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Arabian Drilling Co., a Saudi oilfield-services company partly held by Schlumberger NV, is preparing an initial public offering that could give it a valuation of around $2 billion, according to people familiar with the matter. 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
Prince Abdulaziz bin Salman has battled to keep short-sellers at bay for more than a year, famously warning speculators in September not to bet against him, and more recently lambasting the view that the world should stop investing in oil to protect the climate. View the full article
Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. 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
Russia defied expectations of a collapse in oil production following its invasion of Ukraine. But Moscow will have to redouble its efforts to find new buyers if it’s to keep output from shrinking in the coming months. View the full article
Discovered via a trio of wells drilled by the Valaris DS-12 drillship in 2019, the high-quality gas at BirAllah represents the largest deep water gas discovery of 2019 and the third largest overall. View the full article
The facility which Petrofac will continue to manage is one of the largest in the Gulf, and handles around 55% of Iraq’s crude oil exports. 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
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
A federal judge lifted the Biden administration’s temporary ban on new oil and gas leases on public lands and offshore waters. View the full article
Reliance Industries Ltd., which operates the world’s largest crude oil refining complex, plans to invest 750 billion rupees ($10.1 billion) in clean energy over three years, paving way for a crucial transformation as investors, consumers and governments world over seek sustainable growth. View the full article
Even with crude above $100 a barrel, producers in the Permian and other U.S. shale basins are riding the brakes. 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
Tenaris is scaling up industrial activity at its Conroe, Texas plant, adding about 140 employees onboard to support the facility’s ramp up, which includes a $600,000 investment in IT and automation infrastructure. View the full article
This year's oil rally has paved the way for the alliance to unleash some barrels, with OPEC Secretary-General Mohammad Barkindo saying on Tuesday that both the wider economic outlook and oil-market fundamentals continue to improve. 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
Oil may surge to $90 a barrel if the approaching winter in the northern hemisphere proves colder than normal, said Jeff Currie, global head of commodities research at Goldman Sachs Group Inc. View the full article
AFG Holdings, Inc. announced that its Board of Directors has appointed Michael Walter as Chief Executive Officer, effective immediately. Mike succeeds Curtis Samford following his unexpected passing in February. View the full article
Bilfinger will perform inspection services on the offshore assets of Total EandP (Exploration and Production) Denmark. The €40 million ($48.6 million) contract will be booked under Bilfinger’s Engineering and Maintenance Europe segment. View the full article
The coalition led by Saudi Arabia was widely criticized three weeks ago when it rebuffed calls to revive some of the crude production halted during the pandemic. As OPEC prepares for another decision on oil output, the producers believe their defiantly cautious approach is paying off. View the full article
Commenting on the passage of the bill, American Petroleum Institute President and CEO Mike Sommers said “At a time when energy prices have risen alongside broader economy-wide inflation, the House reconciliation bill would only exacerbate the challenges facing Americans." View the full article
Over 35% of the acreage available in licensing rounds that are either open or scheduled to close in H2 2021 are located in shallow water, while ultra-deep water and deepwater acreage account for 24% and 19%, respectively, according to GlobalData, a leading data and analytics company. View the full article
Could the era of cheap oil supply be gone for good? That’s the conclusion of some of the biggest commodities desks on Wall Street, where banks have been lifting their long-term price forecasts, often by $10 or more. View the full article
Petrofac secured a contract with bp to develop operational procedures for their Greater Tortue
Ahmeyim (GTA) Project in Mauritania and Senegal. 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.
