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World Bank Ups Its 2017 Oil Price Forecast To $55
The World Bank has just upped its oil price forecast for 2017, saying it now expects average prices to be US$55 a barrel over the next year. That’s US$2 more than its earlier forecast, which is a reflection that at…
OPEC Ministers, Secretary General Hold Oil Talks in Istanbul
OPEC Conference President HE Dr. Mohammed Bin Saleh Al-Sada and the Organization’s Secretary General HE Mohammad Sanusi Barkindo held a series of informal meetings with OPEC and non-OPEC oil and energy ministers on the sidelines of the 23rd World Energy…
OPEC Secretary General to attend annual meetings of the IMF and the World Bank Group
OPEC Secretary General, HE Mohammad Sanusi Barkindo, along with a delegation from the OPEC Secretariat, will be attending the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) that take…
Europe’s Largest Gas Field Could Face Larger Production Cap
The Dutch Parliament adopted a motion to review production at the Groningen gas field annually, Reuters reported on Thursday. In June, the legislature passed a 5-year output bill that sought to limit the risk of earthquakes linked to production activity…
Shell Starts Production at Stones in the Gulf of Mexico
Shell announces recently that production has started from the Stones development in the Gulf of Mexico. Stones is expected to produce around 50,000 barrels of oil equivalent per day when fully ramped up at the end of 2017. The host…
China’s Oil Production Tanks, Foreign Oil Dependency Nightmare Intensifies
It might seem disingenuous to call any country’s foreign oil dependency a nightmare, but that’s exactly what it is. A myriad of problems stem from foreign oil dependency, ranging from a massive transfer of wealth, to securing vital supply lines…
Global Oil Demand Can Only Increase
While incremental annual gains obviously vary, there is nothing more assured than increasing global oil demand. The steady drumbeat of more people, making more money, using more oil may be boring to some, but it is also perhaps our most…