All publications by tag «OIL»
Almost $6 billion worth of mergers and acquisitions have taken place in the UK oil and gas sector in the first half of the year – sending a strong vote of confidence in a basin that has been grappling with the challenges of a major downturn, a new report reveals.
Brent LCOc1 had gained 51 cents to $53.89 a barrel by 1356 GMT. U.S. West Texas Intermediate (WTI) crude futures Clc1 were up 45 cents at $49.54 a barrel.
Brent crude futures LCOc1, the international benchmark for oil prices, had fallen by almost 1 percent from their last close, or 41 cents, to $52.34 per barrel by 0655 GMT. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.30 barrel, close to their last settlement.
Russian oil output slipped to a year-low of 10.91 million barrels per day (bpd) in August from 10.95 million bpd in July, Energy Ministry data showed on Saturday, as Gazprom Neft suspended offshore Arctic production to carry out maintenance.
The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current crude oil production is at the coveted 1.8 million b/d mark.
The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, a move that likely would feed tensions between Washington and Moscow.
U.S. Rig Count is up 446 rigs from last year's count of 497, with oil rigs up 352, gas rigs up 95, and miscellaneous rigs down 1 to 2. Canada Rig Count is up 64 rigs from last year's count of 137, with oil rigs up 25 and gas rigs up 39.
The October light, sweet crude contract on NYMEX fell 13¢ on Aug. 29 to settle at $46.44/bbl while the November contract was up 4¢ to settle at $47/bbl. The NYMEX natural gas price for September gained 3.6¢ to a rounded $2.96/MMbtu. The Henry Hub cash gas price was $2.88/MMbtu, down 4¢. The Brent crude contract for October on London’s ICE was up 11¢ to $52/bbl. The November contract gained 24¢ to $51.66/bbl. The September gas oil contract was $484.50/tonne on Aug. 29, up 25¢. The Organization of Petroleum Exporting Countries’ basket of crudes on Aug. 29 was $49.51/bbl, down 35¢.
Top oil producers Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, which would leave the output deal between OPEC and non-OPEC producers in place through the end of June, people familiar with the matter said.
Three Libyan oilfields have gone offline and output has declined by 360,000 bopd after militia violence, the country’s NOC announced.