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oil production

Pump prices join oil's wild ride but risk slamming brakes on recovery
Markets

Pump prices join oil's wild ride but risk slamming brakes on recovery

  • Oil prices have risen by more than 30% this year. Still, OPEC+, which groups oil producers from the Organization of the Petroleum Exporting Countries and others, is holding back on raising supply, wary about risks to economic recovery needed to support a rebound in fuel demand.
  • "It is ... extremely risky in its assumptions that high prices will not significantly affect economic recovery (and) oil demand recovery," the bank said.
Published 17 Mar, 2021 08:16pm
US crude output, refining use slump on Texas storms: EIA
Markets

US crude output, refining use slump on Texas storms: EIA

  • Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.8 million barrels, and net US crude imports rose by 249,000 bpd, the EIA said.
  • US gasoline stocks rose by 12,000 barrels to 257.1 million barrels, compared with expectations for a 3.1 million-barrel drop.?
Published 24 Feb, 2021 09:23pm
Oil producers eye long road to recovery as Texas begins to thaw
Markets

Oil producers eye long road to recovery as Texas begins to thaw

  • The shut in oil production represents 2 to 4% of global supply, so a slow recovery would tighten worldwide crude markets and may bolster prices that already hit a one-year peak earlier this week.
  • "I think it will be a while before things get better out in the field," one executive at a Permian producer said, on condition of anonymity.
Published 22 Feb, 2021 06:53pm
Oil edges higher but demand fears set in
Markets

Oil edges higher but demand fears set in

  • Brent crude was up 29 cents, or 0.5%, at $61.43 a barrel.
  • Prices have risen over recent weeks partly owing to oil production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and other producers in the group known as OPEC+.
Published 12 Feb, 2021 09:02pm
Iraq expects oil exports to average 3.6mn bpd in February
Markets

Iraq expects oil exports to average 3.6mn bpd in February

  • An average of 2.9 million bpd in exports would come from southern Iraq, he told a news briefing in Baghdad.
  • The minister said he anticipated an oil price of $58 to $63 in 2021. He also said OPEC and its allies were expected to keep their output policy.
Published 10 Feb, 2021 05:40pm
Norway expects slower oil output growth in 2021-2023
Markets

Norway expects slower oil output growth in 2021-2023

  • The Norwegian Petroleum Directorate (NPD) expects oil production to grow by 3.6% this year to 1.76 million barrels per day (bpd).
  • The forecast for 2024 was meanwhile raised by 2.6% to an expected 16-year high of 2.1 million bpd.
Published 14 Jan, 2021 06:12pm
Aramco may have to sell assets, borrow more to maintain Saudi dividend
World

Aramco may have to sell assets, borrow more to maintain Saudi dividend

  • Oil giant Aramco, whose dividend remains vital to helping Saudi Arabia contain a huge deficit, may have to sell assets and borrow more to fulfil its fiscal role amid uncertainty in oil prices.
  • Aramco, the world’s largest oil producer, listed in 2019 in a record $29.4 billion share sale, but the government still owns 98.2% of the group.
Published 17 Dec, 2020 11:32am