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(Reuters) – Norwegian oil and gas investments are expected to hit a record high this year and will remain strong in 2025, driven by a string of new developments as well as cost inflation, a national statistics office (SSB) survey showed on Tuesday. The country’s biggest business sector now expects to invest 246.9 billion Norwegian …
Norwegian Oil Companies to Make Record High Investments in 2024 Read More »
Petrobras’ new chief executive said a basin in Brazil’s Equatorial Margin, an environmentally sensitive offshore prospect seen as the country’s most promising frontier for oil exploration, was a matter of “national interest.” Magda Chambriard, who took over as the state-controlled oil company’s chief executive after President Luiz Inacio Lula da Silva fired its former CEO …
New Petrobras CEO Pushes Offshore Oil Prospect as Matter of ‘National Interest’ Read More »
Summary Summer fuel demand hopes support prices Higher-for-longer US interest rates seen limiting gains OPEC+ meets on June 2 to set output policy (Reuters) – Global oil prices steadied on Tuesday as the prospect of OPEC+ maintaining oil supply curbs at its June 2 meeting and hopes of strong U.S. summer fuel demand balanced concern …
Oil Steadies as OPEC+ Restraint Balances Interest Rate Concerns Read More »
(Reuters) – Iran has approved a plan to raise its oil output to four million barrels per day, the country’s Tasnim news agency said on Sunday, without providing a time frame. “An economic council headed by Iran’s interim president Mohammad Mokhber has approved a plan to raise the country’s oil output from 3.6 million barrels …
Iran Plans to Raise Oil Output to 4 Million Barrels Per Day Read More »
Venezuela aims to produce 1.23 million barrels per day (bpd) of oil in December, adding about 290,000 bpd compared to the start of the year, following the addition of drilling rigs, oil minister Pedro Tellechea said on Friday. The growth comes after a 6-month broad license granted by the U.S. Treasury Department to Venezuela’s oil …
Venezuela Aims to Reach 1.23 Mln Bpd of Oil Output in Dec, Minister Says Read More »
(Reuters) – Oil prices were little changed on Monday, making marginal advances in muted trade owing to public holidays in Britain and United States after a downbeat week characterised by the outlook for U.S. interest rates in the face of sticky inflation. The Brent crude July contract was up 21 cents at $82.33 a barrel …
Oil Steadies After Weekly Decline on U.S. Interest Rate Prospects Read More »
(Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint oil production policy. Below are key facts about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC was founded in 1960 in Baghdad by Iraq, …
What is OPEC+ And How Does it Affect Oil Prices? Read More »
Summary Brent settles 2.1% lower for the week Interest rate policy, rise in crude oil stocks weigh Oil rig count unchanged, Baker Hughes data Market awaits OPEC+ June 2 online meeting (Reuters) – Oil prices rose about 1% on Friday, but fell for the week on worries that strong U.S. economic data would keep interest …
Oil Posts Weekly Loss as Interest Rate Policy Spurs Fuel Demand Worries Read More »
(Reuters) – U.S. crude oil and distillate inventories rose while gasoline inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.8 million barrels to 458.8 million barrels in the week ending May 17, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.5 million-barrel draw. …
U.S. Crude, Distillate Inventories Rise, Gasoline Draws Down – EIA Read More »
Summary API reports crude and gasoline stocks rise, sources say UK inflation falls less than expected Fed minutes, EIA inventory report awaited LONDON, May 22 (Reuters) – Oil prices fell on Wednesday, retreating for a third straight day on expectations that the Federal Reserve might keep U.S. interest rates higher for longer due to sustained …
Oil Slips for Third Day on Likely ‘Higher for Longer’ U.S. Rates Read More »
