U.S. Crude Stocks Rise Unexpectedly - EIA
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Wednesday.Crude inventories rose 4.7 million barrels in the week ended May 17…
North Sea Oil Production May Go Down
On top of production declines in Iran and Venezuela, ongoing OPEC cuts, Urals contamination outages in Russia and maintenance in Kazakhstan, North Sea production is also struggling, Rystad Energy said."Currently we see unplanned outages at Oseberg and Flotta with combined impact of 160,000 bpd.
Brent Oil Climbs Toward $73
Oil prices rose on Thursday for a third day running as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. crude inventories.Brent crude futures were up $1.03 cents at $72.80 a barrel by 1344 GMT, heading for the biggest weekly rise in about three months.U.S.
Oil Price Risks Rise
Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend…
Saudi Arabia Can Replace Lost Iranian Oil
The decision by the US government not to extend sanctions wavers for eight countries importing crude oil from Iran could remove around 1.1 million b/d from the market. But Saudi Arabia and several allies can replace the lost barrels, says a report.According to Rystad Energy…
IEA Says Oil Markets Adequately Supplied
The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.Further tightening of sanctions on Iran will have an impact on its export capacity.
Oil Hits 2019 High
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers…
Oil Hits 2019 High on U.S. Plan to Tighten Squeeze on Iran
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers…
Oil Slips from Five-Month High
Oil slipped from a five-month high above $71 a barrel on Tuesday as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could further tighten global markets.Supply curbs led…
Rystad Expects Oil Price Rally in H1 of 2020
The energy research and business intelligence company Rystad Energy expects that a short-lived price rally through the first half of 2020 as oil prices approach $70 a barrel.It will then lose momentum and be replaced by a need for additional production…
Oil Hovers Near Five-Month Highs
Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, with gains capped by a surprise increase in American inventories.Brent futures had moved up 24 cents, or 0.35 percent, to $69.61 by 1220 GMT.
E&P Sector Hits Record Free Cash Flow
The world’s publicly listed oil and gas companies are bringing in cash at the best rate ever witnessed even though oil prices have only partially recovered from the huge drop suffered in 2014 and 2015.According to a report by Rystad Energy, energy research and business intelligence company…
Trump, Saudi Arabia at Odds Over Oil Price
U.S. President Donald Trump and the Saudi government have closely aligned views on most issues but they disagree significantly on the desirable level for oil prices, which could become a source of volatility in 2019/2020.In keeping with his iconoclastic approach to governing…
TX Refineries Cut Output as Spill Curbs Shipping
Royal Dutch Shell Plc and LyondellBasell Industries cut production on Monday at their Houston-area oil refineries because of shipping disruptions along a waterway affected by a petrochemical fire and spill, according to people familiar with the…
Oil Prices Near Flat
Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S.
US to Overtake Saudi in Oil Exports
United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.According to Rystad Energy, energy research and business intelligence company…
Trump Warns Saudi Arabia on Oil Prices
U.S. President Donald Trump has warned OPEC not to tighten the oil market too much and risk another spike in prices that could harm the global economy – and his re-election campaign in 2020.“Oil prices getting too high,” the president warned in a message posted on Twitter on Monday.
Oil Edges Up Despite Trump's OPEC Pressure
U.S. crude inventories seen up for sixth week; prices helped by OPEC cuts, U.S. sanctions.Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S.
Oil Gains as OPEC Sticks to Supply Cuts
OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S.
NOPEC Bills: Leverage for White House
For a proposed statute still at the first stage of the legislative process, with only a handful of sponsors in the U.S. Congress, the “No Oil Producing and Exporting Countries Act of 2019” (NOPEC) is generating a lot of comment.The amount of attention…
