World Oil (Bloomberg) — A U.S. energy envoy said he is confident Persian Gulf producers will increase oil output after President Joe Biden’s visit to Saudi Arabia, where he met with regional leaders. “Based on what we heard on the trip, I’m pretty confident that we’ll see a few more steps in the coming weeks,” Amos Hochstein, the State
World Oil (Bloomberg) — Bumping along the desolate highways of the Permian Basin, the world’s busiest oil field, there are long stretches where all you see are drilling rigs, sage brush and miles upon miles of sand. That’s why it’s so strange that Texas crude producers are facing a sand shortage of more than 1 million tons and prices that have jumped 150%. Frac sand, which
CNBC As oil prices surge to the highest levels since 2008, Occidental Petroleum CEO Vicki Hollub said U.S. producers cannot increase output right away. “We’re in a really dire situation,” she said Tuesday at CERAWeek by S&P Global. “We’ve never faced a scenario where we need to grow production, when actually supply chains not only in our industry but every industry in
World Oil (Bloomberg) –The Biden administration is working with oil-producing countries to ensure supply rises to meet demand, according to the White House, as prices surge to the highest level in seven years. The White House plans to continue to monitor prices in the context of global growth and hold discussions with OPEC+ countries as needed, National Security Council spokeswoman
Reuters NEW YORK – Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. The winter storm that gripped Texas and much of
Reuters DUBAI – Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”. “We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high,
Reuters LONDON – Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries. Slower growth will intensify intra-company and intra-company competition for market share putting downward pressure on prices, revenues, investment and employment over the next two decades. Petroleum
Reuters WASHINGTON – The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy by changing course, a senior official said on Tuesday. “We trust that other major oil producers will not revert to
Reuters LONDON – Oil prices rose on Tuesday to near three-month highs on expectations that major producers would agree to extend output cuts that have shored up prices, during a video conference likely to be held this week. Benchmark Brent crude LCOc1 rose 2.2%, or 83 cents, to $39.15 a barrel as of 1215 GMT. U.S. West Texas Intermediate (WTI)
CNBC West Texas Intermediate for June delivery jumped more than 12% on Monday to a two-month high, one day ahead of the contract’s expiration, as production cuts and the easing of stay-at-home restrictions supported prices. “Producers are significantly throttling back output and, with demand increasing, the market is on a slow path towards recovery,” said Rystad Energy’s senior oil markets
Reuters Oklahoma’s energy regulator on Wednesday ruled in favor of an oil company’s emergency application to classify unprofitable production as economic waste, enabling producers to maintain leases when output is halted due to low prices. The decision represents the first win by oil groups seeking regulatory relief to oil and gas prices that have tumbled to levels not seen in
Reuters DUBAI/LONDON (Reuters) – The world’s top oil producers Saudi Arabia, Russia and the United States still seemed at odds on Wednesday before this week’s meetings on potentially big output cuts to shore up crude prices that have been hammered by the coronavirus crisis. Saudi Arabia and Russia, which fell out when a previous pact on curbing supplies collapsed in
