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Industry at a Glance

In June, OPEC reduced oil production to 22.69 MMbpd, its lowest level since the Gulf War in 1991, as the cartel escalated efforts to revive global crude markets, and Covid-19 continued to crush demand. The reductions come after record cuts in May, by Saudi Arabia (–29%) and Russia (–17%), which slashed output to 8.5 MMbopd and 9.4 MMbopd, respectively. The cooperative effort by OPEC+ has doubled...

Industry at a Glance

Continued economic recovery/demand rebound in China helped push oil prices higher in August, with WTI ($42.10/bbl) and Brent ($44.50/bbl) posting gains of 3.5% and 3%, respectively. Despite uncertainty over post-Covid-19 demand, U.S. crude futures posted their fourth straight monthly gain, as prices recovered from the negative price event in April. With the OPEC+ agreement winding down, Saudi...

Industry at a Glance

Low demand for crude caused by economic restrictions from Covid-19 lockdowns, combined with uncertainty about additional U.S. fiscal stimulus, caused oil benchmarks to decline in September, with WTI and Brent posting losses of 6.4% and 8.6%, respectively. Prices recovered after Hurricane Delta forced operators to shut-in 80% of GOM oil output. Production in the U.S., Russia and Saudi Arabia...

First Oil

by Saudi Arabia and Russia and take appropriate action—had been approved by the IOGCC. We found...’ of crude oil by Saudi Arabia and Russia. Wayne liked the idea and agreed to author the resolution...-Tahini, the CEO of Saudi Aramco Upstream Technology and manager of their EXPEC Advanced Research Center... at Saudi Aramco, he has held positions of increasing responsibility. He is the holder of several U.S....

Impact of Covid-19 on oil supply, demand and price to 2030

, led by Saudi Arabia, did not respond to this major drop in demand until May. In fact, Saudi Arabia’s.../Saudi Arabia’s misjudgment will weigh on oil prices until excess stocks are eliminated. Most of Europe... in the mid-2030s at some 105-108 MMbopd. Supply. OPEC and Saudi Arabia face daunting tasks ahead... of production before the middle of this decade. Saudi Arabia and the rest of OPEC will have...

Oil and Gas in the Capitals

Russia’s oil and gas sector has been rocked by two crises: the Covid-19 epidemic and the rift between Russia and Saudi Arabia, which occurred at the March 6 OPEC-Plus meeting in Vienna. This can be seen in all oil and gas producing countries. The double-crisis effects on Russia, however, were... over various countries are applied more scrupulously. But, while the Russia-Saudi Arabia dispute...

Small shale companies are big winners in the post-OPEC+ market

TORONTO (Bloomberg) --Small shale producers and offshore drillers are among stocks soaring after the wider OPEC+ group agreed over the weekend to extend its record output curbs. Saudi Arabia increased prices for some crude exports by the most in at least two decades. Stock gainers include..., oil erases early gains after Saudi Arabia said it wouldn’t continue its additional, deeper output...

The last barrel

to help balance markets after increasing output at the expense of Russia and Saudi Arabia, which were.... A fleet of 30 Saudi oil tankers, with more than 50 MMbbl of oil, is starting to arrive along the U.S....-price war being waged by Russia and Saudi Arabia. The Trump administration assured world leaders...

As the oil industry struggles, are national leaders waiting until it's too late to intervene?

to take a stand against Saudi and Russian dumping of oil on U.S. markets, with what is a textbook...

Oil prices stumble as Saudis set end date for new OPEC+ cuts

to extend historic output curbs by an extra month, but Saudi Arabia signaled it wouldn’t continue...% in earlier trading. OPEC+ agreed over the weekend to extend record output curbs. Saudi Arabia.... The extension of the existing limits is a victory for Saudi Arabia and Russia, which were deadlocked...          The WTI strip for 2021 was at $41.29, the highest since March Following the new deal, Saudi Arabia...

Activity outside North America is no great bonanza

engaged in by Saudi Arabia and Russia. What has resulted is perhaps the bleakest episode in the post... 13.0%, to a total of 9,249 wells. Russia. Having been accused by Saudi Arabia of failing to honor its.... As the first round of OPEC+ production cuts begins to expire, wobbly demand is already leading Saudi... in the region during 2020. Regional oil output was down 5.7% during 2019. Saudi Arabia is bearing...

OPEC+ pressures Iraq to take deeper cuts as non-compliance continues

production after the country’s oil minister and his Saudi counterpart held a phone call Thursday. OPEC’s... to slash 850,000 barrels a day in each month. He spoke to Saudi Energy Minister Prince Abdulaziz bin...,” the joint statement read. The Saudi-Iraqi phone call was followed hours later another wider conference call involving the oil ministers of United Arab Emirates, Kuwait, Oman, Bahrain and Saudi Arabia...

Global E&P mid-year spending outlook: Collapse underway

Overproduction by Saudi Arabia and Russia in March and April, and the accompanying oil price crash... in March commanded an immediate response, and Saudi Arabia implemented plans to cut production to 7.5... offshore. For example, Saudi Aramco is moving ahead on a new shipyard to manufacture jackups and land... peak, back toward the 2012/2013 level. Saudi Aramco is weighing bids for new long-term offshore...

Regional Report: Russia

, Saudi Arabia, of course, opened the valves—just in time for a record-setting, pandemic-driven plunge... oil output first exceeded Saudi Arabia, and then in June and August surpassed Russia for the first..., second behind the U.S. (12,232,000 bpd) and ahead of Saudi Arabia (9,826,000 bpd). Total global...

Executive Viewpoint

, precipitated by Covid-19 suppressing demand and an ill-founded attempt by Russia and Saudi Arabia...