- — Oil prices drop, set for weekly loss even after OPEC+ extends output cuts
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at 12/6/24 3:00pmOil prices fell 1% on Friday and were headed for a weekly loss as analysts projected a supply surplus next year despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026. Brent crude futures were down 85 cents, or 1%, to $71.24 per barrel at 11:04 a.m. ...- — OPEC+ kicks the can again as Trump is added to demand dilemma
- at 12/6/24 3:00pmIt was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output. The soft state of global demand is by itself sufficient reason to justify the decision at Thursdays meeting of the group to defer winding back some of its production cuts until at least April. But weak demand ...
- — Saudi energy minister says OPEC+ output decision based on fundamentals
- at 12/6/24 3:00pmSaudi Energy Minister Prince Abdulaziz bin Salman said on Friday the OPEC+ decision to push back the start of oil output rises by three months until April was based mainly on fundamentals. There are so many things going on over the next two months but primarily the decision to delay bringing these barrels to the ...
- — Argentina’s crude oil and natural gas production near record highs
- at 12/6/24 3:00pmCrude oil and natural gas production in Argentina are both nearing record highs, driven by increasing output from the Vaca Muerta shale formation, which is offsetting declining output from conventional oil and natural gas fields. From January 2021 through September 2024, crude oil production in Argentina increased by 50%, and natural gas production rose by ...
- — Middle East Crude-Benchmarks slide as oil prices dip
- at 12/6/24 11:00amMiddle East crude benchmarks Oman, Dubai and Murban moved down on Friday as oil prices dipped with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026. The Organization of the Petroleum Exporting Countries and its allies on Thursday pushed back the start ...
- — Chevron to take up to $1.5 billion in fourth-quarter charges
- at 12/6/24 11:00amU.S. oil producer Chevron on Thursday said it will take up to $1.5 billion in fourth-quarter charges for restructuring, asset impairments and property sales costs. Much of the charges are for job cuts and relocations planned for the next two years, the company said in a statement. Chevron did not disclose how many jobs would ...
- — Oil edges down as extended OPEC+ supply cuts highlight weak demand
- at 12/6/24 4:00amOil prices dipped on Friday, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026. Brent crude futures LCOc1 were down 20 cents, or 0.3%, to $71.89 per barrel at 0910 GMT. U.S. West Texas Intermediate crude futures CLc1 were down 14 ...
- — Equinor and Shell to create the UK’s largest independent oil and gas company
- at 12/6/24 4:00amEquinor UK Ltd, a subsidiary of Equinor ASA and Shell UK Limited, a subsidiary of Shell plc are to combine their UK offshore oil gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. The incorporated joint venture (IJV) will be set up to sustain ...
- — Russia’s 2024 oil output seen declining to 518-521 mln T
- at 12/6/24 4:00amRussia is expected to produce 518-521 million metric tons (10.36-10.42 million barrels per day) of oil this year and roughly the same amount in 2025, Interfax new agency quoted Deputy Prime Minister Alexander Novak as saying on Thursday. He had forecast output of 515-521 million tons in September. Russia, which curbs supply as part of ...
- — November WTI Midland into Dated Brent Performance: 3 cargoes tracked
- at 12/6/24 4:00amAs trading activity in the Platts Market on Close assessment process ramped up in November, continuing the trend from October, 10 cargoes of WTI Midland traded in the assessment process, while three were delivered. SP Global Commodity Insights continues to closely monitor performance on all these trades as part of its ongoing commitment to upholding ...
- — Offshore drilling and completion inflation expected to slow amid cooling floater market
- at 12/6/24 4:00amThe floater market has been a bull one the last few years, and rig rates are at decade highs. But the market is showing signs of cooling as operators show capital discipline and appetites for risky projects diminish. Accordingly, Wood Mackenzie has revised our offshore well demand and rig rate forecasts downwards. After two straight ...
- — Bank sold over $270 million of US oil futures ahead of OPEC+ meet, source says
- at 12/6/24 4:00amA single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices down more than 1% within minutes and causing traders to scramble to decipher the reason. The sale, just hours ahead of an OPEC+ virtual meeting at ...
- — Russia’s Gazprom cuts investment budget for 2025, China remains focus
- at 12/6/24 4:00amRussias Gazprom on Nov. 28 set its draft investment budget for 2025 at some Rb1.52 trillion ($14 billion), a reduction of some 7% compared with this years planned spending. In a statement, Gazprom said next years investment budget would provide funds for financing priority projects, including the expansion of the Power of Siberia gas pipeline. ...
- — OPEC+ delays oil hike until April, extends cuts into 2026 – sources
- at 12/5/24 3:00pmOPEC+ has agreed to delay plans to raise oil output until April from January 2025 and the group will also take one extra year to fully unwind the cuts by the end of 2026, OPEC sources said. OPEC+, which pumps about half the worlds oil, had been planning to start unwinding cuts from October 2024 ...
- — OPEC+ output cuts turned US into top energy exporter, Rosneft’s Sechin says
- at 12/5/24 3:00pmIgor Sechin, the head of Russias largest oil producer Rosneft ROSN.MM, said on Thursday that the OPEC+ groups decisions to reduce oil output in 2016 and 2020 helped the U.S. shale industry and made it a leading global energy exporter. Sechin, speaking at a forum in the United Arab Emirates, said Russia and its partners ...
- — What OPEC+ oil output cuts are currently in place?
- at 12/5/24 3:00pmOPEC+ delayed a planned increase in output further into next year as it faces a weaker oil demand outlook. The oil producer group agreed a complex deal in June to extend their deep production cuts well into 2025. It has since made changes to the agreement, allowing the group to postpone a planned increase in ...
- — Oil rises after OPEC+ pushes back output hike, extends cuts through 2026
- at 12/5/24 3:00pmOil prices rose on Thursday after OPEC+ decided to delay its planned output increase by three months to April 2025, and extend the full unwind of production cuts by a year until the end of 2026. Brent crude was up 38 cents, or 0.53%, to $72.69 a barrel at 10:56 a.m. ET, while U.S. West ...
- — OPEC+ has agreed to keep oil output steady for Q1, Interfax cites sources
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at 12/5/24 11:00amOPEC+ has agreed to keep oil production at the current levels for the first quarter of 2025, Interfax news agency said on Thursday, citing unnamed sources. It also said that the group has decided to increase production after that until September 2026. Source: Reuters (Reporting by Vladimir Soldatkin; Editing by Susan Fenton) - — Russia’s Novak says OPEC+ extended cuts in order not to destabilise global market
- at 12/5/24 11:00amRussias Deputy Prime Minister Alexander Novak said on Thursday that the OPEC+ group of leading oil producers had decided to extend output cuts in order not to destabilise the global energy market, amid weaker seasonal fuel demand. Novak also said that the compliance with production quotas among the OPEC+ countries is high, while the global ...
- — Middle East Crude-Benchmarks slip; OPEC+ meeting in focus
- at 12/5/24 11:00amMiddle East crude benchmark spot premiums for Oman, Dubai and Murban all declined on Thursday, while investors are awaiting the outcome from OPEC+s meeting later in the day. OPEC+ is likely to extend its latest round of oil production cuts by at least three months from January when it meets online at 1100 GMT on ...
- — US crude oil output hit record last week, EIA data shows
- at 12/5/24 11:00amU.S. crude oil production rose by 20,000 barrels per day (bpd) to a record 13.513 million barrels per day in the week ended Nov 29, data from the U.S. Energy Information Administration (EIA) showed on Wednesday. The previous weekly record for U.S. oil output was 13.50 million bpd, hit most recently in the week ended ...
As of 12/7/24 1:28pm. Last new 12/6/24 5:50pm.
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