ExxonMobil and Chevron bosses last year discussed merging the two biggest oil producers in the U.S., Bloomberg News reported on Monday, citing unnamed sources with knowledge of the meeting. According to Bloomberg, ExxonMobil chief executive officer Darren Woods and Chevron CEO Michael Wirth discussed a potential consolidation of the oil …
Read More »OPEC+ Sees Almost Full Compliance with January Oil-Supply Cuts
OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in January, according to a delegate who asked not to be named. The 23-nation alliance known as OPEC+ aimed to withhold 7.2 million barrels a day of crude from the market this month — about 7% of …
Read More »Russia Keeps Crude at Home to Tackle Domestic Fuel Price Surge
Russia plans to cut its seaborne oil exports from its western ports to a three-month low in February as the country diverts crude into its local refineries to help tackle record fuel prices. The world’s second-largest exporter will cut overseas shipments of Urals crude by almost 20% in February, according …
Read More »Oil Edges Higher on Weaker Dollar as Market Weighs Supply Cuts
Oil in New York inched higher as the dollar weakened, with investors assessing the impact of supply curbs from Iraq and Libya on the near-term demand outlook. Futures rose 0.6% toward $53 a barrel as a weaker dollar increased the appeal of commodities like oil that are priced in the …
Read More »Iraq to Pare February Oil Production to Balance OPEC+ Overages
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude. OPEC’s second-biggest producer will pump around 3.6 million barrels daily for the two months, according to Ali Nizar, the deputy …
Read More »Merkel Stands by Nord Stream 2, but Is Open to Discussing Russia with Biden
Angela Merkel said she’s willing to discuss energy ties with Moscow with the incoming U.S. administration, but the German chancellor reiterated her support for a controversial gas pipeline to Russia. “We need to also discuss which economic relations in the gas sector are possible with Russia, and which aren’t,” Merkel …
Read More »UAE can be Major Low-Cost Blue Hydrogen Producer
The United Arab Emirates can become one of the world’s biggest and lowest-cost producers of blue hydrogen, Abu Dhabi National Oil Co. Chief Executive Officer Sultan Al Jaber said. The OPEC country aims to cut its emissions by 24% by 2030 compared with 2016, Al Jaber said Tuesday at the …
Read More »Russia’s Flagship Crude Gets a Boost from Saudi Production Cuts
Russia’s flagship crude is rising in price in Europe in the wake of Saudi Arabia’s surprise oil production cuts. The nation’s Urals crude sold at a slight discount of 70 cents a barrel to benchmark Dated Brent in northwest Europe on Jan. 15, a increase of almost $1 from an …
Read More »Saudis Slash Oil Supply to Some Buyers after Pledged OPEC+ Curbs
Saudi Arabia slashed crude oil supplies to at least nine refiners in Asia and Europe after the kingdom volunteered to cut its production by 1 million barrels a day for February and March. Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as …
Read More »The UAE Warns U.S. Shale Companies against Pumping More Oil
Any attempt by U.S. shale and other oil producers to boost output this year will backfire and lead to lower prices, according to the energy minister of the United Arab Emirates. Oil prices have surged in the past two months with the development of coronavirus vaccines. They jumped again last …
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