Tag Archives: World Oil

OPEC+ is seeking extra production cuts from members that haven’t missed their targets again in June, potentially tempering the impact of the supply resumption planned by the wider coalition next month. A technical committee that met online on Tuesday outlined plans for countries including Iraq, Nigeria and Kazakhstan to make …

America’s biggest oil companies are coming under increasing pressure from climate-conscious investors to disclose their long-term forecasts for crude prices as the Covid-19 pandemic injects fresh uncertainty into the demand outlook for fossil fuels. Exxon Mobil Corp. and Chevron Corp. don’t publish such estimates, meaning that shareholders are less able …

India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister …

As OPEC and its allies make their deepest cuts yet to crude production, Norway’s giant Johan Sverdrup oil field is exporting more than ever before. Crude loadings from the field are set at a record 4.4 million barrels, or 465,000 barrels a day, in August, according to a loading program …

CNOOC Limited has made a significant discovery of Huizhou 26-6 in Eastern South China Sea. It is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin. The Huizhou 26-6 structure is located in Huizhou Sag in Zhu1 …

Exxon Mobil is preparing to cut jobs in the U.S. as the oil giant focuses on a slimmed-down and more efficient organizational structure, according to people familiar with the matter. Between 5% and 10% of U.S.-based employees who are subject to performance evaluations could end up leaving this year after …

OPEC predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for …

In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a …

Hemmed in by weak demand and scarce storage, the world’s biggest exporter of liquefied natural gas may soon face a stark choice: curb output or ignite a battle for market share that has the potential — just as in the oil market — to turn gas prices negative. Qatar began …

Consulting firm IHS Markit expects oil demand in the second quarter of 2020 to be 22 MMbpd less than a year ago.