There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

A man carries buckets while working to clean up an oil spill near a pipeline of state-owned Petroleos de Venezuela (PDVSA) in Voladero, Monagas state, Venezuela, on November 5, 2021. - Leaks, rusted pipes, pieces of broken equipment scattered about and ...

Russia’s biggest crude processing facility by production, the Omsk refinery, increased its crude processing by 4% between January and September compared to the same period last year, according to the refinery owner Gazprom. The Omsk refinery is located ...

MITCHELL, S.D. — As you drive along Interstate 90 near Mitchell you will spot large buildings and grain bins being put up just south of town. That is the new High Plains Processing plant, which will process soybeans, sunflowers and other high oil content ...

(The Center Square) – The U.S. oil and natural gas industry set oil and natural gas production records in November. Crude oil output reached an estimated 5.9 million barrels per day in November, the highest level ever recorded in U.S. history, according to U.S. Energy Information Agency data.

Forbes contributors publish independent expert analyses and insights. Robert Rapier is a chemical engineer covering the energy sector. CRANE, TEXAS - MARCH 12: In an aerial view, an oil pumpjack works in the Permian Basin oil field on March 12, 2022 in ...

A project design that maximizes use of existing equipment in expanding a refinery's crude oil processing capacity, and limits equipment additions to only those necessary, improves timelines and yields while reducing costs. A project design that maximizes ...

LONDON, May 27 (Reuters) - Saudi Arabia has been cranking up oil refining operations to capture strong profit margins, helping the kingdom offset revenue lost from declining crude prices and exports. The world's top oil exporter has in recent years ...

Shell plc SHEL, a British multinational oil and gas company, headquartered in London, has temporarily halted operations at one of its oil processing units at the Shell Energy and Chemicals Park, located at Pulau Bukom in Singapore, following a suspected leak.

American oil production has reached its largest volume in recorded history—more than 13.2 million barrels per day in October, official figures show—outpacing its highest point under Donald Trump's presidency, 13 million barrels daily in November 2019.

Deputy Prime Minister Alexander Novak stated that Russia's crude oil production will remain stable at 516 million tons in 2025 before rising to 525 million tons in 2026, with a five-year goal of 540 million tons requiring significant investment in hard-to-recover reserves.