CNOOC’s operations in the South China Sea have run into controversy because China claims drilling rights in waters far from its borders, and within 200 miles of countries like Vietnam and the Philippines. SourceContinue Reading
Abu Dhabi National Oil Co. is a potential contender to buy a local offshore oil-services firm that counts the state-owned crude producer among its major clients, according to people familiar with the matter. SourceContinue Reading
Market-watchers have been expecting OPEC+ to agree on a three-month delay — and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. SourceContinue Reading
When OPEC+ meets this week in Vienna, impatient member states, surging Libyan production, and Chinese demand splitting off from the West will create headaches for ministers. Also, Arctic drilling plans in the U.S. and Norway are being motivated less by economics and more by geopolitical maneuvering, and the North American drilling rig count shows strength...Continue Reading
“In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market...Continue Reading
The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the UAE and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, according to Stephen Willis, BP’s senior vice president for the Middle East. SourceContinue Reading
Oil has jumped 26% this month after signs that Covid-19 vaccines are imminent boosted expectations for a swift recovery in energy demand next year. However, while there are indications that Asian consumption remains healthy, Europe is still lagging. SourceContinue Reading
The speed of their recovery is causing anxiety for OPEC and allies such as Russia as they restrict global output to prop up crude prices. Libya is exempt from the cuts and currently supplies more oil than several of its OPEC peers. SourceContinue Reading
The nation’s success in warding off a major outbreak during the Golden Week holiday in early October may boost optimism for locals preparing to travel back home during the Lunar New Year break. SourceContinue Reading
A clear majority of OPEC+ is expected to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates. SourceContinue Reading
