Acquisitions have essentially become the only option for producers that want to grow in the hydrocarbon-rich Permian basin.
Oxy’s acquisition of CrownRock cements an absolute banner year in Permian acquisitions and divestments spending.
Many analysts seem to expect that the consolidation drive will continue next year as well, suggesting that even the end of 2024 could see a lot fewer operators in the star play of the U.S. shale patch.
Saudi Arabia reduced the official selling price of its flagship crude by $0.50 per barrel for Asian buyers in January.
This is the first price reduction in seven months, although it is a smaller reduction than analysts had expected.
The move was in response to intensified international competition after OPEC production cuts pushed Middle Eastern oil prices higher.
The EIA reported last week that average daily production in September had remained unchanged from August when it hit the record-high rate of 13.24 million barrels.
Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.
The total number of active drilling rigs in the United States rose by 3 this week after rising by 4 last week, according to new data that Baker Hughes published Friday.
Polish oil and gas firm Orlen has provisionally chartered a supertanker to load Venezuelan oil for China, according to a shipbroker and tracking data, following a temporary easing of US sanctions on the South American country.
Shafaq News / The U.S. Energy Information Administration confirmed today, Tuesday, that Iraq’s oil exports to the United States reached approximately 84 million barrels during the first eight months of 2023.
Despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations.
Low distillate inventories in the United States have tightened the diesel market during the harvest season and ahead of the winter heating season. Diesel and heating oil supply could become even tighter and pricier if U.S. manufacturing activity returns to growth soon.