Oil News

 

Petrobras Says 2020 Oil Output Averaged Record 2.28 Million BPD

Jan 07, 2021

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…

Saudi Cuts Drive Oil to 11-month High

Jan 07, 2021

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 Jump 5% on OPEC+ Output Talks, Iran Tension

Jan 05, 2021

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…

Venezuela's Oil Exports Plunge to 1940's Level Under Tighter U.S. Sanctions

Jan 04, 2021

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…

Oil Slips, Set for 20% Annual Drop in Tumultuous 2020

Dec 31, 2020

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…

NOIA Pushes for Growth and Stability in the US Energy Markets

Dec 14, 2020

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.

Brazilian Prosecutors Sue Maersk Over Alleged Corruption

Dec 11, 2020

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…

Exxon Lowers Oil Price Outlook for Much of the Next Decade

Nov 25, 2020

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 Rises on Vaccine Hope, Weak Dollar

Nov 25, 2020

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…

BIMCO on Tanker Shipping; The Worst is Not Over

Nov 25, 2020

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…

Equinor: Oil Demand to Peak Earlier Than Previously Thought Due to Virus

Nov 17, 2020

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…

Report: OPEC+ Oil Output Cuts Compliance at 101 Pct

Nov 13, 2020

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…

Coronavirus Surge Throws Oil Recovery into Reverse

Nov 04, 2020

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…

Pandemic, Renewables to Set Oil Demand for Peak in 2028, Rystad Says

Nov 02, 2020

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)…

Op/Ed: Candidates Should Not Ignore Offshore Safety Advances

Oct 30, 2020

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…

Current News

Drillship Arrives in Rotterdam for Conversion into Subsea Mining Vessel

Drillship Arrives in Rotterdam for Conversion into Subsea Mining Vessel

Nigeria Sees 2022 Oil Output of 1.88 mln bpd, GDP Growth of 4.2%

Nigeria Sees 2022 Oil Output of 1.88 mln bpd, GDP Growth of 4.2%

BP Suspends Offshore Platform in Azerbaijan for 25-day Maintenance

BP Suspends Offshore Platform in Azerbaijan for 25-day Maintenance

Harbour Energy Seeks to Exit Sea Lion Offshore Project in Falkand Islands

Harbour Energy Seeks to Exit Sea Lion Offshore Project in Falkand Islands

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