ExxonMobil reports $2.5 billion impairment due to California assets
12/01/2024 by Richard
US oil major ExxonMobil has warned that it may be necessary to write down the California assets of the company by around $2.5 billion, after it
TotalEnergies to start production in Brazil
11/01/2024 by OilStoreAdministrator
France-based TotalEnergies has announced that in the Libra block, which is some 110 miles offshore of Rio de Janeiro, production has begun at the Mero-2 development.
Angola OPEC exit due to tighter cap
10/01/2024 by Mark
According to Angola’s top official for oil, the country announced its exit from OPEC in December was due to its inability to accept an output limit that would prevent it from stabilising its oil production…
TotalEnergies commissions an evaluation of land acquisition
09/01/2024 by Richard
TotalEnergies’ CEO and Chairman, Patrick Pouyanné, has recruited a renowned expert in economic development in Africa, Lionel Zinsou, to lead a mission that will
US Government to Replenish SPR
05/01/2024 by Mark
The Office of Petroleum Reserves at the US Department of Energy (DoE) has announced that it is looking for bids to supply some 3 million barrels of crude oil to start replenishing the Strategic Petroleum…
Petronas releases film to embody spirit of the New Year
04/01/2024 by Richard
The last in a series of festive films has been released by oil company and lubricant producer, Petronas.
Reuters claims that OPEC is losing its market share
03/01/2024 by OilStoreAdministrator
According to claims made by Reuters, OPEC’s share of global crude oil production is set to fall to just over a quarter, potentially limiting its effectiveness as a collective swing producer.
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.
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).
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…
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.