OPEC+ sticks with plans to gently hike supply as demand recovers
OPEC and its allies recommended proceeding with plans to gently revive oil production as global demand recovers from the pandemic, despite surging infections in India.
oil production
Oil falls as India virus cases surge, OPEC+ opts to boost output
Oil fell after OPEC+ decided to increase output from next month and coronavirus cases in India surged, potentially sapping demand in the world’s third-biggest importer.
OPEC+ agrees to gradually boost oil output in coming months
OPEC+ agreed to increase oil production gradually from May to July, responding to both internal and external pressure to supply more crude to the recovering global economy.
Oil pares gain with OPEC+ to choose between hike or holding cuts
Oil pared an earlier increase in New York ahead of a high-stakes OPEC+ policy meeting, with producers debating whether to extend deep supply curbs or ease them.
OPEC+ panel revises down oil-demand estimate on Saudi suggestion
A panel of OPEC+ technical experts agreed to revise down oil-demand estimates for 2021 after Saudi Arabia suggested that the figure looked too high, delegates said.
OPEC+ members disparate on pledges to keep supply steady, study suggests
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to cool oil market with extra production
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
Oil set for weekly gain with market firming on draining surplus
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.
OPEC won’t change policy at next meeting, says Iraq oil minister
Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels.
Shell unveils ‘accelerated’ net zero strategy, confirms oil production peaked in 2019
Shell has launched a new “accelerated” strategy to get to net zero, and confirmed that oil production peaked for the company in 2019.
Iran says it’s reviving oil output to pre-sanctions levels
Iran has started ramping up its oil production and expects to reach pre-sanctions levels in one to two months, Deputy Oil Minister Amir Hossein Zamaninia said.
Oil prices steady after surging on surprise Saudi output cut
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.
Shell fights charge that its climate stance harms human rights
Royal Dutch Shell Plc is in court in The Hague for the final hearing in a landmark case that could force it to reduce its carbon footprint.
Denmark ends North Sea oil exploration, drops production in 2050
Denmark will stop offering new oil and gas licenses in the North Sea and will phase out production all together in 2050 as part of the country’s goal to become fossil free.
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.
OPEC+ inaction could lead to 200 million barrel surplus next year, Rystad says
Oil markets could be saturated with millions of surplus barrels if OPEC+ fails to agree an extension to current production cuts, according to analysis from Rystad Energy.
OPEC+ meets to seek compromise on plan to delay output hike
OPEC+ began two days of potentially complicated talks to hash out the size of its oil-production cuts next year, with the group’s president calling for caution in a fragile market.
‘Struggling’ North Sea production to hit lowest point since 2014
North Sea oil production is “struggling” and is due to hit its lowest point in five years, according to a new forecast.
North Sea to maintain output levels into mid-2020s, says WoodMac
The North Sea will be able to maintain its current output levels for nearly a decade, according to one of the most influential oil consultancies.
Amerisur begins Colombian drilling programme
South American focused Amerisur Resources has begun drilling on well Platanillo 8 on Pad 5 in the Platanillo field in the Putumayo basin of Colombia.
Andes Energia production hike helps 2015 results
Increased production helped South America focused Andes Energia to report larger revenues in 2015 compared with the previous year.
Libyan oil fields to grind to halt due to port blockade
Fields responsible for the bulk of Libya’s oil exports will be forced to halt production within a month unless a blockade is lifted on the port of Marsa el-Hariga, according to the Tripoli-based National Oil Corp.
Northern Petroleum confident of increasing Alberta production
Northern Petroleum said it has doubled production in the last three months and is looking to process much higher volumes from its Canadian assets.
Chevron loss of $725m wider than expected for first quarter of 2016
Chevron reported a loss that was double analysts’ estimates amid an oil-market collapse that’s sparked currency crises, corporate bankruptcies, credit downgrades and hundreds of thousands of layoffs across the industry.
Range hits multiple pay zones in Trinidad
Range Resources said it has "highly encouraging" results from its Trinidad operation after discovering multiple pay zones during its current drilling programme.