Tag Archives: oil production

Aramco rises in times of crisis

Aramco rises in times of crisis Despite all the challenges such as oil price volatility, uncertainty caused by the ongoing Russian-Ukrainian crisis and the economic slowdown resulting from the pandemic, Saudi Aramco remains among the top performers in the energy league. The oil giant’s performance is evident in its 2021 …

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Britain’s Johnson urges Saudi Arabia to increase oil production, minister says

LONDON, March 14 (Reuters) – British Prime Minister Boris Johnson is trying to persuade Saudi Arabia to increase oil production, a senior minister said on Monday, following reports that Johnson is heading to the weight heavyweight from OPEC this week. Saudi Arabia and the United Arab Emirates have so far …

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Oil could experience its biggest supply shock since 1973

The global oil market was already tight before Russia’s invasion of Ukraine, but Putin’s war and its aftermath on Russian crude supply and energy prices has the potential to send the market into a shock. major supply chain comparable to the Arab oil embargo of 1973. Oil inventories in major …

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UK oil prices – live: Drivers pay ‘incredibly high’ costs as RAC says diesel ‘on track to reach £1.70 a litre’

Drivers queue for fuel in England as motorists are hit by rising oil and diesel prices With average petrol and diesel costs hitting record highs in the UK, drivers will see ‘unbelievably high prices on the forecourts’, the RAC has warned, as petrol has reached over £2 a liter in …

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Saudi Arabia denounces short-sighted campaign against oil

The world’s biggest oil exporter, Saudi Arabia, has repeatedly said it wants to be the producer that pumps out the very last barrel of oil. In the meantime, the world and its growing economy will still need oil and gas, even as renewable energy capacity soars globally. The rebound of …

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Oil prices swing as Russia threatens Ukraine

Uncertainty sent oil prices soaring at Sunday’s trade open as more Russian troops massed on Ukraine’s borders, but fell later overnight as reports said the President Biden would consider direct talks with his Russian counterpart as long as Russia does not invade. Oil prices had remained essentially flat over the …

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Norwegian oil companies increase investment plans for 2022

General view of Equinor’s Johan Sverdrup oil platforms in the North Sea, Norway December 3, 2019. REUTERS/Ints Kalnins Join now for FREE unlimited access to Reuters.com Register OSLO, Feb 17 (Reuters) – Norwegian oil and gas companies plan to invest nearly $18 billion this year, more than originally planned, as …

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RHB Raises Crude Oil Price Forecast to US$75-$90, Maintains ‘Overweight’ on Sector | Money

RHB Research said demand destruction was inevitable for Russia and Ukraine in the event of war. —Photo Reuters KUALA LUMPUR, February 14 – RHB Research maintained its call for “overweight” on the regional oil and gas sector and raised its crude oil price forecast to between USD 75 and USD …

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Net oil profit jumps 37% in third quarter, Auto News, ET Auto

The OIL Board has declared a second interim dividend of Rs 5.75 per share for 2021-2022 resulting in a total interim dividend to date of Rs 9.25 per share for exercise. New Delhi: State-owned Oil India Ltd reported a 37% increase in third-quarter net profit on Friday as it benefited …

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SHELL MIDSTREAM PARTNERS, LP RECEIVES OFFER FOR REMAINING UNITS OF SHELL PIPELINE COMPANY LP

HOUSTON, February 11, 2022 /PRNewswire/ — Shell Midstream Partners, LP (NYSE: SHLX) (“SHLX” or the “Partnership”) announces that it has received a non-binding preliminary proposal letter from Shell Pipeline Company LP (“SPLC”) to acquire all of the issued and outstanding ordinary shares of the Partnership that are not already held …

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OPEC sees higher oil demand forecast for 2022 thanks to strong pandemic recovery

Crude oil storage tanks are seen from above at the Cushing Petroleum Center, appearing to run out of space to hold a historic supply glut that has driven prices up, in Cushing, Oklahoma March 24, 2016. Photo taken March 24, 2016. REUTERS/ Nick Oxford // File photo Join now for …

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The next big problem for US shale

U.S. oil producers are ramping up capital spending and activity this year, but they face runaway inflation as cost pressures mount. As oil production growth accelerated in the fourth quarter, costs jumped sharply for a third straight quarter to reach a record high among oil service companies “suggesting significant cost …

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High food prices dash India’s hopes of cutting cooking oil imports

Consumption is expected to rise in India by 17% over the next four years, according to BV Mehta, executive director of the Solvent Extractors’ Association. Such a steep rise would further widen the manufacturing gap: India is likely to produce around 10 million tonnes of edible oils in 2021-22, against …

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Eastern Europe has a bitcoin problem

As Europe continues to grapple with an energy crisis caused by skyrocketing demand for liquefied natural gas, a tight global energy supply, and Putin keeping pipelines at low capacity as gas-rich Russia gains political ground, Another sleeping giant has emerged to become a huge and surprising obstacle to the continent’s …

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Geopolitical risks to watch this winter

By Editorial Dept – January 14, 2022, 12:30 PM CST A single attack on oil at this point could push prices up to $90, but that will depend on where it is. Markets will weigh more heavily on some geopolitical sentiments than others. And there’s plenty to choose from right …

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OPEC Plus and other oil producers fail to meet demand

Nearly two years ago, global oil producers halted and drastically reduced production as the pandemic gripped global economies. The sharp decline was accompanied by an implicit promise that as factories reopen and planes return to the air, the oil industry will also rebound, gradually ramping up production to help economies …

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Can the world avoid a global oil supply crisis?

Europe’s gas crisis has been in the headlines for months now, and for good reason – the continent is still struggling to get enough power for its winter needs. But there could be a worse crisis threatening the world, and that would be an oil crisis. The signs are there …

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China is the only winner in this huge Iraqi oil field

Iraqi Petroleum Minister Ihsan Abdul Jabbar’s statement last week that the newly resurrected Iraqi National Oil Company (INOC) has received government approval to acquire ExxonMobil’s 32.7% stake in the oil field supergiant West Qurna 1 for up to $ 350 million is likely to leave China elated, the United States …

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Cold weather in North Dakota and Alberta forces oil producers to curb production

Regional prices for crude oil pumped in western Canada and North Dakota rose this week to reduce their rebates against the U.S. benchmark, WTI crude, after freezing winter temperatures upset prices. Crude flows from the oil sands in Alberta and the Bakken shale deposit in the United States. While freezing …

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Buhari repeats false statement about Nigeria’s oil revenues in recent years

President Muhammadu Buhari again cited erroneous figures on Nigeria’s average crude oil earnings between 1999 and 2014, while speaking of his administration’s efforts to build the economy with scarce resources. The president, in the interview broadcast by Channels TV on Wednesday, said Nigeria’s crude oil production from 1999 to 2014 …

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Lukoil and Gazprom Neft Sign Almost $ 700 Million Agreement | Rigzone

PJSC Lukoil announced that it and PJSC Gazprom Neft have entered into a sale and purchase agreement for a 50% stake in Meretoyakhaneftegaz LLC, which is a 100% subsidiary of Gazprom Neft. The transaction is worth $ 695.2 million (RUB 52 billion), including the assignment of debt from Gazprom Neft …

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Gazprom CEO Neft says he is “suspicious” of overheating oil market in 2022

Russian group Gazprom Neft has been working to increase its unused production capacity to bring additional barrels to the oil market in 2022, as the possibility of the market overheating remained, CEO Alexander Dyukov said on December 17. . Crude prices rebounded slightly on December 16 after fears about the …

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Russian gas exports to Europe via the Yamal pipeline drop sharply

LONDON: Oil prices fell on Friday, heading for a slight decline during the week, amid fears that the slowdown in the spread of the omicron COVID-19 variant could affect demand. Brent crude futures fell 1.5% to $ 73.88 a barrel at 1:10 p.m. Riyadh time, while U.S. West Texas Intermediate …

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Was OPEC right on the oil markets?

Just a week ago, oil markets were looking to cross this year’s finish line on a winning note as oil prices recorded a respectable rally thanks to the easing of widespread foreclosure fears. Several reports have shown that, despite faster spread, the Omicron variant causes milder symptoms than Delta and …

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Kuwait Oil Price Rises $ 1.40 to $ 76.26 per Barrel

KUWAIT: The price of Kuwaiti oil rose 1.40 dollars to 76.26 dollars per barrel on Monday, from 74.86 dollars per barrel last Friday, the Kuwait Petroleum Corporation (KPC) announced yesterday. The world price of Brent crude fell 76 cents to $ 74.39 per barrel, while West Texas Intermediate followed suit, …

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Is shale gas a game-changer for Saudi Arabia?

The first major contracts for Saudi Arabia’s Jafurah field – allegedly the largest shale gas field outside the United States – were awarded last week, as the Kingdom aims to become the third largest gas producer natural to the world by 2030, to the point where it could even become …

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OPEC was in decline. Soon he might be more powerful than ever

But with the demand for crude rising as the impact of the pandemic wears off, that no longer appears to be the case. OPEC +, which brings together the Organization of the Petroleum Exporting Countries and allies like Russia, is once again showing dynamism. the group refusal of membership calls …

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Oil-producing countries sell billions of green bonds

It wasn’t that long ago that green investing was associated with a warm moral glow, but it wasn’t the mainstream – not by far. However, growing climate awareness, growing policy change, and investors demanding environmentally and socially conscious options are transforming this, and while this is still not mainstream, it …

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Western Canada to increase oil and gas drilling to pre-pandemic levels – CAOEC

A pipe depot serving the government-owned Trans Mountain pipeline operator is seen in Kamloops, British Columbia, Canada on June 7, 2021. REUTERS / Jennifer Gauthier / File Photo Register now for FREE and unlimited access to reuters.com Register now Nov. 23 (Reuters) – Western Canadian oil and gas producers will …

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The energy crisis in Europe will worsen this winter

Geopolitics ExxonMobil and Qatar Petroleum are several weeks away from a resumption of exploratory drilling off Cyprus, while the French Total SA and the Italian Eni should resume drilling in the same area in the first half of 2022. This update of the Drilling from the Cypriot government prompted a …

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The contours of Russia’s energy exports are defensible | Seen

OPEC and Russia last week stood up to the Biden administration’s efforts to curb rising oil production from the world’s largest producers in the face of rising global energy prices. Russian hawks have cried foul, drawing parallels with gas exports from Russia, where it is argued that the Kremlin is …

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Column: US oil drilling set to accelerate in 2022: Kemp

Oil rigs are pictured in the Kern River oilfield in Bakersfield, Calif., November 9, 2014. REUTERS / Jonathan Alcorn / File Photo John Kemp is a market analyst at Reuters. The opinions expressed are his LONDON, Nov. 17 (Reuters) – U.S. shale producers have added additional drilling rigs much slower …

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Saudi Arabia denies playing climate saboteur in Glasgow

GLASGOW, Scotland: The tightest of smiles on his face and the fabric of his traditional thobe swirling around him as he walks through a hallway during UN climate talks, the Saudi Energy Minister voices his shock at repeated complaints that the world’s largest oil producer is working behind the scenes …

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Oil wins after US infrastructure bill passes, Chinese exports rise

Crude oil storage tanks are seen from above at the Cushing Oil Hub in Cushing, Oklahoma on March 24, 2016. REUTERS / Nick Oxford TOKYO, Nov. 8 (Reuters) – Oil prices rose on Monday amid positive signs of global economic growth, supporting energy demand, as Saudi state producer Aramco raised …

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With shale under control, Saudi Arabia and Russia become more comfortable with oil rally

A sticker shows crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, USA, November 22, 2019. REUTERS / Angus Mordant / File Photo OPEC + has pushed back US calls for faster production increases Russian source claims OPEC + is not …

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Press review: Russia’s future in the battle against climate change and the United States seeks to challenge OPEC + – Press review

Izvestia: Russia’s future in the fight against climate change Preserving forests and other natural ecosystems plays a decisive role in the fight against global warming, Russian President Vladimir Putin said in his video message to participants of the Glasgow Climate Conference (COP26). He stressed that Russia intends to halt greenhouse …

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Only OPEC has the power to send oil prices to $ 100

After the price of West Texas Intermediate (WTI) recently crossed $ 80 a barrel, Russian President Vladimir Putin was asked if he could reach $ 100. He replied: “It is quite possible.” Given Russia’s dependence on revenues from its oil exports, he was probably smiling as he said so. The …

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The government takes advantage of the windfall of soaring oil prices

The government expects a boon in oil exports after crude oil shortages by major exporters around the world have pushed commodity prices to a three-year high. Crude oil prices peaked at $ 85 per barrel this week as demand for the commodity increased amid tight supply from China, the United …

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The specter of a problematic crown prince hangs over Biden’s policies in Saudi Arabia | American foreign policy

When Joe Biden was recently requested if gas prices were to come down soon, the US president offered an enigmatic explanation of how his strained relationship with Saudi Arabia was at least partly to blame for the price at the pump. Gas prices were high because the oil-rich countries of …

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Massive oil price hikes set again next week – Manila Bulletin

Motorists will have to prepare for larger increases in gasoline prices next week from P 1.90 to 2.00 per liter, according to calculations by oil companies. For diesel products, the expected price increase will be in the range of P1.35 to P1.45 per liter while kerosene products are expected to …

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What a global energy crisis means for North American stocks

Imagine that a few years ago, in early 2014, Vladimir Putin threw a coin into a wishing well and demanded a more favorable market for Russian oil and gas, their main source of foreign exchange. Just seven years ago, after the Russian invasion and takeover of Crimea, the country was …

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Saudi Arabia’s quota policy for hiring local people has negatively impacted businesses, study finds

Aerial view of Saudi Arabia | Simon Dawson | Bloomberg Text size: A- A + NOTNationalization policies, and in particular Nitaqat, aim to increase Saudi employment in the private sector, which Saudi citizens have always avoided seeking or seeking better paying jobs with better working conditions in the public sector. …

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Prime Minister Imran Khan likely to visit Saudi Arabia at Crown Prince ‘invitation’

ISLAMABAD: Prime Minister Imran Khan will likely visit Saudi Arabia at the invitation of Saudi Crown Prince Muhammed bin Salman to attend the Green Initiative Middle East conference, ARY NEWS reported. According to sources familiar with the development, Saudi Ambassador to Pakistan Nawaf Bin Said Al-Maliki extended an invitation from …

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Putin’s announcement on increasing gas deliveries to the EU gesture of cooperation: Expert

ANI | Update: 09 Oct 2021 2:00 PM STI Moscow [Russia], October 9 (ANI / Sputnik): Russian President Vladimir Putin’s statement that energy giant Gazprom could increase Europe’s gas supply is a move to promote international energy cooperation for the benefit of all, Paul Adam Isbell, professor of political economy …

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Covid at center of global energy crisis, but cascade of problems fuel it

LONDON – Much of the world is suffering from a severe energy crisis. Homes and factories across China are in darkness. India’s coal-fired power plants are scrapped. Dozens of UK utility companies have gone bankrupt. Spain announced emergency legislation after household utility bills rose by more than a third in …

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Soaring oil and gas fuels inflation fears, as German factory orders tumble – Business Live | Business

Hello and welcome to our continued coverage of the global economy, financial markets, UK supply chain crisis and business. The energy crisis is intensifying, driving up costs for households and businesses, and spreading inflationary fears in the markets. US crude hit its highest level since 2014 this morning, extending its …

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OPEC + sticks to plan to gradually increase oil production as prices skyrocket

VIENNA – Oil prices continued to rise on Tuesday, a day after the OPEC + meeting kept its back-to-supply plan unchanged, with traders taking further account of tense market conditions. The OPEC + grouping is made up of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies. …

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Oil and gas prices could remain high as investors seek clean energy

HOUSTON – Americans are spending a dollar more on a gallon of gasoline than they were a year ago. Natural gas prices have climbed more than 150% over the same period, threatening to increase the prices of food, chemicals, plastics and heating this winter. The energy system is suddenly in …

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Saudi Arabia sees state coffers fill up next year due to soaring oil prices | Oil and Gas News

Saudi Arabia is raising its revenue forecast for next year as oil prices soar amid a global energy crisis. Through Vivian Nereim and Matthew MartinBloomberg Saudi Arabia has raised its revenue expectations for next year and plans to reduce its budget deficit to 1.6% of economic output as rising oil …

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Diesel prices rebounded to a record 89.87 per liter on Thursday | Latest India News

Diesel prices rebounded to a record high price of ??89.87 per liter in Delhi on Thursday after state-run fuel retailers increased their rate by 30 paise per liter, the fifth increase in seven days, leading to an increase in the fuel rate of ??1.25 per liter. Recent price hikes have …

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OPEC + will not and will not be able to stop the rise in oil prices

Few could have predicted that after an already big bull run this year against a backdrop of recovering demand, oil prices still had a long way to go. And yet, the world’s most traded commodity has just received a major boost from the gas crisis in Europe and Asia, prompting …

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Column: Oil prices soar with little help from hedge funds: Kemp

Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, United States, April 7, 2021. REUTERS / Lucy Nicholson LONDON, Sept. 27 (Reuters) – The prolonged disruption of oil production in the Gulf of Mexico and mounting signs of a global energy shortage have not …

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American shale is finally ready to drill

American shale producers have performed in an exemplary fashion over the past year. It was not something the industry wanted to do. It’s something it was forced to do by the pandemic and by its shareholders, who, after years of waiting for bargains, have put their foot down and demanded …

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Stop oil and gas leaks in Niger Delta, representatives tell Agip

Posted September 23, 2021 The House of Representatives called on the Nigerian Agip Oil Company to end the leakage of petroleum products from its pipelines. The call followed the unanimous adoption of the motion at Thursday’s plenary session titled “Urgent need to reduce oil and gas leaks in pine forest …

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Ethanol Producer Magazine – The latest news and data on ethanol production

The key to cleaner, more affordable energy for American consumers does not lie in the oil fields of Saudi Arabia and Russia, but in the agricultural fields in the heart of our nation. Our leaders in Washington should look to American farmers for help. Anyone who has worked in the …

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Gasoline and diesel prices could rise with soaring international oil prices as oil companies face squeezing margins

Petrol in Delhi currently costs Rs 101.19 per liter and diesel is priced at Rs 88.62 per liter A surge in international oil prices could translate into an increase in the retail price of gasoline and diesel in India as oil companies face extreme margin squeeze, sources said. Gasoline and …

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Oil ends week on a bullish note as blackouts persist

Hurricane Ida is now officially the most devastating hurricane of all time in terms of disrupting oil production, and experts expect the blackouts to last through September. Friday, September 17, 2021 The Gulf of Mexico in the United States is gradually bringing back slack production capacity – to date, about …

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United States withdraws missile defenses in Saudi Arabia after Afghan withdrawal

A satellite photo provided by Planet Labs Inc. shows an area of ​​Prince Sultan Air Base in Saudi Arabia that has previously seen Patriot missile batteries stationed with a forward high altitude air defense unit at the empty terminal on September 10. 2021. / AP A satellite photo provided by …

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China sees opportunity as Venezuela’s oil industry hits rock bottom

Venezuela’s near collapse and strict US sanctions create an opportunity for Russia, Iran and China to strengthen their presence in Latin America, a region that has been under US hegemony for decades. While Russia and Iran have, to some extent, gained a foothold in Venezuela by providing crucial support to …

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Rats, drought and labor shortages eat away at global edible oil recovery

Rodents relish palm fruits in Malaysia due to labor shortage Palm oil prices remain close to their all-time high Dry weather in canola regions of Canada has seen production slow High prices to encourage soybean planting in Brazil PERAK, Malaysia / SINGAPORE, Sept. 5 (Reuters) – At a sprawling oil …

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Missile attack on Saudi oil region foiled – Saudi-led coalition

DUBAI, Sept. 4 (Reuters) – A ballistic missile attack targeting the oil-rich eastern region of Saudi Arabia was intercepted on Saturday, the Saudi-led coalition against the Houthi group in Yemen said in a statement disseminated by Saudi state media. The missile was intercepted over the town of Dammam, according to …

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Iraq seeks counterterrorism role at Baghdad summit with Iran and Arab Gulf states

Iraq has taken steps to unite the Muslim world, inviting Shia Islamic Iran to join its next summit in Baghdad which it hopes will include Saudi Arabia and its Sunni Gulf allies. The move could represent a major shift in a relationship that has bordered on open conflict in recent …

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Oil prices stable after US call for more oil raises supply concerns

White House: OPEC + output is not enough, may harm global recovery White House not asking US oil producers to increase production US crude and gasoline inventories are falling; lower fuel consumption -EIA SINGAPORE, Aug. 12 (Reuters) – Oil prices held steady on Thursday after two days of rising after …

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Iran gears up to return to oil market as US talks advance

Iran gears up to boost global oil sales as talks to lift sanctions show signs of progress. But even if a deal is made, the flow of additional crude into the market can be gradual. State controlled National Iranian Oil Co. has primed the oil fields – and relationships with …

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Record Metal Prices Catapult Mining Profits Beyond Big Oil

Large oil producers, who for decades were the biggest earners in the natural resources industry, are being eclipsed by once smaller mining peers who are making record profits from burning metals markets. The mining windfall is the latest sign of a boom in iron ore, copper and other metals that …

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BP Repurchases Shares As Oil Price Recovery Boosts Profits

Oil giant BP BP 1.63% PLC said it would increase shareholder returns after higher oil prices and strong trading results supported its first quarter earnings, the strongest sign to date that a recovery is underway in one of the sectors most affected by the pandemic. Oil companies have gone through …

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The road to electric vehicles is paved with disruption

The hope that electric vehicles will displace the internal combustion engine continues to gain momentum. Bold policy and funding proposals from the governments of China, the European Union and now the United States; the ambitious capital investment plans of the world’s leading automakers; and continued technological advancements – all contribute …

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The 5 most influential oil companies in the world

At a virtual climate summit with 41 world leaders, President Joe Biden on Thursday unveiled an ambitious 10-year climate plan that proposes to cut U.S. greenhouse gas emissions by 50 to 52 percent d ‘by 2030. This represents a quasi-doubling the US commitment of a 26-28% reduction under the Obama …

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Surprise from Libyan oil production puts pressure on prices

Given the current imbalance between global oil supply and demand following the great waves of Covid-19 that hit the world last year, reports that Libya is now targeting 1.45 million barrels per day of oil production by the end of this year, 1.6 million bpd within two years and 2.1 …

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Missed opportunity: Hedges to reduce first-quarter profit for U.S. shale oil producers

A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, USA, November 22, 2019. REUTERS / Angus Mordant U.S. oil and gas operators face billions of dollars in hedging losses that will weigh on first quarter results as the …

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Oil prices, IOG, United O&G. And finally…

Oil is really in the doldrums, last week WTI was down 99 cents and Brent down 66c, Wednesday’s Opec + meeting may not have much to do. Overnight India noted another 350,000 cases of Covid, which is horrific and its GDP growth of 12.5% ​​maybe for another day. That said, …

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