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The Joint Ministerial Monitoring Committee, JMMC, meeting of the OPEC+ that took place in the form of a virtual conference on Wednesday, finally managed to provide the markets with much needed sense of direction.
The oil price shot up, having been in decline for days. Brent oil hit above $58, the highest so far during the turbulent period.
The meeting was unusually short, yet managed to reach an agreement with most members seeing eye to eye on the main issue: maintaining the crude
State oil producer Saudi Aramco raised prices for all crude oil grades sold to customers in the U.S. and Europe. View the full article
These interactive presentations contain the latest oil & gas production data from 140,9179 horizontal wells in 13 US states, through October. Ohio & West Virginia are excluded from most overviews as these states did not yet publish production data for October.
Visit ShaleProfile blog to explore the full interactive dashboard
US tight oil production was basically unchanged in October, at nearly 7.0 million bo
A Dutch court ordered a Nigerian subsidiary of the oil giant, Shell, last week to compensate for the damage caused by oil spills to local farmers on its watch in the oil-rich Niger Delta region, in 2013.
The unprecedented ruling will have server repercussion for the international oil companies, which work in Nigeria – and beyond its borders.
Shell had been denying the allegation that it was responsible for the oil spills that ruined the livelihood of farmers living in the region; inste
Myanmar, formerly known as Burma, that used to enjoy relative stability with a fragile democracy, started grabbing headlines again for all the wrong reasons.
After days of speculation about a coup attempt by the powerful military, on Monday, it just went ahead with what it had been planning for weeks, if not months.
With a series of early-morning raids, it detained the elected ruling members including the most famous of them all, Aung San Suu Kyi, citing the irregularities in the elect
Oil price that has been rising for the past few weeks, judging by the above chart, shows signs of becoming static – finally.
Neither the cut in output by the OPEC+ nor the significant drop in crude oil stockpiles moved the price up, buckling the widely-anticipated trend.
Do the investors know something that is not depicted by these charts that we do not know? It remains to be seen.
Of course, the Coronavirus infections show no sign of abating; there is no heighted alarm among the
The stage is set for an epic show; the battle lines are drawn. People across the world, some of who have never been bothered about stock markets or investors for that matter, are watching the duel between the hedge funds and the WallStreetBets, the Reddit group that grabs headlines this week, for variety of reasons.
In the profile picture of the WallStreeBets, a gentleman resembling President Trump, is making coded gestures, perhaps in the form of a rallying cry, while remaining in charter
The substantial fall of US crude oil stockpiles has not excited the oil price yet, buckling the familiar trend.
The positive news has been overshadowed by a myriad of factors, according to seasoned market watchers.
Some of the key reasons are as follows:
· The Federal Reserve makes it known the inevitability of its continuing support to revive the battered economy
· The outbreak of Covid-19 clusters again in China in the middle of winter
· The rel
These interactive presentations contain the latest gas (and a little oil) production data, from all 9,944 horizontal wells in Pennsylvania that started producing from 2010 onward, through November.
Visit ShaleProfile blog to explore the full interactive dashboard
Pennsylvanian natural gas production jumped in November (as it often does) and set a new record at almost exactly 20 Bcf/d. The previous high was a year ea
Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified as the information is private. View the full article
There have been signs across the oil market of traders expecting tighter supplies following the Saudi cuts. The shape of the Brent futures curve returned to backwardation earlier this week, meaning more immediate prices are trading at premiums. View the full article
The prince's plan to diversify the economy of the world’s largest crude exporter spans more than 10,000 square miles in a remote area of Saudi Arabia's northwest. It’s described on its website as “a bold and audacious dream” that will become a hub for new technologies and businesses. View the full article
State producer Saudi Aramco on Wednesday raised its flagship Arab Light oil to Asia, its biggest market, to $1 above the benchmark used by the company. View the full article
The U.S. didn’t import any Saudi crude last week for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic. View the full article
“We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he announced Saudi's production cut on Tuesday, preserving the OPEC+ deal and sending oil prices to 10-month highs. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself. View the full article
Saudi Arabia’s export revenue fell by nearly a quarter in October from a year earlier, driven largely by a slump in global oil prices. View the full article
Google will start selling its cloud-computing services in Saudi Arabia through a deal with oil producer Aramco, risking a backlash from staff who oppose doing business with the fossil fuel industry or regimes accused of human rights abuses. View the full article
CGG announced that Sercel has won a second major contract to supply land seismic equipment to a leading seismic acquisition contractor for a 3D mega-crew survey in Saudi Arabia. View the full article
As Iran preparing itself for making its presence in the crude oil market again, without being hampered by a myriad of sanctions, Israel dashed the hopes of the former by implying that would not be that easy.
Lt. Gen. Aviv Kohavi, the chief of Israeli defence force, did not mince his words, when he outlined his plans: he said he ordered the defence forces to make preparations for offensive action against Iran next year; he did not want the Biden administration to revive the 2015 nuclear deal
The infection rate of Covid-19 seems to be on decline and the trend has been consistent for the past few days in the United Kingdom so that the inhabitants can breathe a collective sigh of relief.
As of yesterday, the 7-day-average of infections and the 7-day-aveage of the deaths are 35929 and 1239 respectively.
The good news was overshadowed yesterday as the country moved past the grim milestone of over 100,000 deaths.
There is no doubt that the strict lockdown measures and maski
This is the sky above the Heathrow airport in London, United Kingdom at 12.50 pm on Tuesday.
Heathrow used to be world's busiest airport, a few years ago. Even at this time last year, you could see a plane, at every two-minute interval, in the skies above Heathrow.
It's really sad to see just three planes at the same location; perhaps, they may be just cargo planes.
Let's think about the haemorrhage of income for those who rely on a functionning airport:
The unity of Arab nations with Saudi Arabia at its nucleus appears to be helping the latter in its determination to cut the crude oil output to compensate for the loss of revenues during the past few months.
Both Iraq and Libya confirmed that they will cut down the output for January and February, mimicking what Saudis did: not only did Saudi Arabia cut the oil output by 1 million barrels per day, but also raised the crude oil price for Asia, something that didn’t go down very well with the