Oil product

Oil Field

Libya Oil Company: Russian Mercenaries Enter Major Oilfield

Russian and other foreign mercenaries have entered Libya’s largest oil field, the country's National Oil Corporation said on Friday, describing the development…

Oil Price

Pandemic, Low Oil Prices Cause Massive Drop in North Dakota State Revenue

Incoming oil and gas tax revenues for April, the latest month of data, were just $38 million — 81% below the Legislature's forecast.

Crude Oil

OPEC Changed its Forecast for Oil Production in Azerbaijan

OPEC reported in June that it predicted azerbaijan would reduce its output by an average of 70,000 barrels a day to 720,000 b/d in 2020, compared with 700,000 b…

Crude Oil

U.S. Oil Dominance is Coming to an End

The U.S. tight oil or shale rig count has fallen 69% this year from 539 in mid-March to 165 last week.

Oil & Gas Trade

Venezuelan Oil Production Sinks to Lowest Output in 77 Years

Crisis-wracked Venezuela's relentless fall in oil production sunk to a new low in May, according to OPEC figures, a milestone in a decade of decline for the onc…

Oil&Gas Drilling

OPEC+ may be Able to Ramp up Oil Production in 2021: IEA

The IEA predicts oil demand will grow 3 million b/d more than supply in 2021, as it released its first estimates for next year in its June 16 outlook, which wou…

Oil Shale

EIA Forecasts U.S. Shale Oil Output Decline of 93,000 Barrels a Day in July

Crude-oil production from seven major U.S. shale plays is forecast to decline by 93,000 barrels a day in July to 7.632 million barrels a day.

Crude Oil

Yemen Aims to Raise Oil Output 25 % within Months

Yemen aims to raise its crude oil production by 25% to 75,000 barrels per day in the coming months.

Crude Oil

OPEC+ Delivers 85% Compliance on Oil Output Cuts in May: S&P Global Platts Survey

OPEC and its allies slashed almost one-fifth of their crude oil production in May.

China Energy

The First Large Oilfield of 100 Million Tons was Discovered in the Northern Area of Laizhou Bay, China

"The first large oilfield of 100 million tons was discovered in the northern area of the Laizhou Bay in China's Bohai Sea!" This Kenli 6-1 oilfield has proven o…

Crude Oil

Refineries Around Asia Join Chinese Peers in Ramping up Oil Output

Refineries from India to South Korea are expected to join their Chinese counterparts in ramping up production from June.

Oil Price

Oil Advances Above $43 after OPEC+ Extends Production Cuts

Oil advanced above $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month.

Crude Oil

OPEC+ Meetings Postponed Until Mid-June

The OPEC+ group has postponed its technical and monitoring meetings until the middle of June.

Crude Oil

Indonesia Sees Product Demand Up 160,000 b/d by 2026

Indonesia expects domestic oil product demand to increase by 12pc or around 160,000 b/d by 2026, but an expansion of refinery capacity should eliminate the need…

Oil Field

KrisEnergy Suspended Production at its Wassana Field Because of Oil Prices

KrisEnergy's operating Wassana field has been suspended pending further notice.