Shell to ramp up oil production from Gulf of Mexico project
02/01/2024 by Mark
Shell subsidiary Shell Offshore Inc. has announced that it has made a final decision to proceed with the phased drilling of three new wells for its Great White project in the US Gulf of Mexico.
Hedge funds dispute OPEC+ ability to support oil prices
01/01/2024 by Richard
The portfolio managers of hedge funds are allegedly becoming increasingly bearish about oil as they begin to doubt that the OPEC+ group will be able or willing to take further action to support oil prices.
TotalEnergies receives new exploration license for Suriname
29/12/2023 by OilStoreAdministrator
France-based TotalEnergies has announced that together with its partners Petronas and QatarEnergy, it has signed an agreement with
Record US oil production eats into OPEC+ market share
28/12/2023 by Mark
The OPEC+ group’s share of the global crude oil market has fallen to the lowest level in almost a decade, according to the latest oil market report from the International Energy Agency (IEA).
Kluber showcases products at the India ComVac Show 2023
27/12/2023 by Richard
Klüber Lubrication has promoted the benefits of its leading solutions at the India ComVac Show 2023, a trade fair for the compressor and vacuum industry.
Airbus approves FUCHS ECOCOOL GLOBAL 1000
26/12/2023 by OilStoreAdministrator
The FUCHS ECOCOOL GLOBAL 1000 metalworking fluid has received approval from Airbus in the latest version of its Process Specification: AIPS00-00-010.
EU delays automotive rules of origin change
22/12/2023 by Richard
The UK automotive industry has been given a reprieve with the delay of rule changes that could have seen UK-produced electric vehicles (EVs) charged a 10% tariff when exported to the European Union (EU).
OPEC maintains positive outlook for oil demand
21/12/2023 by OilStoreAdministrator
In its latest Monthly Oil Market Report (MOMR), OPEC has reinforced its forecasts for oil demand growth in both this year and next year, despite the recent drop in oil prices that it attributes to…
TotalEnergies joins subsea wave power project
20/12/2023 by Richard
France-based energy firm TotalEnergies is the latest company to invest in the Renewables for Subsea Power (RSP) project, an initiative that seeks to demonstrate the feasibility of using wave power to decarbonise marine structures like…
BP and Cosco sign cooperation agreement
19/12/2023 by Mark
UK-based oil major BP has signed a memorandum of understanding (MoU) with Chinese shipping giant Cosco that will see the two companies explore further ways to expand their collaboration.
ExxonMobil boosts profits through cost cutting
18/12/2023 by OilStoreAdministrator
US oil major ExxonMobil has said that its plan to cut operating costs and increase its earnings by $14 billion by 2027 is on track.
Chevron to boost capital expenditure by 11%
15/12/2023 by Richard
American oil major Chevron has announced in a press release that it intends its capital expenditure to be between $18.5 billion and $19.5 billion, an 11% increase on this year’s figure, with $14 billion of…