LONDON – High-frequency data from the United States has provided the first convincing indication of global oil market rebalancing, but it also underscore the market’s vulnerability to a COVID-19 resurgence and new lockdowns.
Total stocks of crude and refined …
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 …
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 …
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 …
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 …
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 …
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, …
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MIDLAND, Texas, July 15, 2020 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (…
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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 …
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 …
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 …
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 …
Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail. The best 8 min summary of the energy markets.
Michael covers the highlights and covers the PPE used in the oil and gas
If the “liberal” green movement had the political power during earlier periods of our nation’s history that it has now, we would not have built the railroads.
Also, there would be no interstate highway system, and the electric …
LONDON – Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report.…
Venezuela’s crude output fell in June to the lowest level in nearly eight decades, data the country provided to OPEC showed on Tuesday, as U.S. sanctions on state oil company Petroleos de Venezuela choke off exports.
Venezuela’s production tmsnrt.rs/2SNPoam …
Saudi Aramco has launched a reorganisation of its downstream business with the aim of maximising value.
The company expects to complete the work by the end of the year.
Aramco Downstream’s senior vice president Abdulaziz M. Al Gudaimi said …
360 Feedwire
The launch was attended by Mohammad Sanusi Barkindo, OPEC Secretary …
Australian LNG major Woodside is bracing for a $4.37 billion impairments hit following an asset value review.
The company is expected to take a $2.76 billion hit in its financial statements for the half-year ended June 30, 2020, …
360 Feedwire
Weatherford International plc has signed an 18-month contract with the Iraqi Drilling Company (IDC) to provide services and project management for the drilling and completion …
MOSCOW – Russia kept fuel oil exports to the United States close to its record-highs in the first six months of this year, as Washington looks to replace the heavy Venezuelan barrels it stopped buying a year ago, traders …
LONDON – Hedge funds have stopped buying oil in recent weeks as the rally that carried prices higher during May and June has run out of momentum, amid concerns about the faltering economic recovery
Hedge funds and other …
Michael Tanner hosts the 360 Digital Closing Bell - out every day in your e-mail. The best 8 min summary of the energy markets.
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International
The International Monetary Fund revised its growth forecasts for the Middle East and North Africa downward again amid an “unusually high level of uncertainty,” according to its latest regional economic report.
It now expects MENA economies to contract 5.7%
LONDON/DUBAI – The oil market is getting closer to balance as demand gradually rises, OPEC’s secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August.
The …
LONDON – Oil prices fell on Monday on a record daily rise in global coronavirus cases, with big spikes in infections over the weekend in the United States, while traders await an OPEC meeting expected to recommend an easing …
Fox Business
Oil & Gas Publishers Note: Key Point: “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” said a person familiar with the Saudis’s thinking. “There’s going to be a scramble for market share,
