OPEC+ fully complied with the supply cuts in November that the group agreed on, two sources from the group told Reuters. OPEC+ is scheduled to meet on January 4 to discuss how much the group will produce in February and beyond. The group is also set to meet monthly to determine the production quotas for the following month, after weighing market conditions. According to Reuters sources, OPEC’s compliance for November reached 104%. Compliance for OPEC’s allies—a group that includes Russia—reached just 95% compliance. Combined, the overall compliance rate for November…
Read MoreDay: January 1, 2021
Exxon Set For Fourth Loss In 2020 After $20-Billion Write-Down
ExxonMobil is on track to book another quarterly loss this year—its fourth consecutive loss in 2020—announcing that it expects to book a massive up to $20-billion write-down for Q4, the U.S. oil and gas supermajor signaled in an SEC filing on Wednesday. Impairments of between $18 billion and $20 billion will weigh on the fourth-quarter earnings in Exxon’s upstream division, the company said, narrowing the previously reported $17 billion-$20 billion range announced at end-November in its first major asset write-downs in its modern history. The Q4 loss would be Exxon’s…
Read MorePossible Mine Found On Oil Tanker Off Iraq
A Liberian-flagged fuel oil tanker off the coast of Iraq has been identified to be carrying a “suspicious object” according to sailors, which could be a mine. The suspicious object was reported by authorities on Thursday, and comes as relations between the United States and Iran continue to sour. According to two private security companies, sailors think they have found a limpet mine on the tanker MT Pola, a floating fuel oil storage tanker that is Liberian-flagged but owned by a shipping company traded in the United States. The vessel…
Read MoreU.S. Energy Independence Is Fueling Iran’s Middle East Power Grab
The global economy, international geopolitics, and intra-national security have hinged upon oil production capacity and petrol markets so thoroughly that it’s easy to forget that it wasn’t always this way. As the Brookings Institution once wrote of oil, “In the modern era, no other commodity has played such a pivotal role in driving political and economic turmoil, and there is every reason to expect this to continue.” Furthermore, it’s easy to forget that all of this is, in fact, quite recent history. Saudi Arabia and the Middle East may be…
Read MoreWhat Were the Top Oil and Gas Trends in 2020?
2020 has been an extraordinary year for the oil and gas industry. When Rigzone asked several informed industry-watchers what they considered the biggest oil and gas trends during such a momentous year, their responses focused largely on two areas: digitalization and consolidation. Read on for their insights. Bob Benstead, Vice President, Strategic Planning with business cloud software firm Infor: One of the biggest trends I’ve seen in oil and gas in 2020 has been a reduction in operating costs through fewer full-time equivalents (FTEs) and the deferral of capital projects. Another is the…
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