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The acquisition deepens Baker Hughes’ industrial asset performance management capabilities and will expand the company’s industrial asset management offerings. View the full article
Calgary-based Crescent Point, an oil driller with a focus on Saskatchewan, will acquire Shell’s Kaybob Duvernay assets for $550 million in cash and 50 million Crescent Point common shares. View the full article
Baghdad pledged to pump below its quota in February to make up for past overproduction. Still, the pace of its crude exports in the first half of the month, if maintained through the rest of February, indicates the country may exceed its self-imposed production target of 3.6 million barrels a day and perhaps even its OPEC+ cap of around 3.85 million. View the full article
In the past, the weather-related oil disruption would largely have been a U.S. issue. Now it’s unmistakably global. Crude markets in Europe are rallying as traders replace lost U.S. exports. OPEC and its allies must decide how much longer they keep millions of barrels of their supply off the market. View the full article
Texas Governor Greg Abbott told a media briefing on Feb. 17 that he was banning gas from leaving the state through Feb. 21 to ensure in-state power generators had ample supplies. Abbott said he was forced to act as millions of Texans remain without power for a third day amid frigid temperatures, with no clear timeline for restoring service. View the full article
The Arctic blast that has wreaked havoc on U.S. energy markets is now poised to reverberate internationally as it slows shipments of liquefied natural gas from the Gulf Coast. View the full article
EIA expects that the United States will import more crude oil to fill the widening gap between refinery inputs of crude oil and domestic crude oil production in 2021 and 2022. U.S. crude oil production declined by an estimated 0.9 million bpd (8%) to 11.3 million bpd in 2020 because of well curtailment and a drop in drilling activity related to low crude oil prices. View the full article
“Egypt is in the process of launching the Egypt Upstream Gateway, a digital subsurface platform that will act as an up-to-date repository of the country’s subsurface data,” said H.E. Eng. Tarek El-Molla, minister of petroleum and mineral resources, Egypt. View the full article
People in Texas are suffering at present on an unprecedented scale and when the city mayor shot himself in the foot, while the response should have been a shot in the arm – not in vaccine sense – it hardly helps to boost the morale of ordinary people, let alone the vulnerable.
Clearly, the demand of electricity has outweighed supply and the risks of wind power as a substitute are there for all to see. How many of us saw this coming – the frozen wind turbines? I certainly is not one of them.
The U.S. Energy Information Administration expects that the United States will import more crude oil to fill the widening gap between refinery inputs of crude oil and domestic crude oil production in 2021 and 2022. View the full article
Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year. The Persian Gulf state is already the world’s main supplier of the super-chilled fuel, but new projects elsewhere -- especially in Australia and the U.S. -- have eroded its dominance. View the full article
“I must warn once again against complacency,” Energy Minister Prince Abdulaziz bin Salman said on Wednesday at an online conference held by the International Energy Forum in Riyadh. “The uncertainty is very high and we have to be extremely cautious. The scars from the events last year should teach us caution.” View the full article
Vice President Kamala Harris drew derision on social media after she told a West Virginia television station that people could be put to work reclaiming abandoned “land mines.” A day earlier, climate envoy John Kerry said during a White House briefing that displaced laborers face “better choices” making solar panels and installing wind turbines. View the full article
Having risen steadily – and somewhat alarmingly – for more than a week, Brent crude price has slightly gone down for most of the day on Tuesday.
Major oil producers in the OPEC, meanwhile, still think the price of the crude oil is in the right range as far as their economic issues are concerned, thanks to the output cut.
The minnows in the organization, however, do not see it that way and reluctantly agree with cuts; they want to sell as much oil as possible and earn revenues as a matt
The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue. View the full article
Iran said an attempt by the U.S. government to seize 2 million barrels of oil aboard a Greek-owned tanker was “an act of piracy,” as tensions between Washington and the Islamic Republic show little sign of easing under Joe Biden’s presidency. View the full article
The Arctic blast gripping the central U.S. may threaten crude exports from one of the world’s top producers, amid rapidly-normalizing global stockpiles that point to the success OPEC has had in draining a surplus left in the wake of the pandemic. View the full article
American refiners are processing the most crude since the economy ground to a halt in March in anticipation of a vaccine-driven boost in gasoline demand this summer. The uptick means that the refiners are competing for domestic barrels that for months were sent to more robust markets in Asia. View the full article
After years of depressed prices and weak margins, U.S. natural gas producers -- at least those with wells and equipment that aren’t frozen -- are cashing in on an unusually extreme blast of cold. The freeze is giving a rare boost to a market that’s never recovered from a crash more than a decade ago, flooded by cheap supplies from shale fields. View the full article
Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned ADNOC said Wednesday in a statement. Abu Dhabi holds most of the oil in the United Arab Emirates, the third-largest producer in OPEC. View the full article
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
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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.
