Production ///

OPEC+ deal threatened as Mexico walks out, refusing to participate in cuts

An agreement between Saudi Arabia and Russia for record oil-production cuts was endangered late on Thursday as Mexico refused to participate in the curbs and left the meeting without approving the deal.

Saudi Arabia and Russia end their oil-price war with output cut agreement

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse.

Alberta’s premier sees oil tariffs gaining traction in North America

Alberta Premier Jason Kenney said the idea of the U.S. and Canada placing tariffs on OPEC crude imports is gaining traction as a way to protect North American energy producers from the market’s collapse.

Trump got the oil deal he wanted – by not dealing at all

With Saudi Arabia and Russia agreeing on the contours of an unprecedented plan to slash crude output, President Donald Trump is on the verge of getting the global oil deal he wanted -- without taking steps to ratchet down U.S. production.

OPEC and allies agree to 10 MMbpd production cut

Major oil producers agreed to slash output as feuding members of the OPEC+ coalition buried differences in an effort to lift the market from a pandemic-driven collapse.

WFS, AeonX team up to deliver asset integrity, flow assurance in Nigeria

AeonX Limited (Nigeria) has signed a partnership agreement with WFS to promote and deliver the full range of state-of-the-art Seatooth products for asset integrity and flow assurance monitoring to existing and new clients in Nigeria.

G-20 plans to monitor implementation of OPEC+ agreement to ensure compliance

The Group of 20 plans to create an ad hoc group to ensure that steps to stabilize oil markets expected to be agreed on Thursday and Friday are implemented, according to a draft of the communique circulated to member countries.

Oil rally continues as Russia holds promise for an agreement Thursday

Crude extended gains in Asia after Russia said that it was prepared to reduce output to help stabilize the market before a meeting of top producers later on Thursday.

Oil extends rally as Russia agrees to production cut

A global supply-curb agreement may be sealed at the OPEC+ emergency virtual meeting on Thursday after Russia said that it is ready to cut oil production by 1.6 million barrels a day, or about 15%.

Daily Brief podcast, Wednesday, April 8th

Kurt and Cameron take on the fallacy of a "free market" for oil, what non-OPEC+ members are ready to do for a deal, and who (if anyone) the U.S. Department of Energy is trying to help in all this.

Pemex plans to double its well count in spite of oil price crash

Petroleos Mexicanos aims to nearly double drilling to 423 wells this year and accelerate development of 15 recent discoveries, even though experts say many are unprofitable at current prices.

Russia signals distrust in a U.S. contribution to global production cuts

Russia cast doubt on the proposed U.S. contribution to a global deal to reduce oil production, potentially throwing a spanner into delicate negotiations the day before a virtual OPEC+ meeting.

India buying millions of barrels of Saudi crude for strategic reserves

India, the world’s third biggest oil consumer, is set to snap up millions of barrels of Middle East crude for its strategic reserves, signaling its support for global efforts to rescue the energy market.

World Oil editorial: The market reality API doesn’t “get”

Staff, World Oil

Extremely difficult oil market conditions demand very creative, flexible solutions to counteract predatory actions by state actors and protect infrastructure. This is particularly true in the U.S., yet one industry association seems to be working overtime to stifle discussion of some potential remedies.

Total divests of $400 million in exploration, production and distribution assets

In line with its strategy of actively managing its asset portfolio and its objective to divest $5 billion in assets in 2019-2020, Total is pursuing the divestments of several non-core assets in both Exploration-Production and Marketing & Services. These divestments represent a global value of more than $400 million.

A look at the major players in this week’s “OPEC++” meeting

A deal between the world’s oil powers is far from certain, as is U.S. participation in talks. Here’s look at the latest positions, with OPEC data compiled by Bloomberg and non-OPEC from the International Energy Agency.

Progress continues, slowly, toward an historic global oil deal

The world’s largest oil producers are pressing ahead with talks for an unprecedented deal to mitigate the devastating impact of the coronavirus crisis on their industry, even as their leaders exchange barbs.

Permian gas flaring declines as production slows

Collapsing oil prices are having at least one positive side effect: less flaring in North America’s biggest shale field.

Crude production limits become more appealing to Texas operators

The largest U.S. oil-producing state hasn’t restricted crude production in almost 50 years, but a growing chorus of explorers and related industries are advocating just such a move.

Daily Brief podcast, Monday, April 6th

Kurt and Cameron discuss the expanding OPEC+ negotiations, Canada's emerging role in production cuts, and the API's support (or lack thereof) for the broader oil industry.