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April 07, 2024
Brent crude rallied more than 2% to climb above $90 a barrel on Thursday after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate to any attack from Iran, despite the United States urging Israel to protect civilians.
News
November 13, 2023
The analysis in Monday’s OPEC report echoes last week’s comments from Saudi Energy Minister Prince Abdulaziz bin Salman, who blamed the retreat in crude prices on a “ploy” by speculators.
News
November 24, 2023
But despite a postponement of the gathering amid a dispute over oil production quotas for African members, around half of respondents now see OPEC+ unveiling measures to tighten oil markets when it gathers on Nov. 30.
News
December 13, 2023
Non-OPEC supplies will increase by 700,000 bpd each year to 2030 — rather than the declines the consultant previously forecast — thanks to growth in the U.S., Guyana and Brazil.
News
February 13, 2024
World consumption will increase by 1.2 MMbpd to 1.3 MMbpd in 2024 as economic growth slows in China and elsewhere, Executive Director Fatih Birol said. This will be easily matched by swelling production from the Americas, predominantly the U.S., Canada, Brazil and Guyana.
News
February 13, 2024
Investors have been looking for clues on Woodside’s next move after talks to create a A$86 billion ($56 billion) company with Santos ended. Santos’s portfolio would have made Woodside one of the biggest LNG producers in the Asia-Pacific, but executives warned any deal would need to reflect low premiums in recent oil and gas transactions.
News
March 18, 2024
Despite a 22% decrease, the industry managed to maintain momentum in contract value, primarily fueled by contracts for major projects such as North Field South LNG, Golden Pass LNG, Hail and Ghasha field, Agogo FPSO, and the expansion of the Amiral petrochemicals facility, amidst challenging market conditions.
News
March 04, 2024
The curbs — which on paper total roughly 2 MMbpd — will remain in place until the end of June, according to statements from members such as Saudi Arabia, which accounts for half of the pledged reduction. Russia promised to strengthen its role by focusing more on cuts to production than exports.
News
January 28, 2024
A well-executed Opening Gala Reception kicked off this year’s Baker Hughes Annual Meeting in Florence, Italy, highlighted by extensive product displays, welcoming remarks from the city and company, operatic entertainment, and some fine local food.
News
February 25, 2024
Saudi Arabia and its partners plan to decide early next month whether to extend roughly 2 MMbpd of curbs beyond March. With global demand growth slowing and U.S. crude production climbing, OPEC+ may need to persevere.
News
April 04, 2024
A panel of key members led by Saudi Arabia recommended no policy changes at an online review meeting on Wednesday, according to a statement posted on the group’s website. That means roughly 2 MMbpd of production curbs will remain in place until the end of June.
News
November 07, 2023
“The economy, despite the challenges, is still doing quite well,” OPEC Secretary-General Haitham Al-Ghais said at the Argus European Crude Conference in London on Tuesday. “We are positive on demand, we’re still quite robust on demand.”
News
November 16, 2023
OPEC is seeking to expand its legal team as the oil producer group prepares for challenges posed by the global shift away from fossil fuels.
News
November 22, 2023
The decision by OPEC+ to move its meeting from the weekend to next week is likely to affect millions of barrels worth of oil options and potentially send prices swinging more widely.
News
November 23, 2023
The spat involving African members dredges up a disagreement from June, when Angola, Congo and Nigeria were pushed by Saudi Energy Minister Prince Abdulaziz bin Salman to accept reduced output targets for 2024 that reflected their diminished capabilities.
News
December 01, 2023
Angola, Africa’s second-largest crude producer, will produce 1.18 MMbpd from January, above the 1.11 MMbpd quota set out in the OPEC agreement on Thursday.
News
December 23, 2023
In 2023, the oil and gas industry accomplished noteworthy projects and achieved notable numbers in nearly every part of the world. From industry giants partnering on Middle Eastern natural gas developments to merger and acquisition activity in the U.S. Permian basin, the sector was very busy. Log on to WorldOil.com every day this week to read this year’s top-20 trending stories.
News
January 03, 2024
OPEC+ agreed at its last meeting in November to deepen existing production cuts this quarter by around 900,000 bpd.
News
January 26, 2024
Oil prices have so far shown a muted response to the additional 900,000 bpd supply reduction being undertaken by OPEC and its partners, which comes alongside geopolitical tensions including a conflict in the Middle East and attacks on shipping in the Red Sea.
News
Jumbo Offshore expands Middle Eastern presence with Sea Horizon Offshore Marine Services partnership
February 19, 2024
Sea Horizon Offshore, with its broad network of local partners, will represent Jumbo Offshore to potential clients in the United Arab Emirates (UAE), Qatar, and Saudi Arabia.
News
February 22, 2024
All but one of the firm’s operational rigs are currently deployed in Abu Dhabi, with most serving its parent company. However, by the end of 2024, the company will have enough rigs to deploy outside of the United Arab Emirates too, Salem said. It will spend $750-950 million to acquire 15 rigs this year.
News
January 29, 2024
Baker Hughes announced several milestones to support the growth of the hydrogen economy, as part of the company’s broader strategy in new energy. The milestones were announced during the 24th Baker Hughes Annual Meeting held in Florence, Italy, and included advancements in the company’s hydrogen enabling technologies, as well as progress in executing several customers’ hydrogen projects and new collaborations in the sector.
News
October 20, 2023
The Houston-based contractor that helps clients drill oil wells and map underground pockets of crude anticipates its overall sales to grow in the final three months of the year, it said Friday in a statement.
News
November 02, 2023
OPEC members pumped an average of 28.08 MMbpd in October — about 50,000 bpd more than the previous month, according to a Bloomberg survey.
News
November 27, 2023
With futures well down from September highs, widely watched timespreads for global benchmark Brent and U.S. counterpart West Texas Intermediate have softened, signaling ample supply, while U.S. stockpiles have jumped.
