Reuters MOSCOW – Russia’s energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed. OPEC and allies including Russia, known as OPEC+, agreed in April they would gradually ease production cuts – introduced to support prices
Reuters LONDON – The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best,
Reuters LONDON – Oil prices fell on Monday as force majeure at Libya’s largest oilfield was lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta. Brent crude LCOc1 fell 57 cents, or 1.3%, to $42.28 a barrel by 1340 GMT and U.S. West Texas Intermediate CLc1 was down 60 cents, or 1.5%, at $40.00. “It’s all about
Reuters LONDON – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of the Petroleum Exporting Countries, made in its
Reuters OSLO – Six Norwegian offshore oil and gas fields were shut on Monday as more workers joined a strike over pay, companies and union officials said. The strike will cut Norway’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production, according to the Norwegian Oil and Gas Association (NOG).
Reuters LONDON – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum ExportingCountries pumped 24.38 million bpd on average in September, thesurvey found, up 160,000
Reuters ConocoPhillips COP.N on Wednesday forecast a smaller-than-expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U.S. oil and gas producer to halt the program in April. Oil companies were forced to slash dividends, halt buybacks and curtail production earlier this year as the COIVD-19 crisis hammered energy demand,
Reuters LONDON – Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel restrictions. Brent crude LCOc1 futures rose 8 cents, or 0.2%, to $41.85 a barrel by 1408 GMT. U.S. West Texas Intermediate (WTI)
Reuters HOUSTON – Storm-tossed U.S. offshore energy producers and exporters began clearing debris on Thursday from Hurricane Sally and booting up idle Gulf of Mexico operations after hunkering down for five days. The storm toppled trees, flooded streets and left almost 500,000 homes and businesses in Alabama and Florida without power. Sally became a tropical depression on Thursday, leaving widespread
Reuters LONDON – Oil prices rose on Tuesday, supported by hurricane supply disruptions in the United States, but forecasts of a slower than expected recovery in global demand from the pandemic weighed. Brent crude LCOc1 was up 41 cents, or 1%, at $40.02 a barrel by 1341 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 47 cents, or 1.3%, at
Fox Business The energy industry is assessing damage caused by storm surges and high winds as Hurricane Laura cut a dangerous path across the coastlines of Texas and Louisiana, making landfall early Thursday. Oil and gas producers evacuated platforms and rigs in the Gulf of Mexico and companies shut down refineries in the storm’s path. More than 900,000 customers were without power in
Reuters LONDON – World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market. World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the
