Unexpected rise in US crude oil inventories
Friday 2 June 2023
US crude oil reserves rose unexpectedly, contrary to forecasts, while prices recovered from a period of significant declines.
Édition Oil
Sinopec and Kazakhstan reach agreement on polyethylene project
Friday 26 May 2023
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
Colombia: oil industry concerned about falling crude reserves
Friday 26 May 2023
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government’s energy transition and is causing concern within the oil industry.
Aker BP: Oil discovery near Yggdrasil
Thursday 25 May 2023
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
Venezuela: Washington extends operating permits for 4 oil companies
Thursday 25 May 2023
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
Prague signs agreement to end dependence on Russian oil
Wednesday 24 May 2023
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
Brazil: Petrobras to appeal drilling ban near the Amazon
Monday 22 May 2023
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama’s decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor’s office also recommends rejecting the drilling.
Guyana: Exxon unhappy with court ruling requiring pollution insurance
Monday 22 May 2023
Exxon Mobil faces huge revenue losses if the Guyana court does not suspend a ruling requiring unlimited insurance for cleanup in the event of an oil spill or leak, which could lead to production shutdowns and significant financial consequences.
Putin defends cuts in oil production to maintain prices
Friday 19 May 2023
Russian President Vladimir Putin defended oil production cuts, saying they were necessary to keep prices at a certain level. However, these statements run counter to the assurances of other OPEC+ members, prompting accusations of interference in the global oil market.
USA: new surprise rise in crude oil inventories, drawdown of strategic reserves
Friday 19 May 2023
Commercial crude oil reserves rose massively in the U.S., despite increased refinery utilization and higher exports. However, this increase had only a limited impact on oil prices.