Venezuela’s problem-stricken oil industry suffered a new blow as the country reported a fresh drop in production to OPEC Continue reading Venezuela’s oil production continues drop
Energy expert thinks rising US oil exports could reverse crude’s rally
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 Continue reading Energy expert thinks rising US oil exports could reverse crude’s rally
Scottish wind power makes great start to year
Figures for the first quarter show that Scottish onshore wind turbines generated 44% more electricity than the same quarter last year, which was also a record-breaking period at the time.
The data from WWF Scotland reveals that onshore wind power produced enough electricity for Continue reading Scottish wind power makes great start to year
Iraq set for large capacity boost
The Iraqi government in Baghdad has given the green light to a plan to boost its oil capacity.
By 2022, the Continue reading Iraq set for large capacity boost
Russian oil production hits 11-month high in March
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 bpd as part of the OPEC-led production cuts.
Despite the rise, Russia’s energy minister, Alexander Novak, reaffirmed in a statement the country’s commitment to Continue reading Russian oil production hits 11-month high in March
UK wind power sees another record high
Recently published government figures reveal that wind power met 14.7% of the country’s total demand in 2017, setting a new record.
It was also a good year for renewables in general, with renewable sources—including bioenergy, hydro, solar, and offshore and onshore wind—meeting almost Continue reading UK wind power sees another record high
UK North Sea oil to decline in 2019
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 is long past its peak of 2.6 million barrels per day (bpd) in 1999, the start-up of new fields and efficiency improvements in mature fields have helped stabilise and even grow oil production.
The UK North Sea is considered to Continue reading UK North Sea oil to decline in 2019
Russia’s Lukoil says OPEC deal should be open ended
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 believes this will give producers more flexibility in reacting to market conditions.
Speaking at Lukoil’s investor day in London, he said: Continue reading Russia’s Lukoil says OPEC deal should be open ended
Saudi Arabia expects output cuts to persist into 2019
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 are going to return to preferred levels.
The current deal between OPEC and its non-member partners, most notably Continue reading Saudi Arabia expects output cuts to persist into 2019
Iraq looks to boost oil production and export capacity
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 the remaining crude. According to the director-general of the state-run Basra Oil Co., Abdul Jabbar, five companies have already shown interest in Continue reading Iraq looks to boost oil production and export capacity
