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Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer. At the same time, soaring prices for steel used in pipes, wells and fittings as well as the high cost of capital for producers will crimp a meaningful supply response by an already hobbled industry even as demand returns. View the full article
The largest gasoline pipeline in the U.S. is returning to service, recovering from a cyberattack late Friday that sent pump prices surging and triggered shortages across the Eastern U.S. View the full article
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies must choose whether to heed American demands for more oil. View the full article
Russia’s Lukoil PJSC is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, according to Iraqi state-run newspaper Al-Sabah. View the full article
Shale drillers are showing so much financial self-discipline that next year’s oil-production forecasts may be in peril, according to Tudor, Pickering, Holt and Co. View the full article
Libya’s parliament-backed prime minister said closed oil fields and ports in the OPEC country may soon reopen, though his rival’s energy minister said negotiations with protesters were proving difficult. View the full article
The U.S. is granting a second refiner in Louisiana access to the country’s emergency crude stockpiles as most oil-producing platforms in the Gulf of Mexico remain offline after Hurricane Ida. View the full article
TC Energy will be seeking to recover more than US$15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its North American Free Trade Agreement (NAFTA) obligations, the company said in a statement. View the full article
The Senate’s 51-40 vote underscored deep opposition from Republicans who worry Haaland’s criticism of fossil fuels means she will discourage oil development across hundreds of millions of acres of federal land under the Interior Department’s control. View the full article
TGS and WesternGeco announced the continuation of their ultra-long offset ocean-bottom node acquisition in Green Canyon, U.S. Gulf of Mexico. Data processing and imaging are by WesternGeco. View the full article
Themed Resilient and ReEnergized, the Noia Oil and Gas Conference 2021 began Tuesday at the St. John’s Convention Centre with a focus on the future, clean technology, and the benefits of local content practices for communities with resource development projects. View the full article
The nation estimates it will need as much as $1.3 billion to buy a 37% stake in the Deep Water Tano/Cape Three Points asset operated by Aker Energy AS and 70% stake of the South Deep Water Tano field operated by AGM Petroleum Ghana Ltd., according to a parliamentary proceeding on Monday. View the full article
Russia says there is no shortage of oil in the global market and there may even be a surplus from early next year, adding to the chorus of other OPEC+ members to push back against calls from the U.S. to raise output faster. 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
BP paid tax on its UK North Sea business in 2021 for the first time in at least six years, according to the company’s latest payments to governments report. View the full article
John Wood Group Plc said it agreed to pay $177 million to settle a UK-led bribery and corruption probe into a British engineering firm it acquired in 2017. View the full article
“We understand the industry is under political pressure from office-holding authorities and special interest groups, who want us to slow down on oil and gas activities, or change focus entirely to renewables. We cannot ignore this pressure, or the serious threat of climate change," said Equinor’s Executive Vice President, Technology, Arne Sigve Nylund. View the full article
Turkish President Recep Tayyip Erdogan announced that state energy company Tpao has found 135 billion cubic meters of gas at the Amasra-1 offshore well, bringing the total amount of deposits discovered in the Black Sea over the past year to 540 billion cubic meters. View the full article
BP announced a significant milestone with the safe start-up of the Manuel project in the US Gulf of Mexico, the fourth of five major projects expected to be delivered globally in 2021. View the full article
Libya’s government, National Oil Corp. and protesters have reached an agreement to reopen oil fields and export terminals, officials said. View the full article
Kuwait has opened its first permanent facility to import liquefied natural gas, as oil-rich Persian Gulf states accelerate efforts to wean their power plants off crude and use cleaner forms of energy. View the full article
Six weeks after a federal judge ordered the Biden administration to resume selling oil and gas leases on federal land, there’s no sign it has and Interior Secretary Deb Haaland struggled Tuesday to explain why. View the full article
“Our two organizations have worked together side by side for many years on numerous initiatives and global events. Joining forces would bring the best of both organizations together and provide additional value to engineers, geoscientists, and the broader energy sector,” said Rick Fritz, AAPG president. View the full article
The Arctic blast that has wreaked havoc on U.S. energy markets is now poised to reverberate internationally as it slows shipments of liquefied natural gas from the Gulf Coast. View the full article
Equinor and the partners Petoro, Vår Energi and Total EandP Norge have decided to develop the Lavrans discovery and the Kristin Q-discovery which is a part of the Kristin field. Capital expenditures for this first phase will total about NOK 6.5 billion. 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.
