Iran ready to return to full oil production
08/03/2022 by Mark
Should negotiations in Vienna be successful and result in the lifting of US sanctions, Iran says it can return to its full oil production capacity within
OPEC+ agrees to continue output increases
06/03/2022 by OilStoreAdministrator
At its latest meeting, the OPEC+ group of countries has agreed to continue with its planned relaxation of production cuts by allowing an extra 400,000 barrels per day to come to market in April. While…
Higher prices spur on US oil drilling
04/03/2022 by Richard
Despite many US operators focusing more on shareholder returns than growing output, the number of oil-drilling rigs has risen by 348 from a cyclical low according to data from Baker Hughes, which provides oilfield services.…
US indicates release of global oil reserves
02/03/2022 by OilStoreAdministrator
Speaking to reporters recently, the United States’ President, Joe Biden, said that the country was working with other countries to coordinate releases of
US expected to become net petroleum importer
01/03/2022 by Mark
In its latest Short-Term Energy Outlook for February 2022, the US Energy Information Administration (EIA) has predicted that the United States will return to being a net importer of
Shell predicts 90% growth in LNG demand
28/02/2022 by Richard
Energy major Shell has predicted in its latest industry outlook that the global demand for liquefied natural gas (LNG) will surpass 700 million tons a year by 2040, which would be a 90% increase on
Iran to be brought into OPEC+ deal
24/02/2022 by Mark
Reuters reports sources close to the OPEC+ group as saying that Iran may be gradually integrated into its oil supply deal if it manages to reinvigorate its nuclear deal and
Shell to divest some North Sea assets
22/02/2022 by Richard
According to Reuters, oil giant Shell is preparing to offer for sale its 50% interest in the Leman Alpha complex and a collection of fields in
OPEC predicts possibility of stronger oil demand
21/02/2022 by Mark
In its latest report, the Organization of the Petroleum Exporting Countries (OPEC) has pointed to indications that the global demand for oil may
BP to spend 40% on energy transition by 2025
20/02/2022 by OilStoreAdministrator
Following the announcement of profits at an eight-year high, BP has said that by the year 2025, 40% of its total spending will go into projects that form part of the energy transition, with this
TotalEnergies extends its US renewables presence
18/02/2022 by Mark
French oil major TotalEnergies has agreed to acquire SunPower’s commercial and industrial (C&I) business. SunPower, for which TotalEnergies is a majority shareholder, is a California-based firm specialising in products and services
US oil production could reach new record high
16/02/2022 by Richard
According to the latest Short-Term Energy Outlook from the US Energy Information Administration (EIA), the US could be producing an average of 12.6 million barrels per day (bpd) in 2023, which would be