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Preliminary estimates place the size of the discovery in the Fram prospects between 12 and 19 million standard cubic meters of recoverable oil equivalent, corresponding to 75-120 million barrels of recoverable oil equivalent. View the full article
Iran said it will soon export oil from a new port that allows it to bypass the Strait of Hormuz, as nuclear talks between Tehran and other world powers show signs of progress. View the full article
Royal Dutch Shell said it will appeal a ruling by a Dutch court which ordered it to cut its carbon emissions by 45% over the next decade. View the full article
Shell Enterprises LLC, a subsidiary of Royal Dutch Shell plc, has reached an agreement for the sale of its Permian business to ConocoPhillips, a leading shale developer in the basin, for $9.5 billion in cash. View the full article
A potential release from the U.S. Strategic Petroleum Reserve intended to bring down gasoline prices may have little effect, oil market participants warn, even as the Biden administration floats the idea as a way to provide immediate relief at the pump. View the full article
China slashed its fuel export quota by more than half in the first batch of allocations for 2022, highlighting the nation’s strategy of progressively limiting overseas sales. View the full article
As he opened the COP26 climate talks in November, Boris Johnson warned “it’s one minute to midnight” in the race to slash planet-heating carbon emissions. His government has since announced £37 billion of funding focused squarely on subsidizing the consumption of energy -- much of it fossil fuels. View the full article
U.S. shale drillers are expected to post record second-quarter profits in coming days, reversing nearly a decade of debt-fueled losses. View the full article
The National Ocean Industries Association has named Vallourec as the winner of the inaugural NOIA Environmental, Social, & Governance Excellence Award. View the full article
Over the long-term, the impacts of behavioral shifts due to COVID-19 are minor compared to “known” long-term shifts such as decreasing car ownership, growing fuel efficiencies and a trend towards electric vehicles, whose impact is estimated to be three-to-nine times higher than the pandemic’s by 2050. View the full article
The UK government said it has reached an agreement with the country’s oil and gas industry that will help safeguard jobs as the nation strives to achieve net-zero emissions of greenhouse gases. View the full article
Oil extended losses after an increase in U.S. crude inventories added to concerns around the prospect of more Iranian oil returning to the market under a potential revival of the nuclear deal. View the full article
Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020, maintaining momentum in 2021 with crude oil exports reaching 3.00 million barrels per day (bpd). View the full article
ConocoPhillips agreed to acquire Royal Dutch Shell Plc’s Permian Basin assets for $9.5 billion in cash, accelerating the consolidation of the largest U.S. oil patch. View the full article
“There are several immediate and reasonable actions your Administration can take to increase natural gas supplies and ease prices – without sacrificing safety or environmental stewardship,” the Senators wrote in a letter to President Joe Biden. View the full article
Electricity prices in New England jumped on Tuesday as a frigid start to the day spurred demand when the cost of natural gas used to fuel power plants soared. View the full article
As he opened the COP26 climate talks in November, Boris Johnson warned “it’s one minute to midnight” in the race to slash planet-heating carbon emissions. His government has since announced £37 billion of funding focused squarely on subsidizing the consumption of energy -- much of it fossil fuels. View the full article
Eni SpA is planning a second liquefied natural gas production vessel offshore Mozambique that could be built in less than four years to help Europe diversify supplies of the fuel, according to a company executive. View the full article
OPEC+’s decision to lower its oil-production cap may set the stage for higher prices that would enable U.S. explorers to expand drilling, according to shale entrepreneur Matt Gallagher. View the full article
U.S. exports of diesel, mostly to Latin America, last week fell 518,000 barrels a day to 714,000 for the lowest level since September 2017, data from the Energy Information Administration show. View the full article
Energy Minister Anne-Marie Trevelyan said the UK could eventually follow in the footsteps of North Sea neighbor Denmark which will stop offering new oil and gas licenses and end production by 2050. View the full article
Oil plunged to the lowest in three weeks alongside a broader market decline with traders also concerned about growing supply from the U.S. and Iran. View the full article
The activity level on the Norwegian continental shelf has been high in the first six months of the year – despite the Covid situation. Eight discoveries have been made, production remains high, and many new development projects are on the drawing board. View the full article
Russia expects oil output next year to be back near its post-Soviet high as OPEC+ eases production curbs. View the full article
Qatar has ordered six liquefied natural gas ships from South Korea as it pushes ahead with a multi-billion dollar project to boost production of the fuel. 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.
