WorldOil Exxon stock slides on report of SEC probe into Permian valuations The probe may cast a shadow over Exxon’s efforts to turn a corner after its shares posted their worst annual performance in 40 years in 2020 amid a collapse in oil prices. CEO Darren Woods has been forced to slash spending, and last month the company said it will write down the value of North and South American natural gas fields by as much as $20 billion. South Korea lobbies Qatar for aid in recovering tanker seized by Iran Choi traveled to Doha from Tehran after fruitless talks over the South Korean-flagged Hankuk Chemi, an oil-products tanker detained by the Islamic Revolutionary Guard Corps on Jan. 4. He also discussed billions of dollars of Iranian money trapped in South Korea due to U.S. sanctions. Travel won’t recover until Q3, says oil’s largest trader Global oil use dropped by 9 million barrels a day last year but should recoup more than 6 million in 2021, said Mike Muller, head of trader Vitol SA’s operations in Asia. IEA chief says U.S. shale is needed for now as oil prices climb A “big chunk” of U.S. shale is profitable at current oil prices, but drillers should be aware of crude’s declining share in the future global energy mix, International Energy Agency Executive Director Fatih Birol said in an interview. Strengthening dollar stalls oil price rally’s momentum “The market has now reached a price level that potentially doesn’t reflect current fundamentals,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Oil could be next in line” to suffer from a stronger dollar after other commodity prices came under pressure. Mexico pouring money into Pemex, at the environment’s expense After a landslide victory in 2018, Mexico's president has cut the knees off a booming renewables market, plowed money into Pemex, and pursued two major infrastructure projects that environmentalists consider ecological disasters. Oil passes $55 on hopes for more U.S. stimulus spending Democratic wins in elections in Georgia mean the party is poised to take control of the Senate, House and presidency, spurring a broad move higher in financial markets. That came after Saudi Arabia pledged earlier in the week to cut production by 1 million barrels a day in February and March. How U.S. shale exports forever changed global oil markets “Opening the shale revolution to the world through the export ban lifting helped shift the global oil market psychology from supply scarcity to abundance,” said Karim Fawaz, director of research and analysis for energy at IHS Markit. “It unshackled the U.S. industry to keep growing past its domestic refining limitations.” Devon Energy joins shale producers pledging restraint as oil rallies “I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Devon Energy CEO Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.” Pioneer’s CEO sees shale output flat for the foreseeable future “I really don’t see much increase in the Permian basin or the U.S. shale over the next several years,” said Scott Sheffield, chief executive officer of Pioneer Natural Resources Co.