OPEC decides to extend cuts for another nine months
03/06/2017 by Richard
OPEC has announced that its existing production cuts will be extended for another nine months after the initial six-month period failed to
Norway: Europe's largest oil producer
02/06/2017 by Richard
With an average daily output of 1,763,000 barrels of oil in 2016, Norway is ranked number 13 in the world for oil production. If
White House looking to sell half of its strategic oil reserves
30/05/2017 by Mark
The US Government is proposing to sell off half of the 687.7 million barrels in the Strategic Petroleum Reserve as part of
Russia and Saudi Arabia promise deal extension but US inventories remain high
24/05/2017 by Richard
Oil prices received a boost as Russia and Saudi Arabia gave the strongest indication yet that the OPEC-led production cuts will
Oil sands: An unconventional oil source
15/05/2017 by Richard
Oil sands are a combination of sand, clay, water and bitumen, which is a sticky, black and highly viscous form of petroleum. Bitumen acts rather like cold molasses at room temperature and is generally too…
US rig count continues to grow
15/05/2017 by Richard
The number of producing oil and gas rigs in the US increased by another seven on Friday, May 5, according to Baker Hughes, an oilfield service provider. This marks the 16th straight build for
Will the world's oil ever run out?
14/05/2017 by Richard
As fossil fuels, oil and gas are inevitably finite resources, yet we will not be running out of them anytime soon. In 2015, oil major BP predicted that despite booming consumption, global oil reserves would…
Shale oil is not always tight oil
13/05/2017 by Mark
There’s a lot of talk about the booming shale oil industry in North America, but this would be more accurately referred to as tight oil, which is crude oil from oil-bearing shales. Shale oil can…
Shell announces improved first quarter results
12/05/2017 by OilStoreAdministrator
Royal Dutch Shell has announced an increase in its Q1 profits, with those on a cost of supplies basis up 142% to $3.8bn on the same quarter last year. Shell’s results follow a
How American big oil came to embrace Silicon Valley
11/05/2017 by OilStoreAdministrator
Perhaps nothing symbolizes the oil fields of America more than the nodding donkey endlessly pumping oil from the ground. This workhorse of the oil industry remained largely unchanged for a century. After all, when you…
Tight oil production in the United States and Canada
10/05/2017 by Mark
You may have heard about the recent resurgence of US oil production thanks to shale oil, but this is actually a little misleading. The term “shale oil” can refer to both oil produced from oil…
ExxonMobil sees profits double thanks to stable oil prices
06/05/2017 by OilStoreAdministrator
ExxonMobil, which makes industrial lubricants like Mobilgear 600 XP 68 and high-performance engine oils like Mobil 1 New Life 0W/40, has reported that its first-quarter profits were up 122% over the same quarter last year,…