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CGG S.A. and Topicus.com Inc. announced that CGG has entered into an agreement with Topicus and Vela Software, for the sale of CGG’s GeoSoftware business. The closing of this transaction remains subject to mutually agreed closing conditions. View the full article
Environmental activists in Argentina are trying to prevent new oil exploration in the resource-rich South American nation just days after forcing a governor in Patagonia to reverse course on silver mining. View the full article
Employment in the U.S. oilfield services and equipment sector rose by an estimated 7,450 jobs in December, despite the slow hiring in overall U.S. jobs, according to preliminary data from the Bureau of Labor Statistics and analysis by the Energy Workforce and Technology Council. View the full article
Enterprise Products Partners LP agreed to buy Navitas Midstream Partners LLC from Warburg Pincus LLC for $3.25 billion in cash to add natural gas pipeline and processing assets in the Permian Basin, the world’s most prolific shale basin. View the full article
OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said. View the full article
CGG announced phase three of its dual-azimuth multi-client 3D survey in the Northern North Sea. Initial data from the phase three acquisition are expected to be available in early 2023, and final processed data in early 2024. View the full article
U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output. View the full article
Oil jumped by the most in month after Jerome Powell’s comments to the Senate Banking Committee appeared to be less hawkish than the Federal Reserve had recently telegraphed. View the full article
Inmarsat, a leader in global, mobile satellite communications confirmed the successful launch of its first Inmarsat-6 satellite, I-6 F1, by Mitsubishi Heavy Industries from the JAXA Tanegashima Space Center in Japan. View the full article
Libya’s oil exports, already sharply curtailed following a blockade by paramilitaries in the west, are set to fall further after bad weather closed ports in the east. View the full article
The gasoline market is painting a picture of tight supplies this summer -- the last thing Joe Biden will want to see as he tries to contain high fuel prices. View the full article
Equinor ASA will make a $1.8 billion impairment on its Mariner field after slashing reserve estimates for the U.K. North Sea oil deposit. View the full article
While Noia is currently reviewing the government's Oil and Gas Industry Recovery Task Force Report recommendations, the association is initially pleased with the recommendations and the approach of the task force to deal with current challenges and prepare for the future. View the full article
China’s quick recovery from Covid-19 means that its demand for oil and gas has fully recovered from the pandemic-induced swoon of early 2020, and President Xi Jinping continues to make energy security a top priority. View the full article
Maersk Drilling has been awarded a one-well contract by CGX Resources Inc., operator and joint venture partner with Frontera Energy Guyana Corp, for the semi-submersible rig Maersk Discoverer to perform exploration drilling in the Corentyne Block offshore Guyana. View the full article
The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabia’s decision to extend voluntary curbs, has stunned the global energy market. Prices surged again on Friday, with West Texas Intermediate topping $65 a barrel, and Brent climbing above $68. View the full article
I have been looking at many charts that depict the current oil prices and even created one for my own website/blog using the weekly oil price data since 1987, from the EIA, the US Energy Information Administration.
Despite all that, sensing the trend, upward or downward, on weekly basis is as ridiculous as betting on the foot that a centipede will put ward in order to shorten its crooked path.
I am sure this must be the nightmare of every chartist who lurches on the uncertainty of cru
World consumption will once again reach 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control, the International Energy Agency said, in its first detailed outlook for the year ahead. View the full article
The Joint Ministerial Monitoring Committee, JMMC, meeting of the OPEC+ that took place in the form of a virtual conference on Wednesday, finally managed to provide the markets with much needed sense of direction.
The oil price shot up, having been in decline for days. Brent oil hit above $58, the highest so far during the turbulent period.
The meeting was unusually short, yet managed to reach an agreement with most members seeing eye to eye on the main issue: maintaining the crude
Jennifer Granholm was confirmed as Secretary of Energy, putting the former Michigan Governor at the head of agency that will play a key role in implementing President Joe Biden’s ambitious climate agenda. View the full article
The oil demand picture remains uneven across various regions, with Indian fuel sales falling in February amid higher pump prices, while demand is climbing in America and the UK. View the full article
Oil rebounded from an eight-month low as the market shrugged off a U.S. report showing swelling crude stockpiles and slumping demand. View the full article
The substantial fall of US crude oil stockpiles has not excited the oil price yet, buckling the familiar trend.
The positive news has been overshadowed by a myriad of factors, according to seasoned market watchers.
Some of the key reasons are as follows:
· The Federal Reserve makes it known the inevitability of its continuing support to revive the battered economy
· The outbreak of Covid-19 clusters again in China in the middle of winter
· The rel
Providing more detail on Exxon’s recently-announced efforts to commercialize low-carbon technologies, CEO Darren Woods stressed that partnering with outside investors would be a key objective. It would also mean Exxon would not need to fund large projects solely with its own cash. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
