WorldOil It took a global pandemic for OPEC to slam the door on U.S. shale “In the future, certainly we believe OPEC will be the swing producer — really, totally in control of oil prices,” Bill Thomas, CEO of EOG Resources, the biggest independent shale producer by market value, said earlier this month. “We don’t want to put OPEC in a situation where they feel threatened, like we’re taking market share while they’re propping up oil prices.” BP investing in Middle East oil while pledging a renewables shift The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the UAE and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, according to Stephen Willis, BP’s senior vice president for the Middle East. Oil prices slide from March’s highs on rising OPEC+ tensions Oil has jumped 26% this month after signs that Covid-19 vaccines are imminent boosted expectations for a swift recovery in energy demand next year. However, while there are indications that Asian consumption remains healthy, Europe is still lagging. Libya’s comeback continues to surprise oil markets The speed of their recovery is causing anxiety for OPEC and allies such as Russia as they restrict global output to prop up crude prices. Libya is exempt from the cuts and currently supplies more oil than several of its OPEC peers. China’s fuel imports surge in advance of Lunar New Year travel The nation’s success in warding off a major outbreak during the Golden Week holiday in early October may boost optimism for locals preparing to travel back home during the Lunar New Year break. Saudis, Russia call for last-minute talks before OPEC’s oil production decision A clear majority of OPEC+ is expected to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no means certain amid public complaints from Iraq and Nigeria, and private discord with the United Arab Emirates. OPEC+ projected to delay oil output hike by at least three months While crude prices have rebounded to an eight-month high, demand in early 2021 still looks too fragile to absorb the extra barrels. At the same time, key OPEC+ members Iraq and the United Arab Emirates have signaled they’re eager to ramp up sales as soon as possible. ADNOC taps China’s BGP for world’s largest 3D onshore/offshore seismic survey project The award underscores the important role seismic surveying plays in enabling ADNOC to identify and explore new hydrocarbon resources as highlighted by the recent major discoveries of recoverable unconventional oil resources and conventional oil reserves. Greece wearies of Turkey’s provocative energy hunt in disputed waters European leaders in October called on Ankara to abstain from unilateral hydrocarbon exploration in disputed waters, saying it’s in breach of international law. Turkey nonetheless resumed the surveys, making any negotiation with Greece on delimitation of sea borders even more problematic. Repsol to wind down oil exploration, focus on renewables growth Repsol SA will reduce its dividend next year as it outlined plans to wind down the search for oil and expand its renewable capacity fivefold during the next decade. CGG, Magseis complete North Sea’s largest OBN seismic survey Covering two highly prospective areas of the UK Continental Shelf, the OBN Cornerstone 2020 survey project represented a total of 813,000 man-hours with zero Lost Time Incidents.