Oil price reaches new high for the year
12/09/2023 by Richard
The price of crude oil rose to its highest level this year. At the time of writing, Brent Crude was approaching the $90 per barrel threshold, as traders have become concerned over
Bloomberg: Oil demand will peak in 2027
08/09/2023 by OilStoreAdministrator
New analysis from Bloomberg points to the global demand for oil peaking in 2027, as increasing volumes of electric vehicles (EVs) reduce the need for crude oil.
JP Morgan orders methanol-fuelled tankers for TotalEnergies
06/09/2023 by Mark
Financial services firm JP Morgan has ordered two advanced tankers that can run on
TotalEnergies activates Iraq contracts
05/09/2023 by OilStoreAdministrator
Basra Oil Company, a state-owned Iraqi oil company, has announced that France-based energy giant TotalEnergies has activated its four contracts.
Calls for greater gas and oil investment with rapid transition
03/09/2023 by greg
Speaking to the B20 conference in New Delhi, BP CEO Bernard Looney said that in addition to accelerating the energy transition to reduce the emission of greenhouse gases, the global community must also
US prepares to ease Venezuela sanctions
01/09/2023 by Mark
Reuters reports five sources familiar with the matter as saying that officials in Washington are preparing a proposal that would ease the restrictions on the oil industry of Venezuela in return for the country making…
Saudi production cut expected to last through October
31/08/2023 by OilStoreAdministrator
Five industry analysts have together predicted that Saudi Arabia will extend its voluntary crude oil production cut of one million barrels a day (bpd) for its third month, taking it to the end of October.
Shell moves forward with Selene prospect
28/08/2023 by Mark
UK-based energy major Shell has begun working on a geophysical site survey of the North Sea Selene prospect, which is one of the
TotalEnergies announces arrival of Lebanon drilling rig
24/08/2023 by Mark
Reuters reports that France-based energy and lubricant firm TotalEnergies has said that the TransOcean Barents drilling rig has now arrived offshore of Lebanon in preparation for exploration activity.
Spending on oil and gas exploration expected to recover
24/08/2023 by Richard
While investment in exploring for new oil and gas resources hit a historic low in the wake of the COVID-19 pandemic, Wood Mackenzie says in a new report that it will recover to
Report indicates that US shale may have peaked
23/08/2023 by OilStoreAdministrator
A new report from Enverus subsidiary Enverus Intelligence Research (EIR) has concluded that the US shale industry will find it more difficult to
Demand for oil hits record high
18/08/2023 by Mark
In its latest monthly oil report, the International Energy Agency (IEA) has said that the global demand for oil in