Oil is often described as black gold, an essential commodity that drives economic growth. It’s therefore no surprise that many shrewd operators have amassed vast Continue reading Seven billionaires who made their fortune from oil
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
There’s no disputing that shale oil has revolutionised US oil production. It started when producers sought to take advantage of oil prices over $100 by exploiting tight oil formations that would otherwise be uneconomical.
OPEC members at the summit in Vienna have arrived at a deal to increase production by up to a million barrels per day (bpd). Some OPEC members were thought to object to a production increase because they lack the spare capacity to benefit from it.
The OPEC production caps, which came into force in Continue reading OPEC reaches deal to increase oil production
The US could be the world’s top oil producer by the autumn according to Scott Sheffield, the chairman of the major shale producer Pioneer Natural Resources.
Speaking to CNN Money, Sheffield says he expects US oil production to exceed Continue reading Shale executive claims US soon to be top oil producer
Both Russia and Saudi Arabia, two of the world’s biggest oil producers, have loosened the taps on oil production ahead of the next OPEC in Vienna on June 22. It is widely anticipated that the cartel, along with its non-member partners, will agree to relax the current production caps to some degree at the meeting.
Saudi Arabia, which has generally been producing Continue reading Russia and Saudi Arabia raise oil production in run up to OPEC meeting
Bloomberg, quoting sources familiar with the matter, reports that the US Government has made a subtle request from OPEC to increase oil production by a million barrels per day (bpd).
While US politicians often criticize OPEC’s management and encourage the cartel to raise production when oil prices climb, it is uncommon for the government to suggest such a specific raise. One theory is that it may compensate for displaced oil production that could follow the reintroduction of Continue reading US asks OPEC to boost oil production
ExxonMobil, the energy giant behind Mobil UK stockists, has set itself new targets for reducing emissions from its upstream operations.
Compared with 2016 levels, the company says it will reduce its methane emissions by 15% by 2020. Methane is the main constituent of natural gas, but it is also Continue reading ExxonMobil targets emission reductions
ExxonMobil, the oil major behind Mobil-branded lubricants, has a broad research portfolio when it comes to biofuels. It believes some fundamental breakthroughs in Continue reading How ExxonMobil is using algae to produce oil
Any good maintenance strategy should consider using used oil analysis (UOA), so operators can make informed decisions about when to make costly interventions such as Continue reading What ExxonMobil learned from analysing oil samples