Bank sold over $270 million of US oil futures ahead of OPEC+ meet, source says
A 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...
View ArticleOffshore drilling and completion inflation expected to slow amid cooling...
The 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...
View ArticleNovember WTI Midland into Dated Brent Performance: 3 cargoes tracked
As 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...
View ArticleRussia’s 2024 oil output seen declining to 518-521 mln T
Russia 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...
View ArticleEquinor and Shell to create the UK’s largest independent oil and gas company
Equinor 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...
View ArticleOil edges down as extended OPEC+ supply cuts highlight weak demand
Oil 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...
View ArticleChevron to take up to $1.5 billion in fourth-quarter charges
U.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...
View ArticleMiddle East Crude-Benchmarks slide as oil prices dip
Middle 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...
View ArticleArgentina’s crude oil and natural gas production near record highs
Crude 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...
View ArticleSaudi energy minister says OPEC+ output decision based on fundamentals
Saudi 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...
View ArticleOPEC+ kicks the can again as Trump is added to demand dilemma
It 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 Thursday’s...
View ArticleOil prices drop, set for weekly loss even after OPEC+ extends output cuts
Oil 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...
View ArticleMorgan Stanley ups H2 2025 Brent view to $70 after OPEC+ decision
Morgan Stanley bumped up its Brent price view for the second half of 2025 and said it now expects a smaller oil market surplus for the year following a decision by OPEC+ oil producers to delay and slow...
View ArticleUS drillers add oil and gas rigs for first time in 8 weeks -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in eight weeks, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. The oil and gas rig...
View ArticleUS Cash Crude-Mars eases for second session in a row, still trades at a premium
Mars crude grades eased for a second straight session on Friday, dealers said, after touching its highest price in five months earlier in the week thanks to strong refining demand. Mars traded at a...
View ArticleRosneft CEO: Fossil fuels are the basis of modern life
Today’s energy system is based on fossil fuels, which account for more than 80% of all primary energy consumed, said Igor Sechin, Chief Executive Officer of Rosneft Oil Company. “Fossil fuels have made...
View ArticleNorth Sea Crude-Troll, Oseberg weaker; WTI Midland also slips
North Sea Troll and Oseberg traded lower in the Platts window on Friday. U.S. WTI Midland declined as well. PLATTS WINDOW * Indications are free on board (FOB) unless marked as cost, insurance and...
View ArticleSaudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan,...
OPEC plus countries Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April 2023 and November 2023...
View ArticleMed crude-Urals diffs stable, Azeri BTC exports from Ceyhan set to drop...
Urals crude differentials to dated Brent were unchanged on Friday, while Azeri BTC crude oil exports from Ceyhan port were set to drop slightly in January. Azeri BTC loadings from the port have been...
View ArticleUSEDC Provides Year-to-Date Oil and Gas Market Update and Post-Election Outlook
U.S. Energy Development Corporation (USEDC), an exploration and production company focused on the development of energy projects throughout North America, provides its outlook on the oil and gas...
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