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
Author: Lisa
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
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 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
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
GE announces world’s largest wind turbine
Electricity giant GE has announced plans for its new offshore wind turbine, which promises to be the world’s largest and Continue reading GE announces world’s largest wind turbine
BP predicts demand for oil to peak in late 2030s
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 Continue reading BP predicts demand for oil to peak in late 2030s
Industry blames government for stifling UK onshore wind power
While a record 2.6GW of onshore wind generation was installed across the UK in 2017, twice the previous record of 1.3GW in 2013, the Continue reading Industry blames government for stifling UK onshore wind power
Denmark achieves wind power record
Denmark set a new record for wind power in 2017 by sourcing 43.6% of its total electricity needs from wind energy, edging out the previous 2015 record of 42%.
Over the course of Continue reading Denmark achieves wind power record
