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BP’s energy transition plan will receive a boost from rising oil prices, and the company is already winning back investors after a difficult year, Chief Executive Officer Bernard Looney said. View the full article
Schlumberger’s decarbonization plan leverages technology to address operational emissions, customer emissions, and carbon-negative actions. View the full article
A key spread between monthly oil futures contracts has blown out to the widest level in seven years as traders bet that U.S. crude inventories are about to get a whole lot tighter. View the full article
Oil retreated after hitting $75 a barrel in London for the first time in more than two years, as Russia and other OPEC+ nations were said to consider increasing production. View the full article
Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned. View the full article
Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned. View the full article
Exxon Mobil Corp. is preparing to reduce headcount at its U.S. offices by between 5% and 10% annually for the next three to five years by using its performance-evaluation system to suss out low performers, according to people familiar with the matter. View the full article
“They blocked us, they sanctioned us, they stole all our foreign assets,” said Venezuelan oil minister Tareck El Aissami. “Without any financing, with our own money, we’ve been able to invest enough to stop the slide and start a gradual recovery.” View the full article
Oil held near $72 a barrel as inconclusive nuclear talks between world powers and Iran -- which has elected a new hardline president -- allayed prospects for a swift revival of the Islamic Republic’s crude exports. View the full article
Odfjell’s WindGrid is a solution for providing an uninterrupted power supply from Mobile Offshore Wind Units to micro-grids. It combines energy storage, grid converters and floating wind turbines in order to enable gas turbine generators to be shut down during peak wind power production. View the full article
Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new crude production is crimped by environmental concerns, the bank said in a report. View the full article
Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain. View the full article
President Joe Biden’s administration rejected Nicolas Maduro’s call for relief from U.S. sanctions, saying the Venezuelan leader needs to do more toward restoring democracy before penalties would be lifted. View the full article
China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines. View the full article
While Ebrahim Raisi’s presidential win isn’t expected to derail efforts to return the U.S. to the accord, the change in administration in Tehran has complicated diplomacy. View the full article
Iran will continue talks aimed at reviving a nuclear deal during its transition to a new government, yet the election of a conservative cleric as president lowers traders’ expectations of a quick return to the world oil market. View the full article
A former judiciary chief with support from the highest levels of Iran’s religious and military establishment, Ebrahim Raisi’s election means that all of Iran’s state institutions and levers of power will be controlled by ultraconservatives. View the full article
As little as 18 months ago, it would have been unthinkable, but transformation of oil markets post-pandemic is already having ramifications on crude pricing and international trading patterns. View the full article
After years of booms and busts that produced astronomical losses along with a whole lot of oil, the shale industry seems to have found a sweet spot, poised to hit a record of more than $30 billion of free cash generated in 2021. View the full article
New wells at Valemon will extend profitable operations at Heimdal, which is processing gas from Valemon. The Heimdal partners have now decided to extend operations at Heimdal to 2023. View the full article
Oil slumped as a rising dollar pushed financial investors, who had piled into commodities to guard against inflation, toward the exits for other sectors. View the full article
The aim of the collaboration is to explore safe implementation of potential new technologies, working jointly with relevant governmental agencies to promote the introduction of hydrogen as an energy source in the Singapore market to support the country’s decarbonization goals. View the full article
Co-owners of the Terra Nova FPSO facility and associated Terra Nova Field have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision this fall. View the full article
A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. View the full article
A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Saudi Arabia’s energy minister said. 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.
