Against a backdrop of sagging demand and signs of growing supply, the world’s biggest oil buyer raised the quota for use of overseas oil by non-state entities next year by more than 20% versus 2020, according to an announcement from the Ministry of Commerce. SourceContinue Reading
Dresser Natural Gas Solutions, a leading provider of measurement, instrumentation and piping solutions to the natural gas distribution and transmissions markets, has acquired Flow Safe, a manufacturer of spring-operated and pilot-operated high performance pressure relief devices. SourceContinue Reading
OPEC+, led by Russia and Saudi Arabia, was already considering postponing the supply increase planned for January as oil prices faltered. SourceContinue Reading
Discussions between Russian oil companies and Energy Minister Alexander Novak over the possibility of delaying a planned OPEC+ output bolster optimism the group won’t add more supply than the market can absorb as Europe enters a new round of lockdowns. SourceContinue Reading
Trump sees full-throated support for fracking as a crucial element in Pennsylvania, where he’s trailing Joe Biden and which would likely clinch the presidency for the Democrat, should he win it. SourceContinue Reading
The double whammy of growing supply and dwindling demand pushed crude futures down as much as 6% in New York, beginning a turbulent week of trading as Americans head to the polls Tuesday in an election that could reshape U.S. policy on everything from coronavirus lockdowns to Iran and fracking. SourceContinue Reading
Despite increased drilling activity and strong Q3 results across the board for the supermajors, Exxon Mobil spent the week slashing headcount and planning major asset sales to meet its dividend commitments. SourceContinue Reading
Despite this year’s plunge in prices and a corresponding drop in output, the state remains a major player on international markets, one eyed warily by other oil-rich nations. That outsize role also means the commission attracts more scrutiny than any other equivalent state agency. SourceContinue Reading
The reopening of the last of Libya’s oil fields and ports has prompted a resurgence of the energy industry, with the OPEC nation’s daily production jumping from less than 100,000 barrels in early September. SourceContinue Reading
