Daily News

Oil gains but darker demand outlook tempers gains

Oil rose as global markets steadied on Thursday, recouping some of the previous day’s 2 percent slide, though a weakening outlook for crude demand kept prices in check. The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand while […]

Oil Prices Mixed as U.S. Crude Stocks Hike By 6.8 Million Barrels

Oil prices were mixed on Thursday as data from the Energy Informational Administration (EIA) showed the U.S. crude inventory level unexpectedly hiked by 6.8 million barrels in the week ending Aug 10. Analysts previously forecasted stockpiles would fall by 2.5 million barrels. Brent Oil Futures for October delivery edged up by 0.42% to $71.03 per […]

Drill Pipe Market worth over $1 billion by 2024: Global Market Insights, Inc.

Drill Pipe Market share is expected to reach USD 1 billion by 2024; says Global Market Insights, Inc. report featuring key industry trends across the fuel, capacity, application, technology, and regional landscape. Rising efforts by governments to increase crude production in tandem with the increasing capital poured in the upstream sector will fuel drill pipe […]

Angola aims to boost oil output with new block sale agency

Angola will launch next year a new agency to handle oil concessions, the government said on Thursday, as President João Lourenço pushes ahead with reforms aimed at boosting production in Africa’s second biggest oil industry. The creation of a National Agency of Petroleum and Gas to manage and sell oil blocks reduces the near total […]

Oilfield Chemicals Market to Witness Enhanced Demand for Cementing, Drilling Fluid and Production Chemical Applications Till 2025

The global Oilfield Chemicals Market is anticipated to rise at a higher CAGR owing to rising demand for crude oil on a global scale. On a commercial scale, oil field chemicals are utilized for investigate natural resources at several stages throughout the gas and oil production which may act as corrosion inhibitors, demulsifiers, drilling additives, […]

Turkey raises consumption tax on fuel

Turkey raised the special consumption tax on petrol and diesel fuel, which was lowered in May to offset rise in prices, the country’s Official Gazette said on Thursday. As of Thursday, the prices of petrol fuel, diesel fuel and liquidified natural gas rose 0.59 lira, 0.54 lira and 0.34 lira per liter respectively, Turkey’s fuel […]

Why China Will Continue To Buy Iranian Crude

As the U.S. and Iran continue to trade barbs over the restart of economic sanctions against the Islamic Republic, China is also entering the verbal fray. On Monday, the head of the international office of China Petroleum and Chemical Industry Federation (CPCIF) Andrey Yu, said that “Chinese companies need the Iranian oil in any circumstances […]

Four in a row for oil discoveries in Niger

The latest confirmed oil discovery in a basin in southeast Niger makes it four in a row for Savannah Petroleum’s exploration campaign, the company stated. The company ran through a 45-foot column of oil at its Eridal-1 exploration well, making it the fourth discovery in a row in the Agadem Rift basin in southeastern Niger. […]

Oil Prices Jump As Saudis Cap Oil Supply

Oil prices jumped early on Tuesday, after Saudi Arabia reported that it had cut its crude oil production in July compared to June, in a move seen as an attempt to avoid another glut that could put downward pressure on the price of oil. At 10:07 a.m. EDT on Tuesday, WTI Crude was up 1.28 […]

US shale growth will offset global production problems over the coming months, analysts say

A sustained upswing in U.S. shale growth is likely to offset global production problems over the coming months, energy analysts told CNBC on Wednesday. The mood music in the energy market has been heavily influenced by a flurry of demand-side developments of late, with investors continuing to monitor an escalating trade war between the U.S. […]