The Latest

Business

IHS: Expect Capex, Production to Continue Declining

Replacement production dynamics signal hope.

April 8, 2020

Crude Oil

US Projects Oil Output to Fall Nearly 2 MMbbl/d, Driven by Free Market

U.S. oil companies are expected to reduce oil output temporarily by nearly 2 million barrels per day (MMbbl/d) as lower crude prices force companies to cut back operations, the U.S. Energy Department said on April 7.

April 8, 2020

Business

WoodMac: Global Electric Vehicle Sales to Drop 43% in 2020

Global electric vehicle (EV) sales closed at 2.2 million in 2019. This number is expected to drop 43% to 1.3 million by the end of 2020, according to research from Wood Mackenzie on April 8. 

April 8, 2020

Business

Occidental Petroleum Opposes Possible Texas Oil Curtailments

In a letter to regulators, Occidental Petroleum called the curtailment idea a "short-sighted" one that would disadvantage Texas oil producers against other states.

April 8, 2020

Exploration & Production

Where Will the Excess Glut of US Oil Go?

Excess supply has sparked a fresh dilemma among U.S. drillers, which are being asked to cut oil production as storage space fills up.

April 7, 2020

Liquefied Natural Gas (LNG)

LNG Cargoes Head to China After Beijing Awards Tax Waivers

Shipments are the first from the US since March 2019.

April 7, 2020

People

Interview: Harold Hamm Highlights US Oil Cuts Amid Push for Russia-Saudi Curbs

Continental Resources executive chairman Harold Hamm says U.S. shale producers are being forced to act because of storage tank limits.

April 7, 2020

Crude Oil

OPEC+ to Likely Cut Production If US Joins Effort, Sources Say

Major U.S. oil companies and industry groups are opposed to mandated cuts, which would be an extraordinary step in the United States.

April 7, 2020

Crude Oil

As Shale Struggles, Crude Tankers Ply Oceans of Cash

Even with very high day rates, the oil market contango means that floating storage makes economic sense.

April 6, 2020

Crude Oil

Saudi Arabia Delays Setting May Prices, Looks to OPEC Meeting to Settle Price War

Saudi Arabia is taking unprecedented action in delaying the release of its international crude selling prices by five days, a senior Saudi source familiar with the matter said on April 5, as the kingdom and other major producers seek to halt the free-fall in worldwide crude prices.

April 6, 2020