JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
U.S. Crude Inventories Fell To Lowest Level Since 2004 In June
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
The low level of crude inventories coincided with record-high gasoline prices in the U.S. in June.
Product inventories, on the other hand, rose by 34.1 million barrels to 650.5 million barrels.
2022/08/18 09:38
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
Energy Sanctions On Russia Have Been A Boon For China And India
The war in Ukraine has forced the West to target Russian energy exports.
Russia has instead offered its crude oil at massive discounts to India and China.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
2022/08/18 09:33
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
Saudi Aramco Is Taking A Page Out Of The U.S. Shale Playbook
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
The Kingdom of Saudi Arabia-KSA has also received calls from the U.S. government to increase its output. KSA has notionally agreed, but with relatively token amounts that do not address the U.S. government’s goal of reducing oil prices.
A closer look at their recent report to shareholders, along with other investing actions they have taken, seems to draw similarities in mindset with U.S. shale producers, in terms of holding to previously announced capital restraint.
2022/08/18 09:15
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
Commodities Trading: The Secret Behind Big Oil’s Bumper Earnings
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
BP has managed to build one of the most successful energy trading ventures.
Massive trading floors that sometimes rival Wall Street’s biggest banks are becoming increasingly important to oil companies.
2022/08/04 09:53
Traders Are Betting On The End Of The Oil Price Slump
Money managers have started to close out short positions on oil.
The oil price slump that started mid-June could be about to reverse.
The disconnect between the physical crude market and paper crude market remains large.
2022/07/26 18:42
The Middle East Oil Bonanza Will Slow In 2023
The Middle East Oil Bonanza Will Slow In 2023
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.
2022/07/22 14:20
Russia and Saudi Arabia saw the largest production gains within the group of producers in June
Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+
Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.
2022/07/22 14:16
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.
2022/07/14 17:18
Though oil prices are on the rise across the globe, China is seeing prices fall.
China Is Taking Advantage Of Western Sanctions On Russia
Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.
2022/07/06 18:49
The G7 Has Paved The Way For Increased Oil And Gas Spending
The G7 Has Paved The Way For Increased Oil And Gas Spending
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand.
G7 nations have acknowledged the need for increased investment in foreign gas projects.
Big oil CEOs are calling for stability and consistency in government policies in order to boost investment.
2022/06/30 18:47
Why Is The United States Still Exporting Fuel?
Why Is The United States Still Exporting Fuel?
The price of gasoline has climbed above $5 per gallon.
U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories.
“With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg.
2022/06/22 16:03
4 Middle Eastern nations are currently building out their refining capacity.
4 Nations That Could Help Solve The Global Fuel Crisis
Middle Eastern refiners could be processing some 8.8 million bpd of crude next year.
4 Middle Eastern nations are currently building out their refining capacity.
This increase is roughly equal to the amount of Russian fuels the European Union has embargoed.
2022/06/22 15:12
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
U.S. Crude Inventories Fell To Lowest Level Since 2004 In June
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
The low level of crude inventories coincided with record-high gasoline prices in the U.S. in June.
Product inventories, on the other hand, rose by 34.1 million barrels to 650.5 million barrels.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
Energy Sanctions On Russia Have Been A Boon For China And India
The war in Ukraine has forced the West to target Russian energy exports.
Russia has instead offered its crude oil at massive discounts to India and China.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
Saudi Aramco Is Taking A Page Out Of The U.S. Shale Playbook
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
The Kingdom of Saudi Arabia-KSA has also received calls from the U.S. government to increase its output. KSA has notionally agreed, but with relatively token amounts that do not address the U.S. government’s goal of reducing oil prices.
A closer look at their recent report to shareholders, along with other investing actions they have taken, seems to draw similarities in mindset with U.S. shale producers, in terms of holding to previously announced capital restraint.
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
Commodities Trading: The Secret Behind Big Oil’s Bumper Earnings
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
BP has managed to build one of the most successful energy trading ventures.
Massive trading floors that sometimes rival Wall Street’s biggest banks are becoming increasingly important to oil companies.
Traders Are Betting On The End Of The Oil Price Slump
Money managers have started to close out short positions on oil.
The oil price slump that started mid-June could be about to reverse.
The disconnect between the physical crude market and paper crude market remains large.
The Middle East Oil Bonanza Will Slow In 2023
The Middle East Oil Bonanza Will Slow In 2023
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June
Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+
Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.
Though oil prices are on the rise across the globe, China is seeing prices fall.
China Is Taking Advantage Of Western Sanctions On Russia
Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.
The G7 Has Paved The Way For Increased Oil And Gas Spending
The G7 Has Paved The Way For Increased Oil And Gas Spending
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand.
G7 nations have acknowledged the need for increased investment in foreign gas projects.
Big oil CEOs are calling for stability and consistency in government policies in order to boost investment.
Why Is The United States Still Exporting Fuel?
Why Is The United States Still Exporting Fuel?
The price of gasoline has climbed above $5 per gallon.
U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories.
“With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg.
4 Middle Eastern nations are currently building out their refining capacity.
4 Nations That Could Help Solve The Global Fuel Crisis
Middle Eastern refiners could be processing some 8.8 million bpd of crude next year.
4 Middle Eastern nations are currently building out their refining capacity.
This increase is roughly equal to the amount of Russian fuels the European Union has embargoed.

Zhongyuan Oilfield opens a new mode of intelligent brain 2.0 for oil wells

2020/06/17 16:40
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On June 17, at the Wen 72-129 well site of Wenliu Oil Production Plant in Zhongyuan Oilfield, production workers were debugging the parameters of the wellhead multi-parameter sensing device. This device is the latest monitoring device after upgrading. Compared with traditional digital pressure gauges and thermostats, this device overcomes the problems of poor performance, complex structure, and easy damage, and greatly improves work efficiency. At the same time, the “smart brain” of oil wells has been upgraded again. At present, the device has been widely promoted in oil fields. Since the application of this device, Wenliu Oil Production Plant alone has saved more than 1 million yuan in maintenance costs for digital pressure gauges and thermostats.