Our Latest Blog Posts

Norway oil firms, union agree to mediation in bid to end strike

OSLO (Reuters) - Norway oil firms and labour officials said they will meet with a state-appointed mediator on Friday in an attempt both sides hope will bring an end to a strike that threatens to cut Norway’s oil and gas output by some 25%. Although informal talks have been taking place, the state mediator has not met with the two sides since the strike over pay and conditions was announced…

Read more →

Egypt Boasts Record Crude Oil Production

Egypt has recently announced its crude oil production has exceeded 650,000 barrels per day (bpd) for the first time since the late 1950s, Al-Monitor reports, quoting Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla. Egypt’s General Petroleum Company will aim to boost the development of new oil wells and infrastructure, Tarek el-Molla said at the general meeting of the company which he presided earlier this month. Most of Egypt’s crude…

Read more →

Oil Climbs With Economic Data Warding Off Gloomy Demand Signals

Bloomberg, Oil rose to its highest in more than a week after economic data from China to the U.S. fueled optimism that factories are getting back to work. U.S. benchmark crude futures gained 2.7% Tuesday in New York, alongside a rally in U.S. and European equities. Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in…

Read more →

UK oil companies will struggle to find semi-subs for work in 2021, according to Bassoe Offshore.

UK oil companies will struggle to find semi-subs for work in 2021. That’s according to Teresa Wilkie - an offshore rig market analyst for offshore rig brokerage, advisory and project development company Bassoe Offshore – who made the statement in a report posted on the company’s website last week. “Exploration and production companies planning drilling campaigns in British waters next year could face a surprisingly small selection of semi-subs to…

Read more →
oil demand

Major forecasters agree: No oil demand recovery until at least 2022

Bloomberg - Global oil demand won’t return to 2019 levels until at least 2022 and the gap may be getting wider than it seemed a month ago. All three of the world’s main oil forecasting agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries — published new quarterly forecasts this week and none project oil demand back at 2019 levels by…

Read more →

Yemen: Decaying oil tanker in Red Sea threatens disaster

The UN Security Council is to meet to discuss the threats posed by a rusting oil tanker off Yemen's Red Sea coast. The FSO Safer is loaded with more than a million barrels of crude oil and experts have warned of an environmental catastrophe if the vessel breaks apart. The tanker has had virtually no maintenance since the start of Yemen's devastating civil war five years ago. Houthi rebels agreed…

Read more →
1 2 3