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IEA Faces Backlash Over Bold 2030 Oil Demand Forecast

IEA Faces Backlash Over Bold 2030 Oil Demand Forecast

While the International Energy Agency…

Energy / Crude Oil

Saudi Arabia Is Cooking Up A Surprise For The Oil Markets

Jul 31, 2023 at 08:59 | Cyril Widdershoven

Recent production cuts by Saudi Arabia are beginning to take a toll on the nation's economy, according to the IMF's latest World Economic Outlook. The Kingdom's…

Gasoline: The Price Rally That Nobody Saw Coming

Jul 28, 2023 at 12:51 | Charles Kennedy

The direction of oil prices is top news material. Everyone follows oil prices. Many also follow the prices of the most traded oil derivatives, and some may have noticed something…

U.S. Drilling Dips Slightly Amid Rising Oil Prices

Jul 28, 2023 at 12:12 | Julianne Geiger

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

Modi's Oil Strategy: Is India Rethinking Its Russian Crude Imports?

Jul 28, 2023 at 08:06 | Felicity Bradstock

Following several months of increased imports of Russian crude by India, the trend may finally begin to wane as it stockpiles enough to meet the country’s demand. India has favoured…

Big Oil’s Big Bet On Petrochemicals Is A Flop

Jul 28, 2023 at 07:53 | Alex Kimani

A couple of days ago, we reported that Big Oil companies Exxon Mobil Corp.(NYSE:XOM) and Chevron Corp. (NYSE:CVX) were set to post huge profit declines mainly due to weaker oil and gas…

The Uncertain Future Of The OPEC+ Alliance

Jul 28, 2023 at 07:50 | Haley Zaremba

For OPEC, it is the best of times and the worst of times – depending on which member you ask. Despite a massive oil price windfall brought on by Russia’s…

Tightening Fundamentals Have Given Oil Prices Significant Upside

Jul 27, 2023 at 14:50 | Alex Kimani

After remaining range-bound for much of the second quarter, oil prices have mounted a significant rally, with front-month Brent gaining over 10% since the beginning of…

China’s Oil Inventories Boom With Discount Russian Crude

Jul 27, 2023 at 10:59 | Charles Kennedy

China has gobbled up a record amount of Russian crude, adding some 2 million bpd to its strategic and commercial inventories last month. This is the highest rate of inventory…

Global Energy Investments Rekindle Interest In Oil And Gas

Jul 27, 2023 at 08:31 | Irina Slav

For years, OPEC has warned that not enough is being invested in future oil and gas production on a global scale. For years activists have been calling for an end…

Brazil And Guyana Are Fueling Latin America's Oil Resurgence

Jul 27, 2023 at 08:27 | Matthew Smith

The near collapse of Venezuela’s once colossal oil industry under the weight of endemic corruption‚ and strict U.S. sanctions, along with Mexico’s sputtering mature oil fields, saw…

Oil Prices Fall Slightly On Small Crude, Gasoline Draws

Jul 26, 2023 at 09:44 | Irina Slav

Crude oil prices fell slightly after the Energy Information Administration reported an estimated draw of 600,000 barrels in U.S. oil inventories for the week to July 21. This…

Offshore Oil Stocks Flying As Investors Bet On A Deep Water Boom

Jul 26, 2023 at 09:06 | Alex Kimani

Stocks of offshore oil and gas drillers and producers have gone on a tear after recent contracts broke records, reversing their seven-year downturn that reached its nadir during the Covid-19…

Tight Market For Sour Crude Lifts Middle Eastern Prices

Jul 26, 2023 at 08:27 | Gerald Jansen

Saudi Arabia pledged to cut production right after the OPEC+ summit in early June, however, it took the market several weeks to see and properly assess the impact…

The Oil Eldorado: Guyana's Stabroek Block Surpasses Analyst Expectations

Jul 26, 2023 at 08:24 | Matthew Smith

Tiny South American country Guyana, which has a population of less than one million, recently emerged as the world’s hottest offshore frontier drilling location. After Exxon’s slew…

Demand Surge Set To Push Oil Prices Higher This Year

Jul 25, 2023 at 13:39 | Tsvetana Paraskova

Brent oil prices have found a new higher floor at above $80 per barrel in recent days as the market starts to believe in fundamentals while looking out for signs…

Russian Crude Oil Exports Continue To Plunge  

Jul 25, 2023 at 09:59 | Tom Kool

Russia’s crude oil exports by sea continued to slump last week and are now well below the February levels and nearly 1.5 million barrels per day (bpd) lower than the…

UK Energy Minister: We Will Produce 100% Of North Sea Oil And Gas

Jul 24, 2023 at 09:51 | Charles Kennedy

UK Energy Minister Grant Shapps says the British government intends to extract one-hundred percent of its North Sea oil and gas reserves and still achieve net-zero carbon emissions…

U.S. Shale Slowdown Weighs On Oilfield Services

Jul 24, 2023 at 09:00 | Irina Slav

The first signs of a slowdown in activity in the U.S. shale patch emerged earlier this year as declining oil prices prompted drillers to reduce the number of active rigs.…

WoodMac: Brazil's Private Firms To Increase Oil Output By 75%

Jul 21, 2023 at 11:54 | Alex Kimani

Global research and consultancy group Wood Mackenzie has predicted that Brazil's private oil companies will increase oil production by 75% from 1.221Mb/d to 2.123Mb/d by 2030. According to WoodMac,…

Little-Known Traders Are Making Major Moves With Russian Oil

Jul 20, 2023 at 12:52 | Alex Kimani

Historically, giant commodity traders such as Switzerland's Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the giants…

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