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OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said. View the full article
Forum Energy Technologies (FET) has delivered two work-class ROV sales to Brazilian marine engineering company Oceanica Engenharia e Consultoria Limitada to support its deepwater intervention operations and strengthen its offering to the energy sector. View the full article
ADNOC Drilling Company announced its financial results for the half year and second quarter ending June 30, which show its net profit for the first half significantly grew by 34% to $379 million. View the full article
Oil price that has been rising for the past few weeks, judging by the above chart, shows signs of becoming static – finally.
Neither the cut in output by the OPEC+ nor the significant drop in crude oil stockpiles moved the price up, buckling the widely-anticipated trend.
Do the investors know something that is not depicted by these charts that we do not know? It remains to be seen.
Of course, the Coronavirus infections show no sign of abating; there is no heighted alarm among the
Devon Energy and ConocoPhillips are among potential suitors studying Royal Dutch Shell's portfolio of Permian Basin oil fields, which could be worth as much as $10 billion in a sale, people familiar with the matter said. Chevron is also among companies considering bids for the assets, which are largely located in West Texas, the people said. View the full article
Titan Division of Hunting Energy Services announced an exclusive licensing agreement with Nammo Defense Systems Inc. for the manufacture of time delay fuses for Hunting’s perforating applications. View the full article
Myanmar, formerly known as Burma, that used to enjoy relative stability with a fragile democracy, started grabbing headlines again for all the wrong reasons.
After days of speculation about a coup attempt by the powerful military, on Monday, it just went ahead with what it had been planning for weeks, if not months.
With a series of early-morning raids, it detained the elected ruling members including the most famous of them all, Aung San Suu Kyi, citing the irregularities in the elect
Liberty Lift announced the asset acquisition of Corral Oil Field Services LLC in Andrews, Texas. Corral is a family-owned and -operated artificial lift company specializing in the service, repair, and sale of pumping units and related artificial lift equipment in the Permian basin. View the full article
Oil and gas company Perenco has struck a deal with exploration company, New Age, to buy its participating interests in the Etinde conventional gas development located offshore Cameroon. View the full article
ONS announced the finalists for its 2022 Innovation Awards on Tuesday, saying the competition was fiercer than ever. 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
Surging oil and natural gas prices are spurring production increases from West Texas to the Upper Great Plains that probably will lift output to levels not seen since the early days of the pandemic, according to Rystad Energy AS. View the full article
Equinor ASA will make a $1.8 billion impairment on its Mariner field after slashing reserve estimates for the U.K. North Sea oil deposit. View the full article
The U.S. Department of Energy (DOE) filed a notice of intent to fund the Bipartisan Infrastructure Law’s $8 billion program to develop regional clean hydrogen hubs – H2Hubs – across America, the DOE said in a press release on Monday. View the full article
The revision, which mainly affects the next few months, follows a recommendation from OPEC Secretary-General Mohammad Barkindo that the coalition should remain very cautious. View the full article
Saudi Arabia and the United Arab Emirates signaled OPEC+ will continue raising oil output cautiously and won’t bow to U.S. pressure to pump faster. View the full article
Environmental activists in Argentina are trying to prevent new oil exploration in the resource-rich South American nation just days after forcing a governor in Patagonia to reverse course on silver mining. View the full article
The Joint Ministerial Monitoring Committee, JMMC, meeting of the OPEC+ that took place in the form of a virtual conference on Wednesday, finally managed to provide the markets with much needed sense of direction.
The oil price shot up, having been in decline for days. Brent oil hit above $58, the highest so far during the turbulent period.
The meeting was unusually short, yet managed to reach an agreement with most members seeing eye to eye on the main issue: maintaining the crude
CGG has been awarded three major seismic imaging projects by BP, two from the deepwater Gulf of Mexico and one from offshore Trinidad and Tobago. These projects will start in Q1/Q2 this year and complete with cloud delivery of the data no later than Q4 of 2021. View the full article
Halliburton introduced IsoBond, a cement system that reduces sustained casing pressure at its source to deliver a barrier that minimizes fluid loss, shortens transition time, and improves shear bonding. View the full article
U.S. annual oil production is set to rise to a record next year as shale producers continue to boost output. View the full article
A federal judge ruled Brazil’s Petrobras liable in a lawsuit filed by Houston firm IEG Global Energy Partners, finding that Petrobras defrauded EIG in connection with a deal to build and charter 28 oil drilling rigs for work off the coast of Brazil. View the full article
Maersk Drilling has entered into an agreement to divest the combined drilling and production unit Mærsk Inspirer to Havila Sirius for a price of $373 million. View the full article
Global oil demand has proven stronger than expected as the latest coronavirus variant inflicts a softer hit to the economy than anticipated, the International Energy Agency said. View the full article
Newly introduced crew connectivity requirement adds support to calls for improved seafarer welfare — and emphasizes value of Fleet Hotspot to crew and ship owners. 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.
