World Oil (Bloomberg) – Shell Plc Chief Executive Officer Wael Sawan will meet with employees later this month to discuss the decision to put a greater share of investment into fossil fuels. Sawan invited staff to join a virtual meeting titled “A Conversation With Wael” on Oct. 17 to “deepen our conversation on the opportunities and dilemmas we face as we
Nasdaq LONDON/DUBAI – OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group’s more bullish view compared to other forecasters. The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2023 World Oil
Yahoo Finance LONDON – Premiums for the type of crude oil best suited to producing diesel, heating oil and jet fuel have risen sharply as the Northern hemisphere heads into winter amid a global supply crunch, several traders told Reuters. Oil markets are tight as OPEC and its allies restrict supplies. Saudi Arabia and Russia have curbed output by
Investing NEW YORK – Oil prices were on track on Friday to post their steepest losses in a week since March, after another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures edged higher at 7 cents at $84.14 at 11:22 a.m. EDT (1522 GMT). U.S. West Texas Intermediate crude futures were up
World Oil (Bloomberg) – Saudi Arabia’s economic output is expected to contract this year as a series of oil-production cuts pose a risk to the kingdom which is heavily reliant on energy prices and crude production, according to the World Bank. Gross domestic product in the OPEC+ member is now seen shrinking 0.9% this year, according to the World Bank’s
Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 4 over last week, resulting in a total count of 619 rigs. Canada had a decrease of 11 over last week, resulting in a total Canadian count of 180 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Eagle Ford
Nasdaq Shares of Pioneer Natural Resources PXD.N climbed nearly 8% on Friday on news that Exxon Mobil XOM.N, the largest U.S. oil and gas company, was in advanced talks to buy the shale producer in a deal valued at a whopping $60 billion. A deal would be Exxon’s biggest acquisition since its $81 billion acquisition of Mobil in 1998. It would make the
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