Oil rose as Saudi Arabia was said to be comfortable with Brent crude exceeding $80 a barrel. Futures in London added as much as 1.7 percent. The world’s biggest crude exporter is content to see the global benchmark advance, at least in the short term, as markets adjust to the impact of U.S. sanctions on Iranian supply, according to people familiar with the kingdom’s view. Iranian oil exports have already plunged to a 2 1/2-year low, tanker-tracking data show. “The comment from Saudi Arabia basically highlights the short-term risk that ...

State oil giant Saudi Aramco will spend more than 500 billion riyals ($133 billion) on oil and gas drilling over the next decade, a senior company executive said. “We will spend more than half a trillion Saudi Riyals on drilling activities over the next decade, in compliance with the goals and objectives of the ambitious Saudi Vision 2030,” Mohammed al-Qahtani, Aramco’s senior vice president for upstream, said in a statement. He was speaking at a graduation ceremony for the Saudi Arabian Drilling Academy (SADA) in Abqaiq, Saudi Arabia, according to ...

Growth in Iraqi oil production will be squeezed for the next decade despite the country being the second largest OPEC producer after Saudi Arabia and the fourth biggest in the world, according to a report by US consultancy IHS Markit. The findings come after a week when the price of Brent crude reached $80 a barrel, with supply worries having been heightened by Hurricane Florence heading toward the US, threatening to derail US oil pipelines. Also looming large was the expected effect on supply by the reimposition of US sanctions ...

Hail the new oil production king. America is now the world’s largest oil producer, unseating Russia with nearly 11 million barrels per day (bpd). That nudged the US ahead of Russia for the first time since February 1999, the EIA (International Energy Agency) estimates. “For the first time since 1973, the US is the world’s largest producer of crude oil, according to preliminary estimates published on Wednesday by the US Energy Department, reports CNN. “The EIA expects US oil production to stay ahead of Russia and Saudi Arabia through 2019,” ...

Economic warnings around a no-deal Brexit have reached fever pitch proportions. If Bank of England governor Mark Carney’s latest Doomsday portent comes to fruition, house prices will collapse and the streets will be choked by dole queues if the UK unceremoniously crashes out of the European Union. Certainly, the energy industry will also be affected; just don’t expect the petrol pumps to run dry, or the lights to go out on March 29 next year. Based on the evidence at hand, the nation’s vital oil, gas and electricity industries can ...

Russian liquefied natural gas (LNG) producer Novatek plans to sell some of its future production to China in yuan, its chairman said. “We are thinking about this. It is the right idea. Our central banks are working on it,” Leonid Mikhelson told reporters at an industry event in Barcelona, Spain. Novatek plans to produce 37.5 million tonnes of LNG by 2025, he said, adding that the plan was to sell 80 percent of those supplies to Asia. He said LNG demand globally could rise to 700 million tonnes by 2030, ...

Oil markets slipped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for crude demand from the two countries, the world’s top crude consumers. Brent crude futures had dropped 29 cents, or 0.37 percent, to $77.76 per barrel by 0632 GMT. U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.22 percent, at $68.76 per barrel. U.S. President Donald Trump on Monday said he would impose 10 percent tariffs on about $200 billion worth of Chinese imports. “The growing trade dispute has hurt ...

Accurate measurement of the production of oil fields is an important means of reducing the financial risks that Exploration & Production (E&P) companies face in allocation processes. Yet more and more we see the application of single phase flow meters in phase-contaminated oil flows despite limited evidence of their performance. There is still a lack of common understanding of the multiphase phenomena within the industry and no systematic approach to the use of these technologies in such conditions. Phase I of the JIP demonstrated that the operational pressure and the ...

Global trade volumes for liquefied natural gas (LNG) could double in the coming years, Vitol’s chief executive said after the commodity merchant announced a long-term deal to buy the fuel from U.S. producer Cheniere Energy. “We have 300 million tonnes of LNG traded this year. That figure could easily double in coming years, “ Vitol Chief Executive Russell Hardy said on Monday during an industry event in Barcelona, Spain. He said demand growth would come from “countries that currently don’t import gas, but which will soon.” The number of nations ...

The oil market is in a state of flux. While demand continues to grow at a brisk pace, supplies hit a record 100 million barrels per day (BPD) in August, according to the latest oil market report from the International Energy Agency (IEA). That’s after Iraq delivered record-setting production while supplies from Libya rebounded. Because of that, there was more than enough oil to meet the market’s needs. However, the IEA noted a few concerns in its report, which suggested that the oil market could tighten up in the coming ...

Oil output from seven major shale formations in the United States is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, the U.S. Energy Information Administration said. Surging oil output from shale formations boosted total U.S. crude production to a record high of nearly 10.7 million barrels a day in June, the latest month for which data is available. Production is expected to rise 31,000 bpd in the Permian formation of Texas and New Mexico, the agency said in a monthly report. Output from five ...

OPEC needs to keep working with other oil producers to manage global supplies as demand for crude faces “headwinds,” the head of the organization said. The historic supply deal between Saudi Arabia, Russia and other producers reached in late 2016 needs to become permanent, Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said Sunday in an interview in Dubai. Oil demand is “robust,” though crude use “is beginning to face some headwinds,” he said, without elaborating. “There is no viable alternative on the table other than to institutionalize ...

Hedge fund managers have remained bullish towards Brent even as the approach of Hurricane Florence turned them against WTI and refined fuels were hit by liquidation. Hedge funds and other money managers cut their combined net long position in the six most important petroleum futures and options contracts by 29 million barrels in the week to Sept. 11. The reduction in net length was a notable reversal after portfolio managers had boosted their bullish position by a total of 172 million barrels over the two previous weeks. For the third ...

Brazil’s state-run oil giant Petróleo Brasileiro SA aims to raise output as much as 10 percent to around 2.3 million barrels per day (bpd) in 2019 and cut net debt by $10 billion (7.62 billion pounds), Chief Financial Officer Rafael Grisolia told Reuters. The world’s most indebted oil company is on course to reduce debt to $69 billion by the end of this year despite falling short of its $21 billion asset sales target, Grisolia told Reuters in an interview in New York late Friday. The firm has significantly reduced ...

Abu Dhabi is pushing ahead with an initial public offering for Spanish oil company Cia Espanola de Petroleos SAU, in what could be the largest such deal in a decade. The emirate’s Mubadala Investment Co. will offer a stake of at least 25 percent in Cepsa in the fourth quarter, the state-owned investor said Monday in a statement. The Madrid-based refiner will list on Spanish exchanges. Mubadala is proceeding with an IPO rather than a sale after potential bidders were narrowed down to private-equity firm Carlyle Group LP, people familiar ...