Oil

Secretary General warns of global supply crunch

Secretary General warns of global supply crunch

The secretary general of OPEC has warned of the consequences of a global oil supply crunch. Speaking to a commodities summit, Mohammad Sanusi Barkindom, the secretary general said: “This is particularly evident when we look at investment. While investments are expected to pick up slightly this year and in 2018, […]

Statoil makes 130 million barrel discovery in North Sea

Statoil makes 130 million barrel discovery in North Sea

Statoil has made a major new discovery in the North Sea. The oil company confirmed a discovery of up to 130 million barrels of oil in the North Sea. Statoil’s senior vice president of exploration in the UK said: “This is an encouraging result for Statoil and the UK team. […]

 First shipment of US crude arrives in India

 First shipment of US crude arrives in India

The first shipment of crude oil from the US has arrived in India. The shipment is a product of the US government’s decision to export its energy resources for economic gain and to aid development – and the Indian government’s desire to expand its energy sector. The shipment landed in […]

Russian oil output stays steady

Russian oil output stays steady

Russia’s crude oil production for September has remained flat – at its lowest levels for 2017. Russian production has stood at 10.91 million barrels per day for August and September. This represents the lowest production since the 10.71 barrels per day in August 2016. Although Russia is not a part […]

Gazprom becomes top energy company

Gazprom becomes top energy company

Exxon Mobil is no longer the top global energy company according to Platts. In the 2017 S&P Global Platts Top 250 Global Energy Company Rankings Exxon fell from 12 consecutive first places to ninth place. Gazprom, the Russian state owned gas giant took the top place. This is measured across […]

Libya’s output oil output worries OPEC

Libya’s output oil output worries OPEC

Libya’s oil output is still a worry for OPEC. Libya’s oil production per day is currently over 950,000 barrels per day, down from 1.1 million in August but still a point of worry for OPEC. Iran’s oil minister, Bijan Namdar Zanganeh, said that the group’s focus must shift to “the […]

Oman to expand trading capacity

Oman to expand trading capacity

Oman is looking to expand its share of the regional oil market through a capacity expansion in the port of Sohar. A contract has been signed between Singapore based Trescorp Alliance Pte and the pport of Sohar in Oman to build 600,000 cubic meters of fuel storage. Sohar’s expansion is […]

Workers stand in front of a drilling rig at an oil well operated by Venezuela's state oil company PDVSA in Morichal July 28, 2011.  Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world -- even more than Saudi Arabia.  But the Venezuelan oil industry is also sitting atop a well of trouble.  Picture taken July 28, 2011.  To match Special Report VENEZUELA/PDVSA  REUTERS/Carlos Garcia Rawlins (VENEZUELA - Tags: ENERGY POLITICS BUSINESS)

US senators urge caution of PDVSA takeover

Senators in the US have expressed concerns over the potential of Russia purchasing Venezuela’s PDVSA and its US business, Citgo. Among the concerned senators are Marco Rubio and Bob Menendez. In a letter to the Treasury Secretary Steven Mnuchin, the senators said: “Given Venezuela’s increasingly dire economic and humanitarian situation, […]