Oil

US to end year as world’s top oil producer

US to end year as world’s top oil producer

The US will end 2018 as the world’s largest oil producer after output hit a record 10.88 million barrels per day, according to the Energy Information Administration (EIA). Output is expected to rise by 1.53 million bpd, slightly down from previous estimated at 1.55 million bpd, but still higher than […]

No-deal Brexit “hugely damaging” for North Sea

No-deal Brexit “hugely damaging” for North Sea

Scotland’s energy minister Paul Wheelhouse has said a no-deal Brexit would be “hugely damaging” to the North Sea’s oil and gas industry. Speaking during a visit to Aberdeen, he added that forcing the UK to have to negotiate agreements with EU members through the World Trade Organisation (WTO) would be […]

US calls for stable oil prices and supply

US calls for stable oil prices and supply

US Energy Secretary Rick Perry has underlined the need for “stable supply and market values” during talks with his Saudi Arabian counterpart at the first US-Saudi meeting following last week’s OPEC+ meeting that resulted in another cut to oil production. The US Department of Energy (DOE) nor Saudi Energy Minister […]

OPEC agrees on 1.2m bpd cut

OPEC agrees on 1.2m bpd cut

OPEC has defied US President Donald Trump’s calls to maintain low prices by agreeing to a 1.2 million barrel per day cut to production over six months, sending crude prices higher. The deal was pushed forward in Vienna after two days of discussions, where the bloc’s de facto leader Saudi […]

Chevron re-introduces capital spending budget

Chevron re-introduces capital spending budget

Chevron is set to spend $20 billion next year on oil and gas projects in its first increase in spending in four years, the second largest US producer has announced. Earlier this year, Chevron executives set its high end 2019 capital budget at between $18 billion to $20 billion through […]

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices plummeted by nearly 5% on Thursday after Saudi Arabia said OPEC and its allies were working towards reduced cuts, causing concerns that the bloc is struggling to deal with the recent supply glut ahead of its meeting. Saudi energy minister Khalid al-Falih said OPEC and allies, including Russia, […]

Faroe Petroleum in asset swap deal with Equinor

Faroe Petroleum in asset swap deal with Equinor

British firm Faroe Petroleum, which was subject to a hostile bid by DNO, has agreed a deal that will see it swap oil and gas assets with Norwegian state-owned company, Equinor. The non-cash deal will enhance Faroe’s output and cash flow while securing Equinor’s stakes in fields located in the […]

Exxon looks to sell Azeri stake

Exxon looks to sell Azeri stake

Exxon Mobile is looking to sell its stake in Azerbaijan’s biggest oil field as the US oil and gas giant re-focuses its global operations, according to industry and banking sources. Industry and banking sources told Reuters, the Texas based firm is hoping to raise $6 billion from its 6.8 percent […]