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Russia and Saudi Arabia raise oil production in run up to OPEC meeting

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

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US asks OPEC to boost oil production

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

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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 

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How the oil companies behind your Mobil UK distributor are reducing their environmental impact

While advancements in renewable energy are helping to reduce our dependency on fossil fuels, oil and gas are not going anywhere soon. We still need petroleum products to fuel aviation and most of the transport on our roads. We also need crude oil to make materials like plastic and medicines, but extracting crude oil is an inherently messy business that has taken its toll on the environment in the past.

Fortunately, practices have improved over Continue reading How the oil companies behind your Mobil UK distributor are reducing their environmental impact