Azerbaijan Doubles Down on Its Domestic Oil Potential
Norways national oil company Equinor has announced that it has sold its shares in two Azerbaijani oil fields and the Baku Tbilisi Ceyhan oil pipeline to Azerbaijans state oil company SOCAR and will exit from Azerbaijan after 30 years in the country.&q…
Big Oil’s Ambitious Decarbonization Strategies Have Gone Bust
Back in February 2020, British oil and gas multinational BP Inc. (NYSE:BP) announced an ambitious goal to become net-zero by 2050 through, among other things, aggressively cutting oil and gas production and also undertaking one of the industry’s most…
U.S. crude oil falls 4% as Saudi price cut heightens global demand worries
U.S. crude oil declined 4% on Monday after Saudi Arabia slashed its prices, raising renewed worries that the market is oversupplied at the same time as demand is weakening.The West Texas Intermediate futures contract for February lost $3.04, or 4.12%,…
Russian Fuel Exports Jump To 8-Month High
A surge in fuel oil exports pushed Russia’s refined petroleum product shipments in the four weeks to December 31 to the highest level in eight months, data from Vortexa compiled by Bloomberg showed on Friday. Russian oil product exports averaged nea…
Innovations & Future Trends in Air-Operated Diaphragm Pumps for Wastewater Handling
Wastewater management stands as a pivotal aspect of contemporary industrial and municipal operations. The pursuit of efficient and dependable methods for transferring and treating wastewater holds utmost importance for the sake of environmental sustai…
The West Moves To Secure Further Emergency LNG Supplies
Since Russia’s invasion of Ukraine on 24 February 2022, the race has been on to secure as much of the world’s regular liquefied natural gas (LNG) supplies as possible to compensate for lost energy supplies from the global gas and oil powerhouse. LNG…
What to Watch Out for at COP28
In a report sent to Rigzone on Wednesday, Matthew Bey, a senior analyst at RANE, outlined several things to watch out for at the COP28 climate summit, which is taking place from November 30 to December 12 in the United Arab Emirates (UAE).“The center…
Petrobras terminates LUBNOR refinery sale
Petrleo Brasileiro SA (Petrobras) has terminated the contract for the sale of the 10,400-b/d Lubrificantes e Derivados de Petrleo do Nordeste (LUBNOR) refinery in Fortaleza, Cear, Brazil, and its associated logistics assets (OGJ Online, Feb. 9, 2023; …
Oil supply running ahead of demand before delayed OPEC production policy meeting
Ahead of the delayed OPEC+ meeting on Thursday, there are indications oil supply is running ahead of demand, highlighting the thorny challenge facing the group as it prepares to set production policy for 2024.With futures well down from September high…
Brent holds above $80 a barrel ahead of OPEC+ meeting
Oil prices were little changed on Monday, with Brent holding above $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.Brent crude futures edged up 12 cents, or 0.2%, to $80.70 a barrel by 0…
China Oct oil refinery runs slow from previous month as margins narrow
Chinas oil refinery throughput in October eased from the previous months highs amid weakening industrial fuel demand and narrowing refining margins.Total refinery throughput in the worlds second-largest oil consumer was 63.93 million metric tons, data…
Saudi Arabia’s Economy Contracts In Q3 As Oil Production Cuts Weigh On Growth
Saudi Arabia’s economy shrank in the third quarter by 4.5% year-over-year, due to lower oil production and activities, the General Authority for Statistics of the world’s top crude oil exporter said on Tuesday.The flash estimates of the authority sh…
Germany Wants To Invest In Nigerian Natura Gas And Critical Minerals
Germany is interested in financing the development of critical minerals and natural gas in Nigeria, Reuters has reported, citing Chancellor Olaf Scholz who is on a visit to sub-Saharan Africa."There is a willingness to invest, especially in criti…
Oil Ticks Lower On Inventory Build
Crude oil prices inched down today after the Energy Information Administration reported an inventory increase of 1.4 million barrels for the week to October 20.This compared with an inventory draw of 4.5 million barrels for the previous week.A day bef…
China Continues String Of Discoveries With Giant New Gas Field
China’s state-run CNOOC oil and gas giant has announced the discovery of what Chinese media are referring to as a large, deep-reservoir coalbed methane field with proven geological reserves of over 100 billion cubic meters (bcm) of natural gas. A dis…
Allianz Trade Says Oil Could Hit $140
Crude oil prices could go as high as $140 per barrel and send the world into a recession, Paris-based Allianz Trade said on Friday.Tensions in the Middle East and escalations between Israel and Hamas into a broader regional conflic could trigger a pri…