Higher Oil Prices Slow China’s Crude Stockpiling

Taking advantage of the low oil prices, China increased its Strategic Petroleum Reserve (SPR) by almost 14 percent between June 2016 and June 2017, according to data by its National Energy Administration (NEA). As oil prices increased in the third and fourth quarter this year, the pace of the Chinese state oil reserve stockpiling has eased, according to analysts cited ...

Source: Oilprice.com

The Winners Of 2017’s Renewable Revolution

2017 was a great year for the world of offshore wind power. Here’s a recap of what we saw, and a look at what’s ahead. “A New Era in UK Energy” One of the most significant points in the calendar came in September, when energy from offshore wind became cheaper to generate than energy from nuclear power stations. Even more ...

Source: Oilprice.com

Saudi Arabia’s New Foreign Policy Is Not Without Risk

Crown Prince Muhammad bin Salman is solidifying his position and changes to the foreign policy of Saudi Arabia. His main objective is the forceful consolidation of the Arab camp against Iran and the Muslim Brotherhood. Key decisions of Saudi foreign policy—the military intervention in Yemen, imposition of a blockade on Qatar, and pressure on the Lebanese government—have proven counterproductive. The ...

Source: Oilprice.com

Oil-Rich Venezuela Is Out Of Gasoline

After lining up for an entire day to get a plane ticket to visit her relatives in the western city of Mérida, Josefina García did not know if she and her octogenarian mother were going to reach their final destination on time for Christmas. The airport is located 76 kilometers away from the city and when they tried to book ...

Source: Oilprice.com

Western Canada ice storms cause power outages during bitter cold spell

Some 36,000 homes and businesses in British Columbia lost power due to ice storms in western Canada on Saturday, and workers rushed to restore service before nightfall as forecasters predicted extremely cold temperatures across the nation. Electric utility BC Hydro warned on Twitter that conditions remained hazardous in the affected area of southwestern British Columbia, [Read More…]

Source: BOE Report

GOP Tax Bill Is A Boon For Oil And Gas

A few days before Christmas, the U.S. House and Senate passed the most comprehensive tax reform plan since 1986. Upon signing the bill, President Donald Trump called it “an incredible Christmas gift for hard-working Americans.” But Trump’s allies in the GOP Congress gave an incredible end-of-the-year gift to energy companies. Defenders believe a windfall of exploration, production and ...

Source: Oilprice.com

Russia And Uzbekistan Sign Nuclear Energy Deal

Russia's Rosatom State Atomic Energy Corporation and Uzbekistan have signed a nuclear-cooperation agreement that Rosatom says will pave the way for bilateral cooperation "in many aspects of civil nuclear energy." Rosatom said the agreement was signed on December 29 by its Director-General Aleksei Likhachyov and Uzbek Deputy Prime Minister Nodir Otajonov. "The collaboration could include creation and development of ...

Source: Oilprice.com