A House Democrat who’s urging the White House to reduce oil prices by banning exports of U.S. crude oil says he’s been told the idea is under consideration. SourceContinue Reading
The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India and South Korea and the UK — an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that could prompt a backlash by OPEC+. SourceContinue Reading
Oil prices recovered earlier declines as the U.S. and other consuming nations announced a landmark move to tap their strategic reserves. SourceContinue Reading
Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations. SourceContinue Reading
Crude oil and natural gas production in the Eagle Ford shale play, situated in southeast Texas, dropped by almost 35% and 20%, respectively, in May 2020 due to the COVID-19 pandemic, according to GlobalData. SourceContinue Reading
Neptune Energy has extended a contract for Odfjell Drilling’s Deepsea Yantai drilling rig, to include three additional wells in the Norwegian North Sea next year. SourceContinue Reading
President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve in concert with several other countries as soon as Tuesday, according to people familiar with the plan. SourceContinue Reading
France’s TotalEnergies SE and Italy’s SpA said they were ready to invest billions of dollars in Libya as the OPEC nation emerges from a decade of conflict and civil war. SourceContinue Reading
OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves. SourceContinue Reading
BHP Group and Woodside Petroleum Ltd. approved investment in a $12 billion Australian gas project as the companies also confirmed details of a merger to combine their energy assets. SourceContinue Reading
