Russian oil production hits 11-month high in March
07/04/2018 by OilStoreAdministrator
Russia’s oil production increased slightly in March for the first time since April last year. It reached an average of 10.97 million barrels per day (bpd), a little above its agreed limit of 10.947 million…
UK North Sea oil to decline in 2019
01/04/2018 by OilStoreAdministrator
According to a report from Bernstein, oil production from the UK Continental Shelf (UKCS) is set to return to a decline in 2019 following a brief respite since 2015. While UK North Sea oil production…
Russia’s Lukoil says OPEC deal should be open ended
29/03/2018 by Mark
Vagit Alekperov, the CEO of Russian multinational oil company Lukoil, has stated that he believes the various parties to the OPEC-led production cuts should give up on speculating about when the deal might expire. He…
Saudi Arabia expects output cuts to persist into 2019
26/03/2018 by OilStoreAdministrator
Speaking in an interview in Washington, DC, the Saudi Energy Minister Khalid al-Falih said OPEC will need to continue cooperating with Russia and other non-OPEC oil producers on supply curbs into 2019 if global inventories…
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