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Biden administration officials are “encouraged” by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said. View the full article
Favorable hedge positions represent the biggest test yet of shale’s newfound resolve to act with discipline and focus on investor returns, and avoid a return to the relentless pursuit of growth. View the full article
Rally-to-rout oil price gyrations show how the cartel’s internal rifts threaten the stability of the global economic recovery amid concerns about inflation, and tarnished the group’s self-image as a reliable steward of the oil market. View the full article
Reveal Energy Services has entered into a technology licensing and development agreement to commercialize ConocoPhillips’ patented poroelastic response measurement [PRM] technology, and the companies will perform joint research and development in the PRM technology space. View the full article
Patterson-UTI Energy Inc. has entered into an agreement to acquire Pioneer Energy Services Corp. for approximately $295 million, which includes the retirement of all Pioneer Energy Services’ debt. View the full article
The Biden administration is urging OPEC and its allies to find a compromise solution to increase oil production, according to White House officials familiar with the discussions. View the full article
Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase. View the full article
The resolution ends a long-standing conflict between Pemex and Houston-based Talos over the field, which contains as many as one billion barrels of oil equivalent. View the full article
The resolution ends a long-standing conflict between Pemex and Houston-based Talos over the field, which contains as many as one billion barrels of oil equivalent. View the full article
The group’s oil ministers were unable to reach a compromise, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic. View the full article
OPEC+ fails to strike a deal, abandoning its planned meeting and leaving the oil market facing much tighter supplies than had been expected. View the full article
BP Plc and Russia’s Lukoil PJSC want to sell down their assets in Iraq, according to the country’s oil minister. View the full article
Oil held steady as tensions between Saudi Arabia and the UAE escalated over the weekend, leaving the market with few clues about how supply talks will proceed on Monday after discussions reached an impasse last week. View the full article
The United Arab Emirates said it won’t accept a plan by other members of OPEC+ to extend the group’s agreement to curb oil production beyond April 2022, unless it’s allowed to have a higher baseline for its own cuts. View the full article
A high-stakes game of oil diplomacy pits Saudi Arabia against long-time ally Abu Dhabi. And the result of their fight will shape not just the price of oil for the next year, but the future of the global energy industry. View the full article
The world’s largest independent oil trader expects crude’s rally to continue on the assumption any OPEC+ output hikes will fail to keep pace with growth in demand. View the full article
TC Energy will be seeking to recover more than US$15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its North American Free Trade Agreement (NAFTA) obligations, the company said in a statement. View the full article
By ensuring an enabling environment for investors backed by a transparent and strengthened regulatory framework, the Petroleum Industry Bill will present significant investment opportunities for both regional and international stakeholders. View the full article
A preliminary deal struck on Thursday to increase oil production by 400,000 barrels per day was thrown into chaos when the United Arab Emirates threatened to block the deal without a higher output quota for itself. View the full article
South Sudan is experiencing a rapid drop in crude output as producing oil blocks have hit peaks and have begun to decline, according to Ministry of Petroleum Undersecretary Awow Daniel Chuang. View the full article
Oil majors are gearing up to explore off the coast of Colombia, offering hope to a country struggling to reverse declines in reserves and output of its biggest export. View the full article
Saudi Arabia and Russia have a tentative deal to gradually increase OPEC+ oil output in the coming months, delegates said. The proposal under discussion would add about 2 million barrels a day to the cartel’s output from August to December. View the full article
The Martin Linge field is powered from shore, resulting in low CO2 emissions, and operated from its onshore control room. Expected recoverable resources are approximately 260 million barrels of oil equivalent. View the full article
Over the last four weeks total stockpiles, including the Strategic Petroleum Reserve, have fallen at a rate of 1.15 million barrels a day, marking the largest four-week decline on a rolling basis in Energy Information Administration Data going back to 1982. View the full article
Green infrastructure developer Cerulean Winds has named NOV as the first of its delivery partners for the fabrication of its proposed integrated 200-turbine floating wind and hydrogen development off the coast of Scotland. 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.
