Increased drilling by shale producers buoyed by higher prices will slow the decline in U.S. crude production, a government forecast showed.
Encana Corp., one of Canada’s largest energy explorers, is increasing capital spending by as much as 64% as it seeks to pull more crude out of America’s most prolific oil field.
Russia is sticking with an assumption that oil will average $40/bbl in the next three years and won’t take a bait by revising its budget outlook after a preliminary agreement by OPEC on its first production cut in eight years, according to Finance Minister Anton Siluanov.
The two-year downturn in the oil and gas industry may be coming to a close.
Is the Russian ruble more weakly linked to oil than before?
Oil dropped below $47/bbl before data forecast to show that gasoline stockpiles declined while crude inventories increased in the U.S., the world’s largest oil consumer.
Reflecting very different angles and priorities for coping with the 22-month oil-and-gas downturn, top executives from Saudi Arabia, the U.S., Brazil, Mexico and France, along with one analyst, told ONS attendees on Monday afternoon how they will move forward, as the industry begins to recover.
Oil declined amid doubts that producers will agree on a deal to stabilize the market when global suppliers meet next month for informal talks.
Crude could return to $100/bbl because the two-year market downturn has curbed investment, according to Lukas Lundin, a member of Lundin Petroleum AB’s board and chairman of Lundin Mining Corp.
Petroleos Mexicanos’ deteriorating finances are poised to get much worse, signaling no end in sight to years of declining oil production.
Woodside Petroleum Ltd. expects lower LNG prices as it renegotiates short-term contracts and says buyers across Asia will increasingly resist deals that restrict the reselling of the super-cooled fuel.
The worst may be yet to come for some strained oil services companies as $110 billion in debt, most of it junk rated, creeps closer to maturity.
Oil dropped to a three-month low in New York amid speculation that U.S. fuel stockpiles increased, bolstering a glut in the world’s biggest crude-consuming nation.
Making strategic long-term investments, and pooling resources from within the oil and gas industry is central to energy sector progress, said senior officials at a recent gathering of the Middle East Petroleum Club (MEPC) in Abu Dhabi.
Oil closed at the lowest level in more than two months in New York as the dollar rose against its peers and global crude markets were deemed comfortably supplied despite threats to output.
Oil retreated after a government report showed U.S. crude stockpiles dropped by less than expected.
Natural gas exports from the U.S. Gulf Coast will reach buyers in Asia and South America faster and at lower costs thanks to an expanded Panama Canal that could see 550 tankers a year by 2021.
Commodity investors aren’t letting the shock of Brexit spoil their best three months since 2010.
U.S. natural gas futures surged to the highest level in 10 months amid forecasts for sweltering heat and on speculation that a series of pipeline disruptions will curb supplies in the market.