Oil News


Saudi Arabia to Reduce Oil Production Further

May 11, 2020

Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.The announcement by the kingdom…

These Norwegian Oil Fields Will Cut Output

May 11, 2020

Following Norway's decision in April to cut oil production to support oil prices, and the King's approval of the proposed cuts last week, the country's Energy Ministry on Monday announced the list of fields covered by the planned cuts that are expected to take effect from June…

Oil rises 5% in second weekly gain on output cuts, demand hopes

May 08, 2020

Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic…

Ghana Instructs Eni and Local Producer to Combine Oil Fields

May 08, 2020

Ghana has directed Eni SpA and Springfield E&P to begin talks to combine their adjacent oil and gas fields, according to a letter seen by Reuters.The April 9 letter from Energy Minister John-Peter Amewu to the two companies says seismic data indicates that Eni's Sankofa offshore field…

Guyana's Liza Phase 2 on Track for First Oil in 2022

May 08, 2020

Liza Unity, an under-construction FPSO that will be Guyana's second offshore facility in production, remains on schedule for first oil in 2022, Hess Corp. said Thursday.Guyana became an oil-producing nation in December 2019, when Exxon brought online the Liza Destiny FPSO…

Mexico Gives Oil Firms More Time to Get Permits

May 07, 2020

Mexico's oil regulator will extend the time companies have to secure needed permits and plan approvals through the end of this month because of the coronavirus pandemic, it said in a statement on Wednesday.Deadlines will be suspended until at least May 31…

Aker BP Cuts Dividend by Two-thirds on Oil Price Slump

May 06, 2020

Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the plunge in crude prices, the Norwegian oil firm said on Wednesday after reporting a better-than-expected first-quarter core profit.Earnings before interest…

Brazil Oil Production Rose in March Despite Pandemic

May 04, 2020

Brazil produced 2.973 million barrels per day of oil in March, up 0.1% from February and up 16.1% from the same month a year before, national oil regulator ANP said on Monday.The figures suggest that production cuts announced at the end of March…

Guyana Has No Plans to Cut Crude Output

May 04, 2020

Guyana has no plans to cut crude output despite a plunge in oil prices, the government's top energy official said on Monday, adding that shutting down production could prove costly and harm future output.Mark Bynoe, the director of the Department of Energy…

Petrobras' Oil Exports Hit New Record

May 04, 2020

Brazilian state-owned oil giant Petrobras said on Monday it exported a record 1 million barrels of oil a day in April, beating the previous record of 771,000 barrels a day in December last year.In a securities filing, Petroleo Brasileiro SA…

Is an Oil Market Recovery Underway? Energy Trader Mercuria Sees Positive Signs

May 01, 2020

Global oil markets are showing early signs of re-balancing after production cuts by OPEC and the United States, with the market's pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria Energy Group said…

OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat

May 01, 2020

These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate Sweet Crude Oil (WTI) futures contract for May delivery plunged into the negative, forcing sellers to actually pay…

Woodside Watching Supermajors' Woes for Opportunities

May 01, 2020

Woodside Petroleum is keeping a close eye out for assets that might come up for grabs from the oil supermajors amid the oil market rout, seeing itself in a position to bid, Chief Executive Peter Coleman said on Friday.The head of Australia's top independent gas producer said…

BP to Reduce Azerbaijan Oil Production by 76,000 bpd in May-June

May 01, 2020

BP will cut its oil production in Azerbaijan by 76,000 barrels per day (bpd) in May and June as part of the ex-Soviet country's efforts to curb supply, state energy firm SOCAR said on Thursday.SOCAR plans to cut production by 17,000 bpd over the same period…

Shell Cuts Dividend for First Time Since World War Two

Apr 30, 2020

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of…

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