Petroleum industry
Crude futures rebounded on Tuesday, driven by higher demand forecasts and a stronger euro. The Energy Information Administration (EIA) revised its global demand forecasts for the remainder of 2015 upward by 190,000 barrels per day to 93.28 million bpd. Energy traders locked into some of their gains in
Petroleum industry
U.S. Sens Lisa Murkowski, R-Alaska, and Heidi Heitkamp, D-N.D., joined by 11 other Senate colleagues, have introduced the Energy Supply and Distribution Act of 2015 (S.1312) to modernize federal energy policy by lifting the decades-old ban on crude oil exports. The bipartisan legislation aims to end the
Petroleum industry
The oil price took a sudden dip after its recent gains, giving transport groups a temporary boost as hopes of cheaper fuel costs rose. The price of Brent crude slipped 2.2% to $66.26, pushing BP and Royal Dutch Shell lower. However, Carnival, a cruise operator, climbed 108p to
Petroleum industry
In a recent speech at the 2015 Energy Exports Summit, North Dakota Senator Heidi Heitkamp emphasized the need for an all-of-the-above energy policy to promote North American energy independence and reduce dependence on volatile countries. Heitkamp, a lead cosponsor of the bipartisan amendment to lift the 40-year ban on exporting
Petroleum industry
The recent decline in oil prices has created a ripple effect, impacting various sectors worldwide. Coface, a leading credit insurer, has analyzed the effects of this price drop on company credit risk and identified a clear loser and winner among the 14 sectors studied. The North American energy sector is
Petroleum industry
The Brazilian national oil company Petrobras has completed a formation test to assess the potential of a petroleum deposit in a well in the BM-SEAL-11 concession in the SEAL-M-426 block in the Sergipe-Alagoas Basin. The test confirmed the presence of light oil with a 37-degree API and good productivity of
Petroleum industry
The U.S. oil price surged to its largest one-day gain in nearly two months, driven by a decline in U.S. crude-oil output and a weaker dollar. The benchmark U.S. crude price jumped 5.2% to $50.09 a barrel on the New York Mercantile Exchange, while Brent,
Petroleum industry
As the global oil market continues to navigate extreme price volatility, major oil companies, international agencies, and investment banks are wrestling with the uncertainty of future prices. The Indian government, meanwhile, faces a critical decision on whether to continue subsidizing oil prices, particularly for residential LPG, which has become a
Petroleum industry
India's energy self-sufficiency goal received a boost as Prime Minister Narendra Modi laid out a vision to reduce oil imports by 10% by 2022, emphasizing the need for urgent action to tap into the country's vast unexplored hydrocarbon reserves. The country's oil and gas
Petroleum industry
Shell Oil Company has been granted a significant patent (no. 8,989,527) by the United States Patent and Trademark Office for its cutting-edge fiber optic technology. The patent, titled "Method and system for determining the location of a fiber optic channel along the length of a fiber optic
Petroleum industry
Research and Markets has announced the addition of a market research report on the global and Chinese potassium soap of castor oil industry, covering the period from 2010 to 2020. According to the report, the market survey provides in-depth analysis of the industry's classification, application, and manufacturing technology.
Petroleum industry
Mumbai's state-owned oil refiners are expected to face significant profitability losses due to inventory losses during the current financial year. Icra Ltd's research division, ICRA Research, has predicted that oil refiners sustained inventory losses worth Rs. 30,000 crore in the third quarter after international crude
