Oil

Iraq’s Oil Marketing Company (SOMO) has revised the price mechanism used to compensate buyers for fluctuations in the density of its crude exports, starting with shipments in 2021, according to a Nov. 23 notice to clients reviewed by Reuters The announcement follows SOMO’s plan to launch a third crude oil …

Oil prices extended gains on Monday as traders eyed a recovery in crude demand thanks to successful coronavirus vaccine trials, though prices were contained by renewed lockdowns in several countries. Sentiment was also bolstered by hopes that OPEC, Russia and other producers, a group known as OPEC+, will keep crude …

An onshore unconventional oil source with 22 billion recoverable barrels has been discovered, the Abu Dhabi National Oil Company (ADNOC) has announced. The discovery of new oil sources “is a testament to ADNOC’s relentless efforts to unlock and maximize value from the UAE’s hydrocarbon reserves for the benefit of the …

Member of the Parliamentary Oil and Energy Committee, MP Ghalib Muhammad, called on Sunday to conduct negotiations with OPEC+ to reduce Iraq’s percentage of production cuts, in case it is decided to extend the reduction period again. Muhammad said in an interview with Shafaq News agency, “Iraq is one of …

In the U.S. Energy Information Administration’s (EIA) November Short-Term Energy Outlook (STEO), EIA forecasts that U.S. crude oil production will remain near its current level through the end of 2021. A record 12.9 million barrels per day (b/d) of crude oil was produced in the United States in November 2019 …

OPEC and its allies discussed weaker compliance with pledged oil output cuts on Monday and weighed further action to support the market as the second wave of coronavirus hits demand. The Organization of Petroleum Exporting Countries, Russia and others, known as OPEC+, were due to raise output by 2 million …

The U.S. oilfield services sector added more than 6,400 new jobs last month. in the latest sign that things are beginning to look up for the embattled industry. There has even been some M&A activity, too, namely Schlumberger’s offloading of its shale oil business to Liberty Oilfield Services in September. …

Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 236—the eighth week of oil rig additions. The total number of active oil and gas rigs increased for the week by 12, with oil rigs rising by 10 and gas rigs …

Many countries including Iraq increased their October oil production. OPEC reported. The Organization of Petroleum Exporting Countries said “oil production in the 13 member states increased last October, reaching 24.386 million bpd which is 322 thousand bpd more than September'”. “The most oil-producing countries in October are Libya, Iraq, and …

This was supposed to be a time when things were getting closer to normal for OPEC. A recovery in oil demand after the first wave of the pandemic, coupled with a deep slump in U.S. production, was meant to leave the world needing more of its members’ crude. But it …