Chevron tells executives to leave Venezuela after arrests
30/04/2018 by Mark
Following the arrests of two of its workers over a contractual dispute, Reuters reports sources saying that Chevron has evacuated its executives from Venezuela. Other workers have also been instructed to stay away from its…
Venezuela’s oil production continues drop
18/04/2018 by OilStoreAdministrator
Venezuela’s problem-stricken oil industry suffered a new blow as the country reported a fresh drop in production to OPEC
Energy expert thinks rising US oil exports could reverse crude's rally
15/04/2018 by OilStoreAdministrator
Speaking in an interview with CNBC, energy expert Tom Kloza, co-founder of the Oil Price Information Service, said that the record US crude oil exports could potentially unbalance the global oil markets. Kloza
Iraq set for large capacity boost
09/04/2018 by Richard
The Iraqi government in Baghdad has given the green light to a plan to boost its oil capacity. By 2022, the
Russian oil production hits 11-month high in March
07/04/2018 by OilStoreAdministrator
Russia’s oil production increased slightly in March for the first time since April last year. It reached an average of 10.97 million barrels per day (bpd), a little above its agreed limit of 10.947 million…
UK North Sea oil to decline in 2019
01/04/2018 by OilStoreAdministrator
According to a report from Bernstein, oil production from the UK Continental Shelf (UKCS) is set to return to a decline in 2019 following a brief respite since 2015. While UK North Sea oil production…
Russia’s Lukoil says OPEC deal should be open ended
29/03/2018 by Mark
Vagit Alekperov, the CEO of Russian multinational oil company Lukoil, has stated that he believes the various parties to the OPEC-led production cuts should give up on speculating about when the deal might expire. He…
Saudi Arabia expects output cuts to persist into 2019
26/03/2018 by OilStoreAdministrator
Speaking in an interview in Washington, DC, the Saudi Energy Minister Khalid al-Falih said OPEC will need to continue cooperating with Russia and other non-OPEC oil producers on supply curbs into 2019 if global inventories…
Iraq looks to boost oil production and export capacity
23/03/2018 by OilStoreAdministrator
Iraq has begun soliciting bids for a new $4 billion project to boost production at its southern oil fields. The intention is that seawater will be injected into the fields to accelerate the removal of…
Emerson CEO claims technology will further boost US production
15/03/2018 by Richard
In a commentary for CNBC, the CEO of the American multinational Emerson, David Farr, has written about how new technology will bolster the
US monthly crude production hits new all-time high
09/03/2018 by Mark
Revised data from the US Energy Information Administration (EIA) has revealed that the US set a new record for monthly crude production in
BP predicts demand for oil to peak in late 2030s
06/03/2018 by OilStoreAdministrator
In its well-respected annual energy outlook, oil major BP has said demand for oil will peak in the late 2030s, with the turnaround being driven by a revolution in electric vehicles