(Bloomberg) — Alberta’s two-year experiment with OPEC-style crude production curbs is coming to an end after a Covid-driven collapse in demand led the Canadian province’s battered oil-sands industry to idle more output than required. A cap on production that’s currently at 3.81 million barrels a day will no longer be in effect in December, with
(Bloomberg) — Oil retreated as a further increase in Libyan output threatens to return more supply to a market that’s already grappling with a pandemic-induced slump in demand. Crude futures fell 1.9% in New York on Friday and posted their first weekly decline in three. Libya lifted force majeure on its Ras Lanuf and Es
(Bloomberg) — Oil rose with signs of progress on a U.S. stimulus deal that could buoy the ailing demand outlook. Futures in New York advanced 1.5% to near $41 a barrel Thursday, the second gain so far this week. House Speaker Nancy Pelosi said she and Treasury Secretary Steven Mnuchin are “just about there” on
(Bloomberg) — Oil and gasoline futures tumbled the most in more than two weeks after a U.S. government report showed swelling fuel stockpiles and slowing demand as the coronavirus pandemic rages. Both crude and gasoline futures in New York declined 4% on Wednesday. Domestic gasoline inventories rose 1.9 million barrels last week, the biggest increase
(Bloomberg) — Pioneer Natural Resources Co. agreed to buy Permian Basin peer Parsley Energy Inc. for $4.5 billion in stock, the latest in a flurry of mergers that’s quickly reshaping the beleaguered U.S. shale oil industry. Pioneer said Tuesday in a statement the transaction represents a 7.9% deal premium for Parsley holders based on closing
DUBAI, United Arab Emirates — The International Monetary Fund downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole — 1.3 percentage points worse than its previous assessment in April — in its latest regional outlook report released Monday. Jihad Azour, director of the
(Bloomberg) — Oil in New York fell slightly under $41 a barrel after the OPEC+ Joint Ministerial Monitoring Committee made no mention of any changes to a plan to further ease oil-output cuts from January. Still, Saudi Oil Minister Prince Abdulaziz Bin Salman called on the OPEC+ alliance to be proactive in the face of uncertain demand,
Articles about a big management change, a big step for one project and a potentially big headache for another endeavor recently commanded a significant share of attention from Rigzone’s downstream audience. Read on for a review of some of the most popular articles linked to the downstream – based on pageviews – that ran on
The total number of rotary drilling rigs operating in the United States rose by 13 this week, Baker Hughes Co. (NYSE: BKR) reported Friday. The 282-rig U.S. count includes 205 oil rigs (up 12 from last week), 74 gas rigs (up one) and three miscellaneous rigs (unchanged), Baker Hughes noted in a written statement emailed
(Bloomberg) — Oil posted a small weekly gain on tentative signs that demand is picking up even as a new wave of coronavirus cases casts a shadow over the market. Futures in New York edged lower on Friday, but still managed to record an advance of 0.7% this week on shrinking U.S. crude stockpiles and
(Bloomberg) — Oil recovered from early losses as shrinking American crude and refined product stockpiles offset signs that the fragile demand recovery is under threat. Futures in New York ended the session little changed just under $41 a barrel after earlier falling as much as 4.4%. The Energy Information Administration reported a decline in U.S.
(Bloomberg) — Oil rose to its highest in nearly a week amid a weaker dollar and signs of improving demand in China and India. Crude futures gained 2.1% in New York, while the Bloomberg Dollar Spot Index slipped as much as 0.3%, raising the appeal for commodities priced in the currency. Meanwhile, refinery activity in
(Bloomberg) — Oil advanced after data showing a rise in China crude imports signaled strengthening demand, even as uncertainty over U.S. fiscal stimulus kept price gains in check. Futures in New York rose 2% on Tuesday, buoyed by data showing Chinese crude imports climbed 2.1% month-on-month in September, according to the General Administration of Customs.
Bloomberg) — The European Union has agreed to help “strengthen the capacity” of Mozambique’s government in its fight against an escalating Islamist insurgency that’s killed more than 2,000 in a region home to Africa’s biggest foreign investments. The EU gave “a positive response” to the southeast African nation’s request for assistance, Ambassador Antonio Sanchez-Benedito Gaspar
Baker Hughes Co. on Friday reported the total number of rotary drilling rigs operating in the United States and Canada increased by eight this past week. The three-rig net gain in the U.S. brought the country’s total to 269 drilling units. The most recent U.S. count reflects four more oil rigs (to 193), a one-unit
(Bloomberg) — A strike that shut down about 8% of Norway’s oil and gas output will end after successful mediation talks, said Norwegian Oil and Gas Association spokesman Kolbjorn Andreassen The settlement will restore production at six fields already shut down by the dispute and prevent an escalation to another six over the weekend. Those
A discarded face mask is pictured near an oil pump in Long Beach, California on August 22, 2020. APU GOMES | AFP via Getty Images LONDON — OPEC on Thursday said it had downwardly revised its forecast for global oil demand growth over the long term, given the industry faced “an existential threat” this year
(Bloomberg) — Crude prices slid after oil workers in Norway called off a strike that had shut down about 8% of the country’s production. Futures in London and New York both fell over 1% on Friday. The settlement will restore production at six fields already shut down by the dispute and prevent an escalation to another six.
Many investors are speculating that Big Oil dividends could be in danger given how low the price of crude has dropped this year, but in an appearance on CNBC’s “Squawk Box,” Chevron CEO Michael Wirth defended his company’s ability to keep its dividend intact. “We continue to have a very strong balance sheet so our
(Bloomberg) — Oil climbed to the highest in more than a month as Hurricane Delta forces operators to shut in nearly 92% of crude output in the Gulf of Mexico. Futures in New York rose 3.1% as Gulf of Mexico producers shut in 1.7 million barrels a day of production ahead of Delta, which is