Investing VIENNA/LONDON – OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months
World Oil (Bloomberg) — Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April. The OPEC member, home to Africa’s largest crude reserves, ramped up its production to a “little over” a million barrels a day, Oil Minister Mohamed Oun said. The
World Oil (Bloomberg) — The White House believes the Organization of Petroleum Exporting Countries has room to raise oil production, should an upcoming visit by President Joe Biden to the Middle East yield any agreements. “We do believe there is a capacity for further steps that could be taken,” National Security Advisor Jake Sullivan said in a press conference on
World Oil (Bloomberg) — Canada’s economic expansion suffered a minor setback last month after a robust start to the year, driven by a drop in oil production. Preliminary data show gross domestic product contracted by 0.2% in May as output slid in oil and gas, manufacturing and construction sectors, Statistics Canada reported Thursday in Ottawa. That followed a strong
World Oil (Bloomberg) — Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages. Chevron will produce the equivalent of about 725,000 barrels of oil daily in the Permian Basin this year, a 15% increase from 2021, the company said
World Oil (Bloomberg) –Russia failed to boost oil output last month despite a generous ramp-up quota in its OPEC+ agreement, indicating the country has deployed all of its current available production capacity. With OPEC+ meeting in two days to consider output policy in the face of the fast-spreading omicron variant, Russia’s lack of growth highlights the limits of the group’s
CNBC DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters. The temporary but unprecedented gridlock that began in early July saw the United Arab Emirates reject a coordinated oil production plan for the group
Reuters LONDON – Portfolio managers took profits on their bullish petroleum positions after OPEC+ failed to reach agreement on increasing production and U.S. oil prices hit their highest level since late 2014. Hedge funds and other money managers cut their combined position in the six most important petroleum futures and options contracts by the equivalent of 63 million barrels to
Reuters WINNIPEG, Manitoba – In the shadow of Canada’s mega oil sands projects, smaller, technologically outdated facilities are churning out up to three times more emissions per barrel than the sector’s already high average. These projects present another challenge to Canada’s goal to cut emissions by 40-45% by 2030. With oil prices near 2-1/2-year highs and dim prospects for building
Reuters DUBAI -Iran will not stop its 20% uranium enrichment before the United States lifts all sanctions, Iranian state TV quoted an unnamed official as saying on Tuesday, after a U.S. media report said Washington would offer a new proposal to jump-start talks. The Biden administration has been seeking to engage Iran in talks about both sides resuming compliance with
Reuters KIRKUK -Two wells in a small oilfield in northern Iraq were set ablaze by explosives in a “terrorist attack” on Wednesday but overall production from the field was not affected, the Oil Ministry and officials said Wednesday. The Oil Ministry gave no further details about the assailants behind the explosive devices that targeted the wells in Khabbaz oilfield, 20
Reuters NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. Brent crude was down 35 cents to $43.99 a barrel by 12:36 p.m. EST (1736 GMT). U.S. West Texas Intermediate crude slipped 32
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