Oil News

 

OPEC+ Agrees New Oil Deal Without UAE Agreement, Source Says

Jul 02, 2021

OPEC+ agreed on Friday to add more oil to the market from August and extend the duration of their pact on their remaining production curbs for longer, even though the United Arab Emirates still opposed the extension, an OPEC+ source said.All OPEC+ deals require unanimous approval…

Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs

Jun 22, 2021

Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday.'There is quite a chance to reach $100 but we could see again…

Oil Settles Slightly Lower as OPEC+ Discusses Raising Production

Jun 22, 2021

Crude oil prices settled slightly lower on Tuesday after Brent rose above $75 a barrel for the first time in over two years, as OPEC+ discussed raising oil production.Brent crude futures settled down 9 cents to $74.81 a barrel after hitting a session high of $75…

WTI-Brent Spread Narrows as Oil Market Tightens

Jun 21, 2021

The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied.North Sea Brent futures traded at a premium of $1…

As Iran Eyes Return to Oil Trading, Storage at Sea Rises

Jun 21, 2021

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said…

Gulf States Will Take a Decade to End Oil Dependence

Jun 21, 2021

Countries in the oil-exporting Gulf will remain heavily dependent on hydrocarbon production for at least the next ten years as efforts to diversify economies have made limited progress since the 2014-2015 oil price shock, Moody's said.Reliance…

Early-season Gulf of Mexico Storm Trims Some US Oil Production

Jun 18, 2021

The first storm to hit oil-producing regions of the U.S. Gulf of Mexico this year sent workers fleeing offshore oil platforms and cut some production.A weather disturbance in the central Gulf of Mexico was expected to become a tropical storm on Friday…

Pemex Narrows Losses in First Quarter

Apr 30, 2021

Petroleos Mexicanos said on Friday its losses narrowed 93% in the first quarter after higher sales, lower imports and tax cuts eased pressure on Mexico's highly indebted state oil company.Pemex, as the company is known, said the net loss of 37…

Eni Q1 Profits Miss Expectations

Apr 30, 2021

Italian energy group Eni is planning to spin off a minority stake in its new retail and renewable business next year, it said on Friday, after announcing first quarter profits that missed expectations.Several European energy companies, including Spain’s Repsol…

ExxonMobil Tops Earnings Estimates as Oil Prices Rebound

Apr 30, 2021

ExxonMobil Corp on Friday topped Wall Street quarterly earnings estimates and posted its first profit in five quarters, boosted by higher oil prices and strong chemicals margins.Exxon and rivals results this year have been rising with crude oil prices…

OMV Expects Strong Second Half of 2021

Apr 29, 2021

Austrian oil and gas group OMV said it sees strong improvement in the second half of 2021 as it reported a better-than-expected quarterly core profit on Thursday thanks to higher oil prices and gains from the acquisition of plastics maker Borealis…

Oil Profits Soar: Oil Majors Shed Pandemic Blues

Apr 29, 2021

Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them.Last year's demand collapse forced BP, Royal…

Sinopec Reports $2.9 Billion Q1 Net Profit

Apr 28, 2021

China Petroleum & Chemical Corp swung to a first-quarter profit from a loss a year earlier, with net income reaching 18.54 billion yuan ($2.86 billion), amid a recovery in global oil prices and robust demand for refined oil products.Asia's top oil refiner…

Hess Corp Swings to Quarterly Profit

Apr 28, 2021

U.S. oil producer Hess Corp on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices.Global crude prices…

ExxonMobil Makes Oil Discovery at Uaru-2 Offshore Guyana

Apr 27, 2021

U.S. oil major ExxonMobil said on Tuesday it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana.Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently…

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