Investing LONDON -Oil prices leapt more than $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, with global inventories forecast to decline through the fourth quarter. Brent futures rose $3.30 to $89.30 per barrel as of 1311 GMT. US West Texas Intermediate (WTI) crude gained $3.32 to $86.23
World Oil (Bloomberg) – The U.S. imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at limit
World Oil (Bloomberg) —Exxon Mobil Corp.’s $59.5 billion acquisition of Pioneer Natural Resources Co., the biggest U.S. energy deal in decades, is poised to usher in a new era of industry-shifting takeovers. The shale sector is a hotbed of consolidation talk as oil companies compete for the best drilling portfolios in the Permian basin, North America’s biggest source of crude.
World Oil (Bloomberg) – Exxon Mobil Corp. expects to trim annual costs by about $2 billion as it integrates the $60 billion purchase of Pioneer Natural Resources Co., said Chief Executive Officer Darren Woods. About two-thirds of the savings will come from squeezing more oil out of the U.S. Permian basin via improved fracking methods and other technological improvements, Woods
Oil Price Global oil demand is set to rise by 2.4 million barrels per day (bpd) this year and by another 2.2 million bpd next year amid improving Chinese economy, OPEC said on Thursday, leaving its demand forecast for both 2023 and 2024 unchanged, despite fears of slowing economies and demand destruction. Developing economies, led by China, will account for
World Oil (Bloomberg) – U.S. crude oil production surged to a record during the third quarter and is expected to climb further above 13 MMbpd as the nation increasingly plays a vital role in supplying global markets. U.S. oil production jumped to 13.13 MMbpd last quarter and is forecast to rise to 13.16 MMbpd in the fourth quarter, according to
Natural Gas Inventories as of October 6, 2023 The EIA has released its natural gas inventory report, showing a net increase of 86 Bcf as of October 6, 2023. Working gas in storage was 3,529 Bcf as of Friday, October 6, 2023, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week. Stocks were
Yahoo Finance NEW YORK – Petrie Partners, a boutique advisory firm known to few outside the energy industry, advised on Pioneer Natural Resources Co’s $60 billion sale to Exxon Mobil, this year’s biggest deal, alongside major investment banks. Goldman Sachs Group and Citigroup Inc, which took the lead in advising Pioneer and Exxon, respectively, are expected to garner the biggest
Oil and Gas 360 SPRING, Texas & IRVING, Texas–(BUSINESS WIRE)– Exxon Mobil Corporation (NYSE: XOM) and Pioneer Natural Resources (NYSE: PXD) jointly announced a definitive agreement for ExxonMobil to acquire Pioneer. The merger is an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5, 2023. Under the terms of the agreement,
Oil Price Tellurian has applied for a three-year construction permit extension with the Federal Energy Regulatory Authority to complete the construction of the Driftwood LNG facility. The Driftwood LNG plant, currently under construction, would be one of the biggest in the world, with a capacity of up to 27.6 million tons of liquefied natural gas annually. The price tag of the project is
Oil Price One of the world’s exploration hotspots, Namibia, expects first oil from the recent major offshore discoveries by 2030, the country’s Petroleum commissioner Maggy Shino told Reuters on Wednesday. “For the oil project, deep water we are thinking of having an FPSO and then exporting the crude to the market,” the commissioner told Reuters on the sidelines of a petroleum
World Oil (Bloomberg) — President Joe Biden is set this week to announce as much as $7 billion in funding for hydrogen projects across the country as part of a competition to jump-start production of the clean-burning fuel in the U.S., according to people familiar with the matter. The funding for so-called hydrogen hubs, where the gas can both be
