Industry Trends ///

OPEC+ ratifies August oil-production increase, leaves next move unresolved

The OPEC+ coalition ratified an oil-production increase that completes the return of supplies halted during the pandemic, while deferring discussions on its next move for another day.

Biden to ask Persian Gulf producers to boost oil output during Middle East trip

President Joe Biden said he’ll ask U.S. allies in the Persian Gulf region to boost oil production when he meets with them during a trip to Saudi Arabia next month, one of the key avenues he has to address surging inflation costs at home.

OPEC half a billion barrels behind on oil supply deal

OPEC+ is more than half a billion barrels behind on its pledge to supply world markets with oil, exacerbating concerns about the group’s ability to balance the global market.

OPEC+ set to conclude two-year old supply pact before tough decision on new deal

The OPEC+ alliance is set for an easy meeting this week as it cruises to the conclusion of a two-year pact on oil supplies. The respite won’t last long.

Executive Viewpoint: Energy expansion rather than transition

Brian Mizell

To borrow a phrase from the recent Energy Workforce & Technology Council annual meeting, I believe the changes we’re seeing are an energy “expansion,” not an energy “transition.”

A fresh look at what Russia’s invasion means for energy companies

Russia’s invasion of Ukraine has dominated headlines in terms of being a humanitarian crisis in Eastern Europe, which it is, first and foremost. It also continues to have sweeping implications for the global energy industry, the global economy, and everyone on the planet.

Typically conflicting energy, environmental groups unite to oppose Biden’s gas gambit

Oil leaders and their allies on Capitol Hill are panning the approach, saying it does nothing to address more fundamental problems holding back U.S. crude and gasoline production.

OPEC+ debating next move as U.S. presses for more oil

The oil pact OPEC+ launched at the outset of the pandemic is finally nearing an end, and where the group goes from here is a politically fraught question.

Top 4 ways oil and gas companies can report ESG goals to investors

Julia Zakhari

For many companies, the biggest hurdle is not knowing how to accurately report on ESG goals to investors, in a way that directly correlates to their ROI. This article details the top four ways oil and gas companies can report ESG goals to investors.

Biden criticizes U.S. oil refiners as profits soar

Exxon Mobil Corp., Marathon Petroleum Corp. and the other top U.S. oil refiners are on course to reap a combined $10 billion in profits this quarter even as U.S. President Joe Biden lambasts the industry for closing plants.

Hamm moves to take Continental private and loosen restrictions on drilling, profits

Billionaire Harold Hamm is poised to throw off the shackles of shareholder discipline so that Continental Resources Inc. can maximize windfall profits.

API unveils ten-point policy plan to restore U.S. energy leadership, fuel economic recovery

The American Petroleum Institute on Tuesday released a “10 in 2022 plan”—10 policies that policymakers can advance today to unlock American energy, fuel economic recovery, and strengthen national security.

OPEC expects oil demand growth to slow significantly next year

World oil consumption will expand by 1.8 million barrels a day, down from the 3.4 million a day anticipated this year, the group’s preliminary projections show, according to a delegate. The outlook will be reviewed by representatives from the group’s member states next week.

Libya’s oil output verges on halting with new wave of shutdowns

Libya’s oil production has almost fully halted as a political crisis leads to more shutdowns of ports and fields.

The U.S. may never build a new refinery, Chevron CEO says

There may never be a new refinery built in the US despite surging gasoline prices as policymakers move away from fossil fuels, according to Chevron Corp.

Oilfield employment continues to rise as overall U.S. labor market gains

Employment in the U.S. oilfield services, and equipment sector rose by an estimated 4,774 jobs to 628,793 in May, according to preliminary data from the Bureau of Labor Statistics and analysis by the Energy Workforce & Technology Council.

U.S. welcomes OPEC+ supply hike, questions Saudi Arabia’s place in isolating Russia

The modest supply boost may ease tight markets. But it leaves unanswered the question of whether the U.S. can turn Saudi Arabia into an ally in its campaign to economically isolate Russia.

OPEC+ hiking oil supply, heeding U.S. but keeping Russia onside

OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the U.S.

Technip-COS Petrogaz MoU marks Senegalese local content breakthrough

The Memorandum of Understanding details intent to carry out knowledge transfer initiatives in technologies relating to water, oil and gas treatment process engineering, onshore platform function and maintenance, along with offshore gas field management and energy transition principles.

KCA Deutag to purchase the Saipem Onshore Drilling for $550 million

KCA Deutag announced it has signed a Sale and Purchase Agreement to acquire Saipem SpA’s onshore drilling business for a total consideration payable at closing of $550 million in cash and 10% equity interest in the group.

Why Britain is spending £37 billion to make its energy-supply crisis worse

As he opened the COP26 climate talks in November, Boris Johnson warned “it’s one minute to midnight” in the race to slash planet-heating carbon emissions. His government has since announced £37 billion of funding focused squarely on subsidizing the consumption of energy -- much of it fossil fuels.