WorldOil World renowned flow measurement expert joins NEL NEL, the flow measurement RandD specialist, has appointed Dr. Bruno Pinguet as senior consultant. LEKOIL to ramp up production with start of continuous flow at Otakikpo field, Nigeria LEKOIL, the oil and gas exploration and development company with a focus on West Africa, is pleased to announce that oil is flowing at Otakikpo field to onshore storage tanks, where it will be evacuated upon completion of the offshore pipeline. Oil hovers in tight trading range amid global supply tug of war Oil held above $53/bbl, after spending last week in the smallest trading range in 13 years as investors weighed rising U.S. drilling activity against OPEC production cuts. Rosneft begins drilling first exploration well in Iraq Rosneft has begun drilling of the first exploration well at the Block 12 in the Republic of Iraq. OPEC wins investors back as cuts prompt record bets on oil OPEC has never taken supply cuts so seriously, and hedge funds are loving it. Brent crude oil benchmark to undergo biggest change in a decade The Brent crude price benchmark for millions of barrels of physical crude sales each day is poised for its biggest shakeup in a decade with a new grade added to the mix from January next year. Russia overtakes Saudi Arabia as world's largest crude producer Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. President Energy commences operations at Puesto Guardian Concession, Argentina Further to the Company’s announcement on Jan. 11, 2017, President Energy has announced that the workover rig has been mobilized to the first well location, and that operations have already commenced. Sound Energy commences drilling of third Tendrara well in Morocco Sound Energy, the African and European focused upstream gas company, is pleased to confirm the commencement of drilling at the third Tendrara well, onshore Morocco. Shell shakes up oil trading world with brash buying sprees The giant tankers anchored along the Scottish coast in the Firth of Forth weren’t going anywhere. They were just providing floating storage because there was no demand for their cargo, North Sea crude oil. Saudi Arabia breaks records on oil exports and output for year Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.