From Bloomberg/Houston Chronicle A year ago, in the enduring twilight of one of St. Petersburg’s famous “white nights” of summer, Saudi Arabia and Russia reached an agreement that set a new direction for the oil market. This week, when Energy Ministers Alexander Novak and Khalid Al-Falih meet again in the northerly city that’s President Vladimir Putin’s hometown, resolving differences may not
December cuts were “a lifeline for U.S. shale oil producers”: Al Falih Saudi energy chief concerned about volatility, prevailing negative sentiment From Gulf News Abu Dhabi: Global oil markets are on the right track and will soon return to balance due to implementation of production cuts by Opec and other countries, Saudi oil minister Khalid Al Falih said in Abu
Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of
On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any debt owed to the
Russian giant Rosneft Oil Company (ticker: ROSN) reported a Q1 2018 net income of USD$1.5 billion (RUB$81 billion) with a spending budget of $3.9 billion (RUB$223 billion). More multistage fracs, horizontal wells The company produced 5.71 MMBOE in Q1 2018. The number of new wells commissioned increased by 22% to 809 wells, Rosneft said, with horizontal wells up to 39%.
The International Energy Agency (IEA) released a new Oil Market Report (OMR) today. In its OMR, the IEA said countries across the globe have been steadily consuming more and more oil over the past few years. The IEA said that global oil demand growth for 2018 has increased slightly to 1.4 million barrels per day (mb/d), partly due to an
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