Lower crude prices fail to dampen US shale production

The US increased its number of rigs deployed for the 23rd straight week in late June, according to Baker Hughes, an oil services firm.

This represents the (more…)

UK manufacturers enjoy highest demand for 29 years

The CBI’s latest Industrial Trends Survey has found that total order books for the participating UK manufacturers are at their highest level since August 1988.

The increase comes from (more…)

Rosneft hits oil in Eastern Arctic

The Russia oil company Rosneft, which is majority owned by the Russian Government, has reported finding crude oil in the Laptev Sea of the Eastern Arctic.

Rosneft holds (more…)

OPEC sees increased production in May despite deal extension

Oil production from OPEC members jumped by 336,100 bpd (barrels per day) in May despite a recent agreement to extend the existing cuts into 2018. (more…)

Tight oil may take US oil production to record high this year

The resurgence of rigs extracting tight oil, also commonly called shale oil, has the potential to propel US oil production to a new all-time high by the end of this year (more…)

OPEC decides to extend cuts for another nine months

OPEC has announced that its existing production cuts will be extended for another nine months after the initial six-month period failed to (more…)

White House looking to sell half of its strategic oil reserves

The US Government is proposing to sell off half of the 687.7 million barrels in the Strategic Petroleum Reserve as part of (more…)

Russia and Saudi Arabia promise deal extension but US inventories remain high

Oil prices received a boost as Russia and Saudi Arabia gave the strongest indication yet that the OPEC-led production cuts will (more…)

US rig count continues to grow

The number of producing oil and gas rigs in the US increased by another seven on Friday, May 5, according to Baker Hughes, an oilfield service provider.

This marks the 16th straight build for (more…)

Shell announces improved first quarter results

Royal Dutch Shell has announced an increase in its Q1 profits, with those on a cost of supplies basis up 142% to $3.8bn on the same quarter last year.

Shell’s results follow a (more…)

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