Oil
Saudi Aramco is coming up as the biggest loser of the oil price war
Anyone who was even halfway smart knew that the last Saudis-instigated oil price war would end in grave failure for the Saudis, just like previous efforts in 2014-2016 and for exactly the same reasons. For Crown Prince Mohammed bin Salman (MbS), one of the …
BP does not expect oil demand to grow
The world is behind the era of growing demand for crude oil, BP said in its annual energy outlook report released today. According to media reports, the message of the outlook is that oil consumption may never reach pre-pandemic levels, not just because of the …
Libya´s production increase could mean trouble for OPEC
OPEC turns 60 today, but the celebrations have been postponed amid the ongoing pandemic. The combination of the destruction of demand from COVID-19, a troubled global economy and volatile demand for energy are worrying about the recovery in oil prices. At the …
Hurricane Sally forces Louisianas oil industry to shut down
The US government says that 21%, or 395.8K bbl / day, of offshore crude oil production and 25%, or 685M cf / day, of natural gas production in the Gulf of Mexico have been closed since Tropical Storm Sally closed before its expected landfall Tuesday morning …
Angola announces increase in country´s oil production
Angola, Africa's second largest oil producer after Nigeria, will require foreign and government investment to discover up to 57 billion barrels of crude by 2025, according to a new energy strategy reported by state news agency ANGOP. Angola's plan provides for …
Prices for Brent on a five-month high
Oil prices rose on Monday, with Brent hitting its highest level in five months, aided by a 30% cut in crude oil supplies from Abu Dhabi and encouraging Chinese data, while global demand struggled to return to pre-COVID levels in a well-supplied market can …
Shell announces plans to proceed with development of ultra-deepwater oil field
Mexico's National Hydrocarbon Commission approves Royal Dutch Shell's (RDS.A, RDS.B) application to conduct all approved activities in their exploration plan for the ultra-deep sea oil field Xochicalco in the Gulf of Mexico. Shell will drill a hole five miles …
Saudi oil exports at historical low in June
The world's largest petroleum exporter, Saudi Arabia, saw its crude oil exports hit a record low of just under 5 million barrels a day (bpd) in June as the de facto leader of OPEC led the efforts of the OPEC + group in response to the Collapse in demand …
Norway is giving a tax relief to its oil industry
Despite the crisis caused by the coronavirus, investments in the oil and gas industry in Norway are expected to increase by 1.6 percent this year compared to 2019. This is thanks to higher oil prices and the government's tax relief package for the oil …
Hurrican fears shut down half of the Gulf of Mexico oil production
Energy producers have 1.07 million bbl / day or nearly 58% of offshore crude oil production and 1.2 million cf / day or 45% of natural gas production from the Gulf of Mexico because of the dual threat of Hurricane Marco and Tropical Storm Laura closed, …