Oil

BP welcomes two new major projects

BP welcomes two new major projects

Two of BP’s major oil assets have started production, in a move welcomed by the company’s executives. The two latest projects are the Juniper project in Trinidad and the Persephone project in Australia. The two latest projects comes after the launch of the Quad 204 redevelopment West of Shetland, the […]

A TV camera is seen outside the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, May 25, 2017.  REUTERS/Leonhard Foeger

Overall OPEC production increase

Overall output from OPEC nations continues to rise. OPEC nations exempt from agreed production cuts have caused the overall level of production in the OPEC-14 to increase. The OPEC nations have agreed to cut production and subsequently agreed to extend production cuts. The aim of the cuts has been to […]

Largest oil refinery in Europe shuts down after fire

Largest oil refinery in Europe shuts down after fire

The largest oil refinery in Europe will be shut for two weeks following a fire. Pernis Refinery, owned by Royal Dutch Shell, has had to suspend operations following a fire on Saturday. The refinery can process 400,000 barrels per day at peak production. The news of the firs caused a […]

Venezuelan oil in the spotlight following “sham” election

Venezuelan oil in the spotlight following “sham” election

The United States is considering economic sanction against Venezuela which will have effects in the oil industry. The White House promised “strong and swift economic actions” for Venezuela if the government went ahead with a “sham” election. 95% of Venezuela’s income comes from oil exports. An anonymous senior White House […]

OPEC cuts are working – Former Russian Energy Minister

OPEC cuts are working – Former Russian Energy Minister

A former Russian energy minister has said that OPEC production cuts are working as they are supposed to. Talking to oilprice.com Igor Yusufov has said that OPEC’s production cuts: “belong now to the category of proved mid-term market measures.” Yusufov played down the implications of the Saudi export cap of 6.6 million […]

OPEC compliance in the spotlight

OPEC compliance in the spotlight

National compliance with agreed OPEC cuts will be the focus at a planned meeting of OPEC and non OPEC nations in Abu Dhabi. Oil prices have gradually risen since the last OPEC meeting in St Petersburg. Whether or not this continues is due both to the discipline of OPEC nations […]

Vietnam invests in strategic petroleum reserve

Vietnam invests in strategic petroleum reserve

Vietnam is investing $6 billion to create a strategic petroleum reserve. As South East Asian economies look to develop they are investing in and expanding their energy sectors. With the $6 billion investment Vietnam will create a reserve capable of holding 2.2 million cubic metres of crude oil or 13.8 […]

Brexit Minister to offer reassurances to UK oil and gas industry

Brexit Minister to offer reassurances to UK oil and gas industry

Robin Walker, a junior Brexit Minister, is due to visit Aberdeen to offer reassurances about the government’s commitment to the oil and gas industry in the light of a recent report. A report published by the Centre for Cities said that Aberdeen could be the most effected by the UK’s […]