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Chevron has achieved a technological breakthrough, producing first oil from a U.S. Gulf of Mexico field under extreme subsea pressures, the energy company said on Monday. Its $5.7-billion project, called Anchor, ushers in an era of production from deepwater areas that had long been off-limits, because of the lack of equipment able to cope with …
Chevron Delivers Industry First in Ultra-High Pressure Oil Field Read More »
Summary Cuts 2024 oil demand growth forecast to 2.11 mbpd Report sees Q4 OPEC+ crude demand 2.9 mbpd above July output IEA to publish updated forecasts on Tuesday LONDON, Aug 12 (Reuters) – OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights …
OPEC Cuts Oil Demand Growth Forecast, Highlighting Dilemma Over Oct Hike Read More »
The IEA’s divisive mission to decide the future of oil Oil companies accuse it of playing climate politics Author of the article: Financial Times – View More Financial Times Energy Articles Here Malcolm Moore in London and Jamie Smyth in New York Fatih Birol is executive director of the International Energy Agency. Birol argues that …
The IEA’s Divisive Mission to Decide the Future of Oil Read More »
Market concerns about global growth may have been excessive this week as there is no evidence of an imminent U.S. recession, a co-founder of consultancy Energy Aspects said on Friday. “Overall, we do not believe the global economy is on the verge of a sudden downshift,” said Amrita Sen, director of research at Energy Aspects, …
No Evidence of Imminent U.S. Recession, Energy Aspects Says Read More »
(Reuters) – Oil prices settled higher on Friday and notched over 3.5% in weekly gains as positive economic data and signals from Fed policymakers that they could cut interest rates as early as September eased demand concerns, while fears of a widening Middle East conflict continue to raise supply risks. Brent crude futures settled 50 …
Oil Posts 3% Weekly Gains on Positive Economic Data, Rate Cut Hopes Read More »
(Reuters) U.S. natural gas futures touched an over two-week peak on Friday, aided by forecasts for hotter weather and higher demand for the next week. Front-month gas futures for September delivery on the New York Mercantile Exchange were up 0.7 cent, or about 0.3%, at $2.13 per million British thermal units at 10:14 a.m. EDT …
US Natgas Prices Hit Two-Week High on Hot Weather Outlook, Higher Demand Forecasts Read More »
Aug 9 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the third time in four weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 588 in the …
US Drillers Add Oil and Gas Rigs for Third Time in Four Weeks – Baker Hughes Read More »
(Reuters) – Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) …
Oil Traders Dgnore Dwindling Stocks to Focus on Economy – John Kemp Read More »
Summary Chinese, US demand seen lagging forecasts Not clear if Q3 demand is growing fast, two OPEC sources say Worries of US recession add to pressure on oil LONDON, Aug 9 (Reuters) – Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ …
Global Oil Demand Needs to Rise Faster to Absorb OPEC+ Hike Read More »
Occidental Petroleum on Thursday said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program. The U.S. oil producer posted better-than-expected second quarter results on Wednesday, largely due to strong production in Colorado, lower operating costs and onetime strong midstream earnings, which …
Occidental Delays CrownRock Output Goals, Turns to Debt Reduction Read More »
