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Algeria’s oil output to reach 1.57mln bpd in Sept, says energy minister

Algerian oil production in September will rise to 1.57 million barrells per day (bpd), Algerian Energy Minister Mohamed Arkab told state television on Wednesday after a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to raise their output goal by 100,000 bpd. The group, collectively known as OPEC+, had been increasing production by about 430,000-650,000 bpd a month but has struggled to hit full targets because most members have already exhausted their output potential. Source: Reuters (Reporting by Mahmoud Mourad, Writing by Nadine Awadalla Editing ...

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ConocoPhillips Reports Second-Quarter 2022 Results; Announces Increase in Planned 2022 Return of Capital to $15 Billion and Declares Quarterly Dividend and Variable Return of Cash Distribution

ConocoPhillips (NYSE: COP) today reported second-quarter 2022 earnings of $5.1 billion, or $3.96 per share, compared with second-quarter 2021 earnings of $2.1 billion, or $1.55 per share. Excluding special items, second-quarter 2022 adjusted earnings were $5.1 billion, or $3.91 per share, compared with second-quarter 2021 adjusted earnings of $1.7 billion, or $1.27 per share. Special items for the current quarter were comprised of gains on asset sales including contingent payments related to prior dispositions, partially offset by a loss on debt extinguishment and a Norway tax reform-related adjustment. In addition, ...

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UN chief slams ‘excessive’ profits of oil, gas firms amid Ukraine war

UN SECRETARY-GENERAL Antonio Guterres on Wednesday accused oil and gas companies of making “excessive” profits from the energy crisis sparked by the war in Ukraine, calling it “immoral.” Guterres, releasing a UN report on the consequences of Russia’s invasion of Ukraine, urged governments to tax the companies’ earnings. “It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities and at a massive cost to the climate,” the UN chief told reporters. “I urge all ...

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Saudi Arabia sets Sept crude prices to Asia at record high – sources

Saudi Arabia, the world’s top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins. The official selling price (OSP) for September-loading Arab Light to Asia was raised by 50 cents a barrel from August to $9.80 a barrel over Oman/Dubai quotes, people familiar with the matter said, leapfrogging the previous record of $9.35 per barrel set in May. The price hike was lower than market forecasts of 70 cents to $1 a barrel. “Now all crude grades are getting cheaper, so ...

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OPEC+’s tiny boost to oil output may show its waning influence

The almost inconsequential increase in oil output announced by the OPEC+ group has highlighted an emerging dynamic in global crude markets, namely that the producer group is no longer in the driving seat. Since OPEC+ was formed in 2017 the market has hung on its every word and analysed every move with great detail, and oil prices have largely moved in tandem. But by increasing production by a tiny 100,000 barrels per day for September, the group, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and key ...

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ADNOC’s September OSPs mostly in line with market expectations: sources

Abu Dhabi National Oil Co., or ADNOC, issued its September official selling prices which were deemed largely in line with market expectations, several sources told S&P Global Commodity Insights Aug. 4. The producer set the September IFAD-based official selling price for its flagship Murban crude oil at $105.96/b, down $11.57/b from August’s OSP of $117.53/b, the company said in an Aug. 3 pricing letter. The September OSP differential for Umm Lulu was set at 10 cents/b premium to the Murban OSP, down 5 cents/b from August prices, while the differential ...

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Oil drops with dollar on recession fears; Wall Street ends mixed

Crude oil sank with Treasury yields and the dollar on Thursday as recession worries intensified following the Bank of England’s warning of a drawn-out downturn and ahead of key a hotly anticipated U.S. employment report on Friday. Wall Street stocks ended mixed, with gains for high-growth stocks offset by the drag from energy shares, as a key U.S. jobs report loomed on Friday. The S&P 500 (.SPX) edged slightly lower to 4,151.94, retreating from a two-month closing high in the previous session. The Dow (.DJI) dropped 0.26% to 32,726.82, from ...

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Big Oil offers big returns but keeps spending tight

The West’s energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices. But the top five Western oil and gas companies have shied away from investing more of their combined record profits of nearly $60 billion in new production as they weigh the impact of recession and climate change on future fossil fuel demand. The reluctance to spend may exacerbate an energy supply crunch that has driven inflation to multi-decade highs ...

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US shale producers keep eyes on returns, even as inflation bites

Top US shale oil producers say they remain laser focused on shareholder returns, limiting production expenditures largely to offset higher costs for equipment, supplies and services. The decision likely will hold down oil output increases while benefiting shareholders receiving higher payouts through dividends and share repurchases with US crude prices above $95 per barrel. Devon Energy this week raised its capital spending budget about 6 percent to between $2.2 billion to $2.24 billion, in part due to inflationary pressures. It has a $2 billion share buyback authorization in place, and ...

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The case for a government oil company

Should the U.S. government get into the oil and gas business? Absolutely not! This is a capitalist country and …. Wait, maybe it makes sense. Since 1975, the United States has bought and sold oil for the strategic petroleum reserve, a national stockpile established for times of emergency. This year, President Biden has authorized the release of 180 million barrels of oil—one fourth of the total—to help combat gasoline prices that soared to a peak of $5.02 per gallon after Russia invaded Ukraine and the West imposed sanctions hitting Russian ...

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Devon, Diamondback raise Permian oil, gas production guidance, boost capex

US Permian Basin producers Devon Energy and Diamondback Energy both raised production guidance and capital budgets for 2022, owing to stellar well performance and inflationary pressures, their top executives said Aug. 2. Devon is raising its full-year 2022 production forecast by 3% to a range of 600,000-610,000 b/d of oil equivalent, owing to better-than-expected well results so far this year and impacts from a bolt-in purchase in North Dakota’s Williston Basin. Earlier in the year, its 2022 production forecast was targeted at 585,000 boe/d. The updated capital budget stems from ...

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Oil profits raise questions about tax, green investment

The global energy crisis and high inflation crisis are causing pain and uncertainty for consumers, but it means historically good business for the world’s biggest oil companies. On Tuesday, BP became the latest oil major to report a huge increase in profit for the second quarter of this year. The British company reported its highest quarterly profit in 14 years, with its underlying profits soaring to $8.5 billion (€8.4 billion) — that’s more than three times what it recorded for the same period last year. It’s the company’s second-most profitable ...

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Oil prices edge up on supply concerns after drop to near 6-month low

Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand. Brent crude futures rose 10 cents, or 0.1%, at $96.88 a barrel at 0653 GMT, while West Texas Intermediate (WTI) crude futures was last up 21 cents, a 0.2% gain, at $90.87. Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its ...

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Global oil demand close to pre-pandemic levels, says Russia’s Novak

Global oil demand has almost recovered to pre-pandemic levels, Russian Deputy Prime Minister Alexander Novak told state TV channel Rossiya-24 after OPEC+ members agreed to slightly increase its production target next month. He added that uncertainties remained in logistic chains and possible further spread of the COVID-19 pandemic and said that Russia and Saudi Arabia, two leading players in the oil output coordination deal, plan to hold an inter-governmental meeting in October. Source: Reuters (Reporting by Reuters Editing by David Goodman )

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Lower throughput in China in July

China’s crude throughput likely fell in July, weighed on by maintenance at state-owned refineries and amid uneven oil product demand recovery and limited exports. The country’s four state-owned refiners trimmed their run rates to around 73.5% in July, just above the two-year low of 73.4% in May, while the private integrated Hengli Petrochemical (Dalian) cut its utilization rate by eight percentage points from June. The reduction is unlikely to be offset by a 1.5 percentage points utilization increase in the Shandong independent refineries, suggesting a collective throughput decline on the ...

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