The US state of Texas looks likely to shatter its all-time annual oil production record of 1.263 billion barrels from 1972. What’s more, this will be achieved with fewer rigs and workers than a few years ago.
Texas oil economist Continue reading Texas set to break annual oil production record
The International Energy Agency’s energy markets and security director has testified before the Senate Energy and Natural Resources Committee that the US alone cannot ramp up production enough to have a significant effect on Continue reading US not producing enough oil for prices to be lowered
The US is set to become the world’s top oil-producing nation for the first time since the mid-1970s, according the July short-term energy outlook from the Continue reading US to soon become world’s top oil producer
Venezuela’s ailing oil sector may receive a welcome boost through investment from China, according to a report Continue reading China to invest $250 million boosting Venezuela oil production
US President Donald Trump has claimed that he has gained assurances from King Salman of Saudi Arabia to increase production by up to two million barrels per Continue reading Confusion ensues as Trump claims two million bpd Saudi production boost
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
Energy company ExxonMobil, which also makes extreme pressure gear oils like Mobilgear 600 XP 68, has acquired a 25% stake in offshore drilling in Pakistan. Prior to the acquisition, Italian energy firm Eni, Oil and Gas Development Company (commonly known as OGDCL), and state-owned Pakistan Petroleum Limited (PPL) all held equal third shares.
On Monday May 28, an agreement was signed at Continue reading ExxonMobil buys into Pakistan’s offshore drilling
There are increasing signs that Russia and Saudi Arabia are moving closer to relaxing the OPEC-led production caps that have been in force since the start of Continue reading Russia and Saudi Arabia edge toward easing production caps
Researchers at the University of Turku in Finland have announced that they have found a new efficient way to use algae to make biofuel. In the new method, the algae uses solar energy to split water into its constituent elements.
According to the researchers, the green algae uses collected solar energy from photosynthesis to convert water into Continue reading Researchers announce new method for making biofuel
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