Tag Archives: World Oil

U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, CEO Scott Sheffield said at BloombergNEF’s annual …

Saudi Arabia will supply all the crude oil that was requested by India’s state-owned refiners and at least five other Asian customers next month as the linchpin producer starts to ramp up output. The kingdom will deliver in full what most of the refiners asked for in May-loading cargoes, while …

The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment …

Iraq has decided against signing an oil-supply deal with a Chinese state company that would’ve seen the cash-strapped Arab nation get about $2 billion upfront, according to its oil minister. Baghdad opted not to go ahead with the contract after oil prices rose in recent months, Ihsan Abdul Jabbar said …

The re-balancing of global oil markets remains “fragile” amid weaker estimates for demand and a recovery in supplies, the International Energy Agency said. The IEA cut forecasts for world oil consumption in 2021 by 200,000 barrels a day as the pandemic continues to limit travel and economic activity. It boosted …

Iraq said the OPEC+ oil cartel is unlikely to change its production policy at next month’s meeting and repeated promises to deliver overdue output cuts, even as the Arab nation’s economy reels. The group of crude exporters meets on March 4 and members will probably agree to keep output steady …

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 …

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 …

In 2020, CO2 emissions from the U.S. energy sector could be 11% lower than in 2019, according to U.S. Energy Information Administration (EIA) data through August and EIA estimates for September through December. According to values published in EIA’s December Short-Term Energy Outlook (STEO), EIA expects CO2 emissions in 2020 …

Iraq is poised to sign a multibillion-dollar contract with China ZhenHua Oil Co., a bailout from Beijing for the cash-strapped government which will receive money upfront in exchange for long-term oil supplies. The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil …