OPEC+ announces compensatory cuts
01/08/2024 by OilStoreAdministrator
The Secretariat of the Organisation of the Petroleum Exporting Countries (OPEC) has announced 2.284 million barrels per day (bpd) of production cuts.
OPEC+ unlikely to change output quotas
26/07/2024 by Richard
Reuters reports three sources from the OPEC+ group of oil-producing countries as saying that the group’s next ministerial meeting is unlikely to result in any major policy shifts.
Kuwait discovers huge offshore oil and gas reserves
25/07/2024 by OilStoreAdministrator
The fifth biggest producer in OPEC, Kuwait, has had its hydrocarbon reserves boosted following a discovery of large volumes of oil and gas in the Al-Nokhatha field.
ExxonMobil planning seventh Guyana development
23/07/2024 by Richard
The government of Guyana has disclosed that ExxonMobil plans to develop a seventh project offshore of the South American country.
BP expects world's demand for oil to peak next year
17/07/2024 by OilStoreAdministrator
UK-based oil major BP has published its Energy Outlook for this year, in which it predicts that the demand for crude oil in the world will peak as soon as next year.
US shale production not set to peak for years
02/07/2024 by Mark
According to analysts at HSBC Holdings Plc., the production of shale oil in the US still has some years of growth left, which may clash with the OPEC+ group’s expectation of a quicker slowdown.
Castrol to offer re-refined oil products
26/06/2024 by Mark
When seeking to decarbonise operations, most people think of electrification, but there are ways to improve sustainability without investing in the next generation of equipment.
IEA predicts oil surplus this decade
19/06/2024 by Richard
In this year’s report on the medium-term outlook for the crude oil market, the International Energy Agency (IEA) has forecasted that the markets will be oversupplied this decade.
Sulzer selected to help develop subsea CO2 pumps
14/06/2024 by Richard
TechnipFMC has selected Sulzer Flow Equipment to help it develop new CO2 pumps for separating oil and natural gas that is rich in
TotalEnergies announces progress on Suriname Block 58 project
12/06/2024 by OilStoreAdministrator
France-based TotalEnergies has made significant progress towards a final investment decision (FID) on Block 58 in Suriname, according to the company’s senior vice president for exploration and production in the Americas.
OPEC still optimistic about oil demand growth
04/06/2024 by OilStoreAdministrator
Addressing the Economic Commission Board of OPEC at its 141st meeting, OPEC boss Haitham Al Ghais said that he expected robust growth in the demand for crude oil.
TotalEnergies makes FID on Brazilian projects
03/06/2024 by Mark
Together with partners, TotalEnergies has committed to a final investment decision (FID) for the second phases of development for the Sépia and Atapu fields.