Enforcing a 1973-style oil embargo is not in the cards for Saudi Arabia, confirmed by the Saudi Arabian Energy Minister Khalid al-Falih in an interview to Russia's TASS news agency.Amidst the roaring controversy surrounding the killing of Saudi journalist Jamal Khashoggi, and the impending U.S. sanctions on Iran, this comes as a big relief for the global economy. October 1973’s oil crisis, where OPEC nations joined hands to squeeze supplies to the U.S. and Europe in retaliation for their support for Israel, resulted in the oil price quadrupling to US$12 per barrel in just a couple of months. Khalid al-Falih also added that for decades they have adopted an oil policy which is being used as a responsible economic tool, and Saudi Arabia has no intention of using its oil wealth as a political tool. He further emphasized on continuing the joint work between the OPEC nations and the non-OPEC nations to maintain the equilibrium of supply and demand, and gave assurance that if r

For the first time in six years, South Korea did not import any oil from Iran during the month of September -- move ahead of the impending U.S. sanctions. Uncertainty pertaining to getting waiver from the U.S. government is believed to have triggered this decision. South Korea, the world’s fifth-largest crude oil importer and an important client for Iran’s oil (alongside China and India), has steadily declined its share of Iranian oil imports since the beginning of the year.For the first nine months of 2018, ending in September, total imports stood at 7.15 million tonnes – down by 49.1% compared to 2017 despite being less expensive. Meanwhile, the share of U.S. crude oil exports to South Korea increased five times to 668,704 tonnes in the reported month, while imports of Saudi crude saw a decline of 6.9% to 3.41 million tonnes from 3.67 million tonnes a year earlier. As political tensions escalate between the U.S. and Saudi Arabia, and as U.S. sanctions against Iran

The Trump administrations withdrawal from the Iran nuclear agreement, and its subsequent decision to re-impose sanctions, could very well have rippling effects on global oil markets.  A number of US companies have already stopped their imports despite the sanctions going into effect in early November 2018.A number of companies from countries like India, however, which are heavily oil dependent, are continuing to import Iranian oil -- defying the Trump administration’s call for countries to completely cut-off trade. A slow but steady increase in the US's rig count during the course of 2018 has helped investors remain optimistic.

August marked the Organization of Petroleum Exporting Countries’ (OPEC) highest crude production this year, bolstered by Libya’s output. All members of OPEC collectively produced 32.74 million barrels a day last month, which is 420,000 barrels higher compared to July (according to a Bloomberg report).  In June, OPEC members agreed to increase their combined production by 1 million barrels a day.

American liquefied natural gas makes the list of China’s tariff targets. Among the $60 billion worth of U.S. goods that China has threatened to tax at 25% rate, LNG’s inclusion has potentially heated up the trade war even more – with the U.S. being the world’s top producer of natural gas and China being the second-largest importer of LNG as of last year.Around 15% of U.S. LNG exports were shipped to China in 2017. Earlier, Beijing had refrained from including natural gas/fuel in its list of U.S. goods that it planned to increase tariffs on, and at one point was even willing to buy more U.S. energy exports – a sentiment far off from the latest trade tensions.

The count of working oil rigs in the country increased by 10 this week to peak at 869 - their highest point so far this year, according to data from Baker Hughes. Since January, U.S. rig fleet has grown by more than 115 rigs since January.This should mitigate supply concerns following U.S. President Donald Trump’s restoring of sanctions on Iran and withdrawing from the nuclear deal with the nation.

U.S. crude exports to China had risen to 15 million barrels in June - the highest volume since 1996, according to U.S. Census Bureau and Energy Information Administration data. Earlier, the Chinese government was reportedly considering tariffs on U.S. crude, but changed its mind following consultations with industry associations and corporations.That reflects how much of a market clout U.S. crude exporters potentially have on Chinese refineries, more so as the latter continue to face supply disruptions from Venezuela and Iran.

At the one end of the extreme spectrum of speculative investments are famous FAANG’s (Facebook, Apple, Amazon, Netflix and Google).On the other end of the spectrum are the so-called dividend aristocrats – blue-chip companies that pay high dividends. As the investors are getting more and more concerned with the possibility of the market downturn, they are looking for “safer” investments.

In the second quarter, BP posted a $2.8 billion profit, which exceeded analyst expectations and is about four times higher than the same period last year.  For BP, this is standout performance in a quarter where Exxon disappointed.  BP said its oil-and-gas production was 3.6 million barrels per day of oil-equivalent, and the company has started projects in Azerbaijan, Russia and Egypt.The CFO of BP, Brian Gilvary, indicated that the company has already paid 80% of this year's planned settlement payments related to the Gulf of Mexico tragedy, which indicates that profitability may not be inhibited by payouts in the second half of the year (assuming there's not another tragedy and lawsuit). CEO Bob Dudley said that looking forward, the company is planning for oil prices in the $50–$65 per barrel range, which is conservative by today's prices -- crude is trading around $70 a barrel.

Exxon Mobil produced less energy, and missed profit expectations in the latest quarter. The energy major’s total production dropped by -7% globally in Q2.The firm also cited planned maintenance as a factor behind lower production. Exxon’s Q2 profit rose by 18% to $3.95 billion, falling short of projections. But there's still some potential chance for the company to bounce back  – thanks to its +30% production growth in Permian Basin of West Texas and Bakken of North Dakota last quarter, and the firm’s plans of investing billions of dollars in overseas projects that it hopes will bolster long-term growth.  

The San Francisco and Oakland cases were thrown out some time ago, and now a U.S. district judge has dismissed New York's attempt to do the same. The lawsuits alleged that oil giants like BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell knew about the climate impact of oil production and drilling, but they ignored their own scientific findings and broadly accepted scientific findings.The judges reviewing the case more or less arrived at the same conclusion, which was that problems related to climate change should be dealt with by Congress and the executive branch, not oil companies.  

Texas could surpass Iraq and Iran in oil production by next year, as suggested by a HSBC analysis. The rapid explosion of oil output from the state could catapult Texas to the position of the 3rd highest oil producer (behind Russia and Saudi Arabia)  if it were a country, according to HSBC. The two major oilfields of the state, the Permian Basin and Eagle Ford are projected to pump a combined output of 5.6 million barrels per day in 2019 – compared to 2.5 million barrels per day in 2014, according to HSBC analysis.Iraq and Iran are estimated to produce 4.8 million and 3 million barrels per day respectively next year. However, it remains to be seen if the Permian Basin can resolve its existing infrastructural/ logistical bottlenecks such as pipeline shortages, and how far it can channel its massive production potential into effective supply networks.

SNP_____BUY_____China Petroleum & Chemical Corporation 8.XOM_____BUY_____Exxon Mobil Corporation Also there is a large number of Independent Oil and Gas providers on the stock market and after analysing them here is the list of stocks that you should consider to BUY from this sector as well: 1.