OPEC and its allies once again stood back from the crisis engulfing oil markets, refusing to deviate from their schedule of gradual production increases as the U.S. considered an unprecedented release from emergency crude stockpiles.
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 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+ 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 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.
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.
Most OPEC+ members increased oil exports in February despite pledges by the cartel to keep supply steady.
OPEC+ is poised to agree a production increase this week as it seeks to cool a rapid rally in crude prices.
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.
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 has launched a new “accelerated” strategy to get to net zero, and confirmed that oil production peaked for the company in 2019.
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 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.
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 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.
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+ 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.
North Sea oil production is “struggling” and is due to hit its lowest point in five years, according to a new forecast.
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.
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.
Increased production helped South America focused Andes Energia to report larger revenues in 2015 compared with the previous year.
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 said it has doubled production in the last three months and is looking to process much higher volumes from its Canadian assets.
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.