Shale billionaire points to overly optimistic US production growth
30/09/2017 by OilStoreAdministrator
Speaking to Bloomberg, American entrepreneur and shale oil pioneer Harold Hamm has said that overly optimistic forecasts for US oil
New study claims North Sea oil production is entering its final decade
27/09/2017 by OilStoreAdministrator
Academic research from Edinburgh University has concluded that the UK’s oil industry is now entering its last decade of production. Of the
IEA says oil demand increasing as production cuts bite
24/09/2017 by OilStoreAdministrator
The International Energy Agency (IEA) has confidently expressed that it believes the global demand for oil is growing as the OPEC-led production cuts hold up. Figures for August showed that
Russian government and ExxonMobil settle long-running tax dispute
21/09/2017 by OilStoreAdministrator
The Russian Finance Ministry has announced that it has reached an agreement with ExxonMobil over a $600m tax dispute from 2015. At the time, Rex Tillerson was still CEO before leaving to join the Trump…
Hurricanes hit US oil output and demand
15/09/2017 by Richard
US oil output fell from 9.5 million bpd (barrels per day) to 8.8 million bpd as Hurricane Harvey hit the gulf coast last month, according to
Libya shuts down its Sharara oil field amid rising tension
30/08/2017 by Richard
Libya has closed down its largest oil field, which had been producing 280,000 barrels a day, due to a pipeline blockade. The blockade by an
IEA says oil market on track to rebalance
22/08/2017 by Richard
The International Energy Agency (IEA) has released a new report stating that oil markets are set to rebalance as global inventories decline, but they describe the pace as “stubborn” and warn that producers need to…
Middle Eastern nations strengthen resolve to enforce production cuts
19/08/2017 by Mark
Iraq and Saudi Arabia, OPEC’s two largest oil producers, have signalled a renewed effort to enforce production cuts after their respective ministers met in Jeddah. OPEC output in July rose
Barclays predicts oil price drop
12/08/2017 by Mark
Financial giant Barclays expects the oil market to experience a “downward correction” this quarter, according to a
Oman and its oil heritage
11/08/2017 by Mark
The Sultanate of Oman occupies a strategically important location on the south-eastern edge of the Arabian Peninsula by the
Oil production in Algeria
09/08/2017 by OilStoreAdministrator
With an average production of 1,348,361 barrels a day in 2016, Algeria is ranked 18th in the world for oil production. While this is
Oil prices hit two-month high
06/08/2017 by OilStoreAdministrator
Oil prices rallied to a two-month high at the start of the week, amid possible sanctions against Venezuela and positive US data. WTI crude futures briefly exceeded the