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Energy / Crude Oil

Things Are Looking Grim For Colombia’s Oil Industry

Jan 21, 2022 at 11:21 | Felicity Bradstock

Colombia’s dwindling supplies and failure to attract new foreign investment means its oil industry is unlikely to reach pre-pandemic levels this decade according to Rystad Energy. Despite being…

Russia’s Oil Output Could Peak In 2023

Jan 21, 2022 at 11:19 | Matthew Smith

Russia, the world’s third-largest oil producer, has long been an unknown when it comes to the OPEC+ production agreement which caps the petroleum output of participants to support…

Canadian Oil Companies Are Spending On Dividends Rather Than Expansion

Jan 21, 2022 at 11:16 | Alex Kimani

About two years ago, OPEC+ made a high-stakes wager that it could curb oil production and drive crude prices higher without unleashing an onslaught of supply from U.S.…

Canada Sees Oil Investment Rise 22% In 2022

Jan 21, 2022 at 08:31 | Irina Slav

Investments in crude oil this year in Canada could rise by as much as 22 percent, according to the Canadian Association of Petroleum Producers. While this is an improvement over…

IEA ''Loses'' 200 Million Barrels Of Crude Oil

Jan 21, 2022 at 08:07 | Irina Slav

The International Energy Agency is looking for 200 million barrels of oil. The crude has not been displaced, it seems. Rather, there is a 200-million-barrel gap between the agency’s own…

In Rare Move, China Discloses Oil Imports From Iran

Jan 20, 2022 at 10:58 | Tsvetana Paraskova

For the first time in a year, the world’s largest oil importer, China, publicly disclosed data showing it had imported crude oil from Iran, despite the U.S. sanctions on Iranian…

IEA Turns Bullish On Oil, Raises Demand Growth Forecast

Jan 19, 2022 at 09:32 | Tsvetana Paraskova

Global oil demand defied gloomy expectations from a month ago to withstand the Omicron wave with much less disruption than expected, the International Energy Agency (IEA) said on Wednesday, raising…

Permian Oil Output Hits Record

Jan 19, 2022 at 09:03 | Irina Slav

Crude oil production in the Permian shale play reached a record-high last month, averaging 4.92 million bpd, the Energy Information Administration reported in the latest edition of its Drilling…

Oil Market Shows No Signs Of Cooling

Jan 18, 2022 at 09:56 | Irina Slav

The crude oil market has been running hot lately and is showing no signs of cooling, based on the latest trading insight from Bloomberg. Traders seem to have largely…

China Refined A Record Amount Of Crude Oil In 2021

Jan 17, 2022 at 09:01 | Charles Kennedy

Crude oil processing rates in China reached a record last year, rising by 4 percent over 2020 to 14.13 million barrels daily, Bloomberg reported, noting that the increase was…

U.S. Rig Count Jumps As Crude Rally Continues

Jan 14, 2022 at 12:13 | Julianne Geiger

The number of active drilling rigs in the United States rose by 13 this week, bringing the total rig count at 601, as oil prices keep to bull territory even…

Why The Bears Completely Missed The Mark On Oil Demand

Jan 14, 2022 at 12:08 | Irina Slav

In 2020, as the coronavirus locked down country after country, many energy industry observers and even participants floated the argument that this was the end of the oil…

China Set To Release Crude From Strategic Reserve In Early February

Jan 14, 2022 at 09:07 | Tsvetana Paraskova

China has agreed with the United States to release crude from its strategic reserves around the Lunar New Year holiday on February 1, as part of the broader U.S.-led effort…

China’s Crude Imports Fell For The First Time In 20 Years

Jan 14, 2022 at 08:35 | Irina Slav

Crude oil imports into China fell by 5.4 percent last year on an annual basis for the first time in two decades, Reuters reported citing statistical data from Beijing. According…

U.S. Proved Oil Reserves Slip 19% In 2020

Jan 13, 2022 at 15:57 | Julianne Geiger

Proved oil reserves in the United States slipped 19% over the course of 2020, from 44.2 billion barrels to 35.8 billion barrels, according to fresh data from the Energy Information…

$80 Oil Is Too Enticing For U.S. Drillers To Ignore

Jan 13, 2022 at 14:14 | Irina Slav

Despite multiple signals from the U.S. oil industry that it will continue treating the oil price recovery cautiously, signs are emerging that production growth is accelerating in some…

Libya’s Once-Great Oil Industry Is Facing A Plethora Of Challenges

Jan 13, 2022 at 11:58 | Felicity Bradstock

There are still high hopes for Libya’s oil industry despite weeks of disruption to its output. However, as the country continues to face political uncertainty and disruption to…

Chinese Oil Major CNOOC Targets Record High Production This Decade

Jan 12, 2022 at 12:24 | Tsvetana Paraskova

China National Offshore Oil Corporation (CNOOC) is planning to boost its 2022 oil and gas production by 10 percent compared to last year’s goal, as it plans 13 new projects…

A Watershed Moment That Could Send Oil Prices To $100

Jan 12, 2022 at 11:03 | Irina Slav

Crude oil prices could reach $100 per barrel, according to Ninepoint Partners portfolio manager Eric Nuttall, the latest to add to a growing number of analysts expecting three-digit oil prices.…

Oil Prices Inch Higher Despite Large Gasoline Build

Jan 12, 2022 at 09:38 | Irina Slav

Crude prices dipped slightly before jumping again after the Energy Information Administration reported an inventory decline of 4.6 million barrels for the week to January 7. The inventory change…

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