crude oil

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

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

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 […]

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 […]

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 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 […]

A German energy company claims it has developed a sustainable alternative to crude oil. Sunfire says it has produced three tonnes of its synthetic ‘Blue Crude’ substitute, which is made from splitting steam into hydrogen and oxygen using renewable energy. The resulting hydrogen can then be efficiently converted into the replacement oil. The firm says […]

Around 30 new crude oil and natural gas projects are expected to start operating in the North Sea by 2020. That’s according to research and consultancy firm GlobalData, which says the UK will lead the resurgence with 19 projects, followed by Norway with 10 and Denmark with a single installation. A new report from the company […]

Crude oil production in the US increased for the second consecutive month in November last year. According to the Energy Information Administration (EIA), increased drilling activity in the Permian region, which spans Texas and New Mexico, as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM), […]

Russia took the crown from Saudi Arabia as the biggest oil producer in the world in December. The nation pumped 10.49 million barrels a day (b/d), down 29,000 b/d from November. Saudi Arabia also saw a fall in output to 10.46 million b/d in December from 10.72 million the month before, according to new statistics […]