In a twist that is perhaps surprising even for the labyrinth of Iraqi politics, the Kurdistan Regional Government (KRG) has found itself blindsided by a delayed parliamentary vote on oil production costs. Despite earlier agreements, the Iraqi parliament opted to hit the brakes on approving the $16-per-barrel production and transport fee proposed in November, throwing yet another wrench into a pipeline that’s been as dormant as the region’s export ambitions for almost two years.
Ovintiv Inc. has completed the divestment of substantially all its assets in the onshore Uinta Basin in Utah to FourPoint Resources LLC for about $2 billion in cash.
US President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil,” casting the push for more crude output as a way to heighten pressure on Russia and help end the nearly three-year war in Ukraine.
Oil fell after President Donald Trump said he’ll push Saudi Arabia and OPEC to reduce the price of crude, reviving a tactic to control energy prices that he frequently employed during his first term in office.
Africa’s biggest crude producer Nigeria has emerged from a years-long output slump due to improved security, creating a quandary for the government.
Indonesia will exempt oil and gas exporters from its new rule that all proceeds from natural resource exports be kept onshore for a year, as companies urge adjustments to the rule out of concern over its impact on their cashflows.
“Oil is no longer an energy security challenge – it’s going to be gas, electricity, predominantly minerals,” Saudi Arabia’s energy minister said this month. From a certain perspective, this sounds like a death knell for oil as we know it—the commodity that drives the global economy. On the other hand, it’s an admission we have become even more dependent on hydrocarbons, just more of them.
Russian privately held oil producer Lukoil appointed Sergey Kochkurov as executive chairman, replacing Vadim Vorobyov, who resigned after being included on the US sanctions list.
The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI crude for February delivery gained topped $80 per barrel.
The Permian in West Texas and southeastern New Mexico continues to be the most prolific oil and gas producing basin in the United States, accounting for most of the output at the biggest public onshore producers and representing the bulk of oil and gas production at the top 50 producers.