The White House will have to weigh costs and benefits carefully before tightening sanctions on Iran and Venezuela further–and decide whether the economic price is worth the diplomatic gains.
OPEC and other producers including Russia have gradually tightened supply through 2019 to reduce a global glut. OPEC and its partners may not renew the curbs when they expire after June because of the risk of over-tightening the market.
Aramco's discussions with Reliance were "serious," one source said. Another source said talks with Reliance were so far for a 25% stake worth up to $15 billion.
Investor pressure is increasing for oilfield service companies to provide returns over growth. Opportunities may improve as the second half of 2019 unfolds.
Turan Drilling & Engineering Co. LLC has been awarded its first contract, which is with BP Exploration (Caspian Sea) Ltd., the company said on April 16.
Greek energy firm Energean has made a vast discovery of 28-42 billion cubic meters (Bcm) of natural gas at the North Karish field off Israel’s northwest coast, the company said on April 15.
Oil prices nudged lower on April 15 after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply.
Iran's oil minister said on April 14 that U.S. sanctions on Iran and Venezuela and tensions in Libya have made the supply-demand balance in the global oil market fragile, and warned of consequences for increasing pressures on Tehran.
Venezuela output fall and Iran sanctions tightening market.
McDermott International Inc. said April 12 it has been awarded a large EPCI contract from Qatargas for expansion of the North Field offshore facilities in the State of Qatar.
