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 Biden. His team barely uttered a word this month when crude soared to more than $70 a barrel, an almost
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 gathers pace. Iran, which sits on the world’s fourth-largest oil reserves, relies heavily on oil revenue, but sanctions have prevented
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. With Saudi Arabia’s move, OPEC’s production increase of 0.5 million barrels per day (bpd) for January is reversed in full,
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 Petroleum Exporting Countries has pumped 25.31 million barrels per day (bpd) in November, the survey found, up 750,000 bpd from
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 the four weeks to Oct. 30 averaged just 0.7 million bpd compared with compared with 1.6 million bpd a year
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 miles (645 km) south of Cameron, Louisiana, and grinding toward the Louisiana coast at 14 miles per hour (22 kmh).
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 lowest production since the 1970s. Pemex, formally known as Petroleos Mexicanos, produced just 1.548 million bpd in July while private
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 in the two states ordered hundreds of thousands of coastal residents to flee inland as Hurricane Laura strengthened and forecasters
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 incomplete adherence by Iraq and Nigeria. The 13-member Organization of the Petroleum Exporting Countries pumped 22.62 million barrels per day
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 a round of restrictions by the cartel before it presses on with new — and even deeper — curbs this
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 11.25 million barrels per day (bpd) last month from August’s 11.29 million bpd but remained above the cap set under the
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 elsewhere in the group piled up. The kingdom is delivering on its promise to try and tame crude prices, boosting
