OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday, April 6, Azeri's energy ministry said…
Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global crude supply.Brent crude futures were up 9.3%, or $2.79, at $32.73 a barrel by 1014 GMT. Brent soared as much as 47% on Thursday for its highest intraday percentage gain on record. It closed 21% up, still about half the $66 at which it was trading at the end of 2019.U.S.
BP Cuts Spending by Quarter, Lowers Oil production
BP on Wednesday cut its 2020 spending plans by 25% and will reduce output from its U.S. shale oil and gas business in the face of the collapse in oil prices triggered by the coronavirus outbreak.BP and other big oil and gas companies are having to rein in spending sharply following the collapse in oil prices driven by a slump in demand because…
Eni in Talks to Grow Presence in the Gulf
Italian major Eni is in talks to grow its footprint in Oman and the United Arab Emirates as part of plans to build its asset base in the oil-rich Gulf and offset its reliance on Africa, a source close to the matter said.The international oil company has a limited presence in the Middle East, where some of the world's biggest oil and gas reserves lie…
Eni Confident of Dividend Even with Lower Oil Prices
Italian oil major Eni said on Friday its dividend was safe even at lower oil prices thanks to a string of major discoveries underpinning output growth and cash generation for the years to come. Eni, the most active of the foreign oil majors in Africa, has one of the best discovery records in the industry, with large gas fields in Mozambique and Egypt. More recently it also made an oil find in Mexico.
Shell Transitioning BG after $53 bln Deal
Shell completes $53 billion acquisition; looks o become top LNG trader, major offshore oil producer. Royal Dutch Shell on Monday sealed the $53 billion (36 billion pounds) acquisition of British rival BG Group to form the world's top liquefied natural gas company, even as slumping oil prices cast a shadow on the upcoming years of transition. The…
Eni's Winning Streak Leaves Gas Rivals Chafing
Eni Zohr gas find biggest ever in Mediterranean, success due to different geology approach - CEO. Eni's giant Zohr gas find in Egypt this month, a gamble taken under the noses of competitors, marked the Italian major's rapid rise to preeminence in the hunt for big new fields. Its risk-taking new leadership went ahead with what rivals described as an opportunistic drilling plan…
Eni Asset Sales Hit Trouble Due to Oil Rout
Plans by Italian oil major Eni for major asset sales to help fund exploration and its dividend payments have hit problems due to diving oil and gas prices, sources say. State-controlled Eni has already sold assets worth 5 billion euros to finance the generally more profitable business of finding oil and gas, while radically slimming down its troubled refining operations.
Italy Energy Major Eni Q1 2014 Profits Slump
Eni confirmed a flat oil and gas production outlook for the year after a 14.3 percent fall in first-quarter profits as the Italian company's longstanding chief executive gets ready to bow out. Adjusted net profit was 1.19 billion euros ($1.6 billion), impacted by a lower oil price and stronger dollar, state-controlled Eni said. That was in line with the 1.2 billion euros expected on average by six analysts polled by Reuters.
