Year high achieved by midweek oil prices
19/03/2016 by Richard
Oil prices hit a new stock high for 2016, but analysts still do not think the proposed freeze at January prices will be enough to ease the glut in supply. At the beginning of the…
Oil prices fall as supply picture is uncertain
16/03/2016 by OilStoreAdministrator
Oil prices dropped for the second consecutive day yesterday (March 15), as concerns surfaced that a six-week rally could
Oil prices back on the rise
10/03/2016 by OilStoreAdministrator
After an extended period of falling oil prices, which saw oil fall to almost $20 (£14.04) per barrel back in February, sentiment in the oil markets appears to have flipped, bringing hope that oil prices…
ExxonMobil to begin overseas export of American crude oil
07/03/2016 by Richard
Global oil corporation ExxonMobil, which is known for products like Mobil 1 New Life 0W/40, can now claim to be the first significant U.S. oil corporation to ship U.S. crude oil overseas. This move sees…
Shell Lubricants unveils new bike oil in India
04/03/2016 by OilStoreAdministrator
Royal Dutch Shell has recently launched a new synthetic bike oil, which has been specially formulated to perform well in high-capacity bikes. The company, which is already known for
Railcars now being used to store oil in U.S.
01/03/2016 by OilStoreAdministrator
Due to the current glut in U.S. oil supply, traders have begun to experiment with new means of storing their surplus crude: empty railcars. Empty railcars have proved to be the storage method of choice…
Cuts to Saudi oil output called off
27/02/2016 by Mark
Saudi Arabia’s oil minister Ali Ibrahim Al-Naimi, speaking on Tuesday, February 23, declared that proposed production cuts to the country’s oil supplies will not take place. Despite this, it is hoped that oil producers will…
Glut in oil supply could last until 2017
24/02/2016 by Richard
The global supply glut has presented many challenges to the world’s largest oil producing companies, as well as
‘Gatwick Gusher’ could prove rich oil source, says UKOG
21/02/2016 by Mark
According to UK Oil & Gas Investments (UKOG), the Weald Basin, which has been dubbed the ‘Gatwick Gusher’, has
Oil heavyweights come to output agreement
18/02/2016 by Richard
Russia and Saudi Arabia have agreed to freeze current oil output at near-record levels in the first coordinated move by the two oil giants. This is a move to counteract a
January sees drop in China’s crude oil imports
16/02/2016 by OilStoreAdministrator
China’s crude oil imports fell by 20% in January 2016, plunging to their lowest levels since October 2015, according to official customs data, which was shown yesterday (February 15). The country’s January crude oil imports…
Three methods for measuring air contamination in oil
15/02/2016 by OilStoreAdministrator
Measuring air contamination levels in your lubricants is extremely important because, should levels go above 10%, problems including