New record set for global oil demand
28/02/2023 by OilStoreAdministrator
According to recent data from the Joint Organizations Data Initiative (JODI), the global demand for crude oil hit a new record high in December last year.
IEA edges up prediction for global demand
27/02/2023 by Richard
The International Energy Agency (IEA) has once more increased its forecasted global crude oil demand for this year, with it going up 200,000 barrels per day (bpd) from January’s prediction to 101.9 million bpd.
Chevron to ship 3 million barrels of Venezuelan crude this month
24/02/2023 by Mark
Reuters reports having seen shipping documents that imply that Chevron will ship a little under 3 million barrels of crude oil from Venezuela to the US this month.
Shell says LNG trade will be dominated by European demand
23/02/2023 by OilStoreAdministrator
According to the LNG Outlook 2023, the heightened demand for liquefied natural gas (LNG) in Europe in the long term will likely lead to intense competition with Asia for supplies in the short term.
Record oil and gas production predicted in US shale basins
22/02/2023 by Richard
According to the US Energy Information Administration (EIA) and its latest Drilling Productivity Report, the seven biggest shale basins in the US will see record levels of crude oil and natural gas production as soon…
US to sell another 26 million barrels from SPR
21/02/2023 by OilStoreAdministrator
The US Government is to push ahead with the sale of 26 million barrels of crude oil from the country’s Strategic Petroleum Reserve, despite reports that it was considering cancelling the sale.
EIA predicts stable US crude demand but rising production
20/02/2023 by Mark
In its latest Short Term Energy Outlook, the US Energy Information Administration (EIA) has predicted that US crude oil production will continue to rise next year while consumption remains flat.
Goldman pushes back timetable for $100 oil
17/02/2023 by OilStoreAdministrator
Investment bank Goldman Sachs has downgraded its forecast for oil prices this year, with it now no longer expecting crude oil prices to reach $100 per barrel until December this year. It had previously predicted…
Oil price rises on Russian oil production cut
16/02/2023 by Richard
The price of the benchmark Brent crude oil rose 2.2% to around $86 per barrel after Alexander Novak, Russia’s deputy Prime Minister and former Energy Minister, announced a 500,000 barrels per day (bpd) production cut.
HyEkoTank fuel cell project launched by TECO 2030
15/02/2023 by Mark
Together with Shell and other partners, TECO 2030 has launched its HyEkoTank project, aiming to develop a fuel cell system that can be retrofitted to marine tankers.
OPEC’s Secretary General believes organisation deserves more credit
14/02/2023 by OilStoreAdministrator
The Secretary General of OPEC, Haitham Al Ghais, has told Reuters that he believes the OPEC+ group, which includes the OPEC member nations plus some non-member oil-producing countries, deserves to be credited for the manner…
Saudi Arabia remains cautious on raising oil production
13/02/2023 by Richard
Some market forecasters have predicted rising oil demand in the coming months. This is due to favourable economic data from some oil-consuming countries and the reopening of Chinese society, although Prince Abdulaziz bin Salman, Saudi…