Production ///

Oil at $60 gains more backers on forecast for higher U.S. demand

The United Arab Emirates’s economy minister joined forecasters looking for $60 crude this year with demand and production moving more in line.

Oil near $50 amid drop in U.S. rigs, disruptions in Nigeria

Oil traded near $50 after a drop in active rigs in the U.S. and further supply disruption in Nigeria.

Battle inside OPEC eases as Saudi oil strategy finally pays off

Saudi Arabia has been fighting with fellow OPEC members since the oil rout started two years ago. For the first time next week, it can argue convincingly that its strategy of squeezing rival producers is succeeding.

Saudi Aramco boosts oil output to record in fight for market

Saudi Arabian Oil Co., the world’s largest crude exporter, increased production to an all-time high last year while keeping its reserves unchanged as the kingdom battles for market share.

Trump says he'd approve Keystone XL for a share of profits

Republican presidential candidate Donald Trump said he would approve TransCanada Corp.’s proposed Keystone XL oil pipeline, but he wants a “better deal.”

Oil-infrastructure damage cuts output further in South Sudan

Oil output in South Sudan declined to as little as 120,000 bpd, because of damage caused by a 2 1/2-year civil war to production facilities, Petroleum Minister Dak Duop Bischok said.

Sasol commences drilling of Mozambique PSA license

Sasol's field development plan (FDP) for the production sharing agreement (PSA) license in Inhambane province, Mozambique, reached an important milestone with the commencement of the first well.

Amec Foster Wheeler awarded FEED contract by Kuwait Oil Company

Amec Foster Wheeler has been awarded a front end engineering design (FEED) contract by Kuwait Oil Company (KOC) to upgrade Oil Gathering Center GC-24.

Pre-OPEC meeting said to have no discussion of oil-output limits

The final preparatory gathering of officials from the Organization of Petroleum Exporting Countries before the ministerial meeting on June 2 didn’t discuss any limits on crude output, the latest signal that the group will stick to its current strategy of letting low prices eradicate a supply glut.

Santos reports first LNG from GLNG train 2

Santos said Thursday that GLNG train 2 has started producing liquefied natural gas (LNG) on Curtis Island, Queensland.

Oil climbs to seven-month high as U.S. crude supply, output decline

Oil rose to the highest level in more than seven months in New York, after a government report showed that U.S. crude inventories and production declined, easing a glut.

Shale oil seen stifling OPEC's historic market-balancing role

The surge in the global supply of shale oil has curbed OPEC’s ability to balance crude markets, a former Qatari energy minister said.

BP boosts Thunder Horse production with water injection project

BP has started up a major water injection project at its Thunder Horse platform, extending the production life of one of the biggest deepwater fields in the U.S. Gulf of Mexico.

Saudi Arabia’s new oil plan shows it’s just not that into OPEC

Saudi Arabia, one of the founders of OPEC, is sounding the group’s death knell.

Oil’s recovery under threat as tankers run in circles off China

In late February, the tanker Jag Lok loaded oil from Equatorial Guinea in western Africa and set sail for the Chinese port of Qingdao, the gateway to the world’s newest buyers of crude, a journey of more than 12,000 nautical miles.

OPEC set for another meeting with no deal after Doha failure

After failing to reach an accord on oil supply in Doha last month, OPEC is poised to go another meeting with no agreement on how much crude to produce.

UK grants first fracing rights after ban as gas output sinks

Third Energy UK Gas Ltd. has been awarded permission to hydraulically fracture an existing UK natural gas well, surmounting last-minute protests and reviving a practice not used in Britain for five years.

Crude falls as Canada to resume oil-sands output after wildfires

Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to increase exports.

AccessESP successfully replaces ESP using standard slickline unit

AccessESP, a leading provider of rigless electric submersible pump (ESP) conveyance solutions for the worldwide oil industry, has successfully retrieved and replaced an existing ESP for a major operator on the Alaskan North Slope using a standard slickline unit.

U.S. remains largest producer of petroleum and natural gas hydrocarbons: EIA

The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2015, according to U.S. Energy Information Administration estimates.