Production – Page 2 – Oil & Gas 360

Business groups urge Biden administration to support domestic energy production, offshore leasing program

June 6, 2022

World Oil The American Petroleum Institute, Consumer Energy Alliance, Louisiana Mid Continent Oil and Gas Association, National Oceanic Industry Association and U.S. Chamber of Commerce today joined with more than 80 trade groups representing a diverse cross section of industries in calling on the Biden administration to act on policies that support U.S. energy security and increase domestic production of

OPEC misses crude output targets, straining global oil supply

October 18, 2021

World Oil (Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic. OPEC+ cut its production 15% deeper than planned in September, compared with 16% in August and 9% in July, according to delegates with knowledge of the matter. This reflects

Volatile energy markets are here to stay, global watchdog warns

October 13, 2021

CNBC Energy prices around the world are at record highs as a power crunch hits Europe and Asia — and the International Energy Agency warned Wednesday that volatility is here to stay. In its annual report, the Paris-based agency said the world is underinvesting now for future energy consumption, which will make the transition to net-zero emissions unstable. “There is a looming risk of

COLUMN-How high are oil prices really? Kemp

October 5, 2021

Nasdaq How high are oil prices really and what signal are they currently sending to producers and consumers about the need for more output and lower fuel use? The strength of a price signal depends on both the real level of prices adjusted for inflation and the rate of change compared with recent years. In terms of the rate of change, prices are already

Saudi Arabia may raise Sept crude prices for 2nd month

July 30, 2021

Reuters SINGAPORE – Top oil exporter Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, tracking the strength in Middle East benchmarks, trade sources said. The September official selling price (OSP) for Arab Light crude may rise by 36 cents a barrel on average after

Oil slips but set to end week steady on tight supply

July 23, 2021

Reuters LONDON – Oil slipped further below $74 a barrel on Friday but was on track to end the week little changed after a surprising recovery from Monday’s slide, underpinned by expectations that supply will remain tight as demand recovers. The price of oil and other riskier assets tumbled at the start of the week on concern over the impact

Colombia’s Ecopetrol 2020 net profit down 87.3%, to invest up to $15 billion by 2023

February 24, 2021

Reuters BOGOTA – Colombia’s majority state-run oil company, Ecopetrol, will make up to $15 billion of organic investment between 2021 and 2023, it said on Tuesday, as it reported an 87.3% drop in 2020 net profit.The company will invest $12 billion to $15 billion over the next three years, Ecopetrol said in a statement, averaging $4 billion to $5 billion

Oil producers eye long road to recovery as Texas begins to thaw

February 22, 2021

Reuters NEW YORK – Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut down because of cold weather, as frozen pipes and power supply interruptions slow their recovery, sources said. The winter storm that gripped Texas and much of

Oil prices close to 13-month highs, supported by Texas cold snap

February 16, 2021

Reuters LONDON- Oil prices hovered near 13-month highs on Tuesday, supported by a U.S. cold snap that shut wells in the oil-producing state of Texas, though gains were capped by a Norwegian wage deal that averted supply disruptions in Europe. The global rollout of coronavirus vaccinations, fueling expectations of a recovery in the global economy and oil demand, has also

Oil hits 13-month highs as market re-balances

February 15, 2021

Reuters LONDON – Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 88 cents, or 1.4%, at $63.31 a barrel at 1320 GMT, after climbing to a session high of $63.76, the highest since Jan. 22, 2020. U.S. West Texas

Northern Oil and Gas, Inc. Announces Business and Operations Update

January 8, 2021

Oil and Gas 360 Northern Oil and Gas, Inc. Announces Business and Operations Update HIGHLIGHTS Reaffirms mid-point of Q4 2020 production guidance and narrows range to 34,000 – 36,000 Boe per day Reiterates 2021 $40+ WTI base case outlook $178 million of debt reduction in 2020 Retired $65 million, or 50%, of the Unsecured VEN Bakken Note on January

Battered energy sector could get reprieve from ‘golden cross’ chart signal

December 31, 2020

Reuters Energy, Wall Street’s worst performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday. The bullish development in S&P 500 energy sector is called a “golden cross,” which is conventionally defined by technical analysts as the 50-day moving price average rising above

Premium Content