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Russia and Saudi Arabia raise oil production in run up to OPEC meeting

Both Russia and Saudi Arabia, two of the world’s biggest oil producers, have loosened the taps on oil production ahead of the next OPEC in Vienna on June 22. It is widely anticipated that the cartel, along with its non-member partners, will agree to relax the current production caps to some degree at the meeting.

Saudi Arabia, which has generally been producing Continue reading Russia and Saudi Arabia raise oil production in run up to OPEC meeting

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Canadian company announces new way to capture carbon dioxide

Carbon Engineering, a privately owned Canadian company, has published an article in scientific journal Joule describing a new process for extracting carbon dioxide from the atmosphere. Once extracted, they intend to be able to convert it into fuel.

The new approach stands out because it Continue reading Canadian company announces new way to capture carbon dioxide

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US asks OPEC to boost oil production

Bloomberg, quoting sources familiar with the matter, reports that the US Government has made a subtle request from OPEC to increase oil production by a million barrels per day (bpd).

While US politicians often criticize OPEC’s management and encourage the cartel to raise production when oil prices climb, it is uncommon for the government to suggest such a specific raise. One theory is that it may compensate for displaced oil production that could follow the reintroduction of Continue reading US asks OPEC to boost oil production

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Oil price dips on record US oil production

The price of Brent crude dipped on Monday June 4 to $75.53 a barrel before recovering most of its losses to trade at over $76 a barrel by lunchtime in the UK. The move was believed to be triggered by latest monthly data released by the US Energy Information Administration (EIA) last week.

In its latest data, the EIA has US oil production running at a new record of Continue reading Oil price dips on record US oil production

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ExxonMobil buys into Pakistan’s offshore drilling

Energy company ExxonMobil, which also makes extreme pressure gear oils like Mobilgear 600 XP 68, has acquired a 25% stake in offshore drilling in Pakistan. Prior to the acquisition, Italian energy firm Eni, Oil and Gas Development Company (commonly known as OGDCL), and state-owned Pakistan Petroleum Limited (PPL) all held equal third shares.

On Monday May 28, an agreement was signed at Continue reading ExxonMobil buys into Pakistan’s offshore drilling