HOTTEST DAY NEWS

  • OPEC
    Industry

    Meet OPEC: The Organization of Petroleum Exporting Countries

    The OPEC (short for Organization of Petroleum Exporting Countries) was founded in 1960 in Baghdad, by Iraq, Iran, Saudi Arabia, Venezuela and Kuwait. Currently, OPEC has 12 member countries. The goal of OPEC is to secure steady incomes to the member countries and to influence world oil prices through economic collaboration. Any country that exports…

  • saudi arabia equtorial guinea economic forum
    Industry

    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….

  • Saudis drop third oil reserves
    Industry

    Saudis Drop to Third in Known Oil Reserves

    Thanks primarily to surges in the discovery of shale oil, the United States now sits atop the world’s list in the area of oil reserves, the first time ever it’s had attained that distinction. Meanwhile, Saudi Arabia now is situated in third place and the previous leader, Russia drops down to second place. The information…

  • 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…