“We’ve been able to remain very steady as others have had to change strategy, change dividend, change financial priorities,” Chevron CEO Mike Wirth said. “For us it’s been a pretty simple promise of higher returns, lower carbon and you can count on us.” SourceContinue Reading

Oil is still near a nine-month high after surging last month amid optimism over vaccine breakthroughs and its trajectory over the next few months will depend on how quickly Covid-19 drugs can be deployed. SourceContinue Reading

While OPEC’s third-largest producer will still reduce supply to Asia in January, the curbs won’t be as deep as this month in percentage terms. SourceContinue Reading

The market has faced a major sell-off since prices rose to a 21-month high at the end of October, with speculators all but giving up any prospect of a frigid winter. SourceContinue Reading

If a Biden presidency leads to a resumption in Iranian and Venezuelan oil exports, the new supply will likely cause a further headache for the OPEC+ alliance and would also reshape crude flows to Asia. SourceContinue Reading

The firm, to be called Energy Development Oman, will own a shareholding in Petroleum Development Oman LLC as well as an interest in Block 6, according to a government gazette on Sunday. The company will “undertake hydrocarbon exploration and production operations” and can borrow money “in any manner.” SourceContinue Reading

Over the past several weeks, Asian refineries have snapped up crude oil from the Middle East, the U.S. and Russia as buyers received more government allowances to boost imports after the start of next year. Demand for North Sea barrels was slow to pick up, but even that’s now started to change. SourceContinue Reading

Crude futures were down 1.9% in New York, with the dollar trading higher and European stock markets declining. It follows a rally last week after OPEC and its allies agreed to add 500,000 barrels a day of output from January to a market that’s showing signs of recovery. SourceContinue Reading

Tehran will “prepare resources and oil-industry equipment for the production and export of oil in line with current capacity within the next three months,” according to President Hassan Rouhani’s official website. “We’re ready to quickly raise oil production,” he said. SourceContinue Reading

“The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev said in an interview in Moscow. “The risk is rising in the longer term” that hydrocarbon revenues could come in below the current outlook, he said. SourceContinue Reading