“I really don’t see much increase in the Permian basin or the U.S. shale over the next several years,” said Scott Sheffield, chief executive officer of Pioneer Natural Resources Co. SourceContinue Reading
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company. SourceContinue Reading
The Bureau of Land Management was set to begin opening sealed bids for 10-year leases in the Arctic National Wildlife Refuge’s coastal plain Wednesday afternoon, less than a day after a federal judge rejected environmental groups’ pleas to halt the auction. SourceContinue Reading
Temperatures across much of Europe and Asia are well below normal and forecasters expect them to stay there for most of January. The chill is supporting oil prices, which are holding above $50 a barrel, while the profit from turning crude into diesel climbed in Europe to the most since August in recent weeks as...Continue Reading
The U.S. didn’t import any Saudi crude last week for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic. SourceContinue Reading
OPEC+’s agreement, which will see most producers keep output steady while the Saudis cut, prompted a sharp rally in the structure of the oil futures curve as traders anticipated lower supply in the coming months. SourceContinue Reading
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he announced Saudi’s production cut on Tuesday, preserving the OPEC+ deal and sending oil prices to 10-month highs. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself. SourceContinue Reading
Market conditions that might have triggered U.S. oil explorers to raise output and grab market share in recent years are, this time around, more an opportunity for them to pay down debt or boost dividends. SourceContinue Reading
The decision is a victory for the administration, which has been racing to issue oil leases in the refuge’s coastal plain before the Jan. 20 inauguration of President-elect Joe Biden. SourceContinue Reading
