ENB Pub Note: This article from Oilprice.com follows last week\’s statements from Chris Wright that the SPR had damage from oil being withdrawn so fast, and only saw a 40-cent reduction at the pump for the primaries. The money being requested won\’t be felt at the pump that hard, as it will take time to […]
Continue ReadingUnited Arab Emirates-based jackup rig pure-play Shelf Drilling has revealed a couple of extensions for its rigs and some news regarding its fleet in its latest status report. The company said that its Trident 16 rig secured a three-month extension with the Belayim Petroleum Company (Petrobel) in Egypt in February. The initial deal with the company was […]
Continue Reading
ENB Pub Note: We will cover this issue on the Energy Realities podcast with David Blackmon, Irina Slav, Tammy Nemeth, and Stu Turley live on X, YouTube, and LinkedIn Monday morning at 8:00 Central US. Watch to see Shell and/or BP move to the U.S. to avoid long-term regulatory and windfall profit taxes from the […]
Continue ReadingKey Points Research suggests Chevron\’s oil production in Venezuela is winding down, likely zero or negligible by May 11, 2025. It seems likely that U.S. sanctions and license termination have halted significant operations. The evidence leans toward Chevron ceasing production by May 27, 2025, with controversy over the impact on Venezuela\’s economy. Current Status As […]
Continue ReadingKey Points Research suggests Saudi Aramco\’s Q1 2025 earnings reflect lower oil prices and production cuts. Net income dropped to $26 billion, down from $27.3 billion in Q1 2024, due to market conditions. Dividends include a $21.1 billion base, up 4.2%, but performance-linked dividends fell sharply. The evidence leans toward ongoing challenges from global oil […]
Continue ReadingThere is no question that the Biden Administration used the United States Strategic Petroleum Reserve for political gain when it opened and caused significant drawdowns right before the mid-term elections. Key Points The Biden administration significantly depleted the Strategic Petroleum Reserve (SPR), but replenishment efforts have restored much of it. There is no conclusive […]
Continue ReadingENB Pub Note: This quiet story of the U.S. and Russia looking at bringing natural gas back to the EU has a lot of implications that I have been talking about for a long time. George McMillan, Energy News Beat contributor on the podcast, talked about the Trump administration team not understanding Putin\’s motivation, and […]
Continue ReadingENB Pub Note: Sanctions don\’t work as intended is a great line that Irina Slav has said. There are an estimated 1400 dark fleet tankers, and 230 being sanctioned is inconvenient for Russia, but won\’t stop the oil trade. It will be the secondary sanctions that the U.S. would put in place against China\’s or […]
Continue ReadingBrazilian state-owned giant Petrobras has revealed it will decommission almost 70 offshore platforms and FPSOs, three of which it has already decided to repurpose. Petrobras said that it is planning on decommissioning 68 platforms, two this year and a total of ten by 2029. The remaining 58 will be removed after that. This is according […]
Continue ReadingSource: The Crude Truth Substack, Rey Trevino It brings up some interesting points about an American Company helping a foreign country to overproduce their OPEC+ production quotas. We have often wondered why they were not adhering to their agreed-upon quotas, but we have to look at the individual government’s need for cash for the answer. […]
Continue Reading