OPEC+ makes unexpected production cut
10/04/2023 by OilStoreAdministrator
The OPEC+ group has surprised the markets by announcing a sizeable cut in overall production, with oil prices increasing on news of the move.
Iraq to hold 30% stake in TotalEnergies’ projects
10/04/2023 by Mark
Some $27 billion worth of projects in Iraq came a step closer to realisation when the Iraqi Government agreed to
Shell to split up low-carbon and renewables business
06/04/2023 by Richard
The new CEO of Shell, Wael Sawan, is looking to improve the company’s performance by regionally dividing the low-carbon and renewables division of the company.
TotalEnergies and partners drill new Shetland well
05/04/2023 by OilStoreAdministrator
As part of its Greater Laggan Area joint venture in Shetland, TotalEnergies and its partners have begun drilling a significant new exploration well that could see the venture still producing gas at the end of…
ExxonMobil expands refinery to handle Permian output
04/04/2023 by Mark
US oil major ExxonMobil has become the latest organisation to announce an upgrade to its refinery capacity to handle increasing crude oil production in the Permian Basin.
Goldman Sachs say oil will not reach $100 this year
31/03/2023 by OilStoreAdministrator
Analysts at investment bank Goldman Sachs are no longer predicting that the price of Brent crude oil will reach $100 per barrel in 2023. This is despite predictions of a tight oil market later this…
World Water Day marked by Fuchs
30/03/2023 by Richard
The South African arm of Fuchs Lubricants has celebrated Word Water Day by showcasing its own measures to conserve water and launching an awareness campaign for water conservation.
Shell returns to Aberdeen’s Union Street
29/03/2023 by Mark
Energy giant Shell has held a special ceremony to mark its return to Union Street in Aberdeen, where it established a presence in 1965 amid the discovery of oil and gas in the UK waters…
OPEC boss wants better cooperation among oil producers
28/03/2023 by Richard
Haitham Al Ghais, the Secretary General of OPEC, has called for greater coordination among oil exporters around the world. According to a Reuters report citing
US not hurrying to refill Strategic Petroleum Reserve
27/03/2023 by OilStoreAdministrator
The White House’s Special Presidential Coordinator for Global Infrastructure and Energy Security has said that the US Administration will not be rushing to refill the Strategic Petroleum Reserve (SPR) quite yet.
Economist at BP cautions against excessive focus on decarbonisation
23/03/2023 by Richard
Speaking in an interview in Mexico City, Michael Cohen, the chief US economist at BP, said that the oil sector’s ability to meet demand had been eroded by a disproportionate focus on slashing greenhouse gas…
US official requests greater oil production
20/03/2023 by Richard
Speaking in Houston, Texas on the sidelines of an energy conference, the US Undersecretary of State for Economic Affairs, Energy and the Environment, Jose Fernandez, expressed that