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
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
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
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
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
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
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
Reuters NEW YORK – This year was like no other for oil prices. Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude plunged deep into negative territory and Brent dropped below $20 per barrel, slammed by the COVID-19 pandemic and a price
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%,
