Latest news
US authorises limited crude oil exports to Europe
The U.S. government has approved some new licenses to export crude oil to Europe for the first time after the country banned crude exports following the oil shocks of the 1970s. In December last year, Exxon Mobil Corp. joined Royal Dutch Shell and ConocoPhillips in publicly urging a repeal of the 1970s era federal law that strictly limits exports of domestic oil.
read more... 05/02/2014
UK registered a 44% increase in its oil fields in the North Sea
According to a new report by Deloitte's Petroleum Services Group (PSG) the number of fields which started producing oil and gas in the UK, last year hit its highest level in five years, as a number of operators have done more attention on development activity.
read more... 29/01/2014
UK: new round of oil licences in the North Sea
The 28th UK licencing round was opened currently and North Sea firms would have the possibility to claim new territory in the region. The British economy has historically relied heavily on oil and gas profits from fields in the North Sea.
read more... 27/01/2014
Russia started oil deliveries to China
After last week, Russia state-owned oil giant Rosneft has announced that it has received the first tranche of advance payment from China National Petroleum Corporation (CNPC), Russia has started delivering crude oil to China, as established by the contract signed by the two countries during the St Petersburg International Economic Forum in June last year, in a move which aims to diversify China’s energy imports.
read more... 22/01/2014
China: oil demand to lowest level in 5 years
Because of easing economic growth, China's oil consumption in 2013 registered the slowest growth in five years. According to Reuters calculations, China's oil demand grew 1.6% in 2013, the weakest yearly growth in five years, while in December, when it burned roughly 10.06 million barrels per day of oil, it registered a decrease of about 7.5% in comparison to the same period of a year before. For the whole of 2013, oil demand was about 9.78 million bpd, about 150,000 bpd higher than 2012.
read more... 20/01/2014