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.
TotalEnergies' board backs multi-energy strategy
03/10/2023 by Mark
The board of energy giant TotalEnergies has reiterated its support for the company’s multi-energy strategy, whereby it focuses on
Goldman Sachs raises 12-month Brent forecast to $100 per barrel
29/09/2023 by OilStoreAdministrator
Analysts at investment bank and financial services firm Goldman Sachs have raised their forecast for the price of Brent crude over the coming 12 months from $93 to $100 per barrel, over concerns that the…
Exxon and Aramco bosses push carbon capture
28/09/2023 by Mark
Appearing at a panel discussion in Calgary as part of the World Petroleum Congress, the bosses of Saudi Aramco and ExxonMobil have said they support the move to cleaner energy forms. However, they have insisted…
Saudi energy minister denies trying to push up oil prices
27/09/2023 by Richard
Prince Abdulaziz bin Salman, who serves as Saudi Arabia’s energy minister, has hit back at critics by denying that his country’s recent agreement to extend its voluntary oil production cut was about “jacking up prices”.