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entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. per barrel, while global benchmark Brent was up nearly 2% at $78.53
million barrels per day of voluntary production cuts, which are separate from the wider OPEC+ strategy. Anadolu | Anadolu | Getty Images Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind a set of voluntary supply cuts.
Targeted Strikes Rattle Oil Markets Recent attacks on Iranian energy facilities caused a spike in oil prices, with Brent crude rising about $10 per barrel in the past month. Current market conditions suggest oil should be trading in the high $70s to low $80s per barrel based strictly on current OECD crude and product stock levels.
It aligns with the Offshore Energies UK (OEUK) SupplyChain Principles and the objectives of environmental, social, and governance (ESG) reporting. This is all the more important when operators have to meet tight deadlines and often with lower budgets and every additional barrel counts.
It aligns with the Offshore Energies UK (OEUK) SupplyChain Principles and the objectives of environmental, social, and governance (ESG) reporting. This is all the more important when operators have to meet tight deadlines and often with lower budgets and every additional barrel counts.
billion barrels of oil and gas could still be produced from UK waters – 3.2 The government’s independent advisers, the Climate Change Committee, say in a scenario where the UK meets all its climate targets on time, UK homes and businesses will still use between 13 and 15 billion barrels of oil and gas. These resources include: 0.5
Offshore Energies UKs flagship 2025 Business Outlook report being launched at a business breakfast event in Aberdeen today shows that under the right business conditions half of the 13-15 billion barrels of oil and gas the UK is projected to need by 2050 could be produced at home. The UK is on track to produce 4bn of these barrels.
The inability of oil to traverse through, even temporarily, can ratchet up global energy prices , raise shipping costs and create significant supply delays. million barrels per day, accounting for about 20% of global petroleum liquids consumption, according to the U.S. In 2023, oil flows through the waterway averaged 20.9
Ballymore, the latest in a series of Chevron projects to start up in the past year, represents another step towards the companys goal to produce 300,000 net barrels per day of oil equivalent from the Gulf in 2026. Malo facilities.
Oil prices fall more than $1 barrel on reports Iran seeks truce with Israel Summary : Oil prices fell 1.3% From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
Oil and gas produced within the UK Continental Shelf pays taxes, supports jobs and the wider national supplychain including manufacturing, engineering and service firms. Today, the UK is on track to produce only 4 billion of those barrels with companies warning even this is at risk.
Trucking Customers Want Visibility – Here’s How To Deliver With real-time awareness of shipment status, supplychain partners can be proactive in finding solutions and potentially avoid costly out-of-stock scenarios. Before we turn the page on the year, lets take a look back at our top 5 blog posts from 2019.
Low-power sensors already help monitor oil and gas operations, but the true benefit of this real-time visibility will lie in data-driven decision-making throughout the supplychain. Its time to leverage real-time data for optimal decision-making throughout the supplychain.
This evolution isn’t just reshaping North American energyits redefining global supplychains, capital markets, and geopolitical power. We have decades of inventory below our $40 per barrel WTI cost of supply threshold this optionality is what separates the inventory haves from the have nots.
However, some relevant statements and industry perspectives have emerged, focusing on the broader implications for energy markets and supplychains. SEB analyst Ole Hvalbye told Reuters that global oil benchmark Brent crude could gain US$3 to US$5 per barrel when markets open.
million barrels per day and natural gas production reaching 25.8 Bcf/d by the end of 2025, midstream operators are aggressively expanding infrastructure to capture this growing supply. energy supplychain, providing reliable, scalable, and cost-effective transportation of hydrocarbons. Permian Basin: The Backbone of U.S.
It requires careful planning, advanced equipment, and a highly coordinated supplychain. But after that, the focus will shift to generating free cash flow , not just growthmaking efficiency tools like triple-frac even more valuable. Whats Next? Triple-frac still isnt mainstream.
" Allen pointed out that while Brent crude prices jumped around 7% on Friday to roughly $74 a barrel, the international oil benchmark is still below its 2024 average of roughly $80. Extended disruption to shipping in the Strait of Hormuz could result in oil prices spiking above $100 a barrel, Goldman Sachs estimated on Friday.
For example, a single well pumped at 80 barrels per minute (BPM) across 10 clusters delivers 8 BPM per cluster. The best models integrate real-time frac data , historical pad performance , and supplychain logistics. But in a triple-frac pumping 160 BPM total (shared across three wells), the rate per cluster drops to ~5.3
Visible Long-Term Synergies: Visible operating, capital and corporate synergies which, in addition to supplychain efficiencies, can generate meaningful savings. Refer to Barrel of Oil Equivalency and Production & Product Type Information in this press release for additional disclosure.
million barrels per day by 2030. The broader energy industry has struggled with high costs, supplychain disruptions, and regulatory uncertainty in renewable energy projects. Large-scale solar investments have also faced supplychain disruptions and declining profit margins. million and 2.5
OEUKs plan says that by choosing to put home-produced energy at the heart of government strategies, the sector can: Deliver 200bn investment this decade alone in UK offshore energies Support UK supplychain firms as well as operators and developers to win new work in offshore wind (floating and fixed), carbon capture and storage, and hydrogen as well (..)
The worlds largest energy companies have just released their Q1 2025 results, offering a detailed look at how the sector is holding up amid fluctuating commodity prices, ongoing supplychain pressures, and the growing influence of gas and LNG markets. increase from 1,056 mb/d in Q1 2024.
million barrels per day, according to the U.S. The inability of oil to traverse through the Strait of Hormuz, even temporarily, can ratchet up global energy prices, raise shipping costs and create significant supply delays. per barrel. In 2023, oil flows through the waterway averaged 20.9
Technology needs to be invisible, not invasive, said Kelly MacPherson, chief technology and supplychain officer at Union Square Hospitality Group , on a panel. Whether it was AI tools designed to assist with labor optimization or smart kitchen equipment aimed at improving speed and consistency, the common thread was usability.
If GDP grows at the historical rate, oil demand would be at least 10 million barrels per day (mmbd) higher by 2035 than the IEA forecasts. OPECs ability to regulate oil prices is becoming more complex, leading to a risk of unpredictable supply shocks. Supplychain bottlenecks could slow the energy transition significantly.
million-barrels-per-day production cut. The next one is due on Aug. 3, between the eight members who have been progressively (and increasingly briskly) unwinding a voluntary 2.2
Regarding the energy markets, while neither India nor Pakistan are major oil producers, they are crucial nodes in several significant supplychains. Currently, Iran's supply is limited due to underinvestment and stringent international sanctions. million barrels per day.
ENERGY SECURITY: THE CORNERSTONE OF GLOBAL STABILITY Fact: Global primary energy demand surged to 301 million barrels of oil equivalent per day (mboe/d) in 2023, and projections indicate it will rise to 374 mboe/d by 2050, marking a 24% increase over three decades. Record U.S. Shale Output: U.S. LNG Export Dominance: U.S.
million barrels per day in May, according to an OPEC report citing independent estimates. Shipments for broader Middle East supply could be imperiled if Iran or its regional proxies take steps to block the key Strait of Hormuz. per barrel, while global benchmark Brent was up $1.80, or 2.34%, to $78.81 per barrel.
The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, sees roughly 20 million barrels per day of oil and oil products pass through, accounting for nearly one-fifth of global oil shipments. per barrel as of 4.30 per barrel. Any move to block it would ripple through energy markets. higher at $72.57
per barrel at 9:43 a.m. per barrel. Physical barrels of crude oil would need to be knocked out of the market for prices to rise higher at this point, Read said. Oil unlikely to face disruption Goldman Sachs is maintaining its 2026 price forecast of $56 per barrel Brent and $52 per barrel U.S.
The decline in oil prices and the prevailing uncertainty about the economy, trade, and supplychains are accelerating the peak in U.S. benchmark WTI crude prices at $60 per barrel, its mostly hold, baby, hold in the American shale patch, where output in the major basins except the Permian has already started to level off or drop.
(Oil Price) –The decline in oil prices and the prevailing uncertainty about the economy, trade, and supplychains are accelerating the peak in U.S. At current prices, ConocoPhillips doesnt expect a lot of things to change for the company, although there would be changes if WTI sinks to $50 per barrel. With the U.S.
Oil prices are up about 10% since Israel launched its attack on Iran a week ago, but with oil supplies so far undisturbed, both U.S. crude oil and the global benchmark Brent remain below $80 per barrel. Oil prices would probably rally $4 to $6 per barrel if Iran's key uranium enrichment facility at Fordow is hit, Modell said.
The attack has sparked concerns over the supply outlook from the oil-rich Middle East region. Office Of The Iranian Supreme Le | Via Reuters Crude futures jumped about $5 per barrel on Friday after Israel launched airstrikes against Iran without U.S. per barrel on Friday. per barrel. In this article @LCO.1
The security of Tehran's supplies — which averaged 3.3 million barrels per day in May, according to the June OPEC monthly oil market report that cites independent analyst sources — came under scrutiny last month, as Iran engaged in direct missile and drone strikes with long-time regional foe Israel.
4 million barrels daily in Spring 2025, with export growth constrained by contractual terms and OPEC+ agreements. Petrel submitted a proposal to undertake contractor obligations on a relinquished Block from the 4 th Bid Round. An updated Merjan oil field development proposal has been prepared. Iraqi oil output was c.4
According to Iranian state media, the country's parliament has also approved closing the Strait of Hormuz, a pivotal waterway for global oil trade, with about 20 million barrels of oil and oil products traversing through it each day.
Getty Images | Getty Images News | Getty Images Crude oil futures jumped more than 3% Sunday after Israel struck two natural gas facilities in Iran, raising fears that the war will expand to energy infrastructure and disrupt supplies in the region. per barrel. per barrel. crude oil rose $2.72, or 3.7%, to $75.67
These tariffs, effective March 4, come after last-minute negotiations failed, raising concerns about higher costs for refiners and potential disruptions to North Americas tightly integrated energy supplychains. million barrels per day (MMb/d) of crude How Canadian Oil Tariffs Could Disrupt U.S. Refiners The U.S.
Summary : The IEA reports that global crude supply is exceeding demand by 600,000 bpd, pushing oil prices toward the $60-$80 per barrel range, with U.S. strikes on Yemens Houthi rebels heightened supply risks, with WTI crude gaining 1% to $67.84 per barrel and Brent crude rising 1% to $71.30 per barrel.
Brent crude, the international benchmark, surged 7% to above $74 a barrel. oil benchmark West Texas Intermediate crude also popped 7%, trading close to $73 a barrel. Meanwhile, oil prices spiked on the news, though the gains have moderated compared with where they were in overnight trading.
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