Oil
Norwegian state oil fund announces large losses in first half of the year
The Norwegian Oil Fund, as the world's largest sovereign wealth fund is commonly known, lost $ 21 billion (Norwegian Krone 188 billion) in the first half of 2020 as the fund fell 3.4 percent in volatile markets. US $ 1 trillion government pension fund Global, …
Brazilian Oil Giant Petrobras starts major deepwater oil project
Brazil's state oil major Petrobras has initiated a new phase in the development of the first deep-sea oil project since the crisis began in the Mero field in the Santos Basin. According to a report from BNAmericas, the Brazilian major had ordered a floating …
South American countries playing larger roles in offshore oil production
South America has made a cost-saving leap since 2013 when it was the world's most expensive region for deep-sea oil and gas production costs. Average operating expenses (Opex) per barrel of oil equivalent have more than halved since then, from about $ 26 to $ …
Iran is apparently exporting much more oil than it should
Iran exports far more crude oil than US numbers suggest, data from TankerTrackers.com revealed, NBC News reported. According to the data, Iran exports up to 600,000 barrels a day, using ship-to-ship transfers with transponders turned off to avoid detection, …
Crudo Oil Supply in the USA shrinks by 4.4m barrels
The American Petroleum Institute reported that 4.4 million barrels of oil were withdrawn in the week ended Aug. 7. The gasoline inventory reportedly yielded 1.31 million barrels, the distillate inventory yielded 2.95 million barrels, and the Cushing inventory …
Low demand might force OPEC+ to further lower their pricing
After the world's largest petroleum exporter, Saudi Arabia increased its crude oil prices for three consecutive months, it is widely expected that Saudi Arabia will make the first cut in its Official Sales Prices (OSPs) since the OPEC + group began its …
IMF sees oil demand shrink further to new lows
The coronavirus crisis will mean that global oil demand will decline by around 8 percent this year compared to last year, according to the International Monetary Fund (IMF) in a new report published by the Qatari daily The Penunsula. Oil prices this year will …