Devon Energy's production increases help it beat the fourth-quarter profit forecast
Devon Energy, a Devon Oil subsidiary, beat the analysts' estimates for its fourth-quarter profits on Tuesday as higher production offset lower prices. The U.S. Energy Information Administration reported that total oil production reached a record of 13.6 millions barrels per day during December.
Chevron is struggling to replace its oil and gas reserves amid uncertainty surrounding the Hess deal
Chevron’s oil and natural gas reserves are at their lowest level in more than a decade. This highlights the importance of its planned acquisition of oil producers Hess, which has been stalled by a legal battle with Exxon Mobil. Investors in energy companies use reserve replacement as a key metric.
Novak claims that OPEC+ discussed Trump's call to increase oil output
Alexander Novak, Deputy Prime Minister of Russia, said that the Joint Ministerial Monitoring Committee of the OPEC+ Group of Leading Oil Producers discussed U.S. president Donald Trump's request to increase oil production. Novak said in comments…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 8 weeks.
Baker Hughes, a leading energy services company, said that the U.S. added oil and gas rigs this week for the first eight-week period. The number of oil and gas drilling rigs, a good indicator of future production, increased by six in the week ending January 31.
Kazakhstan's daily crude oil production at a record high amid Chevron led expansion
Official data show that oil production in Kazakhstan hit a record of 278 499 metric tonnes on Sunday, just a few days after the country began expanding its largest oilfield - Tengiz led by Chevron. Kazakhstan, which depends on Tengiz, and two other large fields…
Canadian, WTI Crude Prices to Asia Jump
Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.Asian refiners…
India is likely to increase its purchases of US gas and oil following Trump's announcement
After President Donald Trump announced that he would increase U.S. production of oil and natural gas, India will likely increase its purchase of U.S. gas and oil. The Indian Oil Minister Hardeep Singh Puri said to reporters at the sidelines…
Oil Dips on Larger US Crude Draw, Russia Sanctions
Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.Brent crude futures were down 12 cents…
Russia warns that new US energy sanctions could destabilise the global market
The Kremlin announced on Monday that it would take all possible measures to minimize the impact of the latest U.S. sanctions against the Russian energy industry. Dmitry Peskov, Kremlin spokesperson, said: "It's clear that the United States is…
Canadian Natural Resources will increase production and spending by 2025
Canadian Natural Resources announced on Thursday that it expects to see production increase by 12%, and capital expenditures rise by 13.5% in 2025. The company is betting on an increased demand due to tight oil supply. Canadian oil producers are projecting higher production in 2025.
Indonesia restricts the export of palm residue and used cooking oil to domestic users
Indonesia has tightened its export restrictions on used cooking oil, palm oil residues and palm oil waste to supply the domestic cooking oil industry and biodiesel. The government announced this in a new regulatory on Wednesday. It said that…
Data shows that Tengiz oilfield's output in December was 20% lower than planned.
Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target.
Oil prices drop on forecast surplus supply in 2025, but are set to rise by a weekly gain
Oil prices fell on Friday, as investors shifted their focus to a forecast for ample supply. They also shrugged off the expectation of higher demand in 2013 due to Chinese stimulus measures. Meanwhile, they were watching a Federal Reserve rate cut scheduled next week.
Oil Rises as Syria's Assad Departs, China eases Monetary Policy
Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.Brent crude futures were up $1.34…
What OPEC+ oil production cuts are currently in effect?
OPEC+ will likely make more changes to its oil policy at its meeting on December 5, delaying a planned production increase further into the next year, as it is facing a weaker outlook for oil demand. In June, the oil producers' group reached…
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in…
Report: Oilfield services consolidation will increase under Trump
According to Deloitte’s 2025 Oil and Gas Industry Outlook report, the oilfield services sector will consolidate in 2025. Donald Trump is expected to loosen regulations for the U.S. industry. This increase in services deals follows a wave mega-mergers between oil producers such as Exxon Mobil…
Exxon executive: US oil producers are unlikely to switch to "drill baby, drill" mode
LONDON, November 26 - U.S. producers of oil and gas are unlikely to increase production dramatically under President-elect Donald Trump, as companies remain focused upon capital discipline, said a senior Exxon Mobil executive on Tuesday. Liam Mallon is the head of Exxon’s upstream division.
Hess CEO will consider appealing FTC board seat ban in the future
Hess' CEO said on Wednesday that he will consider appealing to the Federal Trade Commission the ban on his taking a Chevron Board seat once the Trump Administration takes office. As part of an agreement that allowed for the acquisition, the FTC banned John Hess's appointment to Chevron’s board.
Palm oil prices rise on the strength of rival oils, and a possible increase in export taxes.
The price of Malaysian palm oils futures rose on Monday due to stronger oil prices and the expectation that Indonesia may raise its palm oil export taxes in December. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange gained 90 ringgit or 1.94% to 4…
