World Oil (Bloomberg) – From a dark Houston control room, Rafael Guedes watched on a monitor as a robot took charge of a drilling rig in a North Dakota oil field, locking out the human operator. Glowing red boxes lit up the screen as an artificial intelligence program took over the distant Nabors Industries Ltd. rig, beaming instructions by satellite
Oil Price Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday. So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to
World Oil (Bloomberg) – Rosneft PJSC Chief Executive Officer Igor Sechin said Russia’s intermittent oil production cuts are curbing the development of the nation’s biggest crude producer. “Rosneft has been limiting crude oil production in one way or another since 2017, which prevents the company from fully unleashing its potential,” Sechin said in a statement on Wednesday following the release of
CNBC Brent crude needs to work through its oversupply issues before it can punch through its current price range of between $40 and $50 per barrel, according to Thom Payne, director at Westwood Global Energy Group. That’s despite the latest agreement by the Organization of the Petroleum Exporting Countries and its oil-producing allies to extend a historic oil production cut until the end of
Reuters WASHINGTON/LONDON/DUBAI – As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop
CNBC Russia’s reluctance to jump on board a bigger OPEC production cut may signal a potential fissure within the oil producer alliance, known as OPEC plus. Led by Saudi Arabia, other OPEC producers and Russia were considering an emergency meeting to cut production in response to the impact of the coronavirus, but it’s not now clear whether that will happen.
Reuters LONDON – Oil prices clawed back ground on Tuesday on hopes for additional production cuts from OPEC and its allies to offset any potential demand drop triggered by the coronavirus outbreak. Brent crude was up 93 cents, or 1.7%, at $55.38 a barrel by 1335 GMT, while U.S. West Texas Intermediate (WTI) crude stood at $51.31 after a 2.4%
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