Rosneft boss blames Federal Reserve for low oil prices
03/01/2019 by Mark
Igor Sechin, the head of Russian oil giant Rosneft – a long-term ally of President Putin – has attributed the recent drop in oil prices to the US Federal Reserve’s decision to raise interest rates…
ExxonMobil supports maintaining emission rules in letter
27/12/2018 by Mark
Reuters reports that it has seen a letter from ExxonMobil to the U.S. Environmental Protection Agency in which the oil major expresses its support for continuing Obama-era methane gas emissions rules put in place to…
EIA: US shale oil to reach 8.166 million bpd
21/12/2018 by OilStoreAdministrator
In its latest forecasts, the US Energy Information Administration (EIA) predicts that US shale oil production will reach 8.166 million barrels per day
ExxonMobil hikes Guyana estimates
12/12/2018 by Richard
ExxonMobil has increased its estimates by 25% for the hydrocarbon resources in the Stabroek Block offshore of Guyana after the company made its 10th discovery in the region. The company, which also
US oil production surges to new record
09/12/2018 by OilStoreAdministrator
Despite concerns over limited takeaway capacity in the prolific Permian Basin, the US Energy Information Administration (EIA) reports that US oil production surged to a new record of 11.475 million barrels per day (bpd) in
ExxonMobil to use renewable energy in oil production
06/12/2018 by OilStoreAdministrator
Oil giant ExxonMobil has signed a 12-year deal to buy 500 MW of renewable energy generation to power its operations in the Permian Basin of West Texas. According to
How oil gets to the petrol pump
05/12/2018 by Richard
It’s often taken for granted that motorists can stop at a petrol station and fill their tanks, but that fuel has gone through a number of stages before it gets to the pump. Petrol—just like
Bloomberg survey points to production cuts
03/12/2018 by Mark
A new survey conducted by Bloomberg indicates that OPEC is likely to cut oil production at its next meeting on December 6 and 7. Bloomberg surveyed
Energy giants bring North Sea megaproject online
30/11/2018 by OilStoreAdministrator
The North Sea oil industry is often thought to be in decline, but a joint venture between BP, Shell, Chevron, and ConocoPhillips has just started producing oil. The Clair Ridge field was
What is oil used for?
29/11/2018 by Mark
More than 80 million barrels per day (bpd) of oil are produced every day around the world. Much of this comes from the big three oil producers – the USA, Russia, and Saudi Arabia –…
IEA chief calls for “common sense” over oil production cuts
24/11/2018 by Richard
Fatih Birol, Executive Director of the International Energy Agency (IEA), has warned that proposed supply cuts by key oil producers may have negative
ExxonMobil begins drilling in the waters of Cyprus
21/11/2018 by Mark
According to the Energy Ministry of Cyprus, ExxonMobil and Qatar Petroleum began exploratory drilling within block 10 of Cyprus’s Exclusive Economic Zone (EEZ) on