Algeria’s Energy Minister Abdelmajid Attar, who holds OPEC’s rotating presidency, said there was no guarantee the group and its allies would raise crude production by 2 million barrels a day by April, even after an agreement earlier this month to reach that level in steps. SourceContinue Reading

Home to the Bakken shale formation, North Dakota won’t see any sustained growth in production sooner than the second half of 2022, Lynn Helms, director of the state’s Department of Mineral Resources, said. SourceContinue Reading

“Demand is clearly going to be lower for longer than expected” when the virus emerged in the spring, the agency said in a report, trimming forecasts for world fuel consumption following a new wave of lockdowns. “The market remains fragile,” it warned. SourceContinue Reading

The strategic partnership will enable a single search point to access all three companies’ multi-client data and allow customers to interactively find, visualize and download their subsurface assets and entitlements all in one place. SourceContinue Reading

Exxon pledged to reduce the intensity of upstream emissions by as much as 20% by 2025 as well as cutting flaring and methane leaks, consistent with the goals of the Paris Agreement. SourceContinue Reading

“Uncertainties remain high, mainly surrounding the development of the Covid-19 pandemic and rollout of vaccines, as well as the structural impact of Covid-19 on consumer behaviors, predominantly in transportation sector,” OPEC’s Vienna-based secretariat said in the report. SourceContinue Reading

Steady output from their mines means that oil sands producers are able to keep revenue coming for decades without too much investment, while the short life span of shale wells forces U.S. explorers to constantly burn cash just to keep up production. SourceContinue Reading

Oil is up more than 30% since the end of October amid vaccine breakthroughs and an OPEC+ compromise deal on production. Iran, meanwhile, plans to almost double output in the next year in anticipation of a loosening of sanctions after Joe Biden becomes president. SourceContinue Reading

The deal unlocks plans to boost output from the Karachaganak field and funnels additional revenue to the Kazakh economy, which is heading for its first annual contraction in more than two decades amid oil’s slump. SourceContinue Reading

Tensions in the area have risen as the U.S., a Saudi ally, ramps up sanctions on Iran, which backs the Houthis in Yemen’s civil war. SourceContinue Reading