BP considers GBS for Greater Tortue Ahmeyim development
08/03/2023 by Mark
UK-based energy major BP has confirmed that it is moving forward with evaluating the second phase of its Greater Tortue Ahmeyim (GTA) project for liquefied natural gas (LNG) production, with it considering
Iraq makes deals to boost oil and gas production
07/03/2023 by Richard
The second-biggest producer of oil in OPEC, Iraq, has announced a series of deals aimed at realizing the country’s long-held ambition of scaling up its oil and gas production.
Oil prices drop on large US inventory build
03/03/2023 by Mark
Reports from the US Energy Information Administration (EIA) of a large increase in crude oil inventories in mid-February caused Brent crude prices to almost drop below $80 per barrel.
OPEC boss calls for greater unity in oil industry
01/03/2023 by Mark
The head of the Organisation of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has called for the industry to demonstrate more unity and be proactive in dealing with criticisms of being major polluters.
New record set for global oil demand
28/02/2023 by OilStoreAdministrator
According to recent data from the Joint Organizations Data Initiative (JODI), the global demand for crude oil hit a new record high in December last year.
IEA edges up prediction for global demand
27/02/2023 by Richard
The International Energy Agency (IEA) has once more increased its forecasted global crude oil demand for this year, with it going up 200,000 barrels per day (bpd) from January’s prediction to 101.9 million bpd.
Chevron to ship 3 million barrels of Venezuelan crude this month
24/02/2023 by Mark
Reuters reports having seen shipping documents that imply that Chevron will ship a little under 3 million barrels of crude oil from Venezuela to the US this month.
Shell says LNG trade will be dominated by European demand
23/02/2023 by OilStoreAdministrator
According to the LNG Outlook 2023, the heightened demand for liquefied natural gas (LNG) in Europe in the long term will likely lead to intense competition with Asia for supplies in the short term.
Record oil and gas production predicted in US shale basins
22/02/2023 by Richard
According to the US Energy Information Administration (EIA) and its latest Drilling Productivity Report, the seven biggest shale basins in the US will see record levels of crude oil and natural gas production as soon…
US to sell another 26 million barrels from SPR
21/02/2023 by OilStoreAdministrator
The US Government is to push ahead with the sale of 26 million barrels of crude oil from the country’s Strategic Petroleum Reserve, despite reports that it was considering cancelling the sale.
EIA predicts stable US crude demand but rising production
20/02/2023 by Mark
In its latest Short Term Energy Outlook, the US Energy Information Administration (EIA) has predicted that US crude oil production will continue to rise next year while consumption remains flat.
Goldman pushes back timetable for $100 oil
17/02/2023 by OilStoreAdministrator
Investment bank Goldman Sachs has downgraded its forecast for oil prices this year, with it now no longer expecting crude oil prices to reach $100 per barrel until December this year. It had previously predicted…