Chevron gets go ahead to resume Venezuela operations
02/12/2022 by OilStoreAdministrator
US-based major Chevron has received a six-month license from the US Office of Foreign Assets Control (OFAC) to resume oil production in Venezuela following talks between the various political factions in the country.
US Government approves new oil export terminal
01/12/2022 by Mark
The Maritime Administration of the US Department of Transportation has approved a new project that will see the country’s biggest oil export terminal built about 30 miles off the coast of Texas.
Goldman Sachs cuts forecast for oil prices
29/11/2022 by Richard
Investment bank Goldman Sachs has revised down its prediction for oil prices in the near future by $10, with it now expecting them to reach $100 per barrel.
US may authorise Chevron to expand Venezuela operations
28/11/2022 by OilStoreAdministrator
Reuters reports three sources familiar with the matter as saying that Chevron could gain authorisation to massively expand its Venezuelan operations should the government there restart political talks with opposition parties.
Oil prices fluctuate over OPEC+ rumours
27/11/2022 by Mark
The price of crude oil rose and fell over mixed messages about a potential decision by the OPEC+ group to increase production.
Iraq seeking to increase oil production capacity to 7 million bpd
25/11/2022 by Richard
Reuters reports that the boss of SOMO, a state organisation responsible for marketing Iraq’s oil, has told it that the country is targeting 7 million barrels per day (bpd) in crude oil production capacity by…
Why is agricultural oil so important?
24/11/2022 by Mark
Different industries use specific types of machinery and involve different operating environments, conditions, and work rates. Additionally, companies are also subject to specific legislation that they must adhere to.
TotalEnergies signs deal with Israel for Mediterranean gas field
21/11/2022 by Katie
Israel has signed an agreement with France-based TotalEnergies that will pave the way for the energy company to begin exploring the Qana gas field which lies partially in Lebanese waters, according to a recent maritime…
Mobil adds additional grades to marine range
21/11/2022 by Mark
Leading lubricant brand Mobil has widened its range of oil for marine engines, enabling vessel operators to stop using oils developed for heavy-duty land vehicles and replace them with equivalent products that will continue to…
Saudi Arabia signals cautious approach to oil production
18/11/2022 by Mark
Speaking to Bloomberg TV in an interview, the energy minister of Saudi Arabia, Prince Abdulaziz bin Salman, has said that his country will continue to advocate caution in the OPEC+ group when it comes to…
US Permian Basin set for new record oil production
18/11/2022 by OilStoreAdministrator
According to the latest productivity report from the US Energy Information Administration (EIA), crude oil production in the Permian Basin is expected to rise to a new record of 5.499 million barrels per day (bpd)
ExxonMobil makes new discovery in Angola
17/11/2022 by Richard
As part of a redevelopment project for Angola Block 15, ExxonMobil has made its first discovery in the block for 20 years.