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Energy / Crude Oil

Top Producing Oil Play In The Permian Set To Break Records In 2022

May 19, 2022 at 10:52 | Rystad Energy

Total hydrocarbon production in the Permian Delaware Basin, the top-producing play in the Permian, will hit a record 5.7 million barrels of oil equivalent per day (boepd) average…

Can Russia Actually Find Other Buyers If EU Moves Forward With Oil Embargo?

May 19, 2022 at 10:31 | City A.M

Russia is prepared to send any supplies rejected by European countries to other regions such as Asia, if the European Union (EU) brings in an oil embargo, warned…

Energy Industry Warns of Jump in Cyberattacks, Severe Vulnerabilities

May 19, 2022 at 08:27 | Irina Slav

Energy industry executives are bracing up for an increase in cyberattacks over the next two years, research from DNV among 940 respondents from around the world has revealed. According…

Oil Prices Move Higher On Bullish EIA Inventory Data

May 18, 2022 at 09:36 | Irina Slav

Crude oil prices moved higher today after the Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to May 13. At 420.8 million…

Germany to End Russian Oil Imports Whatever EU Decides

May 16, 2022 at 09:26 | Irina Slav

Germany is upping the ante in its confrontation with Russia, saying that it will end Russian oil imports by the end of the year, whether or not the EU agrees…

China’s Oil Demand May Rebound If Shanghai Reopens In June

May 16, 2022 at 08:58 | Tsvetana Paraskova

Shanghai is expected to return to more or less normal life as of June 1, the deputy mayor of China’s financial hub with 25 million residents said on Monday—and…

Aramco Books $40 Billion Q1 Profit On Oil Rally

May 16, 2022 at 08:14 | Irina Slav

Saudi Aramco reported a net profit of $39.5 billion for the first quarter of the year on the back of increasingly strong crude oil prices. The figure represented an…

Mexico’s Push For Energy Independence Comes At A Cost

May 13, 2022 at 12:09 | Felicity Bradstock

Governments, energy firms, and International Organisations have their eyes on Mexico’s energy sector as President Andrés Manuel Lopez Obrador (AMLO) seeks to nationalise Mexico’s energy sector, once again,…

European Drivers Face Further Gasoline Squeeze

May 13, 2022 at 12:06 | Irina Slav

European drivers who are already experiencing substantial pain at the pump are about to get even more unhappy as the market for naphtha, a key ingredient in gasoline, tightens amid…

IEA: Lower Demand Changes Everything For Oil Markets

May 13, 2022 at 12:05 | Irina Slav

Two months ago, the International Energy Agency sounded an alarm about global crude oil supply, predicting that Western sanctions on Russia would remove as much as 3 million…

Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo

May 13, 2022 at 08:28 | Tsvetana Paraskova

Russia’s crude oil production could drop to its lowest level since 2004 if the EU imposes an embargo on imports of Russian oil, according to estimates from the International Energy…

Wall Street Is Turning Its Back On Big Tech As Oil Stocks Rally

May 12, 2022 at 16:33 | Alex Kimani

Once upon a time, Big Tech stocks were all the rage on Wall Street, with investors bidding them up to crazy heights. To wit, the famous quintuple of…

OPEC+ Misses Production Target By Whopping 2.7 Million Bpd

May 12, 2022 at 10:33 | Tsvetana Paraskova

OPEC continues to undershoot its oil production target in the OPEC+ deal, failing in April to boost output as much as required by the agreement. All 13 members of OPEC…

OPEC Cuts Global Oil Demand Growth Forecast, Again

May 12, 2022 at 09:30 | Tsvetana Paraskova

Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for…

Recession Fears Loom Large Over Bullish Oil Market

May 11, 2022 at 13:36 | Alex Kimani

The price of gasoline in the U.S. hit an all-time high on Tuesday as the national average spiked $0.17/gallon from last week to $4.37/gallon

Guyana Is On Track To Become A Leading Global Oil Producer

May 11, 2022 at 10:03 | Matthew Smith

South America’s latest oil-producing nation, the former British colony of Guyana, is continuing to lay the groundwork for its oil boom. In 2015, global energy supermajor ExxonMobil, which…

Oil Prices Slip As Crude Inventories Jump

May 11, 2022 at 09:36 | Irina Slav

Crude oil prices fell slightly today after the Energy Information Administration reported inventories had risen by 8.5 million barrels in the week to May 6. This compared with…

Saudis, UAE: The World Has A Serious Energy Spare Capacity Problem

May 10, 2022 at 10:07 | Tsvetana Paraskova

Persistently low investment in conventional energy sources risks leaving the world running out of spare production capacity for crude oil, refined products, and natural gas, the energy ministers of two…

Why The EU Will Abandon Its Plan To Ban Tankers From Shipping Russian Crude

May 09, 2022 at 09:40 | Tsvetana Paraskova

The European Union is expected to leave out of the next sanctions package against Russia a proposed ban on EU-owned vessels from transporting Russian oil anywhere in the world due…

China’s COVID Lockdowns Force Aramco To Slash Oil Export Prices

May 09, 2022 at 08:34 | Irina Slav

Saudi Aramco has reduced its oil export prices for the first time in four months amid Covid lockdowns in China that are spurring concern about demand stability.

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