BOE Report The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2. The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday. OPEC+
World Oil (Bloomberg) – Miguel Galuccio knows shale. He was a founder of Argentina’s burgeoning boom, leading the first incursions into its heralded oil and gas field known as Vaca Muerta, or dead cow. The shale patch stood idle for nearly a century after its discovery until Galuccio took the reins at state-run YPF SA. But it wasn’t until Galuccio
World Oil (Bloomberg) – John Hess, the boss of the oil company that bears his family name, is talking to directly with shareholders in an effort to ensure enough support for a $53 billion acquisition by Chevron Corp., according to people familiar with the matter. The Hess Corp. chief executive officer is telling investors he got the best deal possible,
BOE Report Citi Research continues to expect that OPEC+ will hold its production cuts through the third quarter of this year, it said in a note on Wednesday. “A deeper cut would likely be a bullish surprise, but remains a low probability in our view,” the note added. Citi also said its oil price deck continues to see $86 Brent
Oil Price U.S. Democratic lawmakers have referred the world’s largest international oil companies to the U.S. Department of Justice, urging an investigation into Big Oil’s ‘deceptive claims’ about its products that have misled the public about the effects on climate. The U.S. House Oversight Committee launched in 2021 an investigation over “the reported role of the fossil fuel industry in a long-running, industry-wide campaign
Natural Gas Inventories as of May 17, 2024 The EIA has released its natural gas inventory report, showing a net increase of 78 Bcf as of May 17, 2024. Working gas in storage was 2,711 Bcf as of Friday, May 17, 2024, according to EIA estimates. This represents a net increase of 78 Bcf from the previous week. Stocks were
Reuters LONDON :Oil prices crept up on Thursday, clawing back some of the previous three days’ losses despite the U.S. Federal Reserve entertaining further tightening of interest rates if inflation remains sticky, a move that could hurt oil demand. Brent crude futures were up 51 cents, or 0.6 per cent, at $82.41 a barrel by 1121 GMT. U.S. West Texas
CNBC A federal judge in Texas on Wednesday said ExxonMobil can sue to bar a climate change proposal from an activist investor, in a case that has raised concerns about its future effect on shareholder resolutions. U.S. District Judge Mark Pittman for the Northern District of Texas ruled that Exxon’s lawsuit can proceed against Boston-based Arjuna Capital, but dismissed the oil major’s
World Oil (WO) – APA Corporation announced the sale of non-core producing properties by Apache Corporation in two separate transactions for over $700 million. Combined, the properties represent estimated net production in the first-quarter 2024 of 13,000 boed, of which just over one-third is oil. “These transactions are consistent with our active management of the portfolio, and we will continue
Oil Price The United States is on track to meet its goal to have by 2027 a domestic supply chain of rare earth elements for its defense needs, according to a senior official at the Department of Defense. The U.S. looks to cut its reliance on Chinese rare earth materials and has classified close allies Australia, Canada, and the UK
World Oil (WO) – According to the U.S. Energy Information Administration’s latest report, Guyana has significantly boosted its crude oil production since it began in 2019, reaching 645,000 bpd by early 2024, all from its prolific offshore region, the Stabroek block. From 2020 to 2023, Guyana’s crude oil production grew by an average of 98,000 bpd annually, making it the
Oil Price American oilfield services provider and pipeline operator Kinder Morgan has acquired nearly 12,000 acres of Texas oil and gas producing assets in its quest to take advantage of carbon capture incentives designed to boost output from producing fields, Reuters reported on Wednesday, citing unnamed sources familiar with the deal. According to Reuters, the Kinder acquisition indicates the attractive
