Reeling under a load of debt and in a state of shock from the supply demand gap in what is probably the worst ever crisis to his the oil industry, U.S. shale producers, pipeline and refineries are scrambling to preserve… Read More ›
shale oil
Crude oil prices are likely to keep falling despite historic OPEC+ deal: Goldman Sachs
In a statement Goldman Sachs said, in the coming weeks, it sees oil prices continuing their downward fall and that the “historic yet insufficient” deal by major oil producers to trim output is unlikely to offset the coronavirus-led demand rout…. Read More ›
Saudi Arabia’s price war on crude prices aims to punish Russia for not adhering to OPEC+ production cuts
On Monday, oil prices fell by nearly 30% after Saudi Arabia slashed oil prices and set plans for a significant increase in crude production from April. Following the Saudi move, oil prices fell by as much as a third after… Read More ›
Chevron to writedown value of assets by $10-$11 billion during fourth quarter
In a significant development, Chevron Corp stated, it will be writing down the value of its assets by $10 billion to $11 billion this quarter; the U.S. oil major is also considering selling some of its natural gas projects as… Read More ›
Chevron Corp’s shale oil game plan
Whereas other shale oil companies have failed to deliver returns demanded by investors, Chevron Corp’s strategy has paid off well. U.S. oil giant Chevron Corp is turning to drilling alliances and joint ventures in its bid to dominate the Permian… Read More ›
Exxon Mobil Corp wins 3 exploration blocks offshore Argentina
The three blocks are located in the Malvinas basin, about 200 miles (320 kms) offshore Tierra del Fuego. U.S. oil giant Exxon Mobil Corp stated, its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina…. Read More ›
U.S. to emerge as the world’s biggest oil producer by 2019: International Energy Agency
Soaring U.S. crude oil production has upended global oil markets since it comes at a time when Russia and OPEC have cut their production volumes in order to slim the glut in the global oil pool. On Tuesday, the International… Read More ›
Crude oil posts strongest ever opening of the year since 2014
Despite receiving support for its bullish upward drive, rising U.S. oil production is likely to be a drag for oil’d 2018 outlook. On Tuesday, oil prices posted their strongest ever opening since 2014, with the anti-government uprising in Iran along… Read More ›
U.S. refiners exporting sulfur heavy crude before the Oct. 1 deadline which sets stricter sulfur standards
The demand for light sweet crude, with lower sulfur content, is set to peak in the near future. On Monday, an executive from Enterprise Products disclosed that the demand for U.S. light sweet crude is could potentially go northwards since… Read More ›
U.S. oil production balancing oil prices
If it weren’t for U.S. oil, crude oil prices should have touched $100 a barrel. As per a report from Barron’s, thanks to the heightened demand for oil, and reduced supplies from the Organization of the Petroleum Exporting Countries (OPEC),… Read More ›
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