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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 pick-up in activity across the key Asian market comes amid a flurry of signs that global oil consumption is improving as economies including the U.S. shake off the impact of the pandemic. So far in 2021, Brent futures have soared 30%, and last traded near $67 a barrel. View the full article
The collaboration paves the way for improved lithium production solutions that will help meet the expected surge in demand for lithium as the electric vehicle market takes off worldwide. View the full article
The Biden administration is appealing a federal judge’s ruling against its oil leasing moratorium, while promising to resume offering new leases on U.S. lands and waters. View the full article
Chesapeake Energy Corporation announced that its Board of Directors has unanimously voted to appoint Domenic "Nick" Dell'Osso as President and Chief Executive Officer and a member of the company's Board of Directors, effective immediately. View the full article
Energy prices in Europe are repeatedly breaking records even before winter really kicks in, and one of the most damaging cost crunches in history is about to get worse as the temperature starts to drop. View the full article
Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting. View the full article
Mozambique will have to wait a little longer to join the ranks of the world’s liquefied natural gas exporters, after a vessel that was destined for its first offshore production platform changed course at the weekend and sailed away. View the full article
Drilling in the U.S. shale patch dropped to the lowest level in almost two-and-a-half years as operators vow to make good on promises to investors for subdued production growth this year. View the full article
The well was tested to produce over 6,290 boed, the first well of such productivity in Wushi Sag. The discovery is expected to become a medium-sized oilfield. The total proved oil in-place of Wushi oil fields has exceeded 629 MMboe. View the full article
Chevron Corporation started water injection operations at two of its offshore projects to boost oil and gas recovery at the company’s existing Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico. View the full article
Transocean today announced a one-year contract for the Deepwater Conqueror with an undisclosed operator in the U.S. Gulf of Mexico. View the full article
(Bloomberg) – Mexican state oil company Petroleos Mexicanos is putting a freeze on new contracts with service providers as the company works to pay off the roughly $20 billion it owes suppliers. View the full article
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale. View the full article
Shell will team up with the UK’s biggest independent oil and gas producer Harbour Energy Plc, and the project’s developer Storegga Geotechnologies Ltd, a unit of the latter said Friday. The companies will be equal partners in the Acorn venture, it said, without disclosing potential investments from them. View the full article
Oil consumption will climb by 5%, or about 5 million barrels a day, in the second half of 2021 versus the first as the world emerges from the pandemic slump, the Organization of Petroleum Exporting Countries forecast in a report. View the full article
A Danish project to store captured CO2 in North Sea reservoirs that were once filled with oil and gas moved a step closer to becoming operational, after winning approval from new stakeholders. View the full article
Apache Corporation has ended routine flaring in its U.S. onshore operations, achieving one of its 2021 ESG goals three months ahead of schedule. View the full article
Oil rebounded from one of its biggest ever daily drops as traders assessed the risks to global demand from the Omicron variant of Covid-19 and the potential response by OPEC and its allies. View the full article
The first Annual General Meeting of Energy NL occurred virtually on Tuesday and included reports from the CEO and treasurer, remarks by the incoming and outgoing chairs, and results of the board of director election process. View the full article
Russia’s invasion of Ukraine has dominated headlines in terms of being a humanitarian crisis in Eastern Europe, which it is, first and foremost. It also continues to have sweeping implications for the global energy industry, the global economy, and everyone on the planet. View the full article
Major economies sharply increased support for the production and consumption of coal, oil and natural gas, according to analysis released by the Organisation for Economic Co-operation and Development and the International Energy Agency. View the full article
The Nigerien nationals, who worked for the local affiliate of China National Petroleum Corp., were at Benin’s Sèmè Kpodji port to control the loading of crude for export, the ruling junta known as Council for the Safeguarding of the Homeland, said in a statement late Saturday. View the full article
Other highlights of Senator Joe Manchin's Energy Permitting Reform Act of 2024 include new limits on federal agency timelines to make project decisions. It also would require annual lease sales for both offshore wind and oil projects and expedite approval of electric transmission lines, according to a summary. View the full article
The work was done within schedule and budget. The 2024 KTL-1 turnaround achieved a 23% improvement in execution efficiency compared to the previous turnaround at KTL-1 in 2019. The turnaround activities used industry-leading execution methodologies aimed at maintaining reliable base business performance. 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.
