US to begin refilling oil reserves
03/01/2023 by OilStoreAdministrator
The United States is to start buying oil to refill its Strategic Petroleum Reserve (SPR), the largest emergency stockpile of crude oil in the world.
US sees surprise increase in crude inventories
29/12/2022 by OilStoreAdministrator
A four-week long streak of US crude oil inventory drawdowns was broken when official data from the American Petroleum Institute (API) showed an unexpected build of 7.819 million barrels, compared to an anticipated drawdown of…
Permian operators drill deeper as production starts to plateau
28/12/2022 by Mark
According to BMO Capital Markets, over two-thirds of the premium land in the prolific US Permian Basin has already been drilled for oil, meaning that operators are looking for other opportunities to maintain production.
IEA raises its forecast for global oil demand
27/12/2022 by Richard
In its December Oil Market Report, the International Energy Agency (IEA) has upwardly revised its expectations for how the demand for oil will grow.
ExxonMobil and Chevron to increase investment
23/12/2022 by Mark
US-based oil majors Chevron and ExxonMobil have announced significant boosts to their planned investments in energy projects next year, as the global demand for oil continues to keep oil prices relatively high.
Turkey and insurers reach deal to ease tanker build up
22/12/2022 by Richard
Shipping insurers and Turkey have reached a deal over an issue with protection and indemnity (P&I) cover for tankers transiting Turkish waters.
Libya invites multinationals to resume oil and gas exploration
21/12/2022 by OilStoreAdministrator
The Government of National Unity (GNU) in Libya has lifted its force majeure on exploring for new oil and gas resources in the country, paving the way for international oil companies (IOCs) to once again…
TotalEnergies withdraws from Novatek
16/12/2022 by Mark
As part of it gradual withdraw from Russian assets, TotalEnergies has disengaged with its stake in Novatek, Russia’s second-largest producer of natural gas and one of the world’s biggest publicly traded producers of natural gas…
TotalEnergies joins IRU
15/12/2022 by greg
France-based energy major TotalEnergies has become the latest corporate member of the International Road Transport Union (IRU) in order to broaden its engagement with potential allies and help achieve its environmental goals.
Shell acquires stake in Blue Tide Environmental
12/12/2022 by Mark
Through its Pennzoil-Quaker State Company subsidiary, energy major Shell has acquired a 49% stake in Blue Tide Environmental, a US company that is seeking to establish a
Equinor, BP and Ithaca sign MoU for North Sea electrification
12/12/2022 by Katie
Three producers of oil and gas in the North Sea have signed a Memorandum of Understanding (MoU) to explore options for electrifying a number of fields off the
TotalEnergies joins Castor Initiative
09/12/2022 by Mark
Energy giant TotalEnergies has thrown its weight behind using ammonia as an alternative marine fuel by joining the multinational Castor Initiative coalition.