Baghdad pledged to pump below its quota in February to make up for past overproduction. Still, the pace of its crude exports in the first half of the month, if maintained through the rest of February, indicates the country may exceed its self-imposed production target of 3.6 million barrels a day and perhaps even its...Continue Reading
In the past, the weather-related oil disruption would largely have been a U.S. issue. Now it’s unmistakably global. Crude markets in Europe are rallying as traders replace lost U.S. exports. OPEC and its allies must decide how much longer they keep millions of barrels of their supply off the market. SourceContinue Reading
Lowering Mexico’s tax demands on Pemex, its biggest taxpayer, could help the oil giant reorder its finances as it struggles with a $110.3 billion debt load, sinking production, and some of the highest tax obligations of any oil company in the world. SourceContinue Reading
Texas Governor Greg Abbott told a media briefing on Feb. 17 that he was banning gas from leaving the state through Feb. 21 to ensure in-state power generators had ample supplies. Abbott said he was forced to act as millions of Texans remain without power for a third day amid frigid temperatures, with no clear...Continue Reading
The biggest provider of oil and gas rigs to the U.S. shale patch is pushing a new pricing model as speedier drilling cuts into contractors’ revenue. SourceContinue Reading
“Egypt is in the process of launching the Egypt Upstream Gateway, a digital subsurface platform that will act as an up-to-date repository of the country’s subsurface data,” said H.E. Eng. Tarek El-Molla, minister of petroleum and mineral resources, Egypt. SourceContinue Reading
The Arctic blast that has wreaked havoc on U.S. energy markets is now poised to reverberate internationally as it slows shipments of liquefied natural gas from the Gulf Coast. SourceContinue Reading
The U.S. Energy Information Administration expects that the United States will import more crude oil to fill the widening gap between refinery inputs of crude oil and domestic crude oil production in 2021 and 2022. SourceContinue Reading
Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year. The Persian Gulf state is already the world’s main supplier of the super-chilled fuel, but new projects elsewhere — especially in Australia and the U.S. — have eroded its dominance. SourceContinue Reading
“I must warn once again against complacency,” Energy Minister Prince Abdulaziz bin Salman said on Wednesday at an online conference held by the International Energy Forum in Riyadh. “The uncertainty is very high and we have to be extremely cautious. The scars from the events last year should teach us caution.” SourceContinue Reading
