Crude

Crude Oil

Barclays Lifts Brent Oil Price Forecast To $80 In 2022

Brent Crude prices are set to average $80 a barrel in 2022, Barclays said on Tuesday, raising its forecast by $3 as it expects slower supply growth next year an…

Crude Oil

Russia’s Oil Reserves Are Becoming Increasingly Hard To Recover

Nearly all of Russia’s oil production will consist of the so-called hard-to-recover crude reserves unless the country speeds up and incentivizes exploration

Energy Technology

China: New Sinopec Downstream Technology Process Developed

China's Sinopec has developed a steam-cracking technology to convert oil directly into high-demand petrochemical products such as ethylene and propylene, cuttin…

Crude Oil

Biden Announces Global Effort to Ease Energy Costs

US president orders 50 million barrels of oil to be released from nation's strategic petroleum reserve

Oil Price

Global Oil Prices Retreat in Face of Supply and Demand Pressures

Brent crude was down 56 cents, or 0.7%, at $78.33 a barrel at 1157 GMT and U.S. West Texas Intermediate crude fell 54 cents, or 0.7%, to $75.40.

Crude Oil

OPEC Considers Lowering Production to Account for Oil Reserve Releases

OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a co-ordinated release of the…

Crude Oil

Colombia Desperately Needs To Ramp Up Its Oil Production

The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.

Oil & Gas Trade

Saudi Retains Top Spot Among China Oil Suppliers

Saudi Arabia has remained China’s number-one crude oil supplier.

Oil Refinery

Refinery Closures About To Happen In Europe

Shell plans to end crude processing at the Wesseling site within the Rhineland refining complex in 2025 as the facilities are repurposed for non-fossil fuel fee…

Crude Oil

OPEC+ Pumped Less Oil Than Agreed In October

The OPEC+ group’s compliance rate with the oil production cuts rose to 116 percent in October from 115 percent in September,

Crude Oil

China Begins Releasing Oil from Its Strategic Reserves

China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil c…

Crude Oil

EIA Sees Brent Oil Price Falling To Average $72 In 2022

EIA: Crude oil prices are set to decline next year from the current levels of around $80

Oil Field

Ecuador Clears Repsol to Sell Oil Blocks to New Stratus

Ecuador's government authorized Spain's Repsol to sell its 35pc operating stakes in two heavy oil blocks to Canadian independent New Stratus Energy.

Crude Oil

Japan to Subsidise Refiners to Ease Oil Price Impact

Japan is planning to give subsidies to the country's refiners for the first time to offset the impact of surging oil prices on domestic oil product values.

Crude Oil

Nigeria to Stage for Oil, Gas Investment in U.S.

Amid global energy transition and changes in the sector to accommodate the exigencies of climate change and carbon reduction, Nigeria is making efforts to stage…