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 …
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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,
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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This week’s Baker Hughes rig count shows that U.S. had a decrease of 5 over last week, resulting in a total count of 258 rigs. Canada had an increase of 8 over last week, resulting in …
TUNIS/LONDON – Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a Vitol tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown …
LONDON – Oil prices steadied on Friday but were still set for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand.
Brent crude …
LONDON – The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook.
The Paris-based IEA raised its forecast to 92.1 million barrels …
HOUSTON , July 9, 2020 /PRNewswire/ — Talos Energy Inc. (“Talos,” or the “Company”) (NYS…
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International News
The oil and gas industry has always been an easy target for ambitious politicians. Jimmy Carter based much of his 1976 presidential campaign on using the industry as a boogeyman, blaming it for embargoes and price shocks that it …
The disruptions to global petroleum supply and consumption as a result of the 2019 novel coronavirus disease (COVID-19) and associated mitigation efforts have been significant. As road and air travel fell sharply when economies around the world went into …
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 ,just because we are not shutting down the pipeline, we
MOSCOW – Russian mining giant Norilsk Nickel (Nornickel) is disputing more than $2 billion in damages after a fuel spill which Russia’s environmental watchdog has said threatens unprecedented damage to the Arctic.
Watchdog Rosprirodnadzor sent a request for “voluntary …
