The U.S. Energy Information Administration forecasts non-OPEC crude oil production to increase by 1.8 million barrels per day this year. OPEC+ has maintained output cuts for three years, reducing its global market share from 53% in 2016 to 47% in 2024. Global crude inventories are shrinking, with OECD stocks falling below the five-year average. Crude […]
Continue ReadingThe Trump administration is intensifying its crackdown on Iranian oil shipments to China. Unlike his first term, Trump’s second presidency is actively using economic and geopolitical pressure. The Trump administration is targeting tankers, brokers, financiers, and shipping hubs that facilitate Iranian oil exports to China. The second presidency of Donald Trump has already demonstrated that […]
Continue ReadingOffshore rig owners Arabian Drilling and Shelf Drilling have signed a memorandum of understanding to form a strategic alliance. Under the agreement, Shelf Drilling will seek to use some of Arabian Drilling’s high-specification jackup rigs to meet contract requirements. By combining resources, the alliance will be positioned to deliver services to customers and increase the […]
Continue ReadingIt was truly an honor to be on the Crude Truth podcast with Rey Trevino, David Blackmon, and Dr. Ed Ireland. There are two videos below; the first is a short 7-minute part about the Russian/Ukraine war peace talks. The Second video is the full interview from Rey’s YouTube feed with the entire discussion. It […]
Continue ReadingChevron Corp. plans to ratchet up oil exports from Venezuela to a seven-year high as a reset of the country’s relationship with the US eases concerns that trade restrictions will increase. Exports of synthetic oil from Chevron’s Petropiar project are expected to rise about 50% to about 143,000 barrels a day this month, the highest […]
Continue Reading(Reuters) Chevron\’s oil and gas reserves have fallen to the lowest point in at least a decade, highlighting the importance of the U.S. major\’s planned acquisition of oil producer Hess that has stalled due to a court battle with ExxonMobil. Reserve replacement is one of the key metrics for investors in energy companies, as it […]
Continue ReadingU.S. and EU sanctions on Russia’s dark fleet and Iran are removing tankers from circulation, driving up VLCC demand. Jefferies: sanctions sideline about 15% of the global fleet. ADNOC L&S is aggressively expanding, recently acquiring 32 tankers and planning further VLCC acquisitions. While the world watches the unhinged actions of the new Trump administration—playing Geopolitics […]
Continue ReadingSingapore shipyard group Seatrium has signed a memorandum of understanding with energy giant BP for a second floating production unit project in the US Gulf of Mexico. Under the agreement, Seatrium would carry out the engineering, procurement, construction, and commissioning of an FPU for the Tiber project, located some 480 km southwest of New Orleans […]
Continue ReadingCrude oil reclaimed the 50-Day MA at $72.83, signaling strength. Watch resistance between $74.60-$74.89 and potential support at $70.91. Crude Oil Price Forecast Today , Technical Analysis (February 11): WTI, Brent Target Higher Levels Watch this video on YouTube. Crude oil further confirmed the recent swing low of $70.91 as support. On Tuesday, crude triggered a […]
Continue ReadingWith reports swirling that the European Union is contemplating seizing ageing substandard shadow tanker tonnage transiting through the Baltic, Alexey Zhuravlev (pictured), first deputy chairman of Russia’s State Duma Committee on Defence, has vowed retaliation. European news organisation Politico reported earlier this week that the EU was discussing apprehending shadow tankers leaving Russia and heading […]
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