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Oil Moves Higher On EIA Inventory Draw

Oil Moves Higher On EIA Inventory Draw

Crude oil prices moved higher…

Energy / Crude Oil

India And The UAE Close First Oil Deal In Rupees

Aug 17, 2023 at 07:28 | ZeroHedge

Authored by Michael Maharrey via SchiffGold.com, In another blow to dollar dominance, India and the United Arab Emirates settled an oil trade without converting local…

Oil Gives Up Gains Despite Large Crude Draw

Aug 16, 2023 at 09:41 | Irina Slav

Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to…

Colombia’s Controversial Oil And Gas Exploration Ban Explained

Aug 15, 2023 at 08:48 | Felicity Bradstock

When left-wing Colombian President Gustavo Petro came into power at the beginning of the year, he pledged that he would bring an end to new oil and gas exploration. But…

The Real Reason Russia Is Ramping Up Oil Production In Iraq

Aug 15, 2023 at 08:39 | Simon Watkins

Russia took control of the oil sector of the semi-autonomous region of Kurdistan (KRI) in northern Iraq in 2017 for four key reasons, as analysed in depth in 

U.S. Shale Shakes Off Slowdown Predictions

Aug 14, 2023 at 09:22 | Tsvetana Paraskova

The U.S. shale patch, which accounts for most of the non-OPEC+ oil supply growth, is set to deliver stronger-than-anticipated production gains this year.  Several significant producers raised their production guidance…

UAE Is The Biggest Winner Of Saudi Arabia Production Cuts

Aug 11, 2023 at 13:05 | Alex Kimani

Last month, the UAE declared it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the…

Oil, Gas Drilling Still Stalling As Prices Climb

Aug 11, 2023 at 12:15 | Julianne Geiger

The total number of active drilling rigs in the United States fell by 5 again this week, according to new data from Baker Hughes published Friday. The total rig count…

EV Adoption Could Spell Trouble For Oil Exporters

Aug 11, 2023 at 09:53 | Salman Ghouri

As of 2022, the global car count stood at approximately 1.474 billion, with electric vehicles (EVs) accounting for 1.76%. The rise of EVs is…

Oil Majors Eye Higher Shale Output This Year

Aug 10, 2023 at 10:30 | Irina Slav

The latest earnings season saw several shale oil majors revise their output projections for the year. Surprisingly, they revised these projections upward.  The revisions were attributed to higher well productivity…

The Looming Oil Crisis The World Is Ignoring

Aug 10, 2023 at 08:54 | Gail Tverberg

It has recently become clear to me that heavy oil, which is needed to produce diesel and jet fuel, plays a far more significant role in the world economy than…

Petro’s Plan To End Oil Exploration Threatens Colombia’s Energy Security

Aug 10, 2023 at 08:48 | Matthew Smith

Colombia’s beaten-down oil industry is struggling to recover from the 2020 COVID-19 pandemic, with the tempo of operations and production lower than in 2019. The 2022 electoral…

Saudi Arabia Could Deepen Production Cuts As China’s Oil Imports Fall

Aug 09, 2023 at 13:46 | Alex Kimani

Last month, several commodity experts predicted the Saudis will prolong its voluntary production cut but taper off their extra cut by restoring 250,000-500,000 barrels a day of halted production…

Oil Ticks Higher On Fuel Inventory Draws

Aug 09, 2023 at 10:52 | Irina Slav

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an estimated inventory build of 5.9 million barrels for the week to August 4. Fuel inventories,…

Venezuela’s Oil Industry Is Killing South America's Oldest Lake

Aug 09, 2023 at 09:06 | Matthew Smith

Lake Maracaibo, which is South America’s oldest lake and forms part of a crucial regional ecosystem, is dying. The five thousand square miles ecologically diverse body of water, which is…

China Becomes Bearish Factor For Oil Prices Again

Aug 08, 2023 at 10:32 | Tom Kool

Brent crude fell below $85 per barrel on Tuesday as poor import/export data from China weighs on oil markets. 

How AI Is Breathing New Life Into Oil And Gas Operations

Aug 08, 2023 at 08:47 | Felicity Bradstock

The use of artificial intelligence (AI) and other digital technologies in the oil and gas industry has increased dramatically in recent years and is expected to continue growing over the…

From Unknown To Unstoppable: New Traders Redefine Russia's Oil Landscape

Aug 08, 2023 at 08:22 | Tsvetana Paraskova

Little-known and newly-incorporated trading companies have handled large volumes of Russian crude oil and products since the Russian invasion of Ukraine and the withdrawal of Western firms from trades with…

New Drilling Data Reignites Suriname's Oil Dream

Aug 08, 2023 at 08:20 | Matthew Smith

After five commercial oil discoveries in Surname’s offshore Block 58, the government in Paramaribo was optimistic the tiny, impoverished country was on track to enjoy an oil boom on the 

New Research Could Make Shale Oil Production Cheaper

Aug 07, 2023 at 13:29 | Alex Kimani

The U.S. shale revolution has dramatically reshaped the world energy markets. The shale boom was one of the most impressive growth stories, from take off in 2008 to the Permian…

U.S. Crude Gains Weight Against Global Oil Benchmarks

Aug 07, 2023 at 10:18 | Irina Slav

A surge in U.S. crude oil exports is changing the face of the global market and how oil is priced, with the price of U.S. crude gaining weight…

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