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Saudi Arabia raised prices for oil shipments to customers in its main market of Asia, signaling the kingdom’s confidence in the region’s economic recovery. View the full article
Pioneer Natural Resources Co. is buying DoublePoint Energy LLC in a deal valued at $6.4 billion, less than three months after completing its purchase of fellow shale driller Parsley Energy Inc. as it expands in the U.S. Permian Basin. View the full article
Many OPEC-watchers had been expecting the group to roll over its production quotas for at least one month, so any deviation from that could be bearish. It remains to be seen whether the call from U.S. Energy Secretary Jennifer Granholm to her Saudi counterpart Prince Abdulaziz bin Salman could tip the balance in the another direction. View the full article
Exxon was forced to shut or reduce runs at its large refining and petrochemical plants along the Gulf Coast, but its quarterly filing showed that its oil and gas production facilities also suffered substantial reductions in earnings. View the full article
The American Petroleum Institute's senior vice president for policy, economic and regulatory affairs Frank Macchiarola says the White House's $2.25 trillion infrastructure plan jeopardizes both union and non-union jobs in the U.S. energy sector. View the full article
The $2.25 trillion, eight-year proposal is a follow-up to the $1.9 trillion economic relief bill passed earlier this month. To cover the costs, Biden wants to raise corporate taxes to 28% from 21%. The plan also seeks a minimum tax on profits U.S. corporations earn overseas, increasing the rate to 21% from roughly 13%. View the full article
The president’s plans, part of a $2.25 trillion infrastructure and stimulus blueprint he is set to unveil in Pittsburgh on Wednesday, are meant to catalyze investments in a clean energy economy and encourage low-emission technology necessary to constrain global warming. View the full article
Texas moved to stop the city of Austin and others from imposing a California-style ban on natural gas in new homes and buildings, the latest salvo in the gas industry’s bid to protect itself from local climate regulations. View the full article
The head of oil trader Gunvor Group Ltd. expects prices to remain stuck where they are as draws of excess stocks slow amid rising coronavirus cases in Europe. View the full article
The coalition led by Saudi Arabia was widely criticized three weeks ago when it rebuffed calls to revive some of the crude production halted during the pandemic. As OPEC prepares for another decision on oil output, the producers believe their defiantly cautious approach is paying off. View the full article
KCA Deutag has secured contracts worth around $110 million for its land drilling business in Pakistan, Russia, Kurdistan, south-eastern Europe and Germany. The new business is made up of a mix of contract wins, allowing the company to mobilize stacked rigs, and contract extensions. View the full article
Total SE is evacuating most of the remaining employees from its liquefied natural gas project in northern Mozambique as insurgents attacked a town nearby, throwing Africa’s biggest private investment into disarray. View the full article
The three-member New Mexico Oil Conservation Commission voted unanimously for rules that are set to go into effect as early as May. Oil companies, gas processing plants and pipeline operators will have until 2026 to get their gas emissions down to 2% of production. View the full article
On March 29th, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. It hopes to change the way nearly one-fifth of the world’s crude is priced. View the full article
BP’s board urged shareholders to reject a climate resolution filed by Dutch activist investor Follow This, despite pledging to work with the group last year to draft such a proposal. View the full article
Yemen’s Houthis said they attacked several of Saudi Aramco’s facilities with drones and ballistic missiles on Friday, the latest in a spate of strikes on Saudi Arabia’s oil infrastructure. View the full article
The backlog of drilled but uncompleted shale wells called DUCs is rapidly shrinking as oil prices rise, signaling that producers are ready to put drilling crews back to work as the industry rebounds from its pandemic-driven downturn. View the full article
While the Suez blockage is complicating trade, a long-term realignment of global crude flows has seen westbound shipments from Persian Gulf producers fall, limiting the impact on oil prices. View the full article
Yemen’s Iran-backed Houthi rebels are ready for an “honorable peace” but Saudi Arabia must end its attacks and lift its siege, group leader Abdul Malik al-Houthi said on Thursday. View the full article
The borrowing plan underscores how badly Persian Gulf countries were impacted by the drop in crude prices last year as the coronavirus pandemic spread and energy demand plunged. View the full article
Futures in New York slid 1.6%, the latest sizable move this week. Work to re-float the container ship that’s stuck in the Suez Canal -- a key trade route for crude flows -- was expected to begin early Thursday in Egypt. The best chance of freeing the vessel may not come until Sunday or Monday. View the full article
The decision means Canada's most ambitious environmental policy to date, which would see the baseline price on carbon rise to C$170 ($135) per metric ton by 2030, will stand. View the full article
Tenaris is scaling up industrial activity at its Conroe, Texas plant, adding about 140 employees onboard to support the facility’s ramp up, which includes a $600,000 investment in IT and automation infrastructure. View the full article
Work to re-float the Ever Given and free up oceangoing carriers hauling almost $10 billion of oil and consumer goods continued without success on Thursday in Egypt. The Suez Canal Authority has temporarily suspended traffic along the waterway. 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.
