Goldman Sachs downgrades its oil price forecast
09/07/2017 by OilStoreAdministrator
Analysts from investment bank Goldman Sachs have slashed its projection for oil prices in the coming quarter, indicating a three-month average of $47.50 per barrel for WTI crude. The bank previously predicted oil prices averaging
Spotlight on oil production in Mexico
08/07/2017 by Richard
With an average daily production of 2,186,877 barrels per day in 2016, Mexico is ranked number 12 for oil production. Back in
A look at oil production in Libya
06/07/2017 by Mark
With an average oil production of 384,686 barrels per day in 2016, Libya may not seem like a big oil player, but this
Lower crude prices fail to dampen US shale production
06/07/2017 by Richard
The US increased its number of rigs deployed for the 23rd straight week in late June, according to Baker Hughes, an oil services firm. This represents the
Norway shows the way for Arctic oil
04/07/2017 by OilStoreAdministrator
With the oil industry struggling to recover from a global supply glut, even with substantial production cuts by
UK manufacturers enjoy highest demand for 29 years
03/07/2017 by Richard
The CBI’s latest Industrial Trends Survey has found that total order books for the participating UK manufacturers are at their highest level since August 1988. The increase comes from
Rosneft hits oil in Eastern Arctic
30/06/2017 by OilStoreAdministrator
The Russia oil company Rosneft, which is majority owned by the Russian Government, has reported finding crude oil in the Laptev Sea of the Eastern Arctic. Rosneft holds
OPEC sees increased production in May despite deal extension
24/06/2017 by Mark
Oil production from OPEC members jumped by 336,100 bpd (barrels per day) in May despite a recent agreement to extend the existing cuts into 2018.
A look at oil production in Nigeria
14/06/2017 by OilStoreAdministrator
Nigeria may not be a top-10 oil producer, but it is Africa’s largest at almost two million barrels a day in 2016. While the
Tight oil may take US oil production to record high this year
09/06/2017 by Richard
The resurgence of rigs extracting tight oil, also commonly called shale oil, has the potential to propel US oil production to a new all-time high by the end of this year
A short guide to oil exploration
08/06/2017 by OilStoreAdministrator
While early oil production was mostly aimed at paraffin production, the birth of the automobile industry created a
Two key innovations in oil drilling
05/06/2017 by Richard
The oil industry has come a long way since the Drake Well was drilled in the United States in 1859. In the early days of