Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russian Energy Minister Alexander Novak at the start of an OPEC and NON-OPEC meeting in Vienna, Austria, December 6, 2019. Leonhard Foeger | Reuters Some of the world’s most powerful oil producers had been expected to convene on Thursday, with energy market participants closely
Oil & Gas
(Bloomberg) — Talks to extend OPEC+ production cuts hit an impasse on Thursday after Iraq said it will only be able to reach its output target at the end of July, defying an ultimatum from Saudi Arabia and Russia to stop cheating on the deal. While Moscow and Riyadh have already agreed they should continue
(Bloomberg) — The specter of negative prices is hanging over energy markets more than a month after oil’s unforgettable crash below zero. While crude has staged a rapid recovery after a deal by the biggest producers to curb a surplus, the $600 billion global gas market remains extraordinarily oversupplied. Traders and analysts say the worst may be yet to
(Bloomberg) — Early signs of a shale rebound are becoming evident as crude prices emerge from their dramatic collapse earlier this year. EOG Resources Inc., America’s largest shale-focused producer, plans to “accelerate” output in the second half after shutting in about a quarter of its crude in May, exploration chief Ken Boedeker told an RBC
(Bloomberg) — Abu Dhabi’s state-owned energy producer is close to selling a multibillion-dollar stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners and Brookfield Asset Management Inc., in what is set to be one of the year’s biggest infrastructure deals. The buyers could sign an agreement with Abu Dhabi
Positive developments have been hard to find in the oil market in recent months, but Rigzone’s panel of market-watchers have detected an encouraging trend over the past week with the West Texas Intermediate (WTI) light crude contract. Keep reading to learn more. Rigzone: What were some market expectations that actually occurred during the past week
(Bloomberg) — Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88% in May, with U.S. futures on Friday rising above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still,
Oil came under pressure on Friday, the last trading day of month, but it’s still on pace to post its best month in history as an uptick in demand as well as record supply cuts have pushed prices higher. West Texas Intermediate, the U.S. oil benchmark, is on track to finish May with a gain
Apache Corporation has revealed that it will list its common stock solely on the Nasdaq Stock Market from June 9. The company said it will discontinue listing its common stock on the New York Stock Exchange and the Chicago Stock Exchange after the market closes on June 8. Apache added that it will discontinue listing its 7.75 percent notes due 2029 from the New York
Will Cautero prepares to teach his 11th grade English class to Las Lomas High School students remotely from his home in Oakland, Calif. on Thursday, April 16, 2020. Paul Chinn | The San Francisco Chronicle via Getty Images Working from home has become the norm, and if the trend continues even after the pandemic abates,
Subsea 7 S.A. has revealed that it expects to slash around 3,000 people from its global workforce of 12,000 by the end of the second quarter of next year. The company anticipates that two-thirds of the reduction would affect its non-permanent workforce and one-third would impact permanent employees. Subsea 7 said discussions with employee representatives
(Bloomberg) — When 62-year-old Tomas Morales registered a fever of 101.3 Fahrenheit on April 14, the doctor told him to self-isolate. But there was a problem: Morales was on an oil platform off the Mexican coast only reachable by helicopter, and he shared a bedroom with three other workers. Morales improvised, using a curtain to
Oil & Gas UK (OGUK) has launched a new online knowledge sharing network which it says aims to encourage companies to work collaboratively to share problems and source solutions to their efficiency challenges. The Problem-Solving Network, which can be accessed via OGUK’s Efficiency Hub, allows users to post their problems and have them reviewed by OGUK’s Continuous
In the last two months, oil has hit two very different first-of-its kind milestones. In April West Texas Intermediate, the U.S. oil benchmark, plunged below zero and into negative territory for the first time on record. Meanwhile May is shaping up to be WTI’s best month ever, going back to the contract’s inception in 1983—an
(Bloomberg) — Enbridge Inc.’s planned replacement and expansion of its Line 3 crude oil pipeline hit another potential setback as Minnesota’s commerce department asked regulators to reconsider a key approval. The department said the Public Utilities Commission should reconsider the certificate of need it granted the project, arguing that Enbridge failed to submit a long-range
The recent steep plunge in a key oil and gas industry health indicator appears to have moderated, an informed market-watcher told Rigzone. Read on to find out what this metric is, along with additional insights, in this review of oil market hits and misses from the past week. Rigzone: What were some market expectations that
(Bloomberg) — Oil fell, paring a weekly gain, as investors weighed improving supply fundamentals against doubts surrounding China’s economic growth. Futures in New York slid 2% Friday but notched a 13% increase for the week. Major producers continue to scale back production. U.S. explorers laid down another 21 oil rigs, bringing the total to the lowest
(Bloomberg) — Royal Dutch Shell Plc will use measures including voluntary severance for staff to bolster its finances as the coronavirus pandemic batters profits, according to people with knowledge of the matter. In a note to staff, Chief Executive Officer Ben van Beurden wrote that the organization was being reshaped to make it leaner and
A customer wearing face mask buys flour at a supermarket on May 12, 2020 in Taiyuan, Shanxi Province of China. Zhang Yun | China News Service | Getty Images China has been building up its food and energy stockpile this year, taking advantage of slumping crude oil prices even before the coronavirus pandemic disrupted supplies.
(Bloomberg) — Oil rose for the fifth straight session as investors weighed signs the market is rebalancing against what’s still a precarious economic outlook. Futures in New York for July delivery rose 4.8% Wednesday. The U.S. Energy Information Administration showed crude oil inventories declined for the second week in a row and the Cushing, Oklahoma,