NEW YORK – U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast …
LONDON – OPEC+ compliance with pledged oil output curbs fell to 75% in December, among the lowest levels since the supply pact started in May 2020, tanker tracker Petro-Logistics said on Tuesday.
This is a lower estimate of compliance …
LONDON – Almost one in three workers in the oil and gas industry faced pay cuts in 2020, a worldwide survey showed on Tuesday, as the coronavirus crisis drove down fuel demand and prices.
Oil and gas workers are …
LONDON – Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.
Saudi Arabia plans to cut output by an …
LONDON – Premier Oil shareholders on Tuesday voted in favour of a reverse takeover of private equity-backed Chrysaor to create the British North Sea’s biggest oil and gas producer in which Premier shareholders will hold about 5.5%.
“Shareholder approval …
HOUSTON – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may …
LONDON – Brent crude oil prices fell as much as $1 per barrel on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns around the world, as well as a stronger U.S. dollar.
Brent was …
LONDON – Hedge fund managers are starting to diverge over the likelihood of further oil price increases as Brent futures surge above $50 per barrel and global coronavirus infections accelerate.
Hedge funds and other money managers purchased the equivalent …
HOUSTON – Chesapeake Energy Corp’s value has soared since its June bankruptcy filing, the U.S. judge overseeing the natural gas producer’s trial indicated, and is worth $5.13 billion, far above the shale gas pioneer’s estimate.
Creditors have offered sharply …
This week’s Baker Hughes rig count shows that U.S. had an increase of 9 over last week, resulting in a total count of 360 rigs. Canada had an increase of 58 over last week, resulting in …
HIGHLIGHTS
NEW YORK -Oil prices settled higher on Thursday, hitting 11-month peaks, as markets remained focused on Saudi Arabia’s unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political turmoil in the United States.
Brent crude settled …
LONDON – Severe coronavirus restrictions around the world to contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021.
Most of Europe is now under the strictest restrictions, …
PARIS -Total will be as active in adding renewable energy assets in 2021 as it was last year, Chief Executive Patrick Pouyanne told an Oddo BHF conference on Friday.
Total is trying to reduce its dependence on oil and …
LONDON – U.S. petroleum inventories ended last year approaching normal levels, as excess crude and product stocks accumulated during the Saudi-Russian volume war and coronavirus lockdowns were absorbed successfully.
Total stocks of crude and products, excluding oil stored in …
LONDON – Oil prices hit 11-month highs and were on track for a weekly gain on Friday, supported by Saudi Arabia’s pledge to cut output and a global stocks rally as investors looked beyond rising coronavirus cases.
Brent crude …
The U.S. Army Corps of Engineers has finalized revisions to its Nationwide Permits, a program for utility stream crossings that has been criticized by environmentalists, which analysts say could cause problems for oil and natural gas pipelines.
In recent …
The Trump administration on Wednesday found few takers at its sale of drilling leases in a pristine Arctic wildlife refuge, with an Alaska state agency emerging as the sole bidder for most of the acreage sold.
The sale, which …
NEW YORK – BP Plc has given the operator of a Caribbean refinery more time to fully restart and retain its crude oil supply agreement after the plant failed to hit operating targets last year, according to people familiar …
UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year, following Saudi Arabia’s surprise unilateral production cut and expectations of a sharp recovery in demand in the second quarter on vaccine rollouts and increased travel.…
LONDON – Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.
Brent crude was …
Oil markets are in for more struggles this year despite a more than 5% boost to prices this week on news from OPEC+. The oil producer group, led by Saudi Arabia and Russia, announced that members would keep production …
HOUSTON , Jan. 6, 2021 /PRNewswire/ — PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) today reported that for the month of December 2020 , the Company had an average of 64 drilling rigs operating. For the three months …
A federal judge in Alaska ruled late on Tuesday that the Trump administration’s planned auction of oil drilling leases in the Arctic National Wildlife Refuge (ANWR) could proceed as planned on Wednesday morning.
The order by U.S. District Judge …
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.0 million barrels from the previous week. At 485.5 million barrels, U.S. crude oil …
LONDON -Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed U.S. inventories fell last week.
Brent crude was up 31
