HOTTEST DAY NEWS

  • shaky-understanding-russia-saudi-arabia
    Industry

    The Shaky Understanding Between Saudi Arabia and Russia

    In the oil industry, the intensity of the rivalry between Saudi Arabia and Russia has increased over the past few years, especially with the price per barrel of oil being sliced in half. Constantly jockeying for position as the world’s top two oil exporters, the strategy in taking on this economic setback hasn’t yet found…

  • vision 2030 plan saudi arabia UK
    Industry

    Saudis and Brits Coming Together on Vision 2030 Plan

    The relationship between Saudi Arabia and Great Britain has been a long one that’s been intertwined through both business and politics for the past century. In early April, British Prime Minister Theresa May began a tour of Middle Eastern countries, with one of her first stops in the Kingdom. The basis of that specific visit…

  • saudi-aramco
    Industry

    Saudi Aramco Getting Ready for Their Closeup

    One indication of the changing fortunes in the oil world is the pending arrival of Saudi Aramco on the IPO market. While the Saudis only plan to offer five percent of the company to outside investors, that still offers the Kingdom the opportunity to bring in $100 billion, based on its estimated $2 trillion in…

  • Silhouette three oil pumps
    Industry

    Development and Production of Oil from an Oil Well

    After operators decide that they are going to develop an oil field, a development and production plan is made. The field should be capable of producing oil for several years and it should be feasible to do so, even when oil prices are low. So the company will look for solutions to reduce costs. Floating…

  • American oil workers
    History

    Petroleum in the Americas

    The first time American crude oil was mentioned was in an account by Sir Walter Raleigh, the celebrated hero of Britain. He visited the Trinidad pitch lake in 1595 and made a mention of it in his writings. Incidentally, the Trinidad pitch lake is the world’s biggest asphalt deposit. The ‘lake’ is spread over 40…

  • crude-oil-price-drop
    Trivia

    The Price of Oil

    Oil pricing- how is it calculated? Crude oil comes in three grades- UAE Dubai Crude, North Sea Brent Crude and West Texas Intermediate. The entire oil industry uses these three grades as a benchmark. The oil from individual fields is compared with the three grades and priced accordingly. Oil production does not vary by season,…

  • carbon
    Science

    Petroleum: Composition and Properties

    Petroleum is a mixture of several hydrocarbons and chemicals. The composition will vary depending on where the petroleum was found. In fact, you can find out where a certain sample of petroleum came from through chemical analysis. However, there are some characteristic properties that are common to all varieties of petroleum. Common hydrocarbons Four kinds…

  • geology
    Industry

    The Process Before Oil Extraction Can Begin

    The first step in prospecting for oil is to obtain an exploratory license which is given by oil authorities. Each country has its own process for awarding exploratory licenses. A company can also acquire an exploratory license from another oil company. Conducting geological surveys After the oil exploration license is acquired, the company creates geophysical…

  • Saudis Russians Oil Production Cut Extension

    Saudis and Russians Come Together on Oil Production Cut Extension

    The three-year slide of oil prices has delivered a major hit to the financial stature of Saudi Arabia, primarily because of their status as the world’s top oil producer. While that title has seemingly fluctuated in the past year with Russia, the economic punch that those two nations provide has the ability to provide an…

  • saudi arabia equtorial guinea economic forum

    Saudi Arabia and Equatorial Guinea Come Together

    During an economic forum in Jeddah, Saudi Arabia and the West African nation of Equatorial Guinea came to an agreement on May 11 that brings the two countries together on a variety of business projects. One of those is an agreement that will help finance what will be the region’s largest terminal for oil storage….

  • saudi arabia owns largest american oil refinery

    Saudi Arabia Now Fully Owns Largest American Oil Refinery

    Though the impact of Saudi Arabia within the American oil market has been diminished over time, their ability to maintain a very clear presence once again came into focus on May 1. That was when Saudi Aramco, the Kingdom’s state-run oil company, finalized an agreement to take complete control of the largest oil refinery in…