BP buys Iranian oil for first time since ban lift
09/10/2016 by Richard
Worldwide Oil Giant BP has recently purchased a quantity of natural gas condensate from Iran’s state-owned oil company, marking the first time it has done so since sanctions upon the Middle Eastern country were removed…
OPEC deal causes Shell shares to soar
08/10/2016 by Mark
Shares in oil giants Royal Dutch Shell, which produces Shell Tellus S2 M 32, and fellow oil big-hitter BP, have surged following an agreement between the biggest oil producing companies to cut production of oil…
Russia breaks oil output record
06/10/2016 by Richard
Russian oil output rose by nearly 4% in the month of September – the equivalent of 11.11 million barrels per day – breaking a new record for post-Soviet output levels. The figure is expected to
Maersk to divide and concentrate on North Sea operations
05/10/2016 by Richard
Maersk, the family-owned shipping giant based in Copenhagen, is going to be split, with its energy interest focusing more closely on the North Sea. The company, which was
Troubled Venezuela reveals $3.2bn on oil deals
04/10/2016 by OilStoreAdministrator
Venezuela, a country currently struggling with a pending economic collapse of mammoth proportions, has revealed that it is hurrying through a tender for billions of dollars’ worth of drilling contracts in a bid to
North Sea oil production rises
01/10/2016 by Richard
The UK’s oil production levels have risen in the North Sea, showing the initial signs of a tentative recovery from the crash that has affected
Unexpected drop in US crude causes oil prices to rise
23/09/2016 by Mark
Oil prices were up by two percent on Wednesday, September 21, following an unexpectedly large fall in US crude oil inventories, and an oil strike, which took place in Norway and had the potential to…
New tool to gauge cleanliness of lubricants launched
15/09/2016 by Mark
Chevron and Noria Corporation recently released its new Isoclean calculator, which is the first tool to assess equipment life by using levels of lubricant cleanliness as a guide. The Isoclean tool was created by
Shell’s exit of North Sea could generate $1bn
12/09/2016 by OilStoreAdministrator
Royal Dutch Shell, known for its oil-based products like Shell Tellus S2 M 46 and Shell Gadus S2 V100 3, could be set to generate $1bn (£750 million) within the
Oil prices could hit $60 if a freeze is agreed
09/09/2016 by OilStoreAdministrator
If the Organization of Petroleum Exporting Companies (OPEC) is able to pull off a freeze on oil output, crude prices could creep up to as much as $60 (£44.75). There is real hope that
Putin speaks in favour of oil output freeze
06/09/2016 by OilStoreAdministrator
Russian President Vladimir Putin has commented that an agreement to freeze oil output amongst the world’s biggest oil producers would be the correct call as far as the global oil market is concerned. He also…
US oil falls as reserves swell
03/09/2016 by Richard
Oil prices fell on the morning of September 1, due to growing fears that oil reserves are still way too high globally, along with the neutering effect of a strong US dollar. Brent crude was