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SBM Offshore has been awarded contracts to perform front end engineering and design for an FPSO for the Yellowtail development project. The FEED contract award triggers the initial release of funds by ExxonMobil’s subsidiary Esso Exploration and Production Guyana Limited to begin FEED activities and secure a Fast4Ward hull. View the full article
Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. View the full article
The U.S. may be heading into winter with the lowest stockpiles of heating oil to meet surging demand in more than two decades. View the full article
Oil’s bumper rally cooled after an increase in U.S. crude inventories and as industrial commodities retreated. View the full article
European natural gas futures jumped, extending their rebound from last week’s slump, as shipments from Russia fell. View the full article
Concerned about the growing safety risk posed by corrosion and other structural integrity issues associated with the global floating production fleet, American Bureau of Shipping pulled together an industry working group 18 months ago. View the full article
Saudi Arabia’s energy minister warned traders against shorting oil prices, saying OPEC+ could react quickly to any fall in prices. View the full article
Eni announced its work with Amazon Web Services (AWS) to integrate its proprietary data platform XWARE with the cloud native Open Subsurface Data Universe on AWS. This enables faster data exchange between external ecosystems, deployment of innovative Seismic Cloud applications, and fostering new digital workflows and insights. View the full article
Stockpiles at the biggest U.S. crude depot are quickly approaching critically low levels. The last time that happened, crude cost more than $100 a barrel. View the full article
As the number of failed British electricity suppliers continues to rise, two of the world’s largest oil and gas giants are feeling the ripple effect. View the full article
The 23rd World Petroleum Congress program concluded strongly Wednesday, with high-level discussions on collaboration within the industry and the changes needed going forward, as well as special events including a discussion of Houston’s role in leading the energy transition. View the full article
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
Petrobras has awarded Tenaris a four-year contract for the supply of a comprehensive package of products and services for its flagship Buzios deepwater project. View the full article
The U.S. is talking to other energy-consuming nations about how to press OPEC+ to boost output to address the current supply crunch, a senior U.S. official told reporters in Rome. View the full article
As the global natural gas crunch hits suppliers and consumers alike, OPEC nations are warning of the knock-on impact for oil markets. View the full article
Offshore Energies UK has urged government to prioritize the domestic production of energy after a House of Commons briefing showed that in June 2022, the UK imported no oil, gas or coal imports from Russia. View the full article
Chevron Corp. wants more control over the oil it produces in Venezuela, a move that would help the driller boost output and recover debt if the US eases sanctions amid a global fuel crunch. View the full article
Negotiations over the climate provisions in the Democrats’ spending bill have accelerated and are focused on a package of measures that could replicate the emissions reductions of a clean energy plan dropped from the draft legislation. View the full article
The American Petroleum Institute joined with nearly 60 other trade groups representing America’s natural gas and oil industry in opposing the Inflation Reduction Act as passed by the Senate. View the full article
CGG announced today that Sercel, its Sensing & Monitoring division, was selected as the successful bidder for the acquisition of ION Geophysical Corporation’s (ION) software business. View the full article
The Biden administration is poised to unveil a crackdown on methane leaks from oil and gas wells that will be its most consequential action yet to reduce greenhouse gases -- but is still likely to disappoint climate activists. View the full article
GD Energy Products, a total solutions provider for the drilling, well servicing and frac pumps market, has partnered with Texas Pump Systems to develop innovative pumps for a large offshore floating production storage and offloading facility. View the full article
OPEC and its allies will stick to their slow pace of oil-production increases, disregarding U.S. President Joe Biden’s demand to go faster and increasing the odds that oil consuming nations will tap strategic reserves to lower consumer prices. View the full article
Iran’s foreign currency earnings from exports of oil, gas condensate, natural gas and petrochemicals rose more than 60% from March 21 to May 21, compared to the same period last year. View the full article
A deep-freeze in Canada and Northern U.S. is disrupting oil flows, causing a surge in crude prices just as American stockpiles are declining. 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.