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Russia plans to back another OPEC+ production hike in February

increases. The group, which is led by Russia and Saudi Arabia, will boost daily crude production... with the current supply cuts of 7.7 million barrels a day. It’s unclear whether Saudi Arabia...-to-face talks with Novak in Riyadh, Saudi Arabia Energy Minister Crown Prince Abdulaziz bin Salman said he...

Special Focus: 2021 Forecast & Review – International Drilling & Production

have been even more severe, had it not been for Saudi Arabia and Russia engaging in a price war... will remain nearly flat this year.  Saudi Arabia has taken extraordinary measures to guide OPEC and its... unilaterally cutting its own output to support a nascent price recovery. Saudi Aramco announced... expects only a slight increase in Saudi Arabian drilling during 2020, Fig. 6.  Iraq, the Middle...

OPEC looks to slow rallying oil prices by adding more crude to global markets

differences are present -- with Saudi Arabia cautious and Russia keen to open the taps -- all sides are ready... proceed with a 500,000 barrel-a-day collective output hike in April? Second, how will Saudi Arabia... greater volumes of Murban, Das and Upper Zakum crudes for April compared with March. Saudi Choice Saudi... refinery, which could affect both domestic crude consumption and exports, they said. At CERAWeek, Saudi...

U.S. phones Saudis ahead of OPEC talks to discuss need for “affordable energy”

LONDON (Bloomberg) --The U.S. called Saudi Arabia on the eve of an OPEC+ meeting to highlight.... It remains to be seen whether the call from U.S. Energy Secretary Jennifer Granholm to her Saudi... a productive call with Saudi Energy Minister Abdulaziz bin Salman al-Saud today. We reaffirmed...% to $63.61 a barrel as of 9:52 a.m. in London. A spokesman for the Saudi Energy Ministry had...

Oil prices approach $60 as crude stockpiles shrink

inventories continue to slump, an early indication that Saudi Arabia and allied producers... to keep a lid on global consumption. Saudi Arabia’s commitment to cutting output, however, has helped... quarter, reporting net income that fell short of expectations and weak cash flow. Saudi Arabia kept...

Oil prices hover near $64 as crude inventories climb

on Monday as the market tightens. Output cuts from Saudi Arabia and OPEC+, and an improving demand... are returning after an attack on Saudi Arabia in recent days. “Global oil inventories could be back to normal...-operating on oil markets with Saudi Arabia. OPEC’s largest producer said it will take measures to ensure...

Oil prices climb above $60 as weaker dollar influences commodities

is overwhelming the health system. Yemen’s Houthis said they attacked oil facilities in Saudi Arabia... be limited, they said. Other oil-market news: Saudi Arabia will supply all the crude... starts to ramp up output. An Abu Dhabi sovereign wealth fund may join a group investing in Saudi...

ADNOC mulls a public offering for its drilling business

Saudi Arabia and Iraq. Neighboring Saudi Arabia -- the world’s biggest oil exporter -- has a similar strategy. It raised almost $30 billion from the IPO of state energy firm Saudi Aramco in late 2019...

Oil prices rise ahead of key OPEC output discussion

to their best ever start to a year. But it’s unclear how robustly the group will act, with the Saudi.... Saudi Arabia’s output curbs, the improving demand outlook as vaccines are rolled out, and the growing... a day next month, with Saudi Arabia unlikely to continue its voluntary curbs. Related oil and gas news...

Petrobras matched Kuwait’s oil production in 2020

of a five-year plan to develop fields that rival Saudi Arabia’s in low-cost production. Most...

Oil passes $55 on hopes for more U.S. stimulus spending

(Bloomberg) --Brent oil climbed to near $55 a barrel as Saudi Arabia’s unilateral output cut eased... a broad move higher in financial markets. That came after Saudi Arabia pledged earlier in the week... of January. Saudi Arabia’s surprise output cut appears to have caught some Asian buyers by surprise... picking up significantly even after this week’s surprise Saudi pledge to curb production sent prices...

OPEC+ members focus on reducing pandemic’s crude oil surplus

by Saudi Arabia and Russia “stressed the importance of accelerating market re-balancing without delay... demand last spring. Saudi Arabia is tightening supplies further this month and next with an extra cut... days and were marred by discord over how far to constrict supplies. Extra Cutback Saudi Energy... on supplies. The additional Saudi curb was “noted” by the committee, “with gratitude.” The group’s...

Analyst roundup: What leading banks see coming from OPEC’s move

, coupled with Saudi Arabia’s decision to extend voluntary curbs, has stunned the global energy market...,” analysts including Natasha Kaneva wrote in a note. Saudi Arabia’s calculated bet is that U.S. tight oil.... RBC: The Saudis Just Delivered Another Surprise Saudi Energy Minister Prince Abdulaziz bin Salman... for the Saudi minister.” UBS: Inventories Expected to Extend Declines in April Inventories are likely to fall...

Asian oil demand plateaus, slowing crude price growth

on Saudi Arabia’s oil infrastructure, before retreating. The market is facing opposing forces from OPEC... will get less crude than they asked for next month from Saudi Arabia as the producer extends its unilateral... for the first time, saying it almost doubled to $2.6 billion. Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one -- for now, at least. Since Saudi Arabia stunned the global...

Iraq to pare February oil production to balance OPEC+ overages

been hammered by the spread of the coronavirus. Saudi Arabia criticized Iraq and other members... Saudi Its decision to pump less oil follows a similar move by Saudi Arabia earlier this month... Gulf neighbors Saudi Arabia and the United Arab Emirates already stockpile some of their crude in Japan...