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The unity of Arab nations with Saudi Arabia at its nucleus appears to be helping the latter in its determination to cut the crude oil output to compensate for the loss of revenues during the past few months.
Both Iraq and Libya confirmed that they will cut down the output for January and February, mimicking what Saudis did: not only did Saudi Arabia cut the oil output by 1 million barrels per day, but also raised the crude oil price for Asia, something that didn’t go down very well with the
How does a global industry respond to a global pandemic? In this roundtable, four experts with four different perspectives look beyond the economic impacts and consider how the experience of Covid-19 could change attitudes toward work, technology, the environmental agenda and the future of the energy sector, itself. View the full article
The PosHYdon pilot project will create the world’s first offshore green hydrogen production plant in the Dutch North Sea. The project will gain experience in integrating working energy systems at sea and producing hydrogen in an offshore environment. View the full article
One of World Oil’s most notable editorial advisors receives SPE’s ultimate distinction while also taking on new roles in the industry. View the full article
Halliburton Company announced the creation of Halliburton Labs – a collaborative environment where entrepreneurs, academics, investors, and industrial labs come together to advance cleaner, affordable energy. View the full article
Some of the high-impact technologies in 2019 no longer have the same economic punch in today’s Covid-19-battered market. At the same time, say some operators and innovators, some of the overlooked or low-impact technologies now are extremely useful, even transformative. View the full article
“At a time when renewables have developed from niche technologies to global industries, Aker’s ambitions exceed the announced spin-offs in Aker Solutions,” Aker Chief Executive Officer Oyvind Eriksen said in a statement. “We take an active role to position ourselves in a broader and rapidly growing renewable energy industry.” View the full article
North Sea nations and oil companies face costs of more than $100 billion to shut down old wells in the depleted region. Researchers in Norway believe they can cut that figure dramatically. View the full article
Europe’s oil giants came into 2020 promising shareholders they can “do it all” -- maintain generous dividends, keep the crude flowing and make a historic shift toward clean energy. Only one of them may succeed. View the full article
The Spotlight on New Technology Award recognizes companies that have created new and advanced technologies that play a role in advancing the offshore oil and gas sector into the forthcoming years. View the full article
Trendsetter Vulcan Offshore (TVO), a developer of innovative solutions for the offshore industry, has collaborated with local pulmonary and critical care physician Luis E. Chug, MD, to introduce personal protective equipment (PPE) for healthcare workers fighting the coronavirus pandemic. View the full article
President Biden's focus on fiscal spending, a probable lack of urgency in lifting sanctions on Iran and restrictions on the North American energy industry all combine to support oil prices, Goldman Sachs analysts wrote in a note dated Jan. 21. View the full article
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February. View the full article
Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that -- rather than restore halted production as planned -- it would slash supplies by a further 1 million barrels a day. On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks. View the full article
India's oil minister and the Organization of Petroleum Exporting Countries’ top official publicly jousted over the cartel’s policy shift at a conference hosted by the Atlantic Council on Tuesday. View the full article
Over the long-term, the impacts of behavioral shifts due to COVID-19 are minor compared to “known” long-term shifts such as decreasing car ownership, growing fuel efficiencies and a trend towards electric vehicles, whose impact is estimated to be three-to-nine times higher than the pandemic’s by 2050. View the full article
U.S. exports of diesel, mostly to Latin America, last week fell 518,000 barrels a day to 714,000 for the lowest level since September 2017, data from the Energy Information Administration show. View the full article
Global oil use dropped by 9 million barrels a day last year but should recoup more than 6 million in 2021, said Mike Muller, head of trader Vitol SA’s operations in Asia. View the full article
The U.S. Energy Information Administration said that recent crude price increases and rig additions will help production in the Lower 48 states begin to rise in the second quarter of this year, with total output nearing 11.5 MMbpd in 2022. View the full article
A “big chunk” of U.S. shale is profitable at current oil prices, but drillers should be aware of crude’s declining share in the future global energy mix, International Energy Agency Executive Director Fatih Birol said in an interview. View the full article
The United Arab Emirates will use carbon-capture technologies to create what’s known as blue hydrogen on its path to becoming a major exporter of the fuel, Sultan Al Jaber, CEO of Abu Dhabi National Oil Co., said at a virtual conference on Tuesday. View the full article
Mubadala Investment Co., Abu Dhabi National Oil Co. and ADQ have formed an alliance to produce hydrogen using natural gas and renewable energy and market it overseas as well as in the United Arab Emirates, ADQ said in a statement. View the full article
With demand still fragile, shale companies “are wise not to jump the gun and overproduce during the recovery year,” UAE Energy Minister Suhail Al Mazrouei said in an interview, adding they “need to be careful not to flood the market.” View the full article
Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer. View the full article
Rollout of coronavirus vaccines and improvement in ties between the United States and China are likely to improve demand for oil, Energy Minister Suhail Al-Mazrouei told Sky News Arabia. “Recovery will be gradual, and won’t happen in a quarter or two,” he 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.
