Post Tagged with: "oil output"

Source: Oil Price

U.S. record-breaking oil output one more blow to OPEC

Oil Price


Record crude oil production in the United States is serving a fresh blow to oil bulls and OPEC, just as the cartel was trying to push benchmarks higher by adopting deeper production cuts. The EIA reported last week …

Source: Reuters

Oil output inches up at top US shale firms, with faster growth elusive

Nasdaq


HOUSTON – Top U.S. shale oil producers are raising output by pulling more from each well but lack the level of activity to add significant new volumes, a Reuters analysis of investor forecasts showed.

The companies that a decade …

Source: Reuters

OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds

Nasdaq


LONDON – OPEC oil output has fallen in July after Saudi Arabia made an additional voluntary cut as part of the OPEC+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey …

Source: Reuters

OPEC oil output posts small drop in June ahead of Saudi cut – Reuters survey

Nasdaq


LONDON – OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider OPEC+ deal and voluntary cuts by several members to support the market, …

Source: Reuters

Russian energy ministry briefs analysts on oil output -sources

Yahoo Finance


Russia’s Deputy Energy Minister Pavel Sorokin held a call this month with Western analysts about country’s oil production, trying to convince them that Russia had reduced output as targeted, three sources with knowledge of the call told Reuters …

Source: Reuters

OPEC+ brings forward oil output rises as Biden’s Saudi visit looms

Yahoo


DUBAI/LONDON/RIYADH -Saudi Arabia and other OPEC+ states agreed to bring forward oil production rises to offset Russian output losses to ease surging oil prices and inflation and smooth the way for an ice-breaking visit to Riyadh by U.S. President …

Source: Reuters

BP to keep betting on lower carbon, more economical offshore oil output

Investing


HOUSTON – British oil major BP (LON:BP) will continue betting on “lower carbon, more economical” offshore oil and gas exploration and production, a company executive said on Monday, warning that lack of investment could lead to global …

Source: Reuters

OPEC oil output in April barely rises as African outages weigh-survey

Reuters


The increase in OPEC’s oil output in April undershot the rise planned under a deal with allies, a Reuters survey found, as declines in Libya and Nigeria offset supply increases by Saudi Arabia and other top producers.

The Organization …

Source: Reuters

Russian oil output falls below 10 mln bpd, lowest since July 2020 – sources

Nasdaq


Russian oil and gas condensate production fell below 10 million barrels per day (bpd) on Monday to its lowest since July 2020, two sources familiar with data said on Tuesday, as sanctions and logistical constraints hamper trade.

Sources said …

Source: Reuters

EU meets OPEC amid calls for oil output increase

Yahoo Finance


BRUSSELS – European Union officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output and as the EU considers potential sanctions on Russian oil.

OPEC has resisted calls …

Source: Reuters

Analysis: Russia seen missing its May target for pre-pandemic oil output

Nasdaq


MOSCOW, Dec 28 – Russia is unlikely to hit its May target of pre-pandemic oil output levels due to a lack of spare production capacity but could do so later in the year, analysts and company sources said on …

December 28, 2021 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Shale driller Diamondback to hold oil output steady through 2022

World Oil


HOUSTON (Bloomberg) –Diamondback Energy Inc. just gave one of the first shale production forecasts for next year, and it’s holding pat.

Even as the market girds for $100 crude in 2022, the Permian Basin driller is pledging to …

Source: Reuters

Permian basin oil output nears pre-pandemic levels

World Oil


(Bloomberg) –Oil output in America’s most prolific shale patch is getting closer to levels seen before the pandemic-driven market crash, as crude prices surge.

While total production in the U.S. is still lagging, the Permian Basin of West …

Source: Reuters

Hit to oil output from Ida overshadows demand impact, says Goldman

Nasdaq


Goldman Sachs said Hurricane Ida had a larger impact on oil production than on refinery demand, causing a net “bullish” impact on U.S. and global storage levels.

The investment bank, in a note dated Sept. 9, described the hit …

September 13, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Russia struggles to raise oil output despite price rally – sources

Reuters


MOSCOW – Russian oil production has declined so far in June from average levels in May despite a price rally in oil market and OPEC+ output cuts easing, two sources familiar with the data told Reuters on Monday.

Russia’s …

Source: Reuters

Iran prepared to ramp up oil output quickly if U.S. sanctions eased – SHANA

Reuters


DUBAI – Iran is planning a speedy increase in its oil output, a senior oil ministry official said on Wednesday, as talks continue between Tehran and six major powers to lift U.S. sanctions that have seen it pumping far …

Source: Reuters

Exclusive: ‘Busy on other fronts’ – White House without Trump stays quiet on OPEC

Reuters


LONDON/WASHINGTON – When oil prices surged during Donald Trump’s term in the White House, OPEC and its allies had to brace for a Twitter storm demanding action to bring prices down.

That has all changed under U.S. President Joe …

Source: Reuters

Iran oil output faces race against time as U.S. sanctions linger

Reuters


LONDON/SINGAPORE – Iran’s oil reserves risk becoming stranded assets unless the new U.S. administration eases sanctions that have left the country lagging rivals in output capacity and losing a race against time as the transition to low carbon energy …

February 15, 2021 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Saudi’s surprise output cut to lift Brent to $60/bbl by mid-year – UBS

Reuters


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.…

Source: Reuters

OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows

Reuters


LONDON – OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.

The 13-member Organization of the …

November 30, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil price path depends on coronavirus control: Kemp

Reuters


LONDON- Global jet fuel consumption remains severely affected by the uneven recovery in aviation; cargo volumes have rebounded but cross-border passenger flying remains blocked by quarantine restrictions in many countries.

In the United States, commercial jet fuel production over …

Source: Reuters

Hurricane Delta steams across Gulf of Mexico, halting 80% of oil output

Reuters


HOUSTON – Hurricane Delta raked across the prime U.S. offshore oil producing areas in the Gulf of Mexico on Thursday as energy companies pulled workers from offshore platforms and began securing coastal processing plants.

The storm was about 400 …

October 8, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Mexican crude oil output slips to record low in July

Mexican crude oil output slips to record low in July

Reuters


MEXICO CITY  – Mexico’s oil output hit a record low in July at 1.605 million barrels per day (bpd), down slightly for both state-run Pemex and upstart private producers and putting the country’s oil patch on track for its …

Source: Reuters

Hurricane Laura poses biggest storm threat to U.S. oil output in 15 years

Reuters


HOUSTON  – The U.S. energy industry on Tuesday was preparing for a major hurricane strike, cutting crude production at a rate approaching the level of 2005’s Hurricane Katrina and halting oil refining at plants along the Texas-Louisiana coast.

Officials …

August 26, 2020 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows

Reuters


LONDON  – OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite …

Source: Houston Chronicle

OPEC output falls as Gulf nations step up delivery of oil cuts

Houston Chronicle


OPEC’s output declined last month as several Persian Gulf producers stepped up their implementation of cutbacks aimed at balancing global oil markets.

Saudi Arabia, Iraq and the United Arab Emirates reduced production in December, the final month of …

FILE PHOTO: Pump jacks are seen at the Ashalchinskoye oil field owned by Russia's oil producer Tatneft near Almetyevsk, in the Republic of Tatarstan, Russia, July 27, 2017. REUTERS/Sergei Karpukhin

Russia says it missed oil-deal target due to rise in gas condensate output

Reuters:


Russia produced more oil in September than envisaged by a global deal due to an increase in gas condensate output as the country prepared for winter, local news agencies reported on Sunday.

Russian oil output edged down to …

October 21, 2019 - 11:10 am Closing Bell Story‎, Energy News
Saudis’ Biggest Oil Surge in 5 Years Barely Steadies OPEC

Saudis’ Biggest Oil Surge in 5 Years Barely Steadies OPEC

From Bloomberg

Under U.S. pressure, kingdom boosts production by 330,000 b/d

Libyan, Venezuelan losses mean total OPEC output holds steady. Saudi Arabia’s biggest oil-production surge in five years was only enough to keep OPEC’s output steady last month, as losses …

Saudi Arabia Puts Pedal to the Floor on Oil Production

Saudi Arabia Puts Pedal to the Floor on Oil Production

“If you are Saudi Arabia…you would go to full capacity”

Goldman Sachs and Citi Group predict that Saudi Arabia will likely start to push production to its daily maximum of 11 MMBOPD in the second half of 2015, reports Bloomberg