Oil Production – Page 4

OPEC reportedly reaches compromise on oil production after dispute with UAE

July 14, 2021

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. The temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group

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

July 12, 2021

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 combined position in the six most important petroleum futures and options contracts by the equivalent of 63 million barrels to

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

June 28, 2021

Reuters WINNIPEG, Manitoba – In the shadow of Canada’s mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector’s already high average.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 Canada’s goal to cut emissions by 40-45% by 2030. With oil prices near 2-1/2-year highs and dim prospects for building

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

March 30, 2021

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 to jump-start talks. The Biden administration has been seeking to engage Iran in talks about both sides resuming compliance with

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

December 9, 2020

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 Oil Ministry gave no further details about the assailants behind the explosive devices that targeted the wells in Khabbaz oilfield, 20

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

November 19, 2020

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 down 35 cents to $43.99 a barrel by 12:36 p.m. EST (1736 GMT). U.S. West Texas Intermediate crude slipped 32

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

November 17, 2020

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 output next year. The OPEC+ producer group, for now, is due to raise output by 2 million barrels per day

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

October 26, 2020

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 after a blockade on the country’s oil exports by one faction in the country’s six-year-long civil war was lifted. This

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

October 8, 2020

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 conditions. The strike has helped lift benchmark Brent crude above $43 a barrel this week and the prospect of more

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

October 2, 2020

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 on Friday. Norway’s Lederne labour union said on Wednesday it would escalate action from midnight Oct. 4 after dozens of

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

September 15, 2020

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 consumption to drop by more than one-third as billions of people worldwide restricted their movements. Consumption rebounded in the summer,

Hedge funds dump oil as outlook worsens: John Kemp

September 14, 2020

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 and other money managers sold the equivalent of 171 million barrels in the six most important petroleum futures and options

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