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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.

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EIA: US crude oil exports reached record levels in 2020 and remain high in 2021

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Despite volatility in global oil markets, US crude oil exports reached a record high in 2020, according to the US Energy Information Administration (EIA). As of 9 July 2021, US crude oil exports have averaged 3.00 The most recent four-week rolling average of US crude oil exports reached 3.51 million barrels per day (b/d).

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Oil Majors’ Costs Have Risen 66% Since 2011

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The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. The collapse of oil prices forced the majors to slash spending on exploration, cut employees, defer projects, and look for efficiencies. by Nick Cunningham of Oilprice.com.

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Shell producing base oil from natural gas for motor oils

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Shell announced the production of the first clear base oil—the main component of motor oils—made from natural gas using its gas-to-liquids (GTL) PurePlus Technology. Shell PurePlus Technology is now being used to create motor oils for motorists in the United States. Gas-to-Liquids (GTL) Lubricating Oils'

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EIA: US crude oil imports in 2011 dropped to lowest level since 1999 as domestic oil production rose

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US crude oil imports during 2011 fell to their lowest level in twelve years and were down 12% from their peak in 2005, as higher domestic oil production and decreased consumption of petroleum products reduced American refiners’ purchases of foreign crude, according to the US Energy Information Administration (EIA).

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Neste Oil nearly quadrupled use of certified raw materials in producing renewable fuel in 2011

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In 2011, 49% of the raw materials that Neste Oil used to produce its renewable fuel was certified—an increase of 28 percentage points on the figure for 2010, and nearly quadruple in terms of tonnage. Neste Oil aims to increase its usage of certified raw materials a further 10 percentage points on the 2011 figure during 2012.

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Record $86B in 2011 US oil and gas upstream deals, led by unconventional sector with $62B

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United States M&A activity for upstream oil and gas deals set records in 2011 for both deal values and deal counts, according to PLS, Inc., a provider of information, marketing and advisory services for the oil and gas industry. We expect continued strong activity in oil and liquids-rich resource plays in 2012.

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