Sustained higher oil prices are expected to spur higher U.S. oil output this year, JP Morgan analysts said in a weekly note. ‘At current prices, most U.S. onshore operators are economic, leaving a vast group of operators, from large public companies to private players, in good position to ramp up activity in 2h21 and build … More Sustained Higher Oil Prices To Spur U.S. Output Growth – JP Morgan
MILAN – – After a rocky 12 months, oil prices – which got crushed when COVID-19 slashed demand for energy around the world – are roaring back. What’s happening: Brent crude futures, the global benchmark, have breached $50 per barrel, their highest level since January 2020. The immediate catalyst appeared to be weekend remarks from … More BUSINESS | Global Oil Prices Have Fully Recovered From The Pandemic
MOSCOW – OPEC and its allies fears a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel officials from OPEC+ producers, called the Joint … More BUSINESS | OPEC+ Fears Second Virus Wave Could Lead To Oil Surplus In 2021
RIYADH | SAUDI ARABIA – Saudi Arabia’s King Salman bin Abdulaziz and Nogerian President Muhammadu Buhari discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday. The two leaders ‘stressed the importance of compliance, by all participants, to the OPEC+ agreement and the … More BREAKING NEWS | Saudi King Salman, Nigerian President Discuss Oil Market: SPA
LONDON – An OPEC+ ministerial panel monitoring the group’s oil supply reduction deal will hold its next virtual meeting on Aug.19, a day later than previously planned, three OPEC+ sources said on Friday, without giving a reason for the date change. The panel, called the Joint Ministerial Monitoring Committee (JMMC), advises the Organization of the … More BUSINESS | OPEC+ Panel Shifts date of Next Meeting To August 19: Sources
RIYADH | SAUDI ARABIA – Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group’s CEO said on Monday. Aramco’s capital spending plan for 2021 will be ‘significantly … More BREAKING NEWS | Saudi Aramco To Press Ahead With Plan To Boost Output Capacity, CEO says
RIYADH | SAUDI ARABIA – Saudi Crown Prince Mohammed Bin Salman, in a phone call with Nigerian president Muhammadu Buhari, reviewed the current progress made on the OPEC+ deal, state news agency (SPA) said on Monday. Salman and Buhari also reviewed aspects of cooperation to enhance stability of oil markets, SPA added.
RIYADH | SAUDI ARABIA – Saudi Arabia’s energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday. ‘The conditions right now warrant hopefully successful meetings. Coordination is under way to hold OPEC and OPEC+ meetings tomorrow afternoon’, Prince Abdulaziz … More BUSINESS | OPEC, Allies Coordinating To Hold Saturday Meeting: Saudi Arabia
RIYADH | SAUDI ARABIA – The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, will meet on Saturday, June 6, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC Sources. The sources added that the meeting will discuss extending a deal on oil output cuts.
LONDON – OPEC+oil producers could still hold a virtual ministerial meeting this week if Iraq and others that have not fully complied with current oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known … More BUSINESS | OPEC+ May Meet This Week If Laggards Agree To Comply: Sources