No need to cut oil supplies, says Novak
06/11/2018 by Richard
Speaking in Istanbul, Alexander Novak, Russia’s energy minister, has denied there may be a need to cut or freeze production levels in OPEC countries and
IEA warns top oil producers
03/11/2018 by Richard
The Paris-based International Energy Agency (IEA) has issued a stark warning to some of the world’s leading oil producers to cut down their reliance on energy revenue. The
12 interesting facts about hydraulics
31/10/2018 by Mark
The world would be a very different place without hydraulics and the oils that make them possible, like Mobil DTE Light. Aeroplanes rely on hydraulic systems due
OPEC struggling to achieve oil boost
30/10/2018 by Richard
Reuters reports having seen an internal document prepared by OPEC’s Vienna headquarters for a technical panel. It reveals that it and its partners are facing difficulties in delivering the output increases agreed in
US shale may grow less than expected
27/10/2018 by OilStoreAdministrator
The CEO of Schlumberger, the world’s largest oilfield services company, has warned that US shale growth may not meet the current high expectations. Ryan Zinke, Secretary of
US oil production may reach 14 million bpd by 2020
24/10/2018 by Richard
A government official has said that he expects US oil production to reach 14 million bpd (barrels per day) by 2020. Speaking to
OPEC production up despite Iran sanctions
21/10/2018 by Richard
OPEC’s overall oil output rose in September by 132,000 bpd (barrels per day) despite new upcoming US sanctions against Iran, which are already hitting the
Oil prices lower as IMF downgrades growth forecast
18/10/2018 by OilStoreAdministrator
Oil prices dropped sharply following the International Monetary Fund’s (IMF) downgrading of its forecast for global economic growth for both 2018 and
US oil production on track for new heights
15/10/2018 by Mark
The US Energy Information Administration has released its figure for July’s oil production, reaching almost 11 million barrels per day (bpd). This is a
IEA boss calls for increased oil production
12/10/2018 by Mark
Fatih Birol, Executive Director of the IEA, has called for major oil producers to take steps to alleviate concerns over oil supply, which have recently carried oil prices to a four-year high of over $85…
Saudi Arabia boosts oil production
09/10/2018 by Mark
Speaking in Moscow at an energy forum, Khalid al-Falih, Saudi Arabia’s Energy Minister, has indicated that his country is currently producing 10.7 million bpd (barrels per day) of oil and expects to continue this
Russia on track for post-Soviet production record
06/10/2018 by OilStoreAdministrator
Reuters reports a source in the energy sector as saying that Russia is on track to set a new monthly production record for its post-Soviet era. Excluding