Brazil’s Petrobras posted mixed production figures on Wednesday, as the state-run oil company ramps up output at some major oilfields while also jettisoning a number of legacy production assets as part of a wider divestment drive. In a securities filing, Petroleo Brasileiro SA, as the state-run oil firm is formally known, said it produced 2.83 million barrels of oil equivalent per day in the third quarter, up 1.2% in quarterly terms, but down 4.1% from the same period last year. Crude production came in at 2.269 million barrels per day, ...

Oilfield firm Baker Hughes Co reported quarterly profit that fell short of analyst expectations on Wednesday, in part due to global supply chain issues, sending its shares down sharply in early trading. Oil service firms are expected to be supported by a rebound in oil prices to pre-pandemic levels as demand recovers and the Organization of the Petroleum Exporting Countries, Russia and their allies stick to their output-increase schedule instead of accelerating production. But some companies are seeing earnings clipped by higher prices for materials and disruptions to global supply ...

India is open to the idea of a term deal with OPEC + to ensure price stability in crude supplies, Oil Secretary Tarun Kapoor said Oct 20 at the India Energy Forum by CERAWeek, erasing volatile price swings detrimental to the economic growth of Asia third-largest economy. He said such a crude supply deal could take a cue from India’s existing long-term gas supply deals with countries like Qatar. “Much like gas contracts that are of up to 25 years duration and priced at some benchmark, oil too should have ...

Big oil is back. After enduring a near-death experience during the COVID crisis when demand plummeted and being distinctly off-trend as the sustainable investing wave engulfed Wall Street, cash-rich oil companies are again a sweet spot for fund managers. Oil’s powerful rally and record-high gas prices have put the MSCI World Energy index .dMIWO0EN00PUS on track for its best run since at least 1998, up more than 40% so far in 2021. And there may be more to come — the International Energy Agency projects oil demand to recover to ...

Crude prices have been on the rise and given 85 percent of India’s crude supplies depend on imports, MK Surana, chairman and MD of Hindustan Petroleum Corporation Limited (HPCL) told CNBC-TV18’s Anshu Sharma how OMCs are navigating in such a volatile time. Surana, who was talking on the sidelines on day 1 of the CERAWeek event, the crude price may remain high this quarter due to winter stocking but from next quarter onwards it shall moderate. He explained that all commodities have moved in tandem and therefore, to some extent ...

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day (bpd), adding that the world was now waking up to shortages in the energy sector. Prince Abdulaziz said the potential switch depended on how severe winter weather would be and how expensive alternative energy prices would be. He outlined a wide range of factors that have led to a recent spike in energy prices, including limited investment in hydrocarbons and infrastructure, low inventories, the lifting ...

Energy prices are expected to inch up in 2022 after surging more than 80% in 2021, fueling significant near-term risks to global inflation in many developing countries, the World Bank said in its latest Commodity Markets Outlook on Thursday. The multilateral development bank said energy prices should start to decline in the second half of 2022 as supply constraints ease, with non-energy prices such as agriculture and metals also expected to ease after strong gains in 2021. “The surge in energy prices poses significant near-term risks to global inflation and, ...

Oil tumbled on Thursday as a forecast for a warm U.S. winter put the brakes on a rally that drove prices to a three-year high above $86 a barrel early in the session on tight supply and a global energy crunch. Winter weather in much of the United States is expected to be warmer than average, according to a National Oceanic and Atmospheric Administration released Thursday morning. “The report, indicating drier and warmer conditions across the southern and eastern U.S., is putting pressure on the complex,” said Bob Yawger, director ...

Energy producing nations have pledged to collaborate with India in its efforts to move towards the twin goals of energy security and decarbonization, but added that surging oil prices is a wake-up call to ensure the flow of plentiful investments into the sector in coming years. Policymakers from the United States, Australia and Middle Eastern countries attending the India Energy Forum by CERAWeek said that India’s robust energy growth potential over the coming decades would provide ample opportunities to strike partnerships with private players in the country, as well as ...

M&A activity has continued to increase with three deals thus far in the fourth quarter, totaling roughly $330 million. Northern Oil and Gas bought non-operated interest in 400 Bakken wells from Comstock Resources for $154 million. An undisclosed buyer purchased 22,000 net acres in the Eagle Ford from Callon Petroleum for $100 million. SilverBow Resources purchased 17,000 net acres in the Eagle Ford from two sellers for a total of $75 million. While the three most recent M&A deals don’t amount to a substantial sum, it is a fairly strong ...

China’s power shortages hit growth in the world’s second biggest economy, threatening more pain for global supply chains, while Europe’s gas squeeze looked set to continue as Russia’s Gazprom showed no sign of hiking exports to the region in October. Coal, oil and gas prices have all rocketed higher in recent weeks hammering utilities and consumers from Beijing to Brussels, raising inflationary pressures and putting at risk a global recovery from the COVID-19 pandemic. The red-hot market underscores the scale of the task facing world leaders, who are under pressure ...

Plans by governments to extract fossil fuels up to 2030 are incompatible with keeping global temperatures to safe levels, says the UN. The UNEP production gap report says countries will drill or mine more than double the levels needed to keep the 1.5C threshold alive. Oil and gas recovery is set to rise sharply with only a modest decrease in coal. There has been little change since the first report was published in 2019. With the COP26 climate conference just over a week away, there is already a huge focus ...

Energy The oil market received a further boost yesterday, which saw WTI trade briefly above US$84/bbl for the first time since 2014. The catalyst for the move was a constructive inventory report from the EIA. While the weekly numbers showed that commercial crude oil inventories declined by just 431Mbbls, total oil and product stocks fell by 9.81MMbbls over the week. In addition to this, crude oil inventories at Cushing fell by 2.32MMbbls, which leaves them at 31.23MMbbls – the lowest level since 2018. If this trend continues there will be ...

Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched. Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration on Wednesday showed crude and fuel inventories tightened, with crude inventories at the Cushing storage hub falling to a three-year low. Brent crude rose as high as $86.10, the highest since October 2018, but by 0815 GMT was down 79 ...

OPEC and its allies do not see any crude oil shortages in the market, Saudi energy minister Prince Abdulaziz bin Salman said Oct. 20, dismissing calls from consuming countries to increase supplies to tame rising prices. “For the first time, we see our role limited,” Prince Abdulaziz said at the India Energy Forum by CERAWeek. “The issue is not the lack of crude oil. Even if we supply it, … where are the refineries that will convert it?” Dated Brent prices have more than doubled in the last year, with ...