Oil and gas drilling set for ‘staggering’ 20-year low – Rystad
Oil and gas drilling is on course for a "staggering" 20-year low, according to consultancy Rystad Energy.
Russia
Opec keen to avoid oil ‘taper tantrum’
Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of OPEC+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of the U.S. Federal Reserve.
NOC blames UAE for Libyan shutdown
Libya’s National Oil Corp. (NOC) has named the United Arab Emirates as being behind the order to stop production in the North African country.
Russian mercenaries seize Sharara
Russian mercenaries are reported to have arrived at the Sharara oilfield, Libya’s National Oil Corp. (NOC) has said.
The big oil turnaround: From negative prices to a bull market
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude.
Oil steadies after rally paused on Saudi supply move
Oil was anchored near $38 a barrel as expectations U.S. crude stockpiles extended declines offset a decision by Saudi Arabia to cease extra voluntary production cuts by the end of this month.
Oil advances after OPEC+ extends production cuts
Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.
OPEC+ agrees to extend output cuts as cheats offer penance
OPEC+ agreed to a one-month extension of its record output cuts and adopted more stringent methods to ensure members don’t break their production pledges.
Updated: Oil’s climb continues as strong jobs data adds to OPEC+ optimism
Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data were better than expected.
Russia declares state of emergency over Arctic Circle oil spill
Russia declared a federal state of emergency in the Krasnoyarsk region as pollution from a diesel spill in the Arctic city of Norilsk drew comparisons with the Exxon Valdez accident off Alaska in 1989.
Oil slips with planned Opec+ talks stymied by Iraq obstacle
Oil declined as OPEC+ unity was threatened by a long-running feud over compliance with production cutbacks.
Oil dips as quota cheating casts doubt over Opec+ meeting
Oil erased gains as the OPEC+ meeting was put in doubt over cheating by some nations on their output-cuts deal.
‘Relief’ for some as oil rises past $40, but North Sea activity to remain depressed
Oil prices rose past $40 per barrel mark on Wednesday amid speculation that quotas for international production cuts could be kept higher for longer.
United States Oil Fund faces investigation over risk disclosures to investors
A popular exchange traded fund that uses complex derivatives to track oil is being investigated by U.S. regulators over whether its risks were properly disclosed to investors, scrutiny triggered by crude’s historic slump during the coronavirus crisis, said three people familiar with the matter.
Oil drops further on signs US stockpiles expanding
Oil extended its drop after a U.S. industry report signaled crude inventories swelled for the first time in three weeks, raising fresh concerns about excess supply.
Failure of Tripoli offensive sees Libya headed for stalemate
The Libyan National Army (LNA) has suffered major setbacks in its attacks on Tripoli, home of the Government of National Accord (GNA).
Oil climbs on hopes market may balance in coming weeks
Oil rose today following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Turkey issues warning to Haftar in Libya
Turkey’s Ministry of Foreign Affairs has warned that any attempts by General Khalifa Haftar to target its interests in Libya would have “severe consequences”.
Ostroleka u-turn shows Poland’s energy transition is underway
Polish oil refiner PKN Orlen’s announcement that it will only complete the 1 GW Ostroleka power plant if it is fuelled by gas and not coal signals that Poland’s energy transition is underway.
Global E&P revenues to fall by $1 trillion in 2020, Rystad says
The devastating effect of the Covid-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020.
The next chapter of the oil crisis: Industry shuts down
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
Next generation’s enthusiasm is best hope for achieving energy transition
Oil prices have plunged to record lows this past week. While one particular benchmark, West Texas Intermediate, went below minus $40 per barrel a week ago, that is headline grabbing but not the primary concern.
IEA calls for deeper cuts
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
Will Covid-19 kill the oil industry?
As Coronavirus lockdowns continue to spread around the world, the oil industry faces more disruption to demand and supply chains, with many margins and prices already collapsing.
Saudi Arabia, Russia signal that further output cuts could be on the cards
Saudi Arabia and Russia signaled they may be open to further output cuts after the latest OPEC+ deal to curb global oil supplies failed to stem the crude’s downward spiral.