Crude oil prices moved lower today, after the U.S. Energy Information Administration reported a sizeable inventory build of 8.7 million barrels for the week to November 17.
The energy sector is poised for a moderately lower start, pressured by low conviction weakness in the underlying commodities and in the broader equity futures. Equity sentiment steadied this morning following the recent run up in the benchmark indices as the markets assessed some disappointing retail results and looked ahead to the release of the Federal Reserve meeting minutes.
Oil prices have weakened recently, mostly on the back of equally weak economic data from the two largest markets for oil.
OPEC+ members are set to meet on Sunday to discuss production policy, and unnamed sources have claimed that the group will be discussing further production cuts.
Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand.
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ExxonMobil began production at Payara, Guyana’s third offshore oil development on the Stabroek Block, bringing total production capacity in Guyana to approximately 620,000 bpd.
Malaysia’s energy giant Petronas will pool resources with Vietnam Oil and Gas Group (PetroVietnam) to explore potential collaboration opportunities in the upstream, renewable energy, and downstream sectors in Vietnam.
Mach Natural Resources LP signed an agreement with Paloma Partners IV, LLC, to acquire certain interests in oil and gas properties, rights and related assets located in Oklahoma for a total cash consideration of $815 million. The acquisition is expected to close December 29, 2023, with an effective date of September 1, 2023.
Mitigation actions and regulations to meet critical 2030 methane reduction targets under the Global Methane Pledge are hampered by uncertainty in true levels of emissions and source breakdowns. Here we present a measurement-based, source-resolved, hybrid top-down/bottom-up methane inventory for conventional upstream oil and gas operations in Canada’s largest oil and gas-producing province, Alberta