Post Tagged with: "cuts"
Exclusive-Shell cuts low-carbon jobs, scales back hydrogen in overhaul by CEO
LONDON – Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, it said on Wednesday.
The staff
Saudi oil production cuts to deepen rift with U.S.
Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until …
Oil rallies on Saudi and Russian supply cuts for August
Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates.
Saudi Arabia on Monday …
OPEC+ cuts sent bullish bets on Brent soaring
Money managers boosted their net bullish bets on Brent Crude by the second-largest amount on record following the surprise announcement from major OPEC+ producers that they would remove more than 1 million barrels per day (bpd) from the …
OPEC cuts oil demand growth forecast again as economic challenges mount
LONDON – OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates.
Oil …
OPEC+ cuts attract funds back to oil market: Kemp
LONDON – Portfolio investors continued heavy buying of crude oil futures and options for a second week after OPEC+ cut its production target more than expected.
Hedge funds and other money managers purchased the equivalent of 47 million …
Russia widens Europe gas cuts as Gazprom halts Dutch trader’s supply
Russia widened its gas cuts to Europe on Tuesday with Gazprom turning off supply to top Dutch trader GasTerra escalating the economic battle between Moscow and Brussels and pushing up European gas prices.
The move comes a day …
Oil dips on demand concerns after IMF cuts growth outlook
LONDON -Oil prices fell in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation.
Brent crude was down $3.94, or 3.4%, to $109.22 a
Shell to write down assets again, taking cuts to more than $22 billion
LONDON – Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook.…
Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget
Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.
Schlumberger …
Saudis, Russia Determine the Future of OPEC+ Cuts this Month
From Bloomberg/Houston Chronicle
A year ago, in the enduring twilight of one of St. Petersburg’s famous “white nights” of summer, Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.
This week, …
Oil Markets on Track to Balance: Saudi Oil Minister
December cuts were “a lifeline for U.S. shale oil producers”: Al Falih
Saudi energy chief concerned about volatility, prevailing negative sentiment
From Gulf News
Abu Dhabi: Global oil markets are on the right track and will soon return to balance …
How the U.S. Will Handle the OPEC-Russia Spigot
Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered …
The U.S. Sanctions Venezuela
On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government.
According to law firm Akin Gump, the new prohibitions …
We Can Ramp Production Back Up to Pre-Cut Levels in 60 Days: Rosneft
Russian giant Rosneft Oil Company (ticker: ROSN) reported a Q1 2018 net income of USD$1.5 billion (RUB$81 billion) with a spending budget of $3.9 billion (RUB$223 billion).
More multistage fracs, horizontal wells
The company produced 5.71 MMBOE in Q1 2018. …
World Hungers for Oil: IEA
The International Energy Agency (IEA) released a new Oil Market Report (OMR) today.
In its OMR, the IEA said countries across the globe have been steadily consuming more and more oil over the past few years.
The IEA said that …
