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Summary OPEC+ prolongs some cuts by one year OPEC+ to phase out other cuts very slowly Group faces rising oil stocks, tepid demand growth (Reuters) – OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, …
OPEC+ Extends Deep Oil Production Cuts into 2025 Read More »
Summary EIA: U.S. crude output in March at highest level in 2024 U.S. inflation tracks sideways in April OPEC+ eyes deal to extend production cuts, sources say (Reuters) – Oil prices fell on Friday and posted a weekly loss as investors awaited an OPEC+ meeting on Sunday that will determine the fate of the producer …
Oil Settles Down Ahead of OPEC+ Meeting, Posts Weekly Loss Read More »
(Reuters) – U.S. oil drillers are sticking to pledges to temper spending on boosting output, keeping the world’s top crude producer on course for slower growth in 2024 in what may ease pressure on OPEC+ to make further supply cuts this weekend. The U.S. has driven growth in global oil supply from non-OPEC producers over …
U.S. Oil Producers Maintain Modest Growth as OPEC+ Eyes Extended Cuts Read More »
U.S. crude oil production rose in March to its highest this year, while product supplied fell, data from the Energy Information Administration showed on Friday. Crude output rose by 0.6% to 13.2 million barrels per day (bpd) in March, the highest since December. Crude volumes from Texas, the top producing state, edged 0.7% higher to …
U.S. Crude Output Rises in March, While Product Supplied Falls Read More »
HOUSTON, May 31, 2024 /PRNewswire/ — Chord Energy Corporation (NASDAQ: CHRD) (“Chord”, “Chord Energy” or the “Company”) and Enerplus Corporation (TSX: ERF) (NYSE: ERF) (“Enerplus”) announced today the completion of their previously announced business combination (the “Arrangement”). The Arrangement was approved by Chord and Enerplus shareholders on May 14, 2024 and May 24, 2024, respectively, and received …
Cash-rich Exxon Mobil and Chevron are bolstering their oil and gas drilling inventory with multi-billion-dollar takeovers as they bet on resilient demand for years to come. The consolidation wave sweeping through the U.S. energy sector that spurred deals worth $250 billion in 2023 shows no signs of slowing as companies rush to deploy their cash …
Oil Giants Exxon, Chevron Lean on Big-Ticket Deals to Build Bigger Reserves Read More »
(Reuters) – Saudi Arabia and its bankers will on Sunday morning start taking orders for as much as $13.1 billion worth of shares in its energy giant Aramco , in a major test of international investor interest in its market. In a long-anticipated announcement on Thursday, the kingdom and Aramco detailed plans to sell up to a 0.7% …
Saudi Arabia Sets New Test for International Interest with $13.1 Billion Aramco Sale Read More »
(Reuters) – OPEC+ is working on a complex deal to be agreed at its meeting on Sunday that will allow the group to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday. OPEC+ has made a series of cuts since late 2022 amid rising output …
OPEC+ Working on Complex Production Cut Deal for 2024-2025 Read More »
Summary Brent 2024 forecast lowered to $84.01 a barrel WTI forecast cut to $79.56 a barrel OPEC+ to meet on June 2, seen keeping output cuts in place Price support seen at $80 if cuts extended -analyst For table of crude price forecasts, click (Reuters) – Analysts have lowered their 2024 oil price forecast for …
Oil Price Forecasts Cut as Supply Risks Trend Lower, Reuters Poll Finds Read More »
Global petroleum markets have become calm again after massive disruptions caused by the coronavirus pandemic, Russia’s invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to average once adjusted for inflation; and volatility …
Oil Market Torpor Sends Investors to Other Commodities – John Kemp Read More »
