Oil

US crude oil output could dilute oil prices

US crude oil output could dilute oil prices

New forecasts from the International Energy Agency (IEA) suggest that US shale production is expected to overtake the global oil demand and have a significant impact on prices in 2018. In its monthly oil-market report, the IEA said production from the US and other producers outside the OPEC-led production cut […]

Venezuelan oil crash is costing the US

Venezuelan oil crash is costing the US

US oil production is at the highest it has ever been, but the crash in Venezuela has had a significant financial impact on the US market. While US production is at an all-time high, Venezuelan output is in decline and as a result American crude’s premium to the Latin American’s […]

China and Scotland to work together on offshore technology

China and Scotland to work together on offshore technology

Leading oil and gas research organisations from Scotland are to travel to China to share knowledge, fortify ties and increase business. A delegation from the Royal Society of Edinburgh (RSE), the Oil and Gas Innovations Centre (OGIC) and DataLab will travel to meet innovation leaders in Beijing to look at […]

Russia: Exiting the OPEC deal could take 5 months

Russia: Exiting the OPEC deal could take 5 months

Alexander Novak, Russia’s energy minister, has said it could take between 2 to 5 months to unwind the OPEC-led output cut, if it were to be agreed. Late last year, a deal was struck between global producers to reduce oil supplies in 2018, although the agreement is up for review […]

Forties closure has major impact on UK production

Forties closure has major impact on UK production

Recent data from the Office for National Statistics shows that last year’s closure of the Forties Pipeline System had a major impact on UK output and caused the mining and quarrying sector to reduce by nearly 20%. The closure also led to the largest monthly fall since 2012, with statistics […]

OPEC has once again increased its expectations for non-OPEC production

OPEC has once again increased its expectations for non-OPEC production

The Organization of the Petroleum Exporting Countries (OPEC) has once again increased its forecasts for non-OPEC production, with US supply growth to exceed expectations for another month. OPEC said in its Monthly Oil Market Report that it had increased its 2018 forecast for non-OPEC supply by 321,000 barrels per day […]

Total enter Israeli-Lebanese dispute territory

Total enter Israeli-Lebanese dispute territory

The French energy giant Total has signed an agreement to drill in Block 9 – a site that is located off the coast of Lebanon and borders Israeli waters. The location was one of two blocks signed in Lebanon as part of its first offshore oil and gas exploration and […]

Calls for govt to reinvest into the North Sea following £1bn gains

Calls for govt to reinvest into the North Sea following £1bn gains

Members of the Scottish National Party (SNP) are urging the UK government to use this money to reinvest in the industry, Following the resurgence in the North Sea oil and gas sector, that is predicted to generate over £1 billion in taxes for the Treasury, members of the Scottish National […]