An aerial drone view of a crude oil storage facility on April 23, 2020 in Cushing, Oklahoma. Tom Pennington | Getty Images Oil markets are re-balancing after a collapse in demand following the coronavirus outbreak but the pathway to “the next normal” is still very uncertain, the CEO of Abu Dhabi’s National Oil Company (ADNOC) said Thursday.
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Oil prices turned negative in afternoon trading on Thursday, as optimism that had previously supported prices began to fade. Earlier oil moved higher on several bullish factors, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen. But oil couldn’t hold onto early
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Bristow Group and Era Group on Tuesday announced the new executive leadership team and global organizational structure that will take effect when the companies merge. The offshore helicopter transportation and search and rescue (SAR) services firms agreed to the combination earlier this year. The combined company will be called Bristow. “This new organizational structure and
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Neptune Energy asserts that it has done something unprecedented in the subsea sector. During last month’s start-up of the Fenja field campaign in the Norwegian North Sea, Neptune teams drilled two wellbores simultaneously using Seadrill’s West Phoenix semi-submersible drilling unit, Neptune reported Wednesday in a written statement. Many drilling rigs boast dual drilling capabilities, but
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(Bloomberg) — Oil fell as investors weighed stockpile declines against a darker outlook for demand and economic recovery. Futures in New York dropped 1.9% on Wednesday after the Energy Information Administration reported the lowest crude input by U.S. refineries since 2008 suggesting that demand recovery will take more time. Meanwhile, Federal Reserve Chair Jerome Powell
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Liquid pipeline incidents impacting people or the environment decreased by more than one-third over the last five years as pipeline mileage and barrels delivered went up during same period, concludes a new report from the American Petroleum Institute (API) and the Association of Oil Pipe Lines (AOPL). “Pipelines are the safest and most environmentally friendly
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XTO Energy Inc., a wholly owned subsidiary of Exxon Mobil Corp., reported Wednesday that it is extending its tender offer to purchase all outstanding units in Hugoton Royalty Trust. Formed in 1998 by XTO, Hugoton collects and distributes to unitholders net profits income generated by select gas-producing properties in Kansas, Oklahoma and Wyoming. Under the
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(Bloomberg) — Oil edged higher as investors weighed cuts to supply by Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction. Futures in New York added 2.6% after falling on Wednesday. Saudi Aramco cut sales to the U.S. and Europe by about half and reduced supplies to at least 12 customers in
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(Bloomberg) — Oil surged to the highest in more than five weeks as signs emerge that OPEC and its allies are scaling back crude shipments at a time when consumption is recovering. Futures in New York gained 9% Thursday. OPEC+ reduced exports by 5.96 million barrels a day for the first 14 days of May,
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3T Energy Group revealed Wednesday that it has reopened its AIS Training and Survivex training centers in the UK following forced closures due to the pandemic. The company said it carried out “full, detailed risk assessments” at both facilities ahead of the reopenings. 3T Energy Group has decided to operate at around 20 percent capacity initially “to
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(Bloomberg) — The outlook for global oil markets has “improved somewhat,” with demand a little stronger than expected and supply reined in by a brutal price crash, the International Energy Agency said. World oil production is on track for a “historic decline” this month to the lowest level in nine years, the IEA said in
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Gross U.S. production cuts, including liquids, could reach two million barrels per day (bpd) in June, according to a new Rystad Energy analysis, which was published on Wednesday. Net oil production cuts could reach 835,000 bpd in May and 877,000 bpd in June, according to Rystad Energy’s interpretation of early communication from 31 U.S. oil
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Oil & Gas UK (OGUK) has welcomed the UK Chancellor’s announcement that the furlough scheme will be extended for four months until October. “Across the country, this industry has been deeply impacted by low oil and gas prices as well as Covid-19 and we will continue to see the compounding effects on people’s jobs and
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