May’s uncanny price stability, Iraq production growth, OPEC’s unknowns and shale’s “Fracklog” all competing for visibility in global petroleum’s crystal ball West Texas Intermediate (WTI) oil prices have ranged from $57.26 to $60.93 for the entire month of May, offering the greatest sign of stability we have seen since November 2013. Analyst firms and oil companies are speaking with much
A consultant with Japan’s largest gas company said they are interested in building a $3.5 billion pipeline to obtain Russia’s natural gas at half the cost of its LNG Tokyo Gas, Japan’s largest gas company, would like to build a gas pipeline from Sakhalin, Russia, to central Japan, Shigeru Muraki, a consultant for the company, said at the third annual
Major tight oil discovery in China China’s state-owned China National Petroleum Corp. (CNPC) discovered more than 100 million metric tons of tight oil geological reserves in its Changqing field, according to a report by Reuters. Converted to barrels of oil, the discovery was over 733 million barrels of oil. This marks the first time that a tight oil discovery of
OPEC expects basket price to fall for third straight week The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information released by OPEC. OPEC’s crude oil basket has been trending downward since the beginning of the month when it reached
Total has achieved the significant milestone of producing a cumulative two billion barrels from its operated deep offshore Block 17 located 150 km off the coast of Angola. With the recent start up of CLOV, Block 17 has become Total’s most prolific site with production of over 700,000 barrels per day. The Group operates four Floating Production Storage and Offloading
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