Iraq looks to boost oil production and export capacity
23/03/2018 by OilStoreAdministrator
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…
Emerson CEO claims technology will further boost US production
15/03/2018 by Richard
In a commentary for CNBC, the CEO of the American multinational Emerson, David Farr, has written about how new technology will bolster the
US monthly crude production hits new all-time high
09/03/2018 by Mark
Revised data from the US Energy Information Administration (EIA) has revealed that the US set a new record for monthly crude production in
BP predicts demand for oil to peak in late 2030s
06/03/2018 by OilStoreAdministrator
In its well-respected annual energy outlook, oil major BP has said demand for oil will peak in the late 2030s, with the turnaround being driven by a revolution in electric vehicles
Saudi Arabia hopes production curbs to relax in 2019
03/03/2018 by Richard
Khalid al-Falih, the oil minister for Saudi Arabia, has commented that he hopes to see OPEC production curbs relaxed in 2019 after the current deal expires, although he stressed the need for a more permanent…
ExxonMobil announces increased oil and gas reserves
27/02/2018 by Mark
Oil giant ExxonMobil has announced that it boosted its oil and gas reserves by 2.7 billion BOE (barrels of oil equivalent) in 2017. Its total reserves now stand
IEA warns that US shale producers may ruin OPEC’s plans
24/02/2018 by Mark
The Paris-based International Energy Agency (IEA) has warned in its latest monthly report that US shale producers may thwart OPEC’s goal of
Venezuela’s oil output drops dramatically as it imports Russian crude
21/02/2018 by Richard
A recent report published by OPEC discloses that Venezuela pumped 1.6 million barrels per day (bpd) in January, 20% less than the
Libya’s oil production tops a million barrels a day
18/02/2018 by Mark
For the first since July 2013, Libya’s oil production has averaged over a million bpd (barrels per day) over a full month. The
ExxonMobil publishes business report into climate change
12/02/2018 by Mark
In response to a shareholder resolution at its 2017 annual general meeting, ExxonMobil has published a report detailing how it
US production passes 10 million bpd threshold
06/02/2018 by Mark
New data from the US government shows that the US produced 10.038 million bpd (barrels per day) in November last year, exceeding the symbolic 10 million threshold for the first time since 1970. Much of…
Saudi oil minister dismisses US shale concerns
03/02/2018 by Richard
Speaking in Davos at the World Economic Forum, Saudi Energy Minister Khalid Al-Falih hit back at claims that increasing US shale production will