Bullish sentiment has been growing in oil markets this week, with inflation in the U.S. slowing dramatically and markets tightening on the back of supply disruptions and production cuts.
Libya’s largest oilfield was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned and are set to reduce global oil supply at a time when Saudi Arabia is cutting production by 1 million barrels per day (bpd) and Russia has promised a 500,000-bpd cut to exports in August.
The total number of total active drilling rigs in the United States fell by 5 this week, after a 6-rig increase last week, according to new data from Baker Hughes published Friday.
Oil prices fell by around 1% in early Asian trade on Monday after major Libyan oilfields resumed production over the weekend following a brief shutdown and after China reported second-quarter economic growth below expectations.
Opec+ will continue pursuing efforts to stabilise the oil market and will do “whatever is necessary”, Saudi Arabia’s Energy Minister has said.
As part of a massive, pre-holiday weekend document dump by the Biden administration on June 30, the domestic oil and gas industry received an unwelcome gift from the U.S. Fish & Wildlife Service (USFWS), one that shifts Mr. Biden’s continuing war on oil and gas to the Permian Basin.
Cutting oil and gas production would be “dangerous and irresponsible”, the boss of energy giant Shell has told the BBC.
ONGC Videsh, a wholly-owned subsidiary of India’s Oil and Natural Gas Corporation (ONGC), is reconsidering buying a stake in Tullow Oil’s assets in Kenya, reported Bloomberg.
Persistent claims of chronic underinvestment in the global oil and gas industry are overblown, Rystad Energy research and analysis shows. Investments in the upstream sector have tumbled since spending peaked at $887 billion in 2014, with about $580 billion expected to be invested this year.
Callon Petroleum has closed its previously announced acquisition of Delaware Basin assets from Percussion Petroleum Operating II, LLC (‘Percussion’) and the sale of its Eagle Ford assets to Ridgemar Energy Operating, LLC on July 3, 2023.