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President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan. View the full article
The regulations will slow the permitting process for critical energy infrastructure dramatically and create new obstacles not only for natural gas and oil development but also the deployment of CCUS and hydrogen infrastructure, API said. View the full article
Worley and Chevron Corporation have entered into a global master services agreement covering Chevron’s upstream, midstream, and downstream business needs. View the full article
Tellurian Inc. announced that its subsidiary, Tellurian Production, closed on its previously announced acquisition of $125.5 million worth of assets in the Haynesville shale basin. View the full article
Environmental groups won a case in 2021 that halted the exploration activity in an area known as the Wild Coast. South Africa’s Supreme Court of Appeals dismissed Shell's appeal on Monday. However, it suspended the orders setting aside the granting of the exploration right and each of the two renewals in 2017 and 2021, pending finalization of the third renewal. View the full article
The powerful SaaS solution includes AI-enabled asset monitoring and a scheduling and optimization engine that enables increased resource utilization and service uptime of assets in electrical substations. View the full article
Output rose to a record 362.6 MMboe, as Beijing pushed for increased production from its state-owned drillers to enhance energy security amid rising geopolitical tensions. View the full article
Shelf Drilling, Ltd. has secured new contracts for two jack-up rigs in offshore Nigeria, paving the way for a fully executed three-year contract for the Achiever jack-up rig, and expanding their operations in West Africa. View the full article
Researchers from the University of Oklahoma, Los Alamos National Laboratory, along with industry partners, have been awarded an $18.7M grant from the U.S. Department of Energy to investigate commercial subsurface storage of carbon dioxide (CO2). View the full article
EIA expects that the United States will import more crude oil to fill the widening gap between refinery inputs of crude oil and domestic crude oil production in 2021 and 2022. U.S. crude oil production declined by an estimated 0.9 million bpd (8%) to 11.3 million bpd in 2020 because of well curtailment and a drop in drilling activity related to low crude oil prices. View the full article
Argentina believes a price ceiling would prevent bull runs in oil markets from triggering a surge in fuel prices, while a price floor would discourage oil companies from pulling out of a marginal asset like Vaca Muerta if markets collapse. View the full article
“The world risks a severe deficit of oil and gas,” Rosneft CEO Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world consumes oil, but isn’t ready to invest in it.” View the full article
America's shale producers are continuing to the line on production, boosting investor returns and are now attracting the lowest bond yields they’ve ever seen. Instead of using cheap credit to boom once again, they’re using it to retire costlier debt. View the full article
Oil rose to a new seven-year high after OPEC+ chose to keep supplies fairly tight even as the world grapples with an energy crunch. View the full article
Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations. View the full article
Halliburton Co. said North American oil and natural gas drillers will lift spending by 35% this year, an increase from the biggest fracer’s pre-Russian war forecast. View the full article
Energy Workforce & Technology Council submitted comments to the SEC regarding the proposed rules that require expanded greenhouse gas reporting from publicly and some privately traded companies. View the full article
South Africa expects TotalEnergies SE to submit a production plan within weeks to utilize a prolific offshore gas discovery that will form a key part of increasing investment in the sector. View the full article
By enhancing 5G within Seatrium’s yards in Singapore, a range of applications including smart video analytics, Artificial Intelligence (AI) and digital twin technology augmented with real-time Internet of Things (IoT) capabilities of Seatrium’s yards globally, will empower the group to achieve its operational excellence. View the full article
With such an overwhelming response, the excitement for the awards ceremony is higher than ever. World Oil invites you to join us on October 9, 2024, at the luxurious Post Oak Hotel in Houston, Texas, for a night of celebration, networking, and recognition of industry excellence. View the full article
Libya’s oil production has more than halved this week — and risks taking close to 1 MMbpd off the global market — as the country’s fields reduce operations amid a stalemate over who controls the central bank. View the full article
The U.S. broadened the scope of its sanctions on Iran’s oil and gas sectors in response to a ballistic-missile attack on Israel, ramping up economic pressure on Tehran. View the full article
(Bloomberg) - OPEC+ has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the U.S. shale industry, Iran’s representative to the group said. 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
The Houthis attacked Saudi Aramco sites in the eastern oil terminal of Jubail and the western city of Jeddah with explosive-laden drones on Sunday evening and Monday morning, the group’s Al-Masirah TV reported. 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.
