International

Exploration & Production , Crude Oil , International

OPEC Oil Output Again Misses Target in June: Survey

The biggest decline from OPEC in June was in Libya, where supply dropped as unrest continued to curb the country’s output.  The second-largest decline of 80,000 bbl/d came from Nigeria.

July 1, 2022

Liquefied Natural Gas (LNG) , International

Russia Seizes Control of Sakhalin Gas Project, Raises Stakes with West

Russian LNG production from projects such as Sakhalin-2 was likely to suffer as a results, said Saul Kavonic, head of Integrated Energy and Resources Research at Credit Suisse. “This will tighten the LNG market materially this decade,” he added.

July 1, 2022

Crude Oil , Trade , International

OPEC+ Sticks to Oil Output Hikes, Avoids Debate on September Plans

“OPEC+ is mulling firing its last crude production bullets as it runs out of capacity to pump more, whilst refining capacity for oil products ... which drives the real economy, has declined markedly,” said Ehsan Khoman from MUFG bank.

June 30, 2022

Markets , Trade , International

Shell CEO Says Global Spare Capacity is Running ‘Very Low’

“Spare capacity is running very, very low,” Shell CEO Ben van Beurden said on June 29, adding that despite economic and COVID-19 challenges, global oil and gas demand is still recovering.

June 29, 2022

Private Equity , Exploration & Production , International

Black Sea Gas Platform Launched Offshore Romania Despite War Risks

The project by Black Sea Oil & Gas (BSOG), controlled by U.S. private equity firm Carlyle Group LP, is Romania’s first offshore Black Sea development in three decades.

June 29, 2022

Rig Counts , International

OPEC Boosts Oil Income in 2021, Well Completions Drop

OPEC raised oil output in 2021 but saw the number of active oil wells increase only slightly and the number of new completed wells decline, a factor in surging oil prices in 2022.

June 28, 2022

Markets , Trade , International

Why Russian Oil and Gas Price Cap is Easier Said than Done

“The big unknown is Vladimir Putin’s reaction,” said Tamas Varga from oil broker PVM. If Putin decides to reduce oil or gas exports the plan will backfire and lead to a rise in prices: “It is a nightmare scenario—both for Europe and Russia.”

June 28, 2022

Exploration & Production , Crude Oil , International

Macron Tells Biden that UAE, Saudi Can Barely Raise Oil Output

Saudi Arabia and the UAE have been perceived as the only two countries in OPEC with spare capacity to boost global deliveries that could reduce prices.

June 28, 2022

Business , Exploration & Production , International

Petrobras Board Names Andrade as New CEO

Petrobras has experienced an almost constant churn at the CEO position since 2021 stemming from disagreements with Brazil’s President Jair Bolsonaro regarding prices for gasoline and diesel fuel.

June 27, 2022

Exploration & Production , International , Technology

Schlumberger Will Not Apply for Iraqi Kurdistan Oil Tenders

Iraq’s state news agency earlier reported that Schlumberger had decided to exit Iraqi Kurdistan but later corrected its story, dropping all mention of plans to exit, without elaborating.

June 27, 2022