Moves to flout deal terms on oil cuts damage reputation of OPEC+, Saudi Arabia’s energy minister says.
Check out the latest oil and gas drilling activity highlights from around the world featured in the September issue of E&P including plans to drill and test a play offshore the U.K. originally discovered by ConocoPhillips in 1982.
The new facilities in Abu Dhabi and Scotland demonstrate that even during a global pandemic, the controls technology provider is “growing and moving forwards,” says Michael Purkiss, Proserv’s vice president of services.
Saudi Arabia fears that if it cuts more production to support oil prices, other countries will take advantage and produce greater amounts, jeopardizing the unity of the OPEC+ group.
The U.S. announced in August that it had confiscated 1.1 million barrels of Iranian fuel bound for Venezuela, part of Washington's efforts to disrupt trade between Caracas and Tehran.
The State Department also imposed sanctions on five companies for engaging in transactions related to Iran’s petroleum and petrochemical industry, as well as on three executive officers of the blacklisted companies.
Oil company Saudi Aramco is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden, the Wall Street Journal reported.
ADNOC, the state-owned oil company of Abu Dhabi in the United Arab Emirates, said in a statement that the transaction will result in upfront proceeds of $2.7 billion and is expected to close before year-end.
OPEC oil output has risen by about 1 million bbl/d in August, a Reuters survey found, as the group and allies eased record oil supply curbs.
State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom's energy minister Prince Abdulaziz bin Salman Al-Saud said Aug. 30.