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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
Higher consumption across major economies is buoying oil prices that have rallied around 40% this year. Against this backdrop, the OPEC+ alliance decided to keep restoring crude supply earlier this month, citing tighter balances into year-end. View the full article
Oil’s bumper rally cooled after an increase in U.S. crude inventories and as industrial commodities retreated. View the full article
Oil eked out a gain, climbing in tandem with equities, as traders weighed the Federal Reserve’s shift to tighter monetary policy to battle inflation. View the full article
The Arab Petroleum Investments Corp. has appointed Khalid bin Ali Al-Ruwaigh as its new CEO, taking over from Dr. Ahmed Ali Attiga who led the organization over the past five years, during which APICORP successfully navigated an ever-changing business and energy landscape. View the full article
President Joe Biden said he expects further oil supply increases from Saudi Arabia to help tame fuel costs at home after a landmark meeting with the kingdom’s rulers. View the full article
The process of industry companies digitally connecting most everything is moving inexorably forward said executive participants in a Tuesday mid-morning panel discussion at the Schlumberger Digital Forum in Luzern, Switzerland. View the full article
In March 2024, Equinor and DNO delineated the Heisenberg discovery, estimating recoverable volumes of 24 to 56 MMboe. They plan to drill a new well in the second quarter of 2024 to explore the Angel prospect and further delineate Heisenberg. View the full article
The discussions highlight how cash and revenue-strapped African nations are turning to traders for funding to boost producing assets and energy supplies. Gunvor Group recently financed Gabon’s deal to buy crude producer Assala Energy for about $800 million, while Vitol is becoming the sole supplier of oil products to Uganda. View the full article
One of the primary drivers of Namibia’s attractiveness as an investment destination is its supportive government and investor-friendly policies. View the full article
(Bloomberg) -- Exxon Mobil Corp. has agreed to sell most of its assets in Argentina’s Vaca Muerta shale patch to Pluspetrol S.A., as Exxon shifts focus to other areas of interest, including Guyana. View the full article
Twelve years ago on Friday, March 12th, the Canadian province of Newfoundland and Labrador experienced the tragic loss of 17 people when Flight 491 crashed in the waters off the coast. View the full article
Noia CEO Charlene Johnson said the Premier’s Economic Recovery Team report highlights the need for a competitive regulatory regime that allows the Newfoundland and Labrador offshore oil and gas industry to successfully bring projects to market. 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
“The commitments shown by Suncor Energy, Cenovus Energy, and Murphy Oil are extremely positive for the Newfoundland and Labrador offshore oil and gas industry," Noia CEO Charlene Johnson said in a statement. View the full article
Equinor ASA is boosting natural gas exports to ease Europe’s supply crunch, sacrificing some oil production in the process. View the full article
Fossil fuel companies should face probes on whether they’re using “loophole-ridden” environmental, social and governance goals to boost executive pay while contributing to environmental destruction, Senator Elizabeth Warren said, adding to her calls to rein in CEO compensation. View the full article
Global digital services leader Asset Information Services (AIS), a James Fisher company, announced its business development and account management expansion plans on Monday, which includes new hires in key global regions for its rapidly growing customer base. View the full article
The Canadian government released potential designs for an emissions cap on the oil and gas industry, the next step in Prime Minister Justin Trudeau’s plan to cut emissions in the sector by 42% by 2030. View the full article
Schlumberger announced that it has been selected by Wintershall Dea as its preferred partner on the acceleration of its Terra Nova subsurface transformation program. View the full article
The Atlantis field was discovered in 2020. Its total recoverable reserves are estimated at 65 Mmboe, with upside potential. This puts Atlantis among the largest offshore discoveries made on the Norwegian Continental Shelf in the last decade. View the full article
The project in Beaumont has a capacity of 1.1 million tons a year in the first phase, while the addition of carbon capture and storage will allow it to produce lower-emission ammonia from 2026, Woodside said. Agreements are in place for the feedstock and carbon capture capacity with Linde Plc and Exxon Mobil Corp., it said. View the full article
Petrofac has been awarded a multi-million-dollar, two-year contract by Bapco Upstream. Petrofac will support Bapco's production plans to meet gas demands for Bahrain through the delivery of well hook-ups, associated pipelines and tie-ins for several new wells within the Bahrain Field. View the full article
“Going forward into April and May, we’re going to see pretty significant increases in demand,” said Bart Melek, head of commodity strategy at TD Securities. “At this point, however, prices are a little overdone. The market is assuming a little too much in terms of what OPEC+ will do.” View the full article
The Railroad Commission of Texas issued a total of 732 original drilling permits in April 2021 compared to 456 in April 2020. The April 2021 total includes 629 permits to drill new oil or gas wells, five to re-enter plugged well bores, and 94 for re-completions of existing well bores. 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.
