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Cal on November 14th, 2017

China’s largest oil company Sinopec, one of that country’s top banks, and its sovereign wealth fund agreed to develop a $43 billion natural gas project in the US state of Alaska. When will we reach peak oil demand?  Royal Dutch Shell and Norway’s Statoil predict crude oil demand could reach its high as soon as 2025 […]

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Cal on February 28th, 2017

While Canada and the US ban Arctic drilling for crude oil and natural gas motivated by environmental concerns, Norwegian energy companies are planning to increase drilling in that country’s Arctic shelf in the Barents Sea. The North Caspian Operating Co., a joint venture operating the giant oil field in the Kazakh waters of the Caspian Sea […]

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Cal on January 31st, 2017

Last week BP released its annual Energy Outlook report that surveys the prospects for the oil industry in the coming decades. The energy company sees the demand for energy growing into the 2040s but that the demand for crude oil will slow because of more efficient means of consumption and the increasing use of renewable and […]

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Cal on January 23rd, 2017

NRG Energy and JX Nippon Oil & Gas Exploration Corp. said they had begun operations at a US$1 billion carbon capture facility at a Texas coal-fired power plant and were using the emissions to extract crude from a nearby oilfield. The facility, the largest of its kind in the world, is the latest in efforts […]

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Cal on December 12th, 2016

OPEC and non-OPEC crude oil exporters have agreed to an additional 562,000 barrels per day of non-OPEC production cut in addition to the 1.2 million b/d cut that OPEC agreed on last week. At the meeting, Mexico pledged to cut 100,000 b/d, Azerbaijan 35,000 b/d, Oman 40,000 b/d, and Kazakhstan 20,000 b/d. Some analysts expressed doubt […]

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Cal on November 19th, 2016

A giant oil field was found in the US state of Texas that holds 20 billion barrels of oil trapped in four layers of shale. This is about three times larger than the Bakken field in the state of North Dakota and the single largest US. unconventional crude deposit, according to the US Geological Survey.  The oil […]

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Cal on October 17th, 2016

The International Energy Agency revealed that the world is becoming more efficient at using energy. Energy intensity, which measures the amount of fuel consumed per unit of gross domestic product, fell 1.8% last year, triple the average rate over the past decade and more than the 1.5% reduction in 2014. Work has begun the construction of the docks […]

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Cal on September 21st, 2016

The Secretary-General of OPEC said that the upcoming meeting in Algiers on September 26-27 to discuss world crude oil prices will be an informal one and that no decisions will be made.  OPEC, which lives on oil revenues, would like to see prices much higher, but it is becoming apparent to the markets that oil exporters are not […]

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