World Oil (Bloomberg) – OPEC+ is facing a dilemma when it comes to reconciling the group’s goals with what the market needs, and the oil group is sending a “confused message,” according to one of the world’s top crude traders. The group led by Saudi Arabia and Russia delayed easing supply curbs last week, but now needs to pick which
World Oil (Bloomberg) – U.S. shale drillers will continue to raise oil production for years before the juggernaut stalls around 2028, dashing OPEC+ hopes for a quicker fall-off in American output growth, according to HSBC Holdings Plc. Improvements in drilling and fracking techniques amid a wave of corporate takeovers will drive the expansion and more than offset recent reductions in
World Oil (Bloomberg) – Global oil consumption is strong and the market looks relatively balanced this year as OPEC+ tries to stabilize prices, according to the Chief Executive Officer of Kuwait Petroleum Corp. The market is expected to tighten further as the year goes on, Sheikh Nawaf Al-Sabah, said in an interview. U.S. shale production has helped meet some of
World Oil (Bloomberg) – Oil production from the U.S. shale patch is expected to grow at a slower pace next month after a speed bump late last year knocked output off its record level. Combined crude production from the seven U.S. shale basins is forecast to rise to 9.72 MMbpd next month, up 0.2% from February, the U.S. Energy Information
Reuters HOUSTON – The U.S. deep freeze will wreak havoc on oil and gas production for several days if not weeks, according to industry experts, as companies deal with frozen equipment and a lack of power to run operations. Texas produces more oil and natural gas than any other U.S. state, and its operators, unlike those in North Dakota or
CNBC Two of the world’s largest oil producers — Saudi Arabia and Russia — are set to increase production dramatically this month, after an agreement between OPEC and its allies to lower output expired at the end of March. OPEC+ countries have teamed up to reduce their supply to the market since 2017, but failed to reach a deal last month. Riyadh and Moscow then separately announced that they would
