Temporarily shut down after the coronavirus-driven oil crash this year. Lifted its self-imposed reduction of 9 thousand barrels Read the full article here Source: Houston Chronicle
Oil prices surged early on Tuesday to their highest level since Saudi Arabia and Russia broke up the OPEC+ pact in early March Tuesday, WTI Crude prices were surging by 3.41% at $42.20, while Brent Crude prices were rising by 3.28 percent on the day to $44.69 Read the full article here Source: […]
OPEC+ agreed on Wednesday to cuts starting next month as the global economy slowly awakens from its deep Covid-19 slumber. OPEC+ may have rushed to lift the curbs especially with Covid-19 cases spiking again in the pivotal U.S. market. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman noted production, or 43% less Read the […]
OPEC+, said they will ease record prod. cuts of 9.7 barrels per day to 7.7 m barrels per day starting in Aug Saudi Energy Minister said actual cuts will be at roughly 8.1 m to as much as 8.34 m barrels per day Read the full article here Source: Market Watch
Ryan Lance, Conoco Phillips CEO, “We’re thinking of slowly coming back into the market over the next few months and reducing the amount we’ve got curtailed because we’re seeing some strengthening in the price,” Read the full article here Source: Houston Chronicle
Concerns about demand due to increasing rates of coronavirus cases are taking a toll, but oil’s ability to hold near $40 despite headwinds bodes well for the market. Read the full article here Source: Hellenic Shipping News
ConocoPhillips plans to ramp up its oil production in the U.S. this month Concho Energy and Parsley Energy are reopening existing wells while EOG resources said it plans to increase production capacity in the third quarter. Read the full article here Source: Houston Chronicle
It was a one-month reign for the Marcellus Basin of Pennsylvania. The natural gas-rich Marcellus unseated the Permian as the top destination for frac crews in late May. Since that time, 10 more hydraulic fracturing crews have returned to the field with the Permian seeing the lion’s share of those gains. Read the […]
Oil jumped more than 3% on Monday as the Federal Reserved announced aggressive asset purchases to support markets. The central bank said it will continue to purchase Treasury securities and agency mortgage-backed securities Traders are hoping that this additional support will put a floor under oil prices Read the full article here Source: […]
U.S. oil jumped more than 23% on Thursday for its best day on record, as it clawed back more than half of the losses from Wednesday’s swoon. As tensions between the two countries escalate, President Donald Trump said the U.S. could intervene, which contributed to oil’s gains in afternoon trading. Read the full […]
