October 13, 2023 – Oil & Gas 360

Shale drillers must merge with diversified companies to survive long term, Pioneer CEO says

October 13, 2023

World Oil (Bloomberg) – The independent shale drillers that undermined OPEC’s decades-long grip on global oil markets soon will be a thing of the past as they merge with international giants, according to one of the industry’s founding members. Pure-play shale drillers will be acquired by larger companies within the next five years amid intensifying financial pressures and demand for

Expansion of rice whale’s critical habitat in Gulf of Mexico to negatively impact oil, gas operations, Texas regulator warns

October 13, 2023

World Oil AUSTIN- The Railroad Commission of Texas has submitted comments in response to the National Marine Fisheries Service (Service) proposal to designate a huge swath of waters in the Gulf of Mexico – approximately 28,270 square miles – as expanded critical habitat for the Rice’s whale without sufficient data. The zealous proposal may lead to major limitations when transporting

EXPLAINER-What impact will the Israel/Hamas war have on oil?

October 13, 2023

Nasdaq LONDON – A war between Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia’s invasion of Ukraine last year. While oil flows have not yet been affected, analysts and market observers point to two major implications if the conflict escalates. First, the U.S. could tighten or step up enforcement of

ANALYSIS-Diesel release valve: China poised to save West from shortages again

October 13, 2023

Nasdaq As the northern hemisphere heads into winter, the U.S. and European oil sectors are counting on rising exports from Chinese refineries to ease tight global supplies of diesel, heating oil and jet fuel. China is the world’s top oil importer and largest energy consumer. Typically, energy has flowed into China, not out of it. Growing Chinese refining capacity has,

France mulls extending windfall tax on oil and power giants

October 13, 2023

Oil Price France is considering an extension of its windfall tax for oil and power companies into the new year, according to French lawmaker Jean-Rene Cazeneuve, who shared the plan on X. The plan, hatched by the National Assembly’s finance committee, is part of a proposed amendment to France’s budget bill for 2024 and would serve to offset higher costs for

U.S. rig count had an increase of 1 this week, at 585- oil and gas 360

U.S. rig count had a decrease of 3 this week, at 622

October 13, 2023

Oil and Gas 360 This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 3 over last week, resulting in a total count of 622 rigs. Canada had a decrease of 13 over last week, resulting in a total Canadian count of 193 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Eagle Ford,

Oil surges on US sanctions, tight stockpile forecasts

October 13, 2023

Investing LONDON -Oil prices leapt more than $3 on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, with global inventories forecast to decline through the fourth quarter. Brent futures rose $3.30 to $89.30 per barrel as of 1311 GMT. US West Texas Intermediate (WTI) crude gained $3.32 to $86.23

U.S. imposes first sanctions for Russian oil price cap violations

October 13, 2023

World Oil (Bloomberg) – The U.S. imposed the first sanctions for violations of the price cap on Russian oil introduced by the Group of Seven nearly a year ago, as signs mount the restriction is failing to cut Kremlin revenues as hoped. The Treasury Department called the steps a new phase in the enforcement of a policy aimed at limit

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