Post Tagged with: "Oil Production"

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WINNIPEG, Manitoba – In the shadow of Canada’s mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector’s already high average.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

Source: Reuters

Norway oil strike escalation could affect production from six fields: NOG

Reuters


OSLO – The escalation of a strike among offshore oil workers in Norway could affect production from six fields with total output of 330,000 barrels of oil equivalent per day (boepd), the Norwegian Oil and Gas Association (NOG) said …

Source: Reuters

Oil industry paints grimmer picture of pandemic’s harm to demand

Reuters


SINGAPORE/LONDON/NEW YORK  – Major oil industry producers and traders are forecasting a bleak future for worldwide fuel demand, due to the coronavirus pandemic’s ongoing assault on the global economy.

The novel coronavirus hammered fuel demand in the spring, causing …

September 15, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Hedge funds dump oil as outlook worsens: John Kemp

Reuters


LONDON – Hedge funds sold crude oil and refined products at the fastest rate for more than two years in the first week of September, as the summer trading lull ended abruptly and bullishness towards oil evaporated.

Hedge funds …

Source: Reuters

Oil prices at one-month low on demand worries

Reuters


LONDON – Oil prices extended losses on Thursday, falling to their lowest point since early August, as worries about weaker U.S. gasoline demand and a sluggish economic recovery from the COVID-19 pandemic dented sentiment.

Brent crude LCOc1 fell 55 …

Source: Forbes

Where the U.S. oil industry stands

Forbes


The global Covid-19 pandemic led to an abysmal second quarter for the earnings of U.S. oil companies, but oil prices themselves staged a recovery during the quarter.

The second quarter began with oil prices having fallen into the teens, …

August 24, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil gains on storm-hit U.S. output and COVID-19 treatment hopes

Reuters


LONDON- Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on signs of progress in development of a COVID-19 treatment.

Brent crude LCOc1 was up …

Source: Reuters

Occidental Petroleum to reduce debt before boosting oil output: CEO Hollub

Reuters


Occidental Petroleum expects oil and gas output to dip in the second half of the year and will not boost production until it “significantly” reduces debt, Chief Executive Vicki Hollub said on Tuesday.

The company has been struggling with …

Source: Forbes

Chapter 11 Bankruptcy statistics on U.S. shale patch are not the best barometer to gauge industry’s future

Forbes


The oil and gas industry’s most recent cyclical downturn, triggered by the Covid-19 global pandemic in March, has yet again invited close scrutiny of the U.S. shale industry. At one point, prior to the turn of events, shale was …

Source: Reuters

Exxon signals second quarterly loss in a row on production, refining hits

Reuters


HOUSTON – Exxon Mobil Corp’s (XOM.N) oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a regulatory filing on Thursday, setting the stage for the company to post …

Source: Forbes

The world’s Top 10 oil producers and consumers

Forbes


Following last week’s release of the BP Statistical Review of World Energy 2020, I began to review and analyze the data. Today I take a deeper dive into the numbers on petroleum.

Oil accounts for a third of …

June 26, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Column: Recovering oil demand could drive market into deficit by July – Kemp

Reuters


LONDON  – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle.…

Sourcee: Reuters

‘Like watching a train wreck’: The coronavirus effect on North Dakota shale oilfields

Reuters


NEW YORK (Reuters) – Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart …

Source: CNBC

Oil major Shell slashes dividend for the first time since World War II

CNBC


Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis.

The board at Shell said it had decided

Source: CNBC

Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off

CNBC


April is going to be a hellish month for the oil industry.

Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi …

Source: Reuters

OPEC president sees little impact from coronavirus on oil market: APS

Reuters


ALGIERS – OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new …

Source: Houston Chronicle

Another record year expected for Gulf of Mexico oil production

Houston Chronicle


The U.S. Gulf of Mexico is expected to set another oil production record in 2020 with most of the growth coming from deep water projects, according to a new study.

Average production next year is expected to exceed …

Two New Mexico Counties Among Nation’s Top Oil Producers

Two New Mexico Counties Among Nation’s Top Oil Producers

From THE ASSOCIATED PRESS

HOBBS, N.M.—Two New Mexico counties remain among the top oil-producing counties in the U.S., according to new federal numbers.

Data from the U.S. Energy Information Administration shows that Lea County was the No. 2 oil-producing county …

May 20, 2019 - 5:08 pm Closing Bell Story‎, Energy News
Dear Weld County’s Hard Working Citizens: When Governor Polis said He wants All Families to have a Chance to Thrive, He Wasn’t Talking about You—Weld County Commissioners

Dear Weld County’s Hard Working Citizens: When Governor Polis said He wants All Families to have a Chance to Thrive, He Wasn’t Talking about You—Weld County Commissioners

Weld County economy depends heavily on oil and gas production
The Board of Weld County Commissioners, representing the working people who live in the epicenter of Colorado’s most prolific oil-producing region, posted a message to their constituents in response to

OPEC: Too Close to Call - Oil & Gas 360

Newcomer to OPEC May Boost Output as Much as 65% This Year

From Bloomberg

The Republic of Congo expects to raise oil production by as much 65 percent this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said.

Congo joined OPEC last week and plans to open up …

Dallas Fed’s Mine Yücel talks about Global Oil & Gas Output and the Goldilocks Price for 2018

Dallas Fed’s Mine Yücel talks about Global Oil & Gas Output and the Goldilocks Price for 2018

The Federal Reserve Bank of Dallas is populated with smart people who track the comings and goings of all the factors affecting the energy industry, not just in Texas but globally.

Dallas Fed SVP and Research Advisor Mine Yücel discussed …

Alaska’s Oil Production Decline Flattens, State Hopes for a Continued Upswing

Alaska’s Oil Production Decline Flattens, State Hopes for a Continued Upswing

Oil production rose in 2016, 2017, expected to rise in 2018

Most attention in the U.S. oil and gas industry has focused on unconventionals with the Permian basin being the hottest of the hot shale plays based on operator activity, …