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Canadian Trade Minister Mary Ng said she is focusing her efforts with the new Biden administration on mutual U.S.-Canada interests despite early policy hiccups that risk further fracturing ties between the two nations, whose commercial relationship is worth $725 billion a year. View the full article
Leigh Ann Runyan, CMP, will take over as Executive Director of the Offshore Technology Conference in mid-April. She replaces Stephen Graham, who is retiring. Runyan has extensive experience managing OTC and other large events. View the full article
OPEC meets on March 4 and members will probably agree to keep output steady in April, Iraq’s Oil Minister Ihsan Abdul Jabbar said. The biggest change will come from Saudi Arabia, which will likely end unilateral daily cuts of 1 million barrels after March, he said. View the full article
The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted projections for supplies outside the OPEC cartel by 400,000 barrels a day as a price recovery spurs investment. View the full article
Oil prices in New York slid 0.8% on Thursday, the biggest decline in two weeks, after rising for eight straight sessions. The IEA said the re-balancing of the global oil markets remains “fragile” and slashed its forecasts for world oil consumption in 2021 as the pandemic continues to limit travel and economic activity. View the full article
Shell is starting one of the biggest reorganizations in its history as it pivots from a century-long structure that prioritized oil and gas production. There will be as many as 9,000 job losses over the next two years, with cuts already announced in The Netherlands, the UK and Malaysia. A second round of voluntary redundancies is also underway, Shell CEO Ben Van Beurden said last week. View the full article
Energean sees potential to find about 110 billion cubic meters of gas that it could sell over the next 10-20 years, doubling the company's current reserves in Israel. View the full article
Chesapeake Energy, the once-iconic energy explorer that helped ignite the American shale-gas boom, is emerging from bankruptcy protection a shadow of its former self. And in a way, that’s just fine with its boss. View the full article
Texas’s energy regulator is taking an uncharacteristically critical approach toward burning off excess natural gas, a sign that growing pressure from environmentalists and investors to curb the controversial practice is paying off. View the full article
Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million. View the full article
Oil surge continues as investors feel that the demand is back on track and it’s finally irreversible regardless of the bad news on the Coronavirus front with the discovery of new variants.
Investors seem to be particularly buoyed by the projected increase in demand by two leading developing countries in Asia, India and China, as the respective economies show healthy signs of recovery.
Although activities in the South China Sea involving the world’s two biggest economies is a concern, t
I have been looking at many charts that depict the current oil prices and even created one for my own website/blog using the weekly oil price data since 1987, from the EIA, the US Energy Information Administration.
Despite all that, sensing the trend, upward or downward, on weekly basis is as ridiculous as betting on the foot that a centipede will put ward in order to shorten its crooked path.
I am sure this must be the nightmare of every chartist who lurches on the uncertainty of cru
Airlines, one of the hardest hit sectors by the pandemic, anticipate man-conceived headwinds when they finally get back to normal business in the post-pandemic world.
The airline sector feels that they will have to come up with long-term strategies to reduce greenhouse gases at their sources – the engines that spew thousands of tons of carbon dioxide, in this case.
This is a sector that lost almost 75% of its passenger numbers due to the pandemic and on a soul searching mission to get
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
State oil producer Saudi Aramco raised prices for all crude oil grades sold to customers in the U.S. and Europe. View the full article
A Dutch court ordered a Nigerian subsidiary of the oil giant, Shell, last week to compensate for the damage caused by oil spills to local farmers on its watch in the oil-rich Niger Delta region, in 2013.
The unprecedented ruling will have server repercussion for the international oil companies, which work in Nigeria – and beyond its borders.
Shell had been denying the allegation that it was responsible for the oil spills that ruined the livelihood of farmers living in the region; inste
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
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
The stage is set for an epic show; the battle lines are drawn. People across the world, some of who have never been bothered about stock markets or investors for that matter, are watching the duel between the hedge funds and the WallStreetBets, the Reddit group that grabs headlines this week, for variety of reasons.
In the profile picture of the WallStreeBets, a gentleman resembling President Trump, is making coded gestures, perhaps in the form of a rallying cry, while remaining in charter
The substantial fall of US crude oil stockpiles has not excited the oil price yet, buckling the familiar trend.
The positive news has been overshadowed by a myriad of factors, according to seasoned market watchers.
Some of the key reasons are as follows:
· The Federal Reserve makes it known the inevitability of its continuing support to revive the battered economy
· The outbreak of Covid-19 clusters again in China in the middle of winter
· The rel
Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified as the information is private. View the full article
There have been signs across the oil market of traders expecting tighter supplies following the Saudi cuts. The shape of the Brent futures curve returned to backwardation earlier this week, meaning more immediate prices are trading at premiums. View the full article
The prince's plan to diversify the economy of the world’s largest crude exporter spans more than 10,000 square miles in a remote area of Saudi Arabia's northwest. It’s described on its website as “a bold and audacious dream” that will become a hub for new technologies and businesses. View the full article
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company. View the full article
The U.S. didn’t import any Saudi crude last week for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic. 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.
