Saudi Arabia produced 10.1 million b/d of crude oil in February, well below its quota under an OPEC/non-OPEC supply accord of 10.31 million b/d,
The United Arab Emirates (UAE) will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday.
Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut.
Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.
Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.
LUKOIL - In 2018, profit attributable to shareholders amounted to RUB 619.2 bln, 47.8% higher year-on-year. The growth was constrained by higher DD&A due to the launch of new production facilities.
Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.
Oil prices climbed on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and concerns of global economic slowdown kept a lid on further gains.
The next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b, the CEO of Lukoil, Russia's second-largest crude producer, said Wednesday.
Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January of last year.
MEOG - Saudi Aramco CEO Amin Nasser gave a speech at London Petroleum Week about the oil and gas industry's future--or, rather its perceived lack of a future. He addressed what he called a "worrying and growing belief among policy makers and regulators, investment houses, NGOs, and many others that we are an industry with little or no future."
Repsol posted net income of 2.341 billion euros in 2018, a 10% increase from the 2.121 billion earned in 2017 and the highest in eight years. This was achieved with average Brent oil prices at 71 dollars per barrel last year, compared with more than 111 dollars in 2011.
Oil prices rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.
Abu Dhabi: Energy Minister Suhail Al Mazroui said the oil market is on the “right track” and that the market will quickly return to balance in the first quarter of this year.
REUTERS - Based on current market data, the so-called OPEC+ group is “likely to continue with the production cuts until the end of the year”, the source told Reuters.