The European Central Bank president recently warned that his bank's rates could go up. ECB President Jean-Claude Trichet took a hawkish tone on inflation after the bank left its key rate unchanged at 4%. He said the ECB was in a state of "heightened alertness" over inflation, according to news reports. Meanwhile, the Bank of England left its main interest rate at 5%. Both banks report price levels higher than they like, and Trichet, citing the ECB mandate to fight inflation, has stayed away from rate cuts even as the U.S. Fed lowered rates to boost the shaky U.S. economy. The European Union's statistical agency Eurostat estimates that inflation reached 3.6% in March and May this year, far above the ECB's stated goal of below 2%. Also, the Bank of England's May quarterly inflation study reported that inflation could spike as high as 3.7% this year. This December, I will expect to see more of our Euorpean friends come to Houston to buy discounted clothing and electronic Christmas presents to take home, barring a prohibitive raise in airline fares.
2023-10-26 - Hess Corp.’s combined oil, gas and NGL production from onshore Bakken in this year’s third quarter is close to reaching its peak of 200,000 boe/d.
2023-11-06 - Amid an all-stock buying bonanza in recent weeks spurred on by Exxon Mobil and Chevron to snatch up shale and international assets, APA remains focused on creating value.
2023-11-14 - Exxon Mobil is eyeing gross production of 620,000 bbl/d offshore Guyana in the Stabroek Block in the first half of 2024 with the start-up of its third project Payara, which has a production capacity of 220,000 bbl/d.
2023-11-06 - BW Energy plans to return to the Hibiscus South Prospect well to complete it as a production well in early 2024.
2023-10-24 - Chevron’s $53 billion all-stock deal for Hess Corp. will see the California oil giant team up with its Texas counterpart Exxon Mobil to create an American “dream team” in Guyana’s offshore Stabroek Block where production has been rising exponentially each year.