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Deep Oil Cuts Put Africa At Serious Risk

Deep Oil Cuts Put Africa At Serious Risk

Oil prices continue to recover…

Energy / Crude Oil

Oil Prices Rise On Bullish EIA Inventory Report

Dec 23, 2020 at 09:41 | Irina Slav

Crude oil prices today moved higher after the Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This compared with a

ConocoPhillips Makes Large Oil Discovery Offshore Norway

Dec 22, 2020 at 13:40 | Charles Kennedy

ConocoPhillips has made a large oil discovery in the Norwegian Sea close to a producing oilfield, the U.S. oil and gas company said on Tuesday. Preliminary estimates point to…

The Worst May Be Over For U.S. Oil

Dec 22, 2020 at 12:03 | Irina Slav

More than 40 oil and gas companies in the United States filed for bankruptcy protection in the first eleven months of this year, according to Haynes & Boone’s latest

Peru’s Oil Crisis Is Worsening

Dec 21, 2020 at 13:23 | Matthew Smith

A string of crises has engulfed Peru, Latin America’s sixth-largest economy, since the start of 2020. If the marked impact of the COVID-19 pandemic on Peru were not…

Russia Backs Another 500,000 Bpd Oil Production Increase

Dec 21, 2020 at 10:08 | Tsvetana Paraskova

Despite renewed fears about oil demand due to the new coronavirus strain, the leader of the non-OPEC group in the OPEC+ pact, Russia, is still in favor of another 500,000…

Fuel Demand In India Is Soaring Despite Pandemic

Dec 18, 2020 at 18:32 | Tsvetana Paraskova

India, the world’s third-largest oil importer and consumer, turned from the worst-performing demand market in July into one of the fastest-growing fuel demand markets in November, lending support…

Russia’s Largest Oil Company Is Spinning Off Key Assets

Dec 18, 2020 at 18:14 | Viktor Katona

Proverbs tell us a great deal about how a views the same phenomenon. Brits would say that necessity is the mother of invention whilst many Eastern European nations…

This Tiny Island Group Could Soon Become An Oil Producer

Dec 18, 2020 at 18:09 | Viktor Katona

Protracted economic crises always challenge the forbearance of governments and militaries across the world when it comes to border disputes, be they maritime or onshore. The case of…

Rockefeller Foundation, Created By Oil, Ditches Oil Investments

Dec 18, 2020 at 12:41 | Tsvetana Paraskova

The Rockefeller Foundation, set up by John D. Rockefeller in 1913, has decided to divest from fossil fuels and not make any new investment in the industry, the president of…

Putin: Russia Reduces Its Dependence On Oil

Dec 17, 2020 at 09:24 | Irina Slav

Russia is successfully weaning itself off oil revenues, President Vladimir Putin said today during an annual end-of-the-year news conference, as quoted by RT. "This means that, while we're not…

Offshore Oil’s Dramatic Comeback

Dec 16, 2020 at 18:36 | Irina Slav

Smack dab in the middle of an oil price crisis caused by an unprecedented demand loss, Exxon announced the latest in a string of discoveries off the eastern…

Oil Jumps On Crude Inventory Draw

Dec 16, 2020 at 09:39 | Irina Slav

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 3.1 million barrels for the week to December 11. The report came…

Will Oil Continue To Rally In 2021?

Dec 15, 2020 at 13:10 | Yousef Alshammari

Oil prices have finally hit $50 last week, a projection that we made back in June this year. Bullish sentiment prevailed in the oil markets over…

OPEC President: OPEC+ Shouldn’t Hurry To Ease Oil Output Cuts

Dec 15, 2020 at 11:05 | Tsvetana Paraskova

The OPEC+ group of producers must continue to calibrate the easing of its collective oil production cuts to the still fragile global oil demand in the pandemic, Abdelmajid Attar, the…

IEA: Jet Fuel Will Continue Be A Drag On Oil Demand Recovery

Dec 15, 2020 at 10:01 | Tsvetana Paraskova

Continued low demand for jet fuel will account for 80 percent of next year’s 3.1-million-bpd gap in oil demand compared to pre-pandemic levels, the International Energy Agency (IEA) said…

Oil Falls After OPEC Slashes Q1 2021 Demand Forecast

Dec 14, 2020 at 10:55 | ZeroHedge

Having just recently agreed a new production quota, which along with vaccine hype has spurred oil prices to their highest since March, OPEC just reduced projections for global fuel consumption in…

Rig Count Sees Largest One-Week Increase Since January

Dec 11, 2020 at 12:37 | Julianne Geiger

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 338. The total number of active oil and gas rigs increased…

The OPEC Member That Could Derail The Production Cut Plan

Dec 10, 2020 at 15:30 | Cyril Widdershoven

After a week of contentious OPEC+ discussions, in which the UAE played a key role, it appears that the Abu Dhabi National Oil Company (ADNOC) is now aggressively…

The Companies That Could Benefit From A Major Pipeline Shortage

Dec 10, 2020 at 14:54 | Tsvetana Paraskova

The pandemic-inflicted oil demand crash and price collapse did not spare any segment of the oil industry. U.S. drillers and refiners cut oil and fuel production after demand…

Is This The World’s Next Major Driver Of Oil Demand?

Dec 10, 2020 at 14:48 | Irina Slav

The energy industry has been plagued by the sharp and deep drop in oil demand for months, and the outlook does not look too good either—with or without…

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