In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular thing for the cartel
The number of total active drilling rigs in the United States slipped again this week, according to new data from Baker Hughes published on Friday.
Three major oil and gas firms have been fined a total of £265,000 for actions that have impacted the industry’s efforts to cut back on emissions, a regulatory body has said.
The US Department of Energy (DoE) will begin repurchasing crude oil for the Strategic Petroleum Reserve (SPR) as the oil price falls below what it was sold for.
The 20th Ministerial Council meeting of the Energy Community, held in Vienna today, has reached agreement on a number of important issues which will further enhance energy cooperation between the EU, the Western Balkans and the three Eastern Partners – Ukraine, Moldova and Georgia. Crucially, the Contracting Parties agreed on an ambitious renewable energy target of 31% for 2030, as well as energy efficiency and greenhouse gas emissions targets.
U.S. Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes that fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives, Bloomberg reports.
The Economic and Financial Crimes Commission (EFCC) has so far recovered over N201 billion from oil firms defaulting on royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the 3 per cent statutory payment to the Niger Delta Development Commission.
Russia is interested in increasing its oil production through projects in Venezuela, Russian deputy prime minister Alexander Novak said on Thursday, according to TASS.
Last week, one of the more bearish articles was published on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track.
Oil prices dipped on Thursday as the dollar firmed, while the possibility of further increases to interest rates by global central banks also heightened demand concerns.