New study finds increase in engine lubrication failures
06/07/2018 by OilStoreAdministrator
A new report from insurance company The Swedish Club has revealed that lubrication errors are now the most common, and most expensive, cause of marine main engine damage. The study covers 8,759 insured vessels over
Saudi Arabia planning record oil production
03/07/2018 by Richard
Bloomberg reports sources informed about Saudi Arabia’s output policy as saying that the country is preparing to pump a record-breaking 10.8 million barrels per day (bpd) in July. This would follow the recent OPEC deal…
It’s not all about shale: US offshore oil production
02/07/2018 by Mark
There’s no disputing that shale oil has revolutionised US oil production. It started when producers sought to take advantage of oil prices over $100 by exploiting tight oil formations that would otherwise be uneconomical. When
OPEC reaches deal to increase oil production
30/06/2018 by OilStoreAdministrator
OPEC members at the summit in Vienna have arrived at a deal to increase production by up to a million barrels per day (bpd). Some OPEC members were thought to object to a production increase…
Shale executive claims US soon to be top oil producer
27/06/2018 by OilStoreAdministrator
The US could be the world’s top oil producer by the autumn according to Scott Sheffield, the chairman of the major shale producer Pioneer Natural Resources. Speaking to CNN Money, Sheffield says he expects US…
BP’s annual energy review shows big jump for renewables
24/06/2018 by Mark
Oil giant BP has published its annual Statistical World Energy Review for this year, and revealed that 17% of global energy growth came from renewable sources. This year’s increase is the largest ever for renewables.…
ExxonMobil starts road trip to prove its new motor oil
21/06/2018 by Richard
Through its Mobil stockists, ExxonMobil has long been delivering high-performance lubricants with long drain intervals. To demonstrate its claims about its new Mobil 1 Annual Protection motor oil, however, the company has launched a 20,000-mile…
Russia and Saudi Arabia raise oil production in run up to OPEC meeting
18/06/2018 by OilStoreAdministrator
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…
Canadian company announces new way to capture carbon dioxide
15/06/2018 by OilStoreAdministrator
Carbon Engineering, a privately owned Canadian company, has published an article in scientific journal Joule describing a new process for extracting carbon dioxide from the atmosphere. Once extracted, they intend to be able to convert…
US asks OPEC to boost oil production
12/06/2018 by OilStoreAdministrator
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…
Oil price dips on record US oil production
09/06/2018 by Richard
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…
ExxonMobil buys into Pakistan’s offshore drilling
06/06/2018 by OilStoreAdministrator
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…