Goldman: U.S.-Iran Standoff Is A Long-Term Threat To Oil Supply

While the Kurdistan-Iraq standoff is a risk to shorter-term oil production, the increased tensions between neighboring Iran and the U.S. are a longer-term and bigger threat to global oil supplies, according to Goldman Sachs. On Friday, U.S. President Donald Trump said he was officially withdrawing his certification of Iranian compliance with the nuclear deal, in what is being billed as part of a tougher strategy on Iran. President Trump passed the nuclear deal back to Congress to review and amend the law. “That is why I am directing my administration…

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Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk

Iraq’s government forces completed on Tuesday an operation to seize control of all oil fields that Iraqi state-held North Oil Company operates in the oil-rich Kirkuk region from Kurdish forces, a senior military official told Reuters. The Iraqi forces took control of the Baba Gurgur, Jambur and Khabbaz fields on Monday, and proceeded with the operation taking control of the Bai Hassan and Avana oil fields on Tuesday, according to the military officer. The Kurdish forces, the Peshmerga, had previously held the oil fields around Kirkuk, but…

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Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes

Venezuela’s President Nicolas Maduro claimed victory in a regional election on Sunday in a surprise win defying opinion polls, but the opposition refused to recognize the outcome, decrying fraud, in what could lead to another wave of sanctions against the regime and renewed unrest in the country sitting on the world’s biggest oil reserves. The pro-government electoral board said that Maduro’s allies and candidates had won 17 governorships, compared to the six governorships won by the opposition. The voter turnout was more than…

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Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing

An oil rig exploded on Sunday evening in Lake Pontchartrain just north of New Orleans, leaving 7 people injured, one missing, and crude oil possibly leaking into the lake, authorities say. The Coast Guard said Sunday evening that it was coordinating search efforts for a missing man after an explosion on an oil platform in Lake Pontchartrain. One of the platform workers has said that eight people were aboard at the time of the explosion, and one person did not make it to shore. Of the seven people who made it to shore, six were taken to the hospital,…

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Oil Trading Firm Expects Unprecedented U.S. Crude Exports

U.S. crude oil exports hit an all-time high at the end of September, and are poised to surge even more to hit unprecedented levels in the coming two or three weeks, Marco Dunand, chief executive of trading house Mercuria, told the Reuters Global Commodities Summit on Friday.   U.S. crude oil exports hit a record-high of 1.98 million bpd in the week to September 29, EIA data showed. This was the highest weekly average since the U.S. removed restrictions on crude oil exports at the end of 2015, after a four-decade ban. Oversupply…

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Mass EV Adoption Could Lead To $10 Oil

The adoption of electric vehicles (EVs) could lead to global peak oil demand as soon as 2023, which will result in oil prices crashing to $10, Chris Watling, CEO & chief market strategist at Longview Economics, told CNBC on Friday. Watling said he didn’t see oil crashing “in the next few weeks or months, or maybe even quarters, but I think the long-term outlook for oil—because of what’s happening in terms of electric vehicles” with 70 percent of oil used for transportation, is oil plummeting to $10 somewhere around…

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The Next Big Digital Disruption In Energy

Until recently, the energy industry was mostly associated with roughnecks, gushing greasy dirty oil, and centralized electricity distribution systems. But the digital revolution and technological advances have made even the notoriously slow-to-change energy sector start using smart rigs, data analytics and artificial intelligence.  Now the latest technology that is already changing the financial services sector is entering the energy industry: blockchain, the technology best known for cryptocurrencies such as Bitcoin.   Blockchain enables…

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Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs

The government of the global leader in EVs adoption, Norway, proposed on Thursday to trim some of the tax breaks for the heaviest electric vehicles (EVs) in a move that—if implemented—would affect owners of cars such as Tesla Model X, for example. In its 2018 budget proposal unveiled today, Norway’s right-wing minority government has included a proposal to change an exemption from the motor vehicle registration tax. The proposal “implies that only heavy electric cars, with a weight in excess of two tonnes, will be subject…

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China Set To Continue Crude Oil Buying Spree, IEA Says

Although Chinese oil stocks data is opaque and hard to come by, various sources peg China’s storage capacity at up to 1 billion barrels, and assuming the estimate is accurate that China has around 850 million barrels of crude oil stocks now, it would likely continue with its buying spree in the next six months until it reaches capacity, according to the International Energy Agency (IEA). According to various sources, China’s storage capacity is between 800 million and 1 billion barrels, the IEA said in its Oil Market Report on Thursday,…

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Is Iraq On The Brink Of Civil War?

For much of the past month, the Kurdistan referendum on independence and its possible implications for the region have dominated news headlines from the Middle East. The fate of Kurdistan-controlled oil production and exports in the face of Turkish threats to cut off the main export route for Kurdish oil, and Iraq’s call to the neighbors and the world to deal only with the federal government—especially in oil sales and trade—pushed oil prices to a several-months-high at the end of September.   The oil-rich area around Kirkuk—with…

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