International oil companies (IOCs) could be on track for record free cash flow this year should Brent continue its rise, according to Wood Mackenzie.
While oil’s dizzying collapse is still fresh for many traders, rumblings are starting to emerge that by the end of next year prices could once again top $100 a barrel.
The CEO of NHV hopes the restoration of oil prices can help the beleaguered helicopter market “to a more sustainable situation”.
Oil in New York rose to the highest intraday level in more than a year as output curbs from top producers whittle down global inventories.
US oil majors ExxonMobil, Chevron and ConocoPhillips had their credit ratings lowered after S&P Global Ratings followed through on its recent warning and revised the industry’s risk profile due to climate change and weak earnings.
The oil price slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.
North Sea operators including Shell, BP, EnQuest and Premier Oil have all seen their shares jump in light of the oil price rally.
The price of oil extended a rally from the highest level in more than a year on signs the global market is tightening and demand is improving.
The Brent oil price has reached its highest in 13 months, but experts say questions persist on whether activity in the UK North Sea will see a similar resurgence.
Shell snapped up the largest amount of North Sea oil in over a decade during the market’s main trading window for physical cargoes, underpinning signs of sharply tightening supplies.
Oil edged lower as the dollar strengthened, with the steam coming out of a rally that pushed crude to the highest level in 10 months.
Brent oil topped $55 a barrel for the first time since February as gains in broader markets added to investor optimism already buoyed by Saudi Arabia’s unilateral plan to cut output.
Oil advanced as shrinking U.S. crude inventories added to expectations of a tighter global supply outlook after Saudi Arabia surprised markets by pledging to slice production the next two months.
Oil steadied in Asia after surging to a 10-month high on Saudi Arabia’s pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus leads to more lockdowns.
Oil’s rally accelerated on signs that OPEC+ was nearing a consensus that would keep oil output steady next month.
A “window of opportunity” could present itself for oil producers next year as analysts predict supply deficits may reach their highest level in years.
Russia intends to support a further increase in OPEC+ production at the group’s meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the country’s oil policy.
Oil pared its earlier rally toward the highest settlement in almost 10 months as the market weighed the potential distribution of Covid-19 vaccines against a raft of new cases sparking tighter restrictions on movement.
North Sea operators would like “more evidence” that the $50 Brent oil price is here to stay before greenlighting long-term investments.
Oil in London climbed above $50 a barrel for the first time since the pandemic ground the global economy to a halt in a remarkable rally that few predicted would happen this soon.
Spreads at both ends of the oil futures curve rallied on Wednesday as the UK approved a Covid-19 vaccine and the physical market displayed signs of strength in Asia and the North Sea.
OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.
Oil edged lower in New York, with OPEC and its partners engaging in a diplomatic push to agree on output levels before a key meeting on Thursday.
Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said.
Oil rises despite OPEC+ struggle for consensus on output, second day of meeting postponed until tomorrow
Oil erased earlier losses with OPEC+ seeking more time to reach a deal on production policy after a meeting broke down without an agreement.