Qatar Petroleum is preparing to submitting plans to build a power plant at the South Hook terminal. South Hook is the Europe’s largest liquified natural gas (LNG) terminal, and run by Total and ExxonMobil. Qatar supplies virtually all of the UK’s LNG needs through the South Hook terminal, and is now planning the development of the 500 […]

Oil prices have just seen the worst quarter in 5 years, however things are expected to turn around as the European Union boycott on Iranian oil is about to begin. China is Iran’s biggest purchaser of crude oil but is now considering slowing down purchases. This is punishment for the regime’s covert nuclear weapons program. […]

Petrobras, the Argentinian subsidiary of Brazil’s Petroleo Brasileiro, has announced the discovery of 6 million barrels of oil. The La Cancha reserve is located in the Santa Cruz province’s Agua Fresca oilfield and is Petrobras’ second project in the province. It is estimated to produce 3,000 barrels of crude oil, and 90,000 cubic meters of gas per day. Petrobras is planning […]

As we see a more and more call options on commodities like gold and silver, their prices are still low today. This is largely due to the US Federal Reserve’s reluctance to expand Quantitative Easing (QE3) and instead opting for “Operation Twist”. While hedge funds and portfolio managers increased their buying on most futures and […]

Oil workers in Norway have launched a strike closing down gas and oil production at 2 North Sea oil fields — part of the Brent Group. Union and industry negotiations collapsed Saturday night. 700 oil workers are striking of the nation’s 7,000 workers. The oil workers have been fighting for better pensions, as the union […]

Colombia is planning to auction off plots of land all the way from the Pacific Ocean to the Amazon jungle. These plots are expected to hold deposits of gold and copper, with additional actions in 2013 for reserves holding coltan, uranium, and platinum. The goal of this auction is to gain more foreign investment. Colombia’s mining industry […]

As Syria’s civil war escalates, we see the situation get closer and closer to a larger military campaign with foreign intervention. So aside from the civilian catastrophe, how will this affect world crude oil prices? In recent days, a Syrian fighter pilot defected to Jordan along with his MiG-21 fighter jet, even more atrocities committed […]