Nasdaq LONDON – OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as several members implemented new voluntary production cuts agreed with the wider OPEC+ alliance and unrest curbed Libyan output. The Organization of the Petroleum Exporting Countries pumped 26.33 million barrels per day (bpd) this month, down 410,000 bpd from December, the
Nasdaq The U.S. Department of Energy said on Thursday it hopes to buy six million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continues its plan to refill the emergency stockpile. The DOE added that it will continue refilling the reserve with monthly solicitations through at least May 2024, for volumes
Oil Price OPEC’s crude oil production fell in January by around 60,000 barrels per day (bpd) due to cuts by top producer Saudi Arabia which may have been steeper than the Kingdom’s quota, a survey carried out by Bloomberg showed on Thursday. The entire OPEC-13 organization saw crude oil production drop to 29.12 million bpd due to lower output from Saudi Arabia
CNBC Oil edged to its lowest since the start of the year in volatile trading, after U.S. government data showed an unexpectedly large build in fuel stocks, feeding fears about demand in a market already spooked by an uncertain economy. Brent futures for February delivery fell $1.62 to $77.73 a barrel, a 2% loss, by 11:14 a.m. EST. U.S. crude
From The Houston Chronicle With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter environmental regulations set to take affect in January. Texas International Terminals confirmed Wednesday reports from Reuters that it plans to
Blackbird Energy Inc. (ticker: BBI) has provided an update regarding its operations. Blackbird’s total corporate January sales production averaged an estimated 1,978 BOEPD (58% liquids) for the 17 days the company was able to produce during the month. Estimated sales production averaged 1,056 BOEPD on a calendar day basis through January, with volumes being impacted by approximately 14 days of
Activity in the Eleventh Federal Reserve District’s energy sector gained momentum in the fourth quarter of 2017, according to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of business conditions—climbed over 10 points to 38.1, with the increase driven by the exploration and production side of the industry. Oil and gas production increased for the fifth
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