Post Tagged with: "Oil Production"

Source: Oil Price

Saudi won’t boost oil production capacity: Here’s why

Oil Price


Since Saudi Arabia’s announcement that it is scrapping plans to expand its oil production capacity by 1 million barrels per day (bpd), speculation has flourished about the reasons behind the decision.

First, analysts speculate that the outlook on …

Source: World Oil

Venezuelan oil production to swiftly decline under renewed U.S. sanctions

World Oil


(Bloomberg) – Venezuelan oil production at a four-year high is expected to decline quickly if the US follows through on threats to reinstate sanctions on the nation.

The Biden administration on Tuesday said sanctions relief to Venezuela’s oil …

Source: World Oil

Freezing temperatures in U.S. shut in over half of North Dakota’s oil production

World Oil


(Bloomberg) – Freezing temperatures sweeping the U.S. shut in more than half of North Dakota’s oil production and curbed refinery operations in Texas.

The outage in the second-largest U.S. shale basin briefly lifted West Texas Intermediate futures. Physical …

Source; World Oil

U.S. shale drillers use ramp up oil production, calling OPEC+ strategy into question

World Oil


(Bloomberg) – Shale drillers from the Permian basin in West Texas to the Bakken shale of North Dakota have ramped up oil production well beyond what analysts foresaw, pushing output to a record just as OPEC and its …

Source: Reuters

Oil production from Permian basin to expand through year’s end

World Oil


(Bloomberg) – Oil production from the Permian basin will expand in November and December, marking the region’s longest run of monthly gains in two years. The world’s most productive shale patch is expected to pump a record 5.98 …

Source: Reuters

OPEC’s oil production inched up in October

Oil Price


OPEC’s crude oil production rose in October by 80,000 barrels per day (bpd) compared to September, but the output at the countries bound by the OPEC+ pact continued to be well below the levels agreed, OPEC said on …

Source: World Oil

Alberta crude oil production falls to seven-year low amidst oil-sands mines maintenance

World Oil


(Bloomberg) – Crude production in Canada’s energy heartland fell to the lowest in seven years in June amid maintenance at oil-sands mines and as Suncor Energy Inc.’s output was partially excluded, according to Alberta Energy Regulator data.

Alberta’s …

Source: Reuters

Permian oil production hasn’t peaked yet

Oil Price


The Permian basin has not yet seen peak oil production, according to Occidental’s chief executive Vicki Hollub.

 

 

The executive believes that growth in the play’s production rates will even offset declines in other shale basins across …

Source: World Oil

Oil production from Argentina shale to create surplus in energy trade

World Oil


(Bloomberg) – Booming oil production out of shale patch Vaca Muerta will create surpluses in energy trade for Argentina to the tune of $8 billion within a few years, Energy Undersecretary Flavia Royon said in an interview.

Drilling …

COPL reports first oil production at Cole Creek Unit in Wyoming

COPL reports first oil production at Cole Creek Unit in Wyoming

World Oil 


(WO) — Canadian Overseas Petroleum Limited (COPL) and its partners announced first oil production from the Frontier 1 sands at its Cole Creek Unit. The company began recompletion operations on the well 11-27-35n-77w at the end of Dec. …

Source: Reuters

Oil production picking up in second-largest U.S. shale field

BOE Report


Oil production in South Texas, home of the second largest U.S. shale field, is expected to rise as much as 4% this year, as higher prices spur more drilling and as U.S. crude exports set new records.

Output …

Source: Oil Price

U.S. oil production growth’s path is clear

Oil Price


How much will U.S. oil production grow this year—this is the question on a lot of minds, both in the United States itself, and across the world.

 

After proving it could become a game-changer for the global …

Source: World Oil

Oil production plateaus in the Permian push producers to Midland

World Oil


(Bloomberg) — With over two-thirds of the Permian’s premium land now drilled, producers are seeking more permits than ever to burrow beneath Midland and its 130,000 residents, according to BMO Capital Markets.

 

Analysts say the Permian could …

Source: Reuters

Putin says Russia could cut oil production over West’s ‘stupid’ price cap

Yahoo Finance


MOSCOW – Russia, the world’s biggest exporter of energy, could cut oil production and will refuse to sell oil to any country that imposes the West’s “stupid” price cap on Russian oil, President Vladimir Putin said on Friday.…

Source: Oil Price

OPEC raised oil production in September but remained below target

Oil Price


OPEC raised its crude oil production by 146,000 barrels per day (bpd) in September compared to August, but the ten OPEC members in the OPEC+ pact still had their total output well below the target level under the …

Source: Reuters

OPEC+ agrees deep cuts to oil production despite U.S. pressure

Investing


VIENNA/LONDON – OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.…

Source: Bloomberg

Libyan oil production hits 1 million barrels a day

World Oil


(Bloomberg) — Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April.

 

The OPEC member, home to Africa’s largest crude …

Source: World Oil

U.S. believes OPEC has capacity to increase oil production

World Oil


Source: Reuters

Canada’s economy suffers setback on oil-production slowdown

World Oil


(Bloomberg) — Canada’s economic expansion suffered a minor setback last month after a robust start to the year, driven by a drop in oil production.

 

Preliminary data show gross domestic product contracted by 0.2% in May as …

Source: World Oil

Chevron raises Permian Basin oil production growth target to 15%

World Oil


(Bloomberg) — Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages.

Chevron will produce the equivalent of …

Source: World Oil

Russia’s weak December oil production signals lack of capacity

World Oil


(Bloomberg) –Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity.

With OPEC+ meeting in two days to consider …

Source: CNBC

OPEC reportedly reaches compromise on oil production after dispute with UAE

CNBC


DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters.…

Source: Reuters

Column: Hedge funds took profits as U.S. oil price hit highest in more than six-years

Reuters


LONDON – Portfolio managers took profits on their bullish petroleum positions after OPEC+ failed to reach agreement on increasing production and U.S. oil prices hit their highest level since late 2014.

Hedge funds and other money managers cut their …

Source: Reuters

Old, small and CO2-intense: why Canada’s highest-carbon oil sites keep pumping

Reuters


WINNIPEG, Manitoba – In the shadow of Canada’s mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector’s already high average.

These projects present another challenge to …

Source: Reuters

Iran rejects ending 20% enrichment before U.S. lifts sanctions-state TV

Reuters


DUBAI -Iran will not stop its 20% uranium enrichment before the United States lifts all sanctions, Iranian state TV quoted an unnamed official as saying on Tuesday, after a U.S. media report said Washington would offer a new proposal …

Source: Reuters

Two small Iraqi oil wells set ablaze in ‘terrorist attack’, ministry says

Reuters


KIRKUK  -Two wells in a small oilfield in northern Iraq were set ablaze by explosives in a “terrorist attack” on Wednesday but overall production from the field was not affected, the Oil Ministry and officials said Wednesday.

The …

December 9, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News, International
Source: Reuters

Oil prices pull back as surge in virus cases raises concerns about demand

Reuters


NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.

Brent crude was …

Source: Reuters

Exclusive: OPEC+ sees oil cut extension curbing 2021 rise in oil stocks, document shows

Reuters


DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …

Source: Reuters

Libya’s ramped-up oil output throws another wrench at prices and OPEC’s plans

CNBC


A truce in Libya has busted open a renewed source of oil supply, further threatening the commodity’s faltering recovery from its historic drop earlier this year.

Libya’s main warring factions signed a purportedly permanent truce last week, a month …

Source: Reuters

Strike could cut a quarter of Norway’s oil and gas output next week

Reuters


In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and …