Category: Production

Oil rebounds on robust economic data

Strong economic data from China and the United States helped to lift oil prices, recouping some of the previous session’s losses, as coronavirus-led volatility continues to dominate

Saudi wants OPEC+ to extend oil cuts into May-June

Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns

Goldman expects OPEC + to keep oil production unchanged in May

Goldman Sachs expects OPEC + to keep its oil production unchanged for May, when the group meets next week, and to continue making “still the big rise of 3.4 million barrels per day that is expected. for September”

U.S. oil activity jumps as executives remain wary of OPEC, Biden

Activity and spending in U.S. oil fields is soaring this year as the industry recovers from last year’s pandemic-driven oil price crash, according to cautiously optimistic energy company executives polled by the Federal Reserve Bank of Dallas in a survey

As Europe tightens lockdowns, OPEC+ to keep oil taps tight -sources

With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans

Oil rises as Suez Canal ship runs aground, European lockdowns weigh

Oil rose more than 2% after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains

OPEC+ compliance with oil cuts rises to 113% in February

OPEC+ compliance with oil production cuts in February rose to 113%. The figure compares with a January compliance figure of 103%

Russia’s crude oil export set to drop 3% in Q2

Russia plans to decrease its oil exports in the second quarter 2021 despite an OPEC+ decision to allow the state an additional output hike from April

ExxonMobil submits proposal for Colombia fracking pilot project

ExxonMobil Corp has submitted a proposal to carry out a pilot project for hydraulic fracturing – or fracking – in Colombia, the oil company and the Andean country’s national hydrocarbons agency (ANH) said

Oil demand drag takes toll on tankers, U.S. refiners

US refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID levels