Texas set to break annual oil production record
30/07/2018 by Mark
The US state of Texas looks likely to shatter its all-time annual oil production record of 1.263 billion barrels from 1972. What’s more, this will be achieved with fewer rigs and workers than a few…
US not producing enough oil for prices to be lowered
27/07/2018 by Mark
The International Energy Agency’s energy markets and security director has testified before the Senate Energy and Natural Resources Committee that the US alone cannot ramp up production enough to have a significant effect on
US to soon become world's top oil producer
24/07/2018 by OilStoreAdministrator
The US is set to become the world’s top oil-producing nation for the first time since the mid-1970s, according the July short-term energy outlook from the
China to invest $250 million boosting Venezuela oil production
12/07/2018 by OilStoreAdministrator
Venezuela’s ailing oil sector may receive a welcome boost through investment from China, according to a report
Confusion ensues as Trump claims two million bpd Saudi production boost
09/07/2018 by Richard
US President Donald Trump has claimed that he has gained assurances from King Salman of Saudi Arabia to increase production by up to two million barrels per
Saudi Arabia planning record oil production
03/07/2018 by Richard
Bloomberg reports sources informed about Saudi Arabia’s output policy as saying that the country is preparing to pump a record-breaking 10.8 million barrels per day (bpd) in July. This would follow the recent OPEC deal…
It’s not all about shale: US offshore oil production
02/07/2018 by Mark
There’s no disputing that shale oil has revolutionised US oil production. It started when producers sought to take advantage of oil prices over $100 by exploiting tight oil formations that would otherwise be uneconomical. When
OPEC reaches deal to increase oil production
30/06/2018 by OilStoreAdministrator
OPEC members at the summit in Vienna have arrived at a deal to increase production by up to a million barrels per day (bpd). Some OPEC members were thought to object to a production increase…
Shale executive claims US soon to be top oil producer
27/06/2018 by OilStoreAdministrator
The US could be the world’s top oil producer by the autumn according to Scott Sheffield, the chairman of the major shale producer Pioneer Natural Resources. Speaking to CNN Money, Sheffield says he expects US…
Russia and Saudi Arabia raise oil production in run up to OPEC meeting
18/06/2018 by OilStoreAdministrator
Both Russia and Saudi Arabia, two of the world’s biggest oil producers, have loosened the taps on oil production ahead of the next OPEC in Vienna on June 22. It is widely anticipated that the…
US asks OPEC to boost oil production
12/06/2018 by OilStoreAdministrator
Bloomberg, quoting sources familiar with the matter, reports that the US Government has made a subtle request from OPEC to increase oil production by a million barrels per day (bpd). While US politicians often criticize…
Oil price dips on record US oil production
09/06/2018 by Richard
The price of Brent crude dipped on Monday June 4 to $75.53 a barrel before recovering most of its losses to trade at over $76 a barrel by lunchtime in the UK. The move was…