Oil Prices ///
As the working rig count reaches historic lows, World Oil editors take a look at what it means for future production and inevitable consolidations to follow. Can technical innovation lead the industry out of the wilderness?
Oil kept up its positive momentum going into the U.S. holiday weekend, cheered by signs the world’s biggest economy is recovering from coronavirus-related lockdowns, even as fears linger over a resurgence.
Exxon Mobil incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity.
OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.
Demand growth for refined oil products will never return to the levels it reached before the coronavirus outbreak, Citigroup said.
From OPEC stalwarts down to individual producing companies, oil price and demand projections are dividing into two separate camps. World Oil's editors review some of these key differences, and what they mean for crude production plans.
Exxon Mobil Corp. and Chevron Corp. don’t publish such estimates, meaning that shareholders are less able to scrutinize how the companies’ investment plans square with expectations for a global transition to clean energy.
The market’s climb from negative territory in April has been swift but bumpy, with the U.S. benchmark struggling to hold above $40 a barrel amid a stubborn supply glut and a resurgence of Covid-19 cases that’s darkened the demand outlook.
The company will bring back output in Alaska and other states next month, with Canadian production coming back in the third quarter. “Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities,” Conoco said in a statement Tuesday.
Royal Dutch Shell said it will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil.
Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets.
India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC.
Oil prices steadied in New York as the boost from a weaker dollar offset concerns that the resurgence of coronavirus will crimp fuel demand.
A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases.
World Oil editors review the Dallas Fed's recent oil production survey among U.S. operators and service companies, and discover a "split personality" between production estimate and pricing models that could lead to an oil supply shock in 2021.
A recent survey by the Dallas office of the Federal Reserve System reveals a very somber and wary mindset by U.S. producers toward the upstream oil and gas (O&G) market. And that attitude is reflected in their plans for coping with the Covid-19-affected O&G market.
Futures in New York slipped 0.6% to below $38 a barrel, after the biggest fall in almost two weeks on Wednesday. New infections reached daily records in Florida, California and Texas, where the governor said a “massive outbreak” is sweeping the state. U.S. gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed.
Libya’s oil industry is crumbling after more than nine years of neglected maintenance amid a civil war that’s killed thousands and destroyed towns across the country.
Kurt and Cameron discuss a key element of Australia's LNG ambitions up for grabs, OPEC+ compliance driving buyers to U.S. crude, Deloitte projects a challenging earnings season for shale, and New Mexico's state budget feels the sting of low oil prices.
The weekly round of U.S. inventory data began with the American Petroleum Institute reporting that U.S. crude stockpiles rose 1.75 MMbbl last week, according to people familiar with the report. If confirmed by government data Wednesday, it would be a third weekly gain.