon...Read more
(by Saleh Sarrar/Bloomberg) TRIPOLI -- Libya's El-Feel oil field, operated by a venture between Eni SpA and the state producer, reopened after a two-year halt in operations that crimped the OPEC nation's output, according to a person familiar with the situation. The field, also known as Elephant, re-opened on Wednesday, said the person, who asked not to be identified because of a lack...Read more
(by Kevin Orland/Bloomberg) CALGARY -- Now that multi-national energy producers have sold their stakes in Canada’s oil sands, local companies are hatching plans to make some real changes. Cenovus Energy Inc. and Canadian Natural Resources are betting they can exploit new technologies and their deeper understanding of Canadian-specific issues, such as environmental rules...Read more
(by John Kemp) LONDON -- OPEC and some of the most important hedge funds active in commodities reached an understanding on oil market rebalancing during informal briefings held in the second half of 2016. OPEC committed to implement credible production cuts and reduce global crude stocks while hedge funds responded by establishing bullish long positions in both flat...Read more
(by Bloomberg) A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia's oil minister said Thursday, as persistently high stockpiles weigh on prices. OPEC and other major suppliers have failed, after three months of limiting production, to achieve their target of reducing oil inventories below the five-year historical average, Saudi...Read more
(by Wael Mahdi/Bloomberg) ABU DHABI -- Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said. "I think they will keep the same level if the deal is extended," Almarzooq, who chairs the committee monitoring the cuts, said Wednesday in an interview...Read more
ABU DHABI -- OPEC is hoping to attract other oil producers from outside the bloc to join in its efforts to manage the oil market, Secretary General Mohammed Barkindo said Wednesday. OPEC in December signed a deal with 11 key non-OPEC producers led by Russia to cut a combined 1.8 million b/d to hasten the market's rebalancing, but Barkindo told S&P Global Platts on the...Read more
(by Claudia Carpenter, Wael Mahdi/Bloomberg) DUBAI -- Saudi Arabia, the world's largest crude shipper, trimmed exports to a 21-month low in February as local refineries took advantage of more abundant supplies and processed a record amount of crude. Oil exports fell to 6.95 MMbpd, the lowest since May 2015, from 7.7 MMbpd in January, according to data published...Read more
(by Tamsin Carlisle) DUBAI -- Iran's petroleum minister believes most OPEC members would endorse an extension of the group's current initiative on production cuts, and Iran would support an extension if unanimously supported by other members, oil ministry news agency Shana quoted the minister as saying Sunday. "OPEC and non-OPEC crude oil producers have displayed...Read more