Confusion ensues as Trump claims two million bpd Saudi production boost
09/07/2018 by Richard
US President Donald Trump has claimed that he has gained assurances from King Salman of Saudi Arabia to increase production by up to two million barrels per
Saudi Arabia planning record oil production
03/07/2018 by Richard
Bloomberg reports sources informed about Saudi Arabia’s output policy as saying that the country is preparing to pump a record-breaking 10.8 million barrels per day (bpd) in July. This would follow the recent OPEC deal…
It’s not all about shale: US offshore oil production
02/07/2018 by Mark
There’s no disputing that shale oil has revolutionised US oil production. It started when producers sought to take advantage of oil prices over $100 by exploiting tight oil formations that would otherwise be uneconomical. When
OPEC reaches deal to increase oil production
30/06/2018 by OilStoreAdministrator
OPEC members at the summit in Vienna have arrived at a deal to increase production by up to a million barrels per day (bpd). Some OPEC members were thought to object to a production increase…
Shale executive claims US soon to be top oil producer
27/06/2018 by OilStoreAdministrator
The US could be the world’s top oil producer by the autumn according to Scott Sheffield, the chairman of the major shale producer Pioneer Natural Resources. Speaking to CNN Money, Sheffield says he expects US…
Russia and Saudi Arabia raise oil production in run up to OPEC meeting
18/06/2018 by OilStoreAdministrator
Both Russia and Saudi Arabia, two of the world’s biggest oil producers, have loosened the taps on oil production ahead of the next OPEC in Vienna on June 22. It is widely anticipated that the…
US asks OPEC to boost oil production
12/06/2018 by OilStoreAdministrator
Bloomberg, quoting sources familiar with the matter, reports that the US Government has made a subtle request from OPEC to increase oil production by a million barrels per day (bpd). While US politicians often criticize…
Oil price dips on record US oil production
09/06/2018 by Richard
The price of Brent crude dipped on Monday June 4 to $75.53 a barrel before recovering most of its losses to trade at over $76 a barrel by lunchtime in the UK. The move was…
ExxonMobil buys into Pakistan’s offshore drilling
06/06/2018 by OilStoreAdministrator
Energy company ExxonMobil, which also makes extreme pressure gear oils like Mobilgear 600 XP 68, has acquired a 25% stake in offshore drilling in Pakistan. Prior to the acquisition, Italian energy firm Eni, Oil and…
ExxonMobil targets emission reductions
03/06/2018 by OilStoreAdministrator
ExxonMobil, the energy giant behind Mobil UK stockists, has set itself new targets for reducing emissions from its upstream operations. Compared with 2016 levels, the company says it will reduce its methane emissions by 15%…
How ExxonMobil is using algae to produce oil
01/06/2018 by Mark
ExxonMobil, the oil major behind Mobil-branded lubricants, has a broad research portfolio when it comes to biofuels. It believes some fundamental breakthroughs in
Russia and Saudi Arabia edge toward easing production caps
30/05/2018 by Richard
There are increasing signs that Russia and Saudi Arabia are moving closer to relaxing the OPEC-led production caps that have been in force since the start of