(Oil Price) – Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast, from the EIA: Argentina will soon eclipse Colombia as the third-largest oil producer in South America. It’s time for a new shale boom. Crude oil
(Oil Price) – Russia’s state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day (bpd) of crude to India’s Reliance Industries in the biggest oil supply deal between the two countries, Reuters reported on Thursday. The 10-year agreement is worth roughly $13 billion a year at current prices. Under the deal, Rosneft will deliver 20-21 Aframax-sized cargoes (80,000 to 100,000 metric tons)
(Investing) – LONDON -Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures were down 23 cents, or 0.3%, at $73.29 a barrel by 1421 GMT. U.S. West Texas Intermediate crude futures were down 27 cents, or 0.4%, at $70.02.
(Investing) – LONDON – OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China’s sputtering role as the world’s demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such
Weekly Crude Oil Storage as of December 6, 2024 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 422.0 million barrels, U.S. crude oil inventories are 6% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Oil & Gas 360) – Oil & Natural Gas Prices Low Highlight That Low Expectations Continue To Dominate But Oil Inventory Is Low And The Climate Is Changing. Technical analysis dominating today’s markets having analysis much thinner along with uncertainty high helped record-high U.S. petroleum product exports setting higher record highs be ignored/unknown. While reports of problems Over There are plentiful,
(World Oil) – (Bloomberg) – A shale-drilling frenzy in Argentina has put the country on the verge of leapfrogging regional rival Colombia as a top-three crude producer in South America. Drilling activity is accelerating in Argentina’s Vaca Muerta shale region, thanks in large part to policies by the business-friendly government of President Javier Milei. Shale oil now accounts for about
(Oil Price) – BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by 2030, the UK-based supermajor said on Monday as it shifts its focus back on oil and gas. BP has been seeking for months to offload spending
Investing – HOUSTON- Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010. Brent crude futures were up $1.34, or 1.9%, to $72.46 per barrel at 11:25 a.m. ET (1625 GMT). U.S. West Texas
(Oil Price) – The oil market is bracing for a tough 2025, but Barclays believes the industry’s pessimism might be overdone. Brent crude hovered around $71 per barrel this week, raising chatter of a potential dip into the $50-$60 range next year. But Barclays’ analysts argue that the market’s fixation on oversupply could be cloaking the inevitable tightening of supply-demand dynamics.
(BOE Report) – 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 plans for higher output. The bank raised its Brent price forecast for the second half of 2025 to $70
(BOE Report) – Goldman Sachs on Friday maintained its forecast for Brent oil to average $76 per barrel in 2025, citing a balanced market situation, with lower OPEC+ supply offsetting an unexpected surge last month in commercial inventories at Organisation for Economic Co-operation and Development countries. “We maintain our annual average Brent forecasts of $76/bbl in 2025 and $71 in
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