Thursday, October 18, 2018

Oil Prices News

Oil Rises as U.S. Sanctions on Iran Tighten Supply

© zhengzaishanchu / Adobe Stock

Oil prices rose on Friday as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.Global crude oil benchmark Brent was up 60 cents at $82.32 a barrel by 1340 GMT. The contract hit a four-year high of $82.55 this week but has been fairly stable during the third quarter, gaining around 3 percent since the end of June.U.S.

Bill Allowing US to Sue OPEC Drawing Renewed Interest

© doganmesut / Adobe Stock

With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act…

World's Top Traders Divided on Oil Outlook as Iran Sanctions Loom

© Christopher Boswell / Adobe Stock

The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.The range of views illustrates deep uncertainty among top industry players over the outlook, given…

Oil at 2014 Highs on Iran Sanctions, NAFTA Deal

© Jim / Adobe Stock

Oil futures extended their rally on Monday, hitting their highest levels since November 2014, as U.S. sanctions on Iran come into force and a North American trade deal fosters growth.The United States and Canada forged a deal on Sunday to salvage the North American Free Trade Agreement (NAFTA) as a trilateral pact with Mexico…

Trump Calls Saudi's King to Discuss Oil Supplies

© Eugene Sergeev / Adobe Stock

U.S. President Donald Trump called Saudi Arabia's King Salman on Saturday and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, Saudi state news agency SPA reported.The call comes days after the U.S. president criticized OPEC for high oil prices and called…

GoM Offshore Platforms Evacuated Ahead of Hurricane

(Image: NOAA)

Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel from oil and gas platforms in the…

Oil Prices Rise as Iranian Crude Exports Fall

© weerasak / Adobe Stock

Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new U.S. sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.56, up 65 cents, by 1330 GMT.

Oil Steady as Saudi Tensions Balance Demand Outlook

© bizoo_n/ Adobe Stock

Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook.Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before giving up its gains to trade around $80.38, down 5 cents, by 1345 GMT. U.S.

British North Sea Oil Costs, Spending on the Rise

© pxl.store / Adobe Stock

The costs and operating expenditure needed to produce oil and gas in the British North Sea are set to rise both in overall and in per-barrel terms this year compared with 2017, the country's regulator for the sector said on Tuesday.Overall operating spending in the mature North Sea oil and gas basin this year is estimated to rise almost 9 percent to 7.5 billion pounds ($9.8 billion)…

Cepsa Float Fail Could Jeopardize Other Energy Listings

(Photo: Cepsa)

The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company…

Baker Hughes to Bid for Petrobras Production-sharing Contract

General Electric Co's unit Baker Hughes is preparing an offer for a production-sharing deal with Brazil's Petrobras, a Baker Hughes executive said on Tuesday, as the state-run oil company seeks creative ways to boost output from mature fields.Reuters reported in June that Baker Hughes was considering a bid, while Halliburton Co and Schlumberger NV were already preparing them…

Shell Sees Peak Output for Brazil's Lula Field in 2020, 2021

(File photo: BW Offshore)

Brazil's most productive field, the Lula, located in the offshore Santos basin, should hit peak production in 2020 or 2021, after reaching 1 million barrels of oil equivalent per day next year, an executive at Royal Dutch Shell said on Wednesday.The increase in production next year will be helped by the launch of platforms P-67 and P-69…

Oil prices rise on signs of falling Iranian oil exports

© Christopher Halloran / Adobe Stock

Oil prices rose on Tuesday on signs of falling Iran oil exports ahead of U.S. sanctions against Tehran in November, while geopolitical tensions remain over a missing Saudi journalist.International benchmark Brent crude for December delivery rose 9 cents, or 0.1 percent, to $80.87 per barrel by 0032 GMT.U.S. West Texas…

Oil Rises as Investors Fret Over Iranian Supply Gaps

© raz_sarbaste / Adobe Stock

Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in just five weeks' time.U.S. President Donald Trump this week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections…

IEA boss urges oil producers to ease supply concerns

Fatih Birol (Photo: IEA)

Major oil producers must take "the right steps" to ease supply concerns that have lifted crude prices to a four year-high, the head of the International Energy Agency told Reuters on Thursday."It is now high time for all the players, especially those key producers and oil exporters, to consider the situation and take the right steps to comfort the market, otherwise I don't see anybody benefit

Oil Holds Near Four-Year Highs

© Witthaya / Adobe Stock

Oil held just below four-year highs on Thursday, supported by the imminent loss of Iranian supply through U.S. sanctions, but also tempered by the prospect of a rapid production increase from Saudi Arabia and Russia.Brent crude oil futures were down 33 cents at $85.96 a barrel by 1430 GMT, having risen to a late 2014 high of $86.74 on Wednesday. U.S.

Petrogal to Invest Up to $1 bln per Year in Brazil -CEO

Petrogal, the Brazilian unit of Portugal's Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on Thursday.CEO Miguel Pereira said the company, Brazil's third largest oil and gas producer…

Oil Prices Fall Ahead of U.S. Crude Stocks Data

© Robert Coy / Adobe Stock

Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped…

Oil Rebounds Towards $81 but Weaker Demand View Weighs

© Daniel Gillies / Adobe Stock

Oil rebounded towards $81 a barrel on Friday as an equities rally lent support, though prices pared gains after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in U.S. inventories and fading concerns for now about looming U.S.

Ensco to Buy Rowan in $2.38 Bln Deal

©  Lukasz Z / Adobe Stock

Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco…