Mexico’s state-run oil company Pemex announced on Friday the discovery of an oil field that could generate 500 million barrels of crude, making it the country’s biggest oil find in over 30 years. Pemex first discovered the Quesqui field, a 3P reserve, in the Southeastern state...
The Organization of the Petroleum Exporting Countries (OPEC) has forecasted that world demand for its crude will decline next year as the US shale industry continues to pump more oil, threatening another surplus. Providing its first forecasts for next year in a monthly report, OPEC said...
Oil prices are on course for their biggest weekly loss this year as rising inventories and fears of a further escalation in the ongoing US-China trade war wiped nearly 5% off the value of Brent crude on Thursday. The international benchmark fell by 4.7% to close...
Chevron has announced it will buy shale oil producer Anadarko Petroleum in a massive US$33 billion deal that will make the combined company the second largest crude producer in the world. After the acquisition goes through, the US-based energy giant will produce an estimated 3.9 million...
BP has made a discovery of one billion barrels of crude at an existing oilfield in the Gulf of Mexico and announced the approval of a major expansion of the Atlantis field in the same oil play. The one billion barrels find came at its Thunder...
Peak oil demand will arrive in 2036 according to energy consultant Wood Mackenzie, with electric vehicles and autonomous vehicles set to rapidly alter the world’s transportation sector. Speaking to the Financial Times, Wood Mackenzie’s head of crude oil research Ed Rawle said: “Autonomous electric vehicles or...
The International Energy Agency (IEA) has cut its forecast for oil demand growth in 2018 by 40,000 barrels to 1.4 million a day, as prices continue to ascend towards US$80 a barrel. “The recent jump in oil prices will take its toll,” said the Paris-based agency...
Saudi Arabia is set to siphon off a portion of its crude oil supply to customers worldwide, with reports suggesting state oil firm Saudi Aramco will cut allocations by 520,000 barrels per day (bpd) in September. The move to further cut crude oil distribution is in...
The leaders of Tanzania and Uganda have paved the way for the start of construction work on a US$3.55 billion crude oil export pipeline by laying a foundation stone. The 1,445km pipeline will pump 216,000 barrels of oil per day from the Western region of landlocked...
US President Donald Trump has devised a plan to sell off half of the nation’s strategic crude oil reserves in order to help balance the budget. The plan was outlined in the White House’s 2018 budget proposal, which proposes raising nearly US$16.6 billion by 2027 through...