BP hit with £400k fine after oil spill in Shetland

Around 3.8 tonnes of ‘extremely flammable, unstabilised crude oil’ spilled on to the ground at Sullom Voe Terminal in December 2012

The Crude Oil Outlook for 2019

Throughout 2018, many market analysts found the price of oil difficult to predict, with economic and political events confounding market expectations and leading to inaccurate predictions

US grants $39m to improve oil and gas technologies

One of the projects being granted funding aims to enhance the potential for oil recovery

US crude oil production hit new record in 2018

Production in December last year was the highest monthly level seen in US history

US surpasses Saudi Arabia as world’s top crude oil producer

The trend is expected to continue for the rest of the year as well as through 2019

China ‘key destination for boosting US energy exports’

Last year, more crude oil was sent to the East Asian nation than any other destination

China surpassed US as world’s largest crude oil importer

China was the largest crude oil importer last year at 8.4 million barrels per day (b/d). According to the US Energy Information Administration (EIA), “new refinery capacity and strategic inventory stockpiling combined with declining domestic oil production” were the major factors contributing to the rise. It surpassed the US, which imported 7.9 million b/d in […]

INEOS’ North Sea pipeline closure ‘worth £20m a day’

The shutdown of one of the major oil pipelines in the North Sea is worth around £20 million a day. That’s according to industry body Oil & Gas UK, which made the comment following INEOS’ announcement to close the Forties Pipeline System for repair. The pipeline carries around 40% of North Sea crude oil. The […]

US crude oil exports reach record high

Crude oil exports increased by more than 300,000 barrels per day (b/d) in the first half of this year compared to the same period last year in the US. It reached a record high of 0.9 million b/d, according to latest statistics from the Energy Information Administration (EIA). The US exported crude oil to 27 […]

India receives first crude oil shipment from US

India received its first ever shipment of crude oil from the US last week. The 1.6 million barrels of shipment was loaded at the Saint James, Louisiana and Freeport terminals in Texas and was received in the eastern Indian state of Odisha. It is part of the 3.9 million barrels of crude oil ordered by […]