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…
New Shell boss simplifies executive structure
06/02/2023 by OilStoreAdministrator
Wael Sawan, who took over the top job at Shell this year, has announced plans to merge some of its operational divisions, reducing the number of members on its executive committee from nine to seven.…
QatarEnergy joins Lebanon venture
03/02/2023 by Richard
Qatar’s state-owned energy company, QatarEnergy, is set to join TotalEnergies and Eni in a consortium to explore two offshore blocks mostly in Lebanese waters, according to an announcement from Lebanon’s energy ministry.
Libya targets oil production of 2 million bpd
02/02/2023 by Mark
According to the country’s oil minister, Libya is working towards increasing its crude oil production to some 2 million barrels per day (bpd), with the extra production being destined for both increased domestic use and…
Shell and TotalEnergies start gas production in Oman
31/01/2023 by OilStoreAdministrator
Energy majors TotalEnergies and Shell have started producing natural gas from the Mabrouk North-East field in onshore Oman as part of their Block 10 concession.
IEA predicts record oil demand
27/01/2023 by Mark
In the first of its monthly oil reports for this year, the IEA predicts that the global demand for oil will reach a new record high this year, with almost half the demand growth being…
BP to look at repurposing oil and gas facilities
25/01/2023 by Richard
UK-based energy major BP has announced plans to conduct a feasibility study for a new hydrogen hub at Wilhelmshaven, Germany, with the intention being to repurpose some of its existing oil and gas infrastructure to…
Guyana's oil attracts international interest
23/01/2023 by OilStoreAdministrator
Reuters reports sources familiar with the oil industry as saying that the forthcoming bidding round for Guyana’s offshore areas is piquing the interest of oil companies in Asia, India and Europe.
Chinese GDP data keeps oil prices steady
20/01/2023 by Richard
China has released its GDP data for last year, and despite the oil markets eagerly anticipating it, the news has failed to trigger any substantial movements in oil prices.