ABU DHABI, Dec 7 (Reuters) – OPEC’s deal to cut oil production will go ahead even if Russia becomes the only non-OPEC country to commit to reduce output at a meeting this week, Nigeria said on Wednesday, while the UAE voiced optimism that other producers would participate. OPEC agreed last week to slash output by… Read more »
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OPEC Crude Cut Could Push Oil to $75 Per Barrel in 2017
Following months of global oil market angst, OPEC has pledged to cut its production by almost 1.5 million barrels per day (MMbpd) – a greater target than proposed when the cartel last met in Algeria. This first OPEC accord in eight years is designed to accelerate the rebalancing of a market that has shown some signs of… Read more »
OPEC to Cut Crude Production by 1 MMbpd in January
Following months of global oil market angst, the Organization of Oil Producing Countries (OPEC) has agreed to cut its crude production Jan. 1 by more than 1 million barrels per day (MMbpd) to 32.5 MMbpd. The International Energy Agency has estimated that as a group, OPEC currently produces 33.8 million MMbpd. In September, the cartel said member… Read more »
Australia Takes Aim At Oil And Gas Industry In Tax Review
MELBOURNE, Nov 30 (Reuters) – Australia is targeting the oil and gas industry for a tax review ahead of next year’s budget, in a push to boost revenue after a sharp slump over the past three years and collect more from multinational giants. Treasurer Scott Morrison said on Wednesday that takings from the nation’s petroleum… Read more »
EnQuest Achieves First Oil from North Sea Scolty/Crathes Project
Independent energy firm EnQuest announced Monday that it has achieved first oil from the Scolty/Crathes development, located in the central North Sea. “EnQuest is pleased to confirm the delivery of first oil from Scolty/Crathes ahead of schedule and under budget, approximately a year after the Field Development Plan (FDP) was approved and the project was… Read more »
Concho picks up more Delaware basin acreage
Concho Resources Inc., Midland, Tex., has agreed to acquire 24,000 gross (16,400 net) acres in the northern Delaware basin from an undisclosed buyer for $430 million. The acquired acreage is complementary to the firm’s leasehold in the northern Delaware, with 12,000 gross (10,000 net) acres in the Red Hills area in Lea County, NM, expanding… Read more »
Iran: Oil May Rise to $55 if All Producers Cooperate
DUBAI, Nov 19 (Reuters) – Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. “We are receiving positive signals that increase the likelihood of agreement at the meeting … and I’m… Read more »
Report: Growing Confidence in North Sea Oil, Gas Industry
There is a growing confidence that the industry has seen the worst of the current market downturn, according to a new report on the North Sea oil and gas sector from PwC. The report highlighted that the past two years have been a “torrid” time for the industry, but stated that there now appears to… Read more »
IEA Sees Global Market Awash With Oil In 2017 If No OPEC Cut
LONDON, Nov 10 (Reuters) – The oil market risks running another surplus in 2017 without an output cut from OPEC, as producers around the globe ramp up supply and demand growth falters, the International Energy Agency said on Thursday. In its monthly oil market report, the group said global supply rose by 800,000 barrels per… Read more »
Rigzone Poll Says Trump Would Create More Oil, Gas Jobs
Trump has made big promises to the industry in the build-up to the Nov. 8 elections, pledging to create 500,000 jobs each year through new energy policies. The republican candidate also said that if he was elected he would immediately freeze new federal regulations, which have plagued the oil and gas sector, and claimed he’d invite… Read more »
