Higher Oil Prices Turn Texas Main Road Into The ‘Death Highway’
Rising oil prices have led to an increase in trucking of frac sand, water, oilfield equipment, pipes, and fuel in West Texas. Together with the higher truck traffic on a main road in Texas, fatalities involving truckers have surged since oil prices resumed their upward trend last year, according to data by the Texas Department […]
Is Nigeria’s Oil Industry On The Road To Recovery?
Over the past few years, Nigeria, Africa’s top oil exporter, has been beset by a multitude of problems, notably decreased crude production and exports, oil theft and pipeline attacks, stalled economic reforms and recovery, and the threat of oil price volatility. While the Nigerian oil industry has been cautiously optimistic about overcoming these upheavals in 2018, the […]
The U.S. Remains The Natural Gas King
Data from the 2018 BP Statistical Review of World Energy show that last year the U.S. maintained a healthy lead as the global natural gas powerhouse. In 2017, the U.S. produced an average of 71.1 billion cubic feet per day (Bcf/d) of natural gas. That’s a 1.0 percent increase from 2016 production, but not quite good enough to beat the 2015 […]
$40 Billion LNG Project Finally Starts Up
Japan’s largest exploration and production company, Inpex, said on Monday that it had started producing gas at the Ichthys liquefied natural gas (LNG) project, which has cost US$40 billion and has faced delays in its development. Inpex, the operator of the project with a 62.245-percent operating interest, expects first shipment of products from the project toward the end of […]
Coke, Meth And Booze: The Flip Side Of The Permian Oil Boom
The fastest-growing oil region in the U.S. is fueling not only the second American shale revolution—it’s fueling a subculture of drug and alcohol abuse among oil field workers. The Permian shale play in West Texas is once again booming with drilling and is full of oil field workers, some of which are abusing drugs and […]
The price of OPEC basket has fallen to its lowest level since the beginning of 2020
The Organization of Petroleum Exporting Countries (OPEC) oil basket fell to its lowest level since the start of 2020, falling more than $ 2 on Friday (1 January) rather than a week earlier. According to the Secretariat of the Organization of Petroleum Exporting Countries (OPEC), the basket of oil prices, which rose to $ 71 […]
The price of the OPEC basket stood at 66$
Oil Exporting Countries (OPEC) Oil Basket Price closed at 66$ on Monday. According to the Secretariat of the Organization of Petroleum Exporting Countries (OPEC) the basket of crude oil price rose to 66.7$ per barrel yesterday while the price hit 67.2 $ per barrel on Friday. The OPEC oil basket consists of 13 types of […]
The price of OPEC basket fell below $ 66
The Organization of Petroleum Exporting Countries (OPEC) basket price fell below $ 66 per barrel at the end of the week, the lowest level since the beginning of 2020. The basket of crude oil was recorded at $ 65.62 per barrel on Thursday and at $ 65.32 per barrel on Wednesday, according to the Secretariat […]
The weakness of the Chinese economy has stunted the growth of oil prices
Brent crude oil final price hit $ 64.85 on Friday and the price of the US WTI index price was $ 58.54. Brent crude oil final price hit $ 64.62 on Thursday and the price of the US WTI index price was $ 58.52, according to Reuters. Oil prices stabilized on Friday as China’s economic […]
OPEC’s production service continues in 2020
One consulting firm predicted that the Organization of Petroleum Exporting Countries (OPEC) production likely would continue to decline throughout the year. According to CNBC, Sushant Gupta, director of the Wood mackenzie Institute, said that One of the things we see in our statistics is that the market is not yet ready to absorb reduced production […]