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Having risen steadily – and somewhat alarmingly – for more than a week, Brent crude price has slightly gone down for most of the day on Tuesday.
Major oil producers in the OPEC, meanwhile, still think the price of the crude oil is in the right range as far as their economic issues are concerned, thanks to the output cut.
The minnows in the organization, however, do not see it that way and reluctantly agree with cuts; they want to sell as much oil as possible and earn revenues as a matt
As a result of geological exploration and production drilling conducted in 2020, Lukoil added 464 million barrels of oil equivalent to its proved reserves. The largest contribution was made by the assets in West Siberia, Ural region, Timan-Pechora and Russian sector of the Caspian Sea. View the full article
The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue. View the full article
Iran said an attempt by the U.S. government to seize 2 million barrels of oil aboard a Greek-owned tanker was “an act of piracy,” as tensions between Washington and the Islamic Republic show little sign of easing under Joe Biden’s presidency. View the full article
Vice President Kamala Harris drew derision on social media after she told a West Virginia television station that people could be put to work reclaiming abandoned “land mines.” A day earlier, climate envoy John Kerry said during a White House briefing that displaced laborers face “better choices” making solar panels and installing wind turbines. View the full article
U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts. View the full article
At 04:27 GMT on Monday, Brent crude price went up by $1.09, a rise in 1.8%. WTI crude, meanwhile, gained $1.28. Analysts may think the stimulus package announced by the Biden administration and the hopes of success of the vaccination programmes across the world are behind the spike in crude price in the morning hours in Asia.
It, however, was triggered off by a drone operation aimed at Saudi Arabia by Houthi rebels. According to Saudis, a drone, laden with explosives, was detected by the Sa
The Arctic blast gripping the central U.S. may threaten crude exports from one of the world’s top producers, amid rapidly-normalizing global stockpiles that point to the success OPEC has had in draining a surplus left in the wake of the pandemic. View the full article
American refiners are processing the most crude since the economy ground to a halt in March in anticipation of a vaccine-driven boost in gasoline demand this summer. The uptick means that the refiners are competing for domestic barrels that for months were sent to more robust markets in Asia. View the full article
After years of depressed prices and weak margins, U.S. natural gas producers -- at least those with wells and equipment that aren’t frozen -- are cashing in on an unusually extreme blast of cold. The freeze is giving a rare boost to a market that’s never recovered from a crash more than a decade ago, flooded by cheap supplies from shale fields. View the full article
On Boxing Day in 2020, we were mostly indoors due to the lockdown over the Christmas period in the United Kingdom; nature hardly helped alleviate the gloom during the difficult time either in the hour of national need; on the contrary, its fury developed into a monstrous storm, knows as Storm Bella, which relentlessly battered the British Isles.
Being true to the cliché, the dark clouds did have a silver lining as far as the camp of renewables was concerned; the winds of Storm Bella, with g
The Texas Railroad Commission is taking action to prioritize natural gas supplies to support electricity generation, as the state faces multiple days of record cold temperatures. View the full article
The next monthly meeting of the OPEC+ on March 4, is going to be crucial for the oil price in particular and the economies of the world regardless of their strength in general.
At present, the factors which are always in favour of steady oil price are active and in full swing: the inventory draws are significant; China has been importing crude oil at an increased pace and so has India; Covid-19 vaccines bring in new hope for controlling the pandemic.
In this context, OPEC+ can play the
Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned ADNOC said Wednesday in a statement. Abu Dhabi holds most of the oil in the United Arab Emirates, the third-largest producer in OPEC. View the full article
Canadian Trade Minister Mary Ng said she is focusing her efforts with the new Biden administration on mutual U.S.-Canada interests despite early policy hiccups that risk further fracturing ties between the two nations, whose commercial relationship is worth $725 billion a year. View the full article
Leigh Ann Runyan, CMP, will take over as Executive Director of the Offshore Technology Conference in mid-April. She replaces Stephen Graham, who is retiring. Runyan has extensive experience managing OTC and other large events. View the full article
OPEC meets on March 4 and members will probably agree to keep output steady in April, Iraq’s Oil Minister Ihsan Abdul Jabbar said. The biggest change will come from Saudi Arabia, which will likely end unilateral daily cuts of 1 million barrels after March, he said. View the full article
The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment. View the full article
Oil prices in New York slid 0.8% on Thursday, the biggest decline in two weeks, after rising for eight straight sessions. The IEA said the re-balancing of the global oil markets remains “fragile” and slashed its forecasts for world oil consumption in 2021 as the pandemic continues to limit travel and economic activity. View the full article
Shell is starting one of the biggest reorganizations in its history as it pivots from a century-long structure that prioritized oil and gas production. There will be as many as 9,000 job losses over the next two years, with cuts already announced in The Netherlands, the UK and Malaysia. A second round of voluntary redundancies is also underway, Shell CEO Ben Van Beurden said last week. View the full article
Energean sees potential to find about 110 billion cubic meters of gas that it could sell over the next 10-20 years, doubling the company's current reserves in Israel. View the full article
Chesapeake Energy, the once-iconic energy explorer that helped ignite the American shale-gas boom, is emerging from bankruptcy protection a shadow of its former self. And in a way, that’s just fine with its boss. View the full article
Texas’s energy regulator is taking an uncharacteristically critical approach toward burning off excess natural gas, a sign that growing pressure from environmentalists and investors to curb the controversial practice is paying off. View the full article
Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million. View the full article
Oil surge continues as investors feel that the demand is back on track and it’s finally irreversible regardless of the bad news on the Coronavirus front with the discovery of new variants.
Investors seem to be particularly buoyed by the projected increase in demand by two leading developing countries in Asia, India and China, as the respective economies show healthy signs of recovery.
Although activities in the South China Sea involving the world’s two biggest economies is a concern, t
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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.
