Record petroleum exports helped shrink the U.S. trade deficit in December to the smallest in almost three years as America moved closer to energy self- sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.
Iran considers an offer to negotiate directly with the U.S. over its nuclear program a “step forward” and expects to resume meetings with world powers later this month, the Persian Gulf nation’s Foreign Minister Ali Akbar Salehi said
A fire at an offshore oil platform run by Black Elk Energy Offshore Operations LLC on Friday, which injured at least four people, is the latest accident to hit the U.S. energy industry.
U.S. wind power developers are installing record-high numbers of turbines in 2012 but that growth could weaken if a production tax credit expires at the end of this year, an industry group said. The U.S. wind industry in August for the first time surpassed 50,000 megawatts (MW) of generation capacity – enough to power 13 million homes, the American Wind Energy Association (AWEA) said in a report issued on Thursday.
Global oil demand is looking weaker than previously forecast as the slowing economy continues to weigh on consumption, according to monthly reports released on Wednesday by the U.S. government and OPEC.
The Organization of the Petroleum Exporting Countries trimmed its forecast for growth in world oil demand in 2013 by 30,000 barrels per day (bpd) to 780,000 bpd and said the risk remains skewed to the downside.
U.S. oil production surged last week to the highest level since January 1997, reducing the country’s dependence on imported fuels as new technology unlocks crude trapped in shale formations.
Crude output rose by 3.7 percent to 6.509 million barrels a day in the week ended Sept. 21, the Energy Department reported today.
The Syrian government is negotiating deals with firms in London, Singapore and the Middle East to sell crude oil in return for the fuel it needs to survive in the face of an increasingly bloody insurgency, documents seen by Reuters show.
Syria has been starved of diesel for its army and fuel to keep the economy running because U.S. and European Union sanctions have cut off its usual suppliers. As sanctions bite, income from crude oil sales becomes increasingly important.
Underwriters from Bank of America Corp. (BAC) to Credit Suisse AG and Citigroup Inc. (C) for the first time are close to converting sunlight into cash to pay bond investors.
Similar to asset-backed securities that finance everything from car purchases to college tuition, solar bonds will help fund rooftop power projects that Bloomberg New Energy Finance estimates will need to raise about $4.6 billion next year.
The US on Friday cheered what it said was a decision by Italy’s Edison International to withdraw from Iran’s energy sector and scrap a multi-million dollar contract to explore Iran’s Dayyer natural gas field. Edison signed a $107 million contract with Iran’s national oil company NIOC in 2008 to help develop the 3,281 square-mile (8,500 […]
For most of this year, the threat of tough U.S. sanctions on Iran, the world’s third-largest oil exporter, helped push crude oil prices higher and higher, adding a menacing headwind for struggling global economies. But in the past few weeks, a combination of higher output from Iran’s rival Saudi Arabia and economic troubles in China and Europe have pushed oil prices down 25 percent, putting the threat of sanctions back squarely on Iran.
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