Oil prices rise as Gulf of Mexico operators shut off production
03/10/2022 by Mark
Despite falling to a nine-month low, Brent Crude prices started to recover as the approach of Hurricane Ian prompted operators in the US Gulf of Mexico—such as BP and Chevron, the owners of the Castrol…
Exxon Mobil and Shell launch North Sea assets sale
03/10/2022 by Richard
Reuters reports three sources in the oil industry and the banking sector as saying that Exxon Mobil and Shell have launched a coordinated process to sell off a substantial package of their North Sea assets…
US rig count increases despite falling oil prices
29/09/2022 by Richard
According to data from industrial service company Baker Hughes, the number of drilling rigs actively operating in the United States edged up by one, despite crude oil prices decreasing from high levels.
UK lifts moratorium on shale gas production
27/09/2022 by Katie
The UK has officially lifted the prohibition on shale gas production through hydraulic fracturing, which is commonly referred to as fracking
World’s demand for crude oil dropped in July
24/09/2022 by greg
Fresh data from the Joint Organizations Data Initiative (JODI) has revealed that the global demand for crude oil dropped by 1.1 million barrels per day in July, a month that normally sees
UAE to speed up oil production boost
23/09/2022 by Richard
The United Arab Emirates is planning to maximise its revenue from crude oil by increasing its production capacity at a faster rate than was previously announced, according to Bloomberg sources acquainted with the matter.
Oil exports from Basra terminal return to normal
22/09/2022 by OilStoreAdministrator
The Basra Oil Company (BOC) of Iraq has announced that loading and export activity at the Basra oil terminal has returned to normal rates after an oil spill caused it to scale back operations.
South Sudan to prioritise growing oil production
21/09/2022 by Mark
Riek Machar, the First Vice President of South Sudan, has said that his country will proceed with its goal of increasing crude oil production to 230,000 bpd within two years, even if it means leaving…
Global oil production rose by 790,000 bpd in August
20/09/2022 by Richard
According to the latest Oil Market Report from the International Energy Agency (IEA), the world’s production of crude oil rose by 790,000 barrels per day (bpd) in August, driven by increased production in Libya, Saudi…
Shell announces successor to van Beurden
19/09/2022 by OilStoreAdministrator
The UK-based energy giant Shell has confirmed recently reported rumours that longstanding CEO Ben van Beurden is to step down, and his successor has also been announced.
Permian Basin oil production to set new record
18/09/2022 by Katie
In its latest Drilling Productivity Report, the Energy Information Administration (EIA) has predicted that crude oil production in the prolific Permian Basin will
Shell and Exxon to sell NAM
12/09/2022 by Richard
According to industry sources, the NAM joint venture between ExxonMobil and Shell is being put up for sale, with it possibly raising around a billion dollars for the two oil majors.