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Energy / Crude Oil

Saudi Flag

Lower Oil Production Will Cause Saudi Budget Deficit To Balloon

Dec 09, 2019 at 15:15 | Julianne Geiger

Saudi Arabia is predicting that its budget deficit will balloon to US$50 billion next year as low oil prices and lowered production eat into the Kingdom’s oil revenue, according an…

El Feel

Libya Declares Force Majeure On Loadings From El-Feel Oilfield

Dec 09, 2019 at 12:37 | Tsvetana Paraskova

Libya’s volatile production and exports may inadvertently help OPEC and its allies in supply restrictions these days, after the Libyan National Oil Corporation (NOC) has declared force majeure on crude…

OPEC Cuts

The Danger Of Deeper OPEC+ Cuts

Dec 06, 2019 at 14:29 | Nick Cunningham

OPEC+ agreed to cut production by 500,000 bpd, sending oil prices higher on Friday. During mid-day trading, WTI was just shy of $60 per barrel, and Brent moved closer to…

Zanganeh

Iran: We Won’t Agree To Any Production Cuts In The Future

Dec 06, 2019 at 13:25 | Tsvetana Paraskova

Before OPEC members sat down to wrangle about production quotas and compliance on Thursday, the oil minister of Iran—exempted from the ongoing cuts because of the U.S. sanctions crippling its…

OPEC logo

The Toughest Part Of The OPEC Deal

Dec 06, 2019 at 09:32 | Irina Slav

An agreement to deepen oil production cuts by 500,000 bpd has put OPEC members at odds with each other as they try to hammer out the individual…

OPEC

OPEC+ Agrees To Deeper Output Cuts

Dec 05, 2019 at 14:53 | Julianne Geiger

The OPEC meeting ended with ministers approving additional production cuts for Q1 2020, two delegation sources told Russian news outlet TASS on Thursday afternoon. The cuts for the OPEC+…

Oil trader

An OPEC+ Surprise Cut Is Looking Increasingly Likely

Dec 05, 2019 at 11:30 | Nick Cunningham

OPEC+ is considering deepening cuts by as much as 500,000 bpd, a more aggressive effort to head off a supply surplus in 2020. The rumors from Vienna…

Tanker

The U.S. Just Became A Net Oil Exporter For The First Time Ever

Dec 05, 2019 at 09:53 | Tsvetana Paraskova

The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began…

Bonespring

The One Sweet Spot That Continues To Drive Permian Growth

Dec 04, 2019 at 13:33 | Tsvetana Paraskova

The Bone Spring formation has been one of the most prolific shale plays in the Permian in recent years and continues to drive production growth The Bone…

Crude

Oil Soars On Crude Inventory Draw

Dec 04, 2019 at 09:45 | Irina Slav

The Energy Information Administration reported today a crude oil inventory draw of 4.9 million barrels for the week to November 29, after a 1.6-million-barrel increase reported for the…

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