The prince’s plan to diversify the economy of the world’s largest crude exporter spans more than 10,000 square miles in a remote area of Saudi Arabia’s northwest. It’s described on its website as “a bold and audacious dream” that will become a hub for new technologies and businesses. SourceContinue Reading

Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer. SourceContinue Reading

The second-largest OPEC member, Iraq increased Basrah Light crude to buyers in Asia by 70 cents a barrel, to a $1.10 premium over the regional benchmark, according to a price list from the state oil marketer. SourceContinue Reading

After a landslide victory in 2018, Mexico’s president has cut the knees off a booming renewables market, plowed money into Pemex, and pursued two major infrastructure projects that environmentalists consider ecological disasters. SourceContinue Reading

The Grand Tortue Ahmeyim gas field development, straddling the offshore waters of Mauritania and Senegal, is expected to produce its first gas in 2023 following delays related to the coronavirus pandemic, according to Senegal’s Oil Minister Sophie Gladima. SourceContinue Reading

In a year that brought the U.S. shale industry to its knees, the Brazilian state-run giant pumped an all-time-high 2.3 million barrels a day of crude, according to a statement Thursday. That’s about the same as OPEC member Kuwait. SourceContinue Reading

“Opening the shale revolution to the world through the export ban lifting helped shift the global oil market psychology from supply scarcity to abundance,” said Karim Fawaz, director of research and analysis for energy at IHS Markit. “It unshackled the U.S. industry to keep growing past its domestic refining limitations.” SourceContinue Reading

Democratic wins in elections in Georgia mean the party is poised to take control of the Senate, House and presidency, spurring a broad move higher in financial markets. That came after Saudi Arabia pledged earlier in the week to cut production by 1 million barrels a day in February and March. SourceContinue Reading

“I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Devon Energy CEO Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.” SourceContinue Reading

In 2018, the Railroad Commission began work toward the ambitious goal of inspecting every one of the nearly 440,000 oil and gas wells in the state at least once every five years. The agency is well on its way to exceeding its goal again this year. SourceContinue Reading