Latest news
Russia: Oil production was cut more than required in OPEC agreement
Russia’s Energy Ministry announced on Wednesday that the country’s oil production was 300,790 barrels per day (bpd) on the 1st of May, which is below the level registered in October and far less than requested under the OPEC agreement.
read more... 05/05/2017
Daily (05.05.2017): Oil prices slumped to five-month lows on Thursday
Oil prices dropped for the fourth consecutive day on Thursday, hitting their lowest level since November 2016, after data showed a less than expected decline in U.S. inventories and as OPEC and other producers would probably disapprove more supply cuts to reduce the world's persistent glut of crude.
read more... 05/05/2017
Iceland drilled into a volcano pursuing the idea of generating more clean energy
Iceland launched an experimental project under the name of THOR and is drilling deep into the center of a volcano to reach the country’s goals to generate clean energy.
read more... 05/05/2017
Centrica plans to increase Morecambe Bay gas output by investing 60 mln pounds
British utility Centrica announced on Wednesday about the intention to spend 60 million pounds ($77 million) to unlock more natural gas reserves in Morecambe Bay gas fields, under the Irish Sea, aiming to reduce a potential shortage next winter, since a continuing outage at Centrica’s older Rough gas storage has increased concerns about the security of supply.
read more... 04/05/2017
Brexit might almost double oil and gas trade costs
The trade body for the UK oil and gas industry is exhorting Prime Minister Theresa May to find solutions so as to minimize any Brexit fallouts, after a recent report showed that the cost of oil trading after the UK’s exit from Europe might double to approximately £1.1bn per year.
read more... 04/05/2017