Report: OPEC+ Agrees to Small Oil Output Hike from January
OPEC, Russia and allies, a group known as OPEC+, had previously been expected to extend existing oil cuts of 7.7 million bbl/d, or 8% of global supplies, until at least March.
What’s Affecting Oil Prices This Week? (Nov. 30, 2020)
Oil prices rebound to new levels, Stratas Advisors says in its latest oil price forecast.
What’s Affecting Oil Prices This Week? (Nov. 23, 2020)
The world witnessed the long-waited announcements related to successful trial results of several vaccines, which are the preliminary requisite for quick regulatory approvals that will then translate into mass production and distribution.
Roundtable: Vaccine, Digitalization and Energy Transition to Drive Oil Markets in 2021
Analysts from the U.S., Europe and the Middle East joined Hart Energy to discuss the 2021 oil and gas market outlook.
The Latest
Crude Oil
Brent Rises to Highest Since March Following OPEC+ Oil Deal
OPEC+ had been expected to extend existing cuts until at least March, after backing down from earlier plans to boost oil output by 2 million bbl/d.
Crude Oil
Report: OPEC+ Agrees to Small Oil Output Hike from January
OPEC, Russia and allies, a group known as OPEC+, had previously been expected to extend existing oil cuts of 7.7 million bbl/d, or 8% of global supplies, until at least March.
Public Capital
Pioneer’s Sheffield: Few Independents Will Survive Oil Downturn
The consolidation trend among oil and gas producers will continue, Pioneer CEO Scott Sheffield says, before vaccines pave the way for recovery.
Petrochemicals
Magellan Midstream to Boost Fuel Loading Capacity in Cheyenne, Wyoming
Magellan Midstream Partners said on Dec. 2 it will invest about $4.65 million to increase truck loading capacity at its refined oil products Cheyenne terminal in Wyoming by more than 50%.
Natural Gas
Tellurian Withdraws FERC Application to Build Permian Basin Pipeline
U.S. LNG developer Tellurian Inc. told federal energy regulators on Dec. 1 it wants to withdraw its application to build the Permian Global Access natural gas pipeline.
Public Capital
Pioneer CEO Scott Sheffield Sees Oil Demand Recovery to Pre-pandemic Levels by 2022
Pioneer Natural Resources is putting drilling rigs back to work in the Permian Basin oil field, but plans for oil production growth of zero to 5% while demand recovers, CEO Scott Sheffield says.
Business
US Shale Firms Amp up Gas Output as Futures Signal More Gains
Shale producers are increasing spending on natural gas, a change from the past, amid forecasts for a 45% jump in gas prices next year compared to a 15% gain for Brent prices.
Exploration & Production
Norway Oil Output Curbs to Expire at Year-end
Following a sharp drop in crude prices in early 2020 as the coronavirus pandemic hit demand, Norway in April announced it would slash oil output for the final seven months of the year.
Crude Oil
Report: OPEC+ Postpones Oil Output Policy Talks Amid Disagreement
After consultations on Nov. 29 failed to reach agreement, sources said Russia suggested a possibility for OPEC+ to start increasing output by 500,000 bbl/d each month from January.
Master Limited Partnerships
MLP Investors’ Free Cash Flow Wish to Come True
MLPs and midstream companies are starting to show free cash flow operational results, experts say.