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Oil Price Daily News Update

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Oil Price Daily News Update


This Gold-Rich Nation Finally Opened Up

Posted: 02 May 2014 07:55 AM PDT

There are a handful of nations that rank as heavyweights in gold production globally. In Africa, all market observers focus on big names like Ghana and Burkina Faso.But there’s a “poor cousin” in this region that gets little attention. Despite the fact its geology may be just as prospective.That’s Cote D’Ivoire. The western neighbour of north Africa’s two major gold states.The reason this prospective country has been ignored has nothing to do with geology. But rather with legislation. With would-be miners here having laboured under an antiquated…Read more…

Mixed Earnings Reports Suggest Big Oil May Have Peaked

Posted: 01 May 2014 02:55 PM PDT

First-quarter earnings reports are in and the world’s biggest oil companies are reporting mixed results.ExxonMobil, the largest producer of natural gas in the U.S., reported quarterly earnings of $9.10 billion, down 4.2 percent from $9.50 billion in the same quarter a year ago. Yet it beat Wall Street expectations, owing to a spike in natural gas prices during the winter and a boost in its quarterly dividend. The brutal winter in the eastern U.S. drove natural gas prices up, giving the company more revenue than expected.Royal Dutch Shell…Read more…

The Future Still Looks Bright For Brazil’s Energy Giant, Petrobras

Posted: 01 May 2014 02:44 PM PDT

After many years of praise, Brazil’s national oil company, Petrobras, has come under increased criticism, with its weak profits, soaring debts and flat-lining oil production viewed as signs that the company is sinking under the weight of government intervention. But while there is cause for concern in the short run, Petrobras remains a strong company with abundant assets, world-class technical capabilities, and the ability in the long term to achieve its ambitious targets. Just like the irrational excitement a few years ago about Petrobras’…Read more…

Why Hasn’t The U.S. Gone After Gazprom?

Posted: 01 May 2014 02:35 PM PDT

Amidst the deepening war of words over Moscow’s annexation of Crimea, U.S. President Barack Obama on April 28 added more Russian individuals and companies to a sanctions list that already included influential members of Russian President Vladimir Putin’s inner circle and Bank Rossiya, which has close ties to the Russian leadership. The new list freezes the assets of Igor Sechin, head of Russia’s major oil company, Rosneft, six other individuals and 17 companies. Significantly, the new U.S. list does not include Alexei Miller, CEO of…Read more…

Economic Benefits From Oil Spills? Canadian Company Thinks So

Posted: 01 May 2014 02:26 PM PDT

Kinder Morgan’s (NYSE:KMI) assertion that oil spills could bring economic benefits is triggering heated reactions.The company’s statement, part of its $5.4 billion proposal to the federal government submitted Tuesday, also acknowledges a spill could have negative consequences for the environment and nearby communities. However, in the 15,000-page document, the company insists that a risk assessment and 60-year history operating the existing pipeline has shown “the probability of a large pipeline spill is low.”Sierra Club…Read more…

Oil Train Derails, Explodes In Virginia

Posted: 01 May 2014 02:12 PM PDT

A train carrying crude oil derailed in downtown Lynchburg, Virginia, population 77,000, triggering a huge blaze and spilling thousands of gallons of oil. Between 12 and 14 cars from the CSX train derailed in the April 30 accident, with at least three ending up in the James River. An estimated 50,000 gallons of oil spilled; some burned off and some poured into the river. “You just saw [the train] going sideways on two wheels and then one went down, and the train just kept on coming,” a witness told local news station WDBJ. “And…Read more…

Bill To Speed Up Approval Of U.S. LNG Exports Advances

Posted: 01 May 2014 02:07 PM PDT

The U.S. House Energy and Commerce Committee has passed legislation that would accelerate the approval of requests to sell liquefied natural gas (LNG) overseas. The bill would require the Department of Energy to make a decision on an LNG export application within 90 days after the close of the public comment period. DOE currently has no time limit on its decisions.“The bill would ensure that “90 days after the closing of the comment period, they have to make a decision. It could be yes or no, but they have to make a decision,”…Read more…

Oil Worker Deaths Spotlight Job Risks

Posted: 01 May 2014 02:06 PM PDT

Two men were killed and nine others injured in an explosion at an oil-drilling site in Texas on April 30. The incident occurred about 60 miles southeast of Carlsbad, New Mexico, in Loving County. The explosion hit workers trying to change a wellhead after too much pressure built up in the well. The two dead men were thrown 20 feet from the wellhead. The men were contractors for RKI Exploration & Production, the owner of the well. “It’s extremely unfortunate. Our thoughts and prayers are with the families of the killed and injured,”…Read more…

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