Oil Price Freezing temperatures have slashed North Dakota’s crude oil production by up to 280,000 barrels per day (bpd) in recent days, according to estimates from the North Dakota Pipeline Authority as of Sunday, reported by Reuters. Natural gas production in North Dakota also fell, due to the Arctic blast and frigid weather that has settled across much of the United States
US News LONDON – Shell will cut at least 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, it said on Wednesday. The staff cuts and organizational changes come after Sawan, who took the helm in January, vowed to revamp Shell’s strategy to focus
Oil Price Last week, Brent crude topped $90 per barrel for the first time since last November, and WTI climbed to an 11-month high, too. The reason: Saudi Arabia and Russia said they would extend their oil supply cuts until the end of the year. The decision was hardly unexpected. What was unexpected was the length of the extension. It
Oil Price The current moves of OPEC+ to cut oil production are enough to support the market, Suhail al-Mazrouei, the energy minister of the United Arab Emirates (UAE), told Reuters on Friday. The actions the OPEC+ group has taken so far are sufficient, according to the OPEC heavyweight the UAE. “What we are doing is sufficient as we say today,” al-Mazrouei
CNBC Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August,
Oil Price Money managers boosted their net bullish bets on Brent Crude by the second-largest amount on record following the surprise announcement from major OPEC+ producers that they would remove more than 1 million barrels per day (bpd) from the market between May and December. Speculators and traders added as many as 73,000 contracts to the net long position –
Investing LONDON – OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates. Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6%, the Organization of the Petroleum Exporting
Nasdaq LONDON – Portfolio investors continued heavy buying of crude oil futures and options for a second week after OPEC+ cut its production target more than expected. Hedge funds and other money managers purchased the equivalent of 47 million barrels of petroleum-related futures and options in the week to Oct. 11. Purchases came after OPEC+ announced on Oct. 5
Yahoo Finance Russia widened its gas cuts to Europe on Tuesday with Gazprom turning off supply to top Dutch trader GasTerra escalating the economic battle between Moscow and Brussels and pushing up European gas prices. The move comes a day after Denmark flagged a potential end to its Russian gas supply and the European Union’s toughest measure yet against Russia
US News LONDON -Oil prices fell in volatile trading on Tuesday on demand concerns after the International Monetary Fund (IMF) reduced its economic growth forecasts and warned of higher inflation. Brent crude was down $3.94, or 3.4%, to $109.22 a barrel at 1338 GMT, having risen more than $1 to $114.21 earlier in the session. U.S. West Texas Intermediate crude
Reuters LONDON – Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook. In an update ahead of its fourth quarter results on February 4, Shell said the post-tax charge was due in
Houston Chronicle Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic. Schlumberger CEO Olivier Le Peuch reported the budget cuts during a Tuesday morning fireside chat at the Scotia Howard Weil Energy Conference in
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