In the wake of fresh warnings about declining oil demand, a struggle is brewing between key exporters like the U.S. and the OPEC+ alliance to gain market share in the world’s last growth region before it’s too late. SourceContinue Reading
The largest oil price increase in five months indicates Saudi Arabia is confident global energy demand is strong enough to absorb a small boost in output from OPEC+ members next month, and that markets will remain tight even with parts of Europe and the U.S. in lockdown. SourceContinue Reading
Total has been selling assets to curb debt as plunging oil and gas prices sap earnings, including oil field assets in Brunei and the UK, as well as a stake in a renewables subsidiary in France. SourceContinue Reading
Denmark, the European Union’s biggest oil producer, will stop offering new licenses in the North Sea and phase out production altogether in 2050 as it takes an historic step toward a fossil-fuel free future. SourceContinue Reading
After a split emerged between Saudi Arabia and the United Arab Emirates, the cartel couldn’t agree on what had been widely expected before this week: a full three-month delay to the scheduled January output increase. SourceContinue Reading
The prompt timespread for global benchmark Brent crude moved further into backwardation, while the nearest December contract is trading at a higher level than the same contract for December 2022. SourceContinue Reading
“The funding will help maintain the project in warm suspension during 2021 and hopefully position it for a full restart in 2022 and the path to first oil,” Newfoundland and Labrador Oil and Gas Industries Association CEO Charlene Johnson said in a statement. SourceContinue Reading
OPEC and its allies rescued the oil market earlier this year from an unprecedented slump, slashing production by 9.7 million barrels a day as the pandemic crushed demand. The cartel returned 2 million barrels a day of that output to the market in August without a hiccup, and was due to add a similar volume...Continue Reading
A formal “notice of sale” is set to be published in the Federal Register on Dec. 7. The move is in keeping with a congressional mandate to hold two auctions of oil and gas leases in the refuge’s coastal plain by Dec. 22, 2024. SourceContinue Reading
The move reflects the growing importance of U.S. crude internationally — the country five years ago ended restrictions on oil exports imposed during the energy crises of the 1970s — and the fact that supplies of some of the North Sea’s key grades are dwindling. SourceContinue Reading
