Crude prices and well productivity to drive US gas production
24/10/2023 by OilStoreAdministrator
The combination of relatively high prices for crude oil and improved well productivity in the Permian Basin is to drive further growth of the natural gas produced in the US.
Saudi Aramco has 3 million bpd in spare capacity
23/10/2023 by Richard
Amin Nasser, the CEO of state-owned oil giant Saudi Aramco, has said that the company has spare production capacity of 3 million barrels per day (bpd).
US oil production hits new weekly record
20/10/2023 by Mark
The US Department of Energy has announced that the weekly production of crude oil in the US hit a new record of 13.2 million barrels per day (bpd) in the first week of October.
BP confirms climate and financial targets
19/10/2023 by OilStoreAdministrator
At an investors’ day hosted in Denver, Murray Auchincloss, temporary Chief Executive Officer of BP, stated that the company’s carbon-reduction and financial goals remain a priority for the company.
Kuwait to increase oil production and proceed with Durra field
15/10/2023 by greg
The oil minister of Kuwait has announced the country’s new strategy for increasing its production of fossil fuels.
OPEC hikes long-term prediction for demand
13/10/2023 by Richard
In its recently published 2023 World Oil Outlook, OPEC has raised its prediction for the global demand for oil in 2045 from 110 million bpd (barrels per day) to 116 million bpd.
TotalEnergies sells stake in Surmont to ConocoPhillips
12/10/2023 by Mark
France-based TotalEnergies has completed the sale of its 50% stake in the oil sands projevy in Surmont, together with
ExxonMobil to consider buying US shale rival
11/10/2023 by OilStoreAdministrator
Reuters report sources familiar with the matter as saying that US-based ExxonMobil is in talks to buy Pioneer Natural Resources in a deal worth $60 billion.
Oil production unchanged following OPEC+ meeting
10/10/2023 by Richard
At the most recent meeting of the Joint Ministerial Monitoring Committee (JMMC), which was held over videoconferencing, the OPEC+ group together decided to leave their production of crude oil quotas unchanged.
OPEC boss expects growing demand for oil
09/10/2023 by Mark
Haitham Al Ghais, the Secretary General of OPEC, has said he expects the global demand for crude oil to remain “resilient” this year.
Record US production offsets OPEC+ cuts
06/10/2023 by greg
Oil producers in the US are helping to counter shortages in the supply of crude oil by reaching record levels of production, despite deploying fewer drilling rigs.
ExxonMobil moves to high-value crude products
04/10/2023 by OilStoreAdministrator
With customer demand shifting as part of the energy transition, ExxonMobil says it is moving its refining operations away from fuels and towards higher value products like lubricants.