Author: omc_admin
New Delhi: Global crude oil prices have remained steady despite heightened tensions in the Gulf region, with the Strait of Hormuz—responsible for nearly 20 per cent of global oil shipments—remaining operational. According to a report by YES Securities, oil markets are currently supported by a projected surplus of 0.9 million barrels per day (mbpd) and a 4 mbpd spare production capacity held by OPEC.The report noted that Iran, which exports 1.5 mbpd of crude oil, has historically avoided actions that would jeopardise its own oil shipments or those of regional allies such as Iraq and Qatar. The ongoing Iran-Israel conflict…
(Oil & Gas 360) – Register for EnerCom Denver – The Energy Investment Conference, August 17-20, 2025, featuring a broad group of public and private energy companies at www.enercomdenver.com Limited presentation opportunities remain for E&P, Midstream, OFS, Energy Transition, Nuclear and Emerging Technology companies Sponsorship opportunities are available for companies seeking to increase marketplace and brand awareness through EnerCom’s multi-channel approach before, during, and after the event DENVER – June 19, 2025 – EnerCom, Inc. is pleased to announce that Ron Gusek, CEO of Liberty Energy and Amerino Gatti, Executive Vice President of Oilfield Services & Equipment for Baker Hughes have been…
ACAPULCO, Mexico (AP) — Authorities in southern Mexico were still assessing damage and watching rising rivers as rain from the remnants of Hurricane Erick doused the region. Torrential rains over steep coastal mountains and the landslides and flooding they could generate became ongoing concern for officials after Erick dissipated following a landfall early Thursday on a sparsely populated stretch of coast.At least one death was confirmed late Thursday, a 1-year-old boy who drowned in a swollen river.Erick came ashore down southern Mexico’s Pacific coast in the morning as a Category 3 major hurricane, but it landed between the resort cities…
(World Oil) – U.S. crude stockpiles declined the most in almost a year last week, signaling a tighter market for American oil just as the Israel-Iran conflict threatens supplies from the Middle East. Oil inventories dropped 11.5 million barrels in the week through June 13, the steepest slide since late June 2024, according to data released Wednesday by the U.S. Energy Information Administration (EIA). The bulk of the decline came from the U.S. Gulf Coast, a key region that accounts for most U.S. oil exports. Stockpiles there are now the lowest since December 2023. The drawdown was driven by a…
Presenting IPAA’s Chief Roughneck Award to Discovery Operating Inc.’s chairman and co-founder, Don Sparks (center), are IPAA President and CEO Jeff Eshelman (right) and World Oil Editor-in-Chief Kurt Abraham (left). At the 96th Annual Meeting of the Independent Petroleum Association of America (IPAA) in Williamsburg, Va., Don Sparks the co-founder and chairman of the board of Discovery Operating, Inc., was presented with the 2025 Chief Roughneck Award. IPAA represents thousands of independent businesses that develop 91% of America’s oil and natural gas wells. As explained in a history of the award presented by World Oil Editor-in-Chief Kurt Abraham, the Chief Roughneck honor dates back to 1955…
SpaceX’s flagship rockets keep blowing up.On Wednesday night, one of the Elon Musk-run space technology company’s latest rockets erupted into an inferno on the launchpad.The explosion, which enveloped a portion of SpaceX’s Starbase campus in Texas in fire and smoke, was meant to be a routine test ahead of a launch for the company’s Starship program.The company plans to use Starship rockets — the successor to its Falcon models — to conduct missions to the moon, and eventually, Mars.Wednesday’s explosion marks the fourth consecutive failure for SpaceX’s Starship rockets this year.In May, a Starship rocket successfully made it through the…
Presenting IPAA’s Chief Roughneck Award to Discovery Operating Inc.’s chairman and co-founder, Don Sparks (center), are IPAA President and CEO Jeff Eshelman (right) and World Oil Editor-in-Chief Kurt Abraham (left). At the 96th Annual Meeting of the Independent Petroleum Association of America (IPAA) in Williamsburg, Va., Don Sparks the co-founder and chairman of the board of Discovery Operating, Inc., was presented with the 2025 Chief Roughneck Award. IPAA represents thousands of independent businesses that develop 91% of America’s oil and natural gas wells. As explained in a history of the award presented by World Oil Editor-in-Chief Kurt Abraham, the Chief Roughneck honor dates back to 1955…
Fire chiefs have issued a warning over outdoor fires and barbecues after a sevenfold increase in UK wildfires, as amber heat alerts were issued across England before what is expected to be a scorching weekend.The UK has already experienced more than 500 wildfires this year, with incidents up 717% compared with the same period in 2024.According to the National Fire Chiefs Council (NFCC), which represents the UK fire and rescue services, responders have been called to 564 blazes since 1 January, with more expected due to the heatwave engulfing the country.Most wildfires in the UK are caused by human activity,…
(BOE Report) – Following the rise in Brent prices to $76-77 per barrel, Goldman Sachs estimates a geopolitical risk premium of around $10 per barrel, the bank said in a note on Wednesday. While its base case is that Brent declines to around $60/bbl in Q4 assuming no supply disruptions, Goldman said the $10/bbl premium appears justified in light of its lower Iran supply scenario where Brent spikes just above $90, and tail scenarios where broad regional oil production or shipping is negatively affected. The Iran-Israel conflict has raised fears of potential supply disruptions in the Middle East, a key…
(Oil Price) – Russia believes that Moscow, its OPEC+ ally Saudi Arabia, and the United States could work together to stabilize the oil market if necessary, the head of Russia’s sovereign wealth fund told Reuters on Thursday. “There was an example when (Russian) President Putin, (U.S.) President Trump and (Saudi) Crown Prince Mohammed bin Salman played a key role in stabilising markets,” Dmitriev, chief executive of the Russian Direct Investment Fund, told Reuters on the sidelines of an economic event in Russia. “It is early to talk about concrete joint action yet but based on an earlier precedent, such action is possible,” Dmitriev…