Reuters LONDON – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s (RDSa.L) chief executive said. Ben van Beurden told an online interview with IHS Markit Chairman Dan Yergin that it was too early to know if demand for oil had peaked. “Energy demand,
Reuters LONDON – OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters. OPEC, Russia and their allies, a group known as OPEC+, said they would ease record
Reuters LONDON – Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up. Brent crude fell 29 cents, or 0.66%, to $43.50 a barrel by 1121 GMT. West Texas Intermediate (WTI) crude was down 43 cents,
Reuters LONDON – A group of the world’s top oil companies, including Saudi Aramco, China’s CNPC and Exxon Mobil, have for the first time set goals to cut their greenhouse gas emissions as a proportion of output, as pressure on the sector’s climate stance grows. But the target, set by the 12 members of the Oil and Gas Climate Initiative
Reuters Oil & Gas 360 Publishers Note: This is very sad for the people of Yemen to have this accident waiting to happen. We hope that the oil can be extracted prior to the break up of the tanker. The United Nations has warned there could be a disastrous oil spill four times the size of the 1989 Exxon Valdez
Offshore Norwegian oil firm OKEA has signed a sale and purchase agreement (SPA) with Equinor to acquire the latter’s 40% operated working interest (WI) in two licences offshore Norway. The acquisition of interests in production licences PL195 and PL195 B also includes the Aurora discovery and is effective from 1 January this year. Located west of the Gjøa field in
OffShore Trident Energy has completed the acquisition of the Pampo and Enchova clusters offshore Brazil from the state-owned oil company Petrobras. Trident said on Thursday that the ten concessions in question were initially developed by Petrobras in the 1980s. Namely, the Enchova, Enchova Oeste, Marimbá, Piraúna, Bicudo, Bonito, Pampo, Trilha, Linguado, and Badejo concessions are located in the shallow part of the Campos Basin, offshore Rio de Janeiro state. The fields
MIDLAND, Texas, July 15, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (…
Reuters DUBAI/LONDON – Buyout firm Carlyle and a consortium backed by Cairn Energy are among the bidders for Royal Dutch Shell’s onshore Egyptian oil and gas assets, two sources with knowledge of the matter told Reuters. Bids for the assets are now expected to be sharply lower than initial estimates of up to $1 billion due to a weaker outlook
Fox Business A federal appeals court on Tuesday temporarily halted a judge’s order that the Dakota Access Pipeline be shut down in three weeks. The U.S. Court of Appeals for the District of Columbia Circuit issued an “administrative stay” of the judge’s order. Though the appeals court said it “should not be construed in any way as a ruling on the merits” of the
CNBC OPEC is facing “the worst of both worlds” with the current oil market demand outlook, S&P Global Platts’ head of EMEA news said Wednesday ahead of the group’s Joint Ministerial Monitoring Committee (JMMC), where it will announce recommendations for production policy along with its non-OPEC allies. “This demand issue is really key here,” Andy Critchlow, a long time oil
Weekly Crude Oil Storage as of July 10, 2020 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.5 million barrels from the previous week. At 531.7 million barrels, U.S. crude oil inventories are about 17% above the five year average for this time of year, according to the EIA crude oil and petroleum
