All posts by Julianne Geiger

CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare

Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August that would have seen 5 million barrels of Venezuelan oil, the sources said, as the United States continues to squeeze Venezuela to loosen Nicolas Maduro’s hold on the troubled Latin American Country. Maduro has precious few allies left, and until recently, China has been a devoted…

CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare

Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August that would have seen 5 million barrels of Venezuelan oil, the sources said, as the United States continues to squeeze Venezuela to loosen Nicolas Maduro’s hold on the troubled Latin American Country. Maduro has precious few allies left, and until recently, China has been a devoted…

CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare

Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August that would have seen 5 million barrels of Venezuelan oil, the sources said, as the United States continues to squeeze Venezuela to loosen Nicolas Maduro’s hold on the troubled Latin American Country. Maduro has precious few allies left, and until recently, China has been a devoted…

CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare

Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August that would have seen 5 million barrels of Venezuelan oil, the sources said, as the United States continues to squeeze Venezuela to loosen Nicolas Maduro’s hold on the troubled Latin American Country. Maduro has precious few allies left, and until recently, China has been a devoted…

CNPC Backs Out Of Oil Purchases With Venezuela On Sanctions Scare

Russia and China have stuck with Venezuela during its most recent time of need, but at least one of their loyalties may soon come to an end, according to anonymous sources who spoke to Bloomberg on Friday. CPNC’s PetroChina has canceled loading plans in August that would have seen 5 million barrels of Venezuelan oil, the sources said, as the United States continues to squeeze Venezuela to loosen Nicolas Maduro’s hold on the troubled Latin American Country. Maduro has precious few allies left, and until recently, China has been a devoted…

Oil Steady Amid Tiny Rig Count Increase

The US oil and gas rig count increase by 1 this week, according to Baker Hughes—a small gain that ends a string of significant losses for the United States. The total oil and gas rig count now stands at 935, or 122 down from this time last year. US production, however, is still significantly up year on year. The total number of active oil rigs in the United States increased by 6 according to the report, reaching 770. The number of active gas rigs decreased by 4 to reach 165. Miscellaneous rigs fell by 1, to zero. Oil rigs have seen a loss…

Scientists: Conventional Oil Impacts Groundwater More Than Fracking

While many protests against the oil and gas industry focus on the effects of fracking on the environment, scientists say that as far as groundwater is concerned, conventional oil and gas exploration and production could affect underground water supply much more than hydraulic fracturing could. According to a recent study by hydrogeologists Jennifer McIntosh from the University of Arizona and Grant Ferguson from the University of Saskatchewan (USask), the amount of water injected and produced in the ground during fracking operations is smaller than…

Chinese Investments In Nigerian Oil Hit $16B

Chinese investments in the oil and gas industry of Nigeria have reached US$16 billion, according to a senior NNPC official, but the industry needs even more to advance its production growth agenda. Vanguard quotes NNPC’s Group Managing Director Malla Mele Kyari as saying “To have investment of $16bn in Nigeria is clearly an indication of your confidence in us. We have a target to grow production to 3m barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest.” The comments…

Oil Prices Crash On Recession Fears

Oil prices fell sharply on Wednesday as weak economic data out of China and crude oil inventory gains in the United States’ spooked oil markets. WTI fell more than 5% on Wednesday after booking sizable gains the day prior. At 1:11pm EDT, WTI was trading down -$3.07 (-5.38%) at $54.03. Brent crude fared almost as poorly, with the global benchmark falling $2.96 per barrel (-4.83%) to below $60 again, at $58.34. On Tuesday, the API reported a surprise crude oil inventory build of nearly 4 million barrels, unsettling markets that had seen huge…

Surprise Crude Build Reverses Earlier Oil Price Gains

The American Petroleum Institute (API) has estimated a surprise crude oil inventory build of 3.7 million barrels for the week ending Aug 8, compared to analyst expectations of a 2.761-million barrel draw. The inventory build this week compares to last week’s draw of 3.4 million barrels, according to API data. A day later, the EIA contradicted the API report, estimating that there was an inventory build instead–of 2.4 million barrels. After today’s inventory move, the net draw for the year is 4.53 million barrels for the 33-week reporting…