Oil price news

The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million bpd of crude production.

US Light Tight Oil (LTO) represented less than 1% of global oil supply nine years ago but now represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.

The 5% tariff announced last Friday is the first time that Beijing has targeted crude oil.

The majority of oil produced from the MJF structure in west Kazakhstan may now be sold by reference to international rather than domestic prices.

Dan Munro, CEO of PJ Valves writes about the benefits of a long-term approach to changing oil prices.

Rystad Energy, the independent energy research and consultancy, has analysed the historic investments and oilfield service purchases of the world’s 50 000 oil and gas fields.

Over US$151.5 billion in capital expenditure will be spent over the lifetime of the top ten offshore oil projects to produce 14.3 billion barrels of crude, according to GlobalData, a leading data and analytics company.

Regional Oil and Gas industry reflections from Mike Blakemore, Senior Vice President at Advisian Abu Dhabi.

Add Energy has recently secured work with three operators in the North Sea for the provision of Environmental Management and Reporting Software (NEMS Accounter).

EIA now forecasts Brent crude oil spot prices to average US$51/bbl in 2017 and US$52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be US$2/bbl lower than Brent prices in 2017 and 2018.