Brazil's state-run oil company Petrolero Brasileiro SA produced a record 2.28 million barrels of oil per day on average in 2020, according to a securities filing on Thursday.The combined oil and natural gas output of Petrobras, as the company is known…
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54…
Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4…
Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro…
Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S. crude benchmarks have more than doubled from April's decade lows…
Erik Milito, President National Ocean Industries Association (NOIA), discusses the outlook for traditional oil and gas and emerging renewable offshore energy under the incoming Biden Administration.
Federal prosecutors in Brazil filed a civil lawsuit against Danish shipping company Maersk and former executives representing the firm for alleged corruption involving shipping contracts with state-run oil firm Petrobras, they said on Friday…
U.S. oil major Exxon has lowered its expectations for oil prices for much of the next decade, the Wall Street Journal reported on Wednesday, citing internal company documents.As part of an internal financial-planning process conducted this fall…
Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 30 cents…
While the tanker market had a strong run at the outset of the COVID-19 pandemic, according to a report released this morning by BIMCO, tanker shipping will not benefit this year from the usual strong winter seasonal effect. Though the new lockdowns…
Oil firm Equinor expects global oil demand to peak by around 2027-2028, two-free years earlier than the company previously saw, as a result of the COVID-19 pandemic, it said on Tuesday.There is no agreement on when oil demand could peak, but…
The compliance of OPEC+ with oil production cuts in October was seen at 101%, three OPEC+ sources told Reuters on Friday, maintaining a strong level of adherence to their supply-cut pact.The compliance assessment will be reviewed and confirmed…
Oil futures prices have started to signal OPEC+ may have to do more to offset a second wave of coronavirus and a renewed economic slowdown.Between mid-September and mid-October, Brent’s six-month calendar spread had been tightening, a signal…
The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway's biggest independent energy consultancy Rystad predicted on Monday.Global demand will likely peak in 2028 at 102 million barrels of oil per day (bpd)…
The American Gulf of Mexico is home to impressive industry and even more incredible beauty. Every day, fishermen, conservationists, tour guides, canal and port dredgers, offshore oil and gas workers and countless others go to work in and around the Gulf of Mexico…
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