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Saudi Arabia planning record oil production

Bloomberg reports sources informed about Saudi Arabia’s output policy as saying that the country is preparing to pump a record-breaking 10.8 million barrels per day (bpd) in July. This would follow the recent OPEC deal where members agreed to relax production caps by a million bpd. At the meeting, Khalid Al-Falih, the Saudi Arabian Energy Minister, said his country would prioritize its customers by doing “whatever is necessary to Continue reading Saudi Arabia planning record oil production

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ExxonMobil starts road trip to prove its new motor oil

Through its Mobil stockists, ExxonMobil has long been delivering high-performance lubricants with long drain intervals. To demonstrate its claims about its new Mobil 1 Annual Protection motor oil, however, the company has launched a 20,000-mile round trip around 48 states in the US, involving a variety of driving conditions, without an Continue reading ExxonMobil starts road trip to prove its new motor oil

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Oil price dips on record US oil production

The price of Brent crude dipped on Monday June 4 to $75.53 a barrel before recovering most of its losses to trade at over $76 a barrel by lunchtime in the UK. The move was believed to be triggered by latest monthly data released by the US Energy Information Administration (EIA) last week.

In its latest data, the EIA has US oil production running at a new record of Continue reading Oil price dips on record US oil production

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Profits rise at ExxonMobil

ExxonMobil, the energy giant behind Mobil UK distributors, showed a 16% year-on-year rise in profits after posting its first-quarter earnings. The company’s share price dipped slightly, though, amid perceptions that the profit rise had not met the expectations of analysts.

Revenue at the company did beat analysts’ expectations of Continue reading Profits rise at ExxonMobil

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World’s most powerful wind turbine completed off Scottish coast

In a new first for Scottish wind power, the world’s most powerful wind turbine has been successfully set up off the coast of Aberdeen. The developers, Vattenfall, claim that a single rotation of the 8.8 megawatt turbine generates enough electricity to power an average home for a day.

The larger project, which is named Continue reading World’s most powerful wind turbine completed off Scottish coast