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Energy / Crude Oil

Oil Falls After OPEC Slashes Q1 2021 Demand Forecast

Dec 14, 2020 at 10:55 | ZeroHedge

Having just recently agreed a new production quota, which along with vaccine hype has spurred oil prices to their highest since March, OPEC just reduced projections for global fuel consumption in…

Rig Count Sees Largest One-Week Increase Since January

Dec 11, 2020 at 12:37 | Julianne Geiger

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 12 to 338. The total number of active oil and gas rigs increased…

The OPEC Member That Could Derail The Production Cut Plan

Dec 10, 2020 at 15:30 | Cyril Widdershoven

After a week of contentious OPEC+ discussions, in which the UAE played a key role, it appears that the Abu Dhabi National Oil Company (ADNOC) is now aggressively…

The Companies That Could Benefit From A Major Pipeline Shortage

Dec 10, 2020 at 14:54 | Tsvetana Paraskova

The pandemic-inflicted oil demand crash and price collapse did not spare any segment of the oil industry. U.S. drillers and refiners cut oil and fuel production after demand…

Is This The World’s Next Major Driver Of Oil Demand?

Dec 10, 2020 at 14:48 | Irina Slav

The energy industry has been plagued by the sharp and deep drop in oil demand for months, and the outlook does not look too good either—with or without…

Russia Tightens Its Grip On Kurdistan Oil

Dec 09, 2020 at 16:18 | Simon Watkins

The oil-producing subsidiary of Russian state gas giant Gazprom, Gazprom Neft, has announced that it plans to launch a fourth well at the Sarqala field in Iraq’s semi-autonomous region of…

Large Oil Trader Trafigura Books Strongest Trading Year Ever

Dec 09, 2020 at 13:59 | Tsvetana Paraskova

One of the world’s biggest commodity traders, privately held Trafigura, delivered record core earnings in what became its strongest trading year ever due to the extreme oil market swings earlier…

Is Elon Musk Wrong About Lithium?

Dec 09, 2020 at 13:04 | Alex Kimani

"There is a massive amount of lithium on earth...there really is enough lithium in Nevada alone to electrify the entire U.S. fleet." Elon Musk, Tesla CEO.…

Egypt Buys Huge Oil Contracts To Hedge Against Rising Prices

Dec 09, 2020 at 11:50 | Charles Kennedy

While oil-producing nations are scrambling to plug budget shortfalls after the price crash, oil importers are benefiting from the low oil prices, and some of them are hedging against higher…

Will The UK Abandon North Sea Oil Exploration?

Dec 09, 2020 at 10:54 | Felicity Bradstock

Following Denmark’s announcement to halt its North Sea production last week, activists and regulators are calling on the U.K. to do the same. Critics argue the withdrawal from…

Oil Plunges After EIA Reports Huge Crude Build

Dec 09, 2020 at 09:47 | Irina Slav

The Energy Information Administration reported today a massive crude oil inventory build of 15.189 million barrels for the week to December 4, after a modest draw of 700,000…

Russia Braces For Permanent Decline In Oil Demand

Dec 08, 2020 at 16:35 | Irina Slav

Russia has signaled it may be starting to prepare for a permanent decline in crude oil demand over the long term, even after the devastating effects of the…

BP Prepares To Boost Middle East Oil Production

Dec 07, 2020 at 16:47 | Felicity Bradstock

BP has said it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted…

Oil Is Key In Russia’s Rapprochement With Azerbaijan

Dec 07, 2020 at 12:03 | Charles Kennedy

It is oftentimes said that the Middle East is the most complicated region in our world, however the Southern Caucasus would certainly take issue with that assumption. The…

Iraq To Budget For $42 Oil In 2021

Dec 07, 2020 at 11:02 | Irina Slav

Iraq will draft its budget based on an average oil price of $42 per barrel for next year, oil minister Ihsan Abdul Jabbar Ismail said this weekend at an event…

Fitch Sees Brent At $45 Next Year

Dec 04, 2020 at 15:27 | Charles Kennedy

Fitch Ratings said it expected Brent crude to average $45 a barrel next year, following OPEC+’s decision to start raising production by 500,000 bpd monthly from January 2021. “We expect…

The Death Of U.S. Shale Has Been Greatly Exaggerated

Dec 03, 2020 at 18:03 | Alex Kimani

The current year marks the 15th anniversary of the U.S. shale boom, a period in which fracking technology across such states as Texas, Colorado, New Mexico, North Dakota, and Wyoming…

OPEC+ Finally Reaches Deal On 2021 Oil Output Cuts

Dec 03, 2020 at 13:46 | Julianne Geiger

After much debate, the OPEC+ group has finally reached an agreement on oil production for next year. Or at least for January. OPEC+ will, as a group, add in 500,000…

The Oilfield Service Industry Will Never Truly Recover

Dec 03, 2020 at 13:38 | Rystad Energy

The oilfield service (OFS) market is projected to lose a cumulative $340 billion in purchases value over the next eight years, a Rystad Energy analysis shows, as peak…

Will OPEC+ Increase Oil Production In January?

Dec 03, 2020 at 09:02 | Irina Slav

OPEC+ is discussing the possibility of starting to raise its collective oil production from January, the Wall Street Journal reported, citing unnamed sources familiar with the discussions. The extended…

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