OPEC+ signaled it will stay the course as group leader Saudi Arabia extends a production cut aimed at shoring up global oil markets. A monitoring committee comprising the kingdom and other key OPEC+ nations recommended no changes to the coalition’s supply policy at an online meeting on Friday, according to a delegate, who asked not to be named because the information was private. Riyadh announced on Thursday that it will extend a unilateral cutback of 1 million barrels a day into September — and potentially deepen the reduction after that — to support a fragile market. Crude prices are trading near a…
Author: Automotivedealernews.com
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author) One of Rigzone’s regular market watchers takes a look at the latest U.S. Energy Information Administration (EIA) U.S. crude stockpile figures and Saudi Arabia’s oil production cuts, and outlines what developments he’ll be on the lookout for next week. Read on for more detail. Rigzone: What were some market expectations that actually occurred during the past week – and which expectations did not? Barani Krishnan, Senior Commodities Analyst at uk.Investing.com: The EIA finally announced a meaningful…
Azule Energy has once again turned to TechnipFMC for the supply of flexible pipe. This time, according to a TechnipFMC media release, it is a “significant” deal for the Ndungu project, offshore Angola. According to TechnipFMC, the deal is worth anywhere between $75 million and $250 million. The Ndungu project will tie into Block 15/06 West Hub, the company highlighted in the release, adding that this is where it was recently awarded a “substantial” flexible pipe contract. Through this extension, the company was able to provide an optimized solution that enables Azule to maintain schedule and achieve efficiencies, TechnipFMC stated in…
Canadian Natural Resources reported a net income of $997.33 million (CAD 1.46 billion) for the second quarter, a decrease of 58.2 percent from $2.39 billion (CAD 3.5 billion) in the same period in the previous year. Canadian Natural reported cash flow from operating activities of $1.84 billion (CAD 2.7 billion) for the quarter, down 53.5 percent from $4.03 billion (CAD 5.9 billion) in the second quarter of 2022, according to the company’s earnings release Thursday. In the second quarter, Canadian Natural had an average production at 1,194,326 barrels of oil equivalent per day (boepd), which it said is comparable to…
BMI, a Fitch Solutions company, has revealed its latest Brent oil price forecasts in a new report sent to Rigzone this week. According to the report, BMI now projects that Brent will average $80 per barrel this year, $83 per barrel in both 2024 and 2025, and $80 per barrel in both 2026 and 2027. The report also included projections from the Bloomberg Consensus, which BMI is a contributor to. The Bloomberg Consensus included in the report sees Brent averaging $82 per barrel in 2023, $85 per barrel in 2024, $82 per barrel in 2025, $79 per barrel in 2026,…
Estonia, Latvia and Lithuania agreed Thursday to quicken the decoupling of their power infrastructure from Russia for integration with the Continental Europe Network (CEN), in a move prompted by Russia’s invasion of Ukraine. Under a joint declaration by their prime ministers “the deadline for synchronization [with the CEN] is brought forward from the end of 2025, as initially established by political declarations in 2018 and 2019, to February 2025”, the European Commission said in a press statement Thursday. The latest declaration signed by Estonia’s Kaja Kallas, Latvia’s Arturs Krisjanis Karins and Lithuania’s Ingrida Simonyte on Thursday cites risks from the Russia-Ukraine war. The…
Saudi Arabia and its oil-producing allies will review global oil markets this week while the kingdom weighs whether to prolong its own unilateral production cut. Key members of the OPEC+ coalition led by Riyadh, which convene every two months to assess market conditions, are scheduled to hold the online monitoring meeting at 2 p.m. Vienna time on Friday. Yet for world markets, the most important development is whether the Saudis choose to extend a 1 million barrel-a-day cutback by another month into September. Traders widely expect the measure will be prolonged as crude prices remain fragile despite signs that global markets are…
Offshore drilling services provider Valaris Limited has won a 12-well contract offshore West Africa for the drillship VALARIS DS-7, which will be reactivated for this contract, the company said. The $364 million contract is expected to begin in the second quarter of 2024 and has an estimated duration of 850 days, Valaris said in a recent news release. Valaris said the contract “requires minimal customer-specific upgrades to the rig” and does not include the provision of any additional services. The provider of the contract was not disclosed. “This most recent award represents the seventh contract awarded to one of our…
Unlike most of us, CEOs and other senior executives at U.S. oil and gas companies derive the lion’s share of their compensation not from salaries, but from bonus and incentive programs tied to performance targets set by their boards of directors. So it’s no surprise that the dramatic strategic shift implemented by U.S. E&Ps and integrated energy companies over the last decade has been steered by an equally dramatic change in their compensation incentives. In today’s RBN blog, we review how top executives at oil and gas companies are compensated and analyze the shift in the incentives they are motivated…
In the first half of 2023, Asia experienced a “sharp increase” in sea robbery incidents, according to Dryad Global’s latest Maritime Security Threat Advisory (MSTA). Almost two-thirds of these occurred in the Singapore Strait, the MSTA highlighted, noting that this is one of the world’s busiest shipping lanes. “The rise in sea robbery is attributed to various socio-economic factors, including the impact of the Covid-19 pandemic, reduced fish catch due to climate change, and the prevailing Southwest monsoon,” the MSTA stated. “These challenges have pushed some local residents along the Singapore Strait to resort to sea robbery and petty crimes…