Production

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Brazil’s Petrobras says Buzios oil field achieved a new daily production record in June

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(Reuters) - Brazil’s Petrobras said that its platforms P-74, P-75, P-76 and P-77 located in the deepwater Buzios oil field, the largest in the world, achieved record production levels on June 27, totalling 664,000 bpd and 822,000 boed. The oil...
News

Global natural gas output set to fall by 2.6% in 2020

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The Covid-19 pandemic has landed a lasting blow to both oil and gas markets. Global oil production has absorbed the lion’s share of the impact, but natural gas output, which was previously set to grow, is also set to...
News

China’s June crude stocks to soar to new high as cheap inflow outpaces throughput

OilNOW -
China's crude oil stockpiles will likely extend the uptrend to hit a new record high in June as refinery feedstock imports outpace the rise in throughput levels, while storage availability encourages refiners to actively procure barrels to take advantage...
News

Oil prices continue to rise

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(Bloomberg) - Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase...
News

What are oil futures?

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There are two major oil markets worldwide: Brent Crude, which is extracted from the North Sea and serves as the global benchmark, and West Texas Intermediate (WTI), which is primarily extracted from oil fields in Texas, Louisiana and North Dakota and...
News

Extra oil cuts from deliquent OPEC+ members could shrink the market by 1 million b/d

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(S&P Global) OPEC+ crude oil production could fall by about 1 million b/d in July and August from May levels, based on plans submitted by Iraq and Kazakhstan to institute deeper output cuts to make up for violating their...
Exploration

World oil resources take 282 billion barrels hit

OilNOW -
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the COVID-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result reducing the world’s recoverable oil...
News

Hess hedged more than 80% of its oil for 2020, says Guyana remains key investment as production climbs to 75,000 bpd

OilNOW -
Since the onset of the COVID-9 pandemic, Hess Corporation’s response has been hinged on three key principles—preserve cash, preserve capability, and preserve the long-term value of its assets. In terms of preserving cash, the company’s Chief Executive Officer (CEO),...
News

OPEC forecasts improving oil demand in H2 2020, ahead of key committee meeting

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(S&P Global) In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving fundamentals in the months ahead. "Following an unprecedented...
News

Major oil executives ‘optimistic’ amid anxiety over coronavirus ‘second wave’

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(CNBC) Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had...
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Saipem secures US$720 million offshore contracts, including a major Guyana project

Italian engineering firm Saipem has been granted a Limited Notice to Proceed (LNTP) from ExxonMobil Guyana Limited for subsea...

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