Oil & Gas News 71 results

The Call for Cybersecurity in the Oil and Gas Industry

Digital technology is everywhere throughout industrial sectors like manufacturing and oil and gas. These new digital technologies have brought incredible applications to help streamline business and improve efficiency across the board. With all these benefits, the fact remains cybersecurity is not taken seriously enough. Cybersecurity must be treated as an essential part of the digital web in ...

Crude Slips Yet Again: OPEC Pumping At An All Time High

Crude oil prices continue to plummet as inventories from around the world skyrocket. On November 3rd, Manufacturing Talk Radio reported a 3% drop in WTI crude, the US benchmark as data began coming in regarding OPEC’s (Organization of Petroleum Exporting Countries) production levels. This dramatic drop in price came after a relatively lively rebound in the markets back in October. The rebound ...

What Caused The Drop In Crude Price?

The US crude benchmark, WTI has experienced a dramatic pull back from its recent gains as inventory data pours in. WTI was down by over 3% hovering around $45.15 per barrel at 1:51pm ET (11/4/2016) and Brent crude prices which is the international benchmark is also down over 3% sitting at $46.62 per barrel (11/4/2016). This all comes after weeks of progress as oil prices rebounded to above $50 ...

OPEC Closer Than Ever To Reaching Production Cut Deal

Oil prices have taken a turn for the better as the Organization of Petroleum Exporting Countries (OPEC) takes steps to resolve their internal disputes and the possibility of a production cap nears ever closer. Declining production in China and falling U.S. inventories along with a positive statement from OPEC which expressed their support of a cut has lead to increased market confidence. All of ...

Microwave Fracking: Environmentally Friendly And Extremely Efficient

Fracking has faced serious opposition from environmental groups throughout the United States and the communities that surround these industrial operations. The main issue surrounding fracking is the disposal of wastewater that some fear could contaminate groundwater in these communities where fracking operations are located. Ever since fracking took off in the United States, the nation has had ...

Oil Market Rejoices as OPEC Reaches an Informal Production Cap Agreement

In an extraordinary turn of events, OPEC has agreed on Wednesday to a modest oil output cut for the first time since 2008. OPEC met on the sidelines of the International Energy Forum in Algeria which was being called an informal meeting between members. Hopes were high but confidence was low that the cartel would actually reach any kind of agreement. The skepticism stemmed from previous meetings ...

OPEC Meets on the Sidelines Of the International Energy Forum

The world's largest oil producers are gathering in Algeria for the International Energy Forum which takes place from September 26-28th. However the world is less interested about the forum and more excited to see what will be taking place on the sidelines. The Organization of Petroleum Exporting Countries (OPEC) will be holding an informal meeting in Algeria while all these major oil producers ...

Shell Canada Takes Carbon Capture and Storage Technology To The Next Level

Carbon capture and storage (CCS) technology has faced its fair share of criticism. These projects usually end up costing too much without making any sizable dent in the total carbon output for oil and gas projects. However, Shell Canada has announced the first carbon capture project in the oil sands has successfully stored one million tons of carbon dioxide deep underground after a year of ...

U.S. Crude Inventories Drop By Record Levels And The Market Reacts

In an unexpected turn of events, U.S. crude inventories have dropped by a staggering 14.5 million barrels between August 29th - September 2nd. This is the largest weekly inventory drop since 1999 according to Bloomberg and it has already had an impact on the market. Not only has this been an impressive drop in oil inventories, it blew away expectations as analysts forecasted an increase of ...

Saudi Arabia and Russia Tackle The Volatile Oil Market: Iran Continues To Be A Wild Card

Saudi Arabia and Russia met on the sidelines of the G20 summit in Hangzhou, China on Monday to discuss a deal to help stabilize oil prices. The agreement entails both producers to set up a collaborative working group to monitor the market and submit recommendations focused on stabilizing oil markets and propping up prices to a sustainable level. This announcement comes before the informal OPEC ...