Reuters HOUSTON/NEW YORK – U.S. oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good. Deep spending cuts that came with the collapse in fuel demand and oil prices due to the COVID-19 pandemic have ended an era that
Reuters LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market. Demand will rise by 5.90 million barrels per day (bpd) next year to 95.89 million bpd, the Organization of the
Reuters HOUSTON – Oil producers on Monday were evacuating offshore production platforms in the U.S. Gulf of Mexico as the 27th named storm of the season strengthened overnight and looked likely to threaten the United States as a hurricane. BP, BHP Group Ltd , Chevron Corp, Equinor and Royal Dutch Shell began withdrawing staff from their U.S. Gulf of Mexico
Fox Business ExxonMobil Chairman and CEO Darren Woods warned that job cuts are coming for employees in the U.S. and Canada as part of an ongoing plan announced earlier this year to “redesign work processes and improve cost competitiveness.” While ExxonMobil is exceeding targeted spending reductions, deferring more than $10 billion in capital and cutting 15% of cash operating expenses, Woods said the coronavirus pandemic has resulted in a “devastating” cut to oil demand by about 20%,
Reuters MOSCOW – Russia’s energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed. OPEC and allies including Russia, known as OPEC+, agreed in April they would gradually ease production cuts – introduced to support prices
Reuters LONDON – The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best,
Reuters LONDON – Oil prices fell on Monday as force majeure at Libya’s largest oilfield was lifted, a Norwegian strike affecting production ended and U.S. producers began restoring output after Hurricane Delta. Brent crude LCOc1 fell 57 cents, or 1.3%, to $42.28 a barrel by 1340 GMT and U.S. West Texas Intermediate CLc1 was down 60 cents, or 1.5%, at $40.00. “It’s all about
Reuters LONDON – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits. The prediction from the Organization of the Petroleum Exporting Countries, made in its
Reuters OSLO – Six Norwegian offshore oil and gas fields were shut on Monday as more workers joined a strike over pay, companies and union officials said. The strike will cut Norway’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8% of total production, according to the Norwegian Oil and Gas Association (NOG).
Reuters LONDON – OPEC oil output has risen for a third month in September, a Reuters survey found, as a restart of some Libyan installations and higher Iranian exports offset strong adherence by other members to an OPEC-led supply cut deal. The 13-member Organization of the Petroleum ExportingCountries pumped 24.38 million bpd on average in September, thesurvey found, up 160,000
Reuters ConocoPhillips COP.N on Wednesday forecast a smaller-than-expected quarterly adjusted loss and said it would resume buying back its shares after a historic collapse in crude prices forced the U.S. oil and gas producer to halt the program in April. Oil companies were forced to slash dividends, halt buybacks and curtail production earlier this year as the COIVD-19 crisis hammered energy demand,
Reuters LONDON – Oil prices steadied on Thursday, as the bullish impact of a fall in U.S. inventories was offset by a stronger dollar and a renewed wave of coronavirus cases in Europe that led several countries to reimpose travel restrictions. Brent crude LCOc1 futures rose 8 cents, or 0.2%, to $41.85 a barrel by 1408 GMT. U.S. West Texas Intermediate (WTI)
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