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(Reuters) – Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production. Oil majors are expected to report 2023 profits down by about a third from record levels in 2022, as oil and gas prices retreated from the peaks that followed Russia’s invasion of …
Exxon Beats Estimates, Ends 2023 With a $36 Billion Profit Read More »
U.S. oil and gas drilling has slowed in response to the fall in prices over the last 18 months, but that has not yet translated into slower production, keeping prices under pressure. Exploration and production firms have continued to increase output despite drilling fewer wells, by concentrating on the best sites, accelerating drilling times and …
Rising U.S. Oil Production Frustrates OPEC+ Cuts: John Kemp Read More »
Summary OPEC+ JMMC panel meeting keeps 2.2 mln bpd cuts Brent crude trades above $81, Middle East tensions support Next JMMC meeting to be held on April 3 LONDON/DUBAI/MOSCOW, Feb 1 (Reuters) – OPEC+ will decide in March whether or not to extend voluntary oil production cuts in place for the first quarter, two OPEC+ …
OPEC+ to Review Oil Cut Extension in March, Ministers Leave Policy Unchanged Read More »
Summary OPEC+ meeting keeps 2.2 mln bpd cuts -sources China reveals support measures after Evergrande liquidation Energy market remains ‘on edge’ over Middle East -analyst LONDON, Feb 1 (Reuters) – Oil prices edged higher on Thursday, boosted by the U.S. Federal Reserve signalling a possible start to interest rate cuts. There was limited immediate price …
Oil Buoyed by U.S. signals on Interest Rate Cuts Read More »
(Reuters) – Woodside should walk away from its proposed $57 billion merger with Santos rather than pay a premium for its smaller rival, a large shareholder said on Thursday, a sign of the deep divide between both sides over fair value. Fund manager Allan Gray Australia owns a roughly A$700 million ($460 million) stake in Australian …
Woodside Should Walk Away from Santos Deal, Large Shareholder Says Read More »
U.S. crude production in November rose 0.6% to a new monthly record of 13.31 million barrels per day, as output in Texas and New Mexico notched records as well, the Energy Information Administration said on Wednesday. Crude production in Texas rose by 1.4% to 5.66 million bpd, a monthly record, while crude output in New …
U.S. Crude Production in November Rose to Monthly Record – EIA Read More »
The United States is seeking to buy about 3 million barrels of U.S.-produced sour crude for the Strategic Petroleum Reserve for delivery in June, Department of Energy documents showed on Tuesday. The administration of President Joe Biden is slowly replenishing the emergency stash after selling 180 million barrels in 2022 following Russia’s invasion of Ukraine. …
U.S. Seeks to Buy About 3 Million Barrels of Oil for SPR for June Delivery Read More »
Kenyan president speaks at Italy-Africa summit in Rome Renewable energy is an economically rational choice, he says Kenyan President William Ruto said African countries need to be able to tap all their energy resources even if that means developing non-renewable sources of fuels. “I firmly believe that no African country can be asked to halt the exploration …
No African Nation Should Have to Halt Fossil Fuels, Kenyan President Says Read More »
Biden administration may let six-month suspension end in April US has eased pressure on Maduro amid democratic reforms Maria Corina Machado holds a press conference in Caracas on Monday.Photographer: Gaby Oraa/Bloomberg The Biden administration will restore sanctions on Venezuela’s energy sector if the country upholds its ban on an opposition candidate from running for president, …
U.S. Set to Renew Venezuela Oil Sanctions After Presidential Candidate Barred Read More »
Bloomberg Company asked to maintain capacity at 12 million barrels daily Surprise move will raise questions about view on oil demand Saudi Aramco abandoned a plan to boost its oil output capacity, a huge reversal that will raise questions about the kingdom’s view on future demand. The surprise move comes after the world’s biggest oil exporter …
Saudi Aramco Drops Expansion Plan, Raising Demand Questions Read More »
