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OPEC output falls as Gulf nations step up delivery of oil cuts

OPEC output falls as Gulf nations step up delivery of oil cuts

OPEC’s output declined last month as several Persian Gulf producers. OPEC+ will adjust its output target and redistribute production cuts. The implementation of cutbacks aimed at balancing global oil markets. Oil production in the US has continued to expand. The energy ministers of Saudi Arabia and Russia called on all producers. It have been hearing...

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Russia’s energy minister says OPEC+ cuts can’t last forever

Russia’s energy minister says OPEC+ cuts can’t last forever

OPEC+ output cuts have stabilized the global oil market but can’t last forever. OPEC+ will adjust its output target and redistribute production cuts between its members under pressure. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels a day. The uncertainty persists over the...

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Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

The Dragon, a massive oil tanker flying the Liberian flag, is supposed to be floating somewhere off the coast of France. Venezuela has expelled El Salvador’s diplomats in a tit-for-tat response after El Salvador. Venezuela has won a seat on the United Nations Human Rights Council. Instead, it’s currently thousands of miles away in Venezuela....

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OPEC predicts U.S. shale will steal market share for years to come

OPEC predicts U.S. shale will steal market share for years to come

OPEC slashed estimates for the amount of oil it will need to pump in coming years. OPEC will supply a diminishing amount of oil in the next five years. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. It projecting that its share of world markets will shrink until...

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Exxon’s former CEO says climate change ‘with us forever more’

Exxon’s former CEO says climate change ‘with us forever more’

Current or former leader of one of the world’s largest energy producers to testify under oath about climate change. It’s Continues status as a founding member for an additional five years. United Way of Beaumont and North Jefferson County to receive $200,000. That’s why a New York courtroom was packed on last Wednesday to see...

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Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

Saudi supply disruption puts the 630-MMbbl U.S. oil reserve in play

The Trump dministration is standing by to deploy the nation’s emergency oil reserves. The volunteer medical team of the King Salman Humanitarian Aid and Relief Center (KSRelief) held pediatric. Saudi Arabia’s energy minister said drones that attacked Saudi Aramco installations had caused an interruption. The Kingdom’s Ministry of Culture took part in the sixth “Big...

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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Putin’s budget has lowest break-even oil price in over a decade

Putin’s budget has lowest break-even oil price in over a decade

Oil prices may be recovering, but Russian President Vladimir Putin isn’t taking any chances. On August 10, opposition supporters held a mass protests in the Russian capital. Russia’s President Vladimir Putin has urged the United States to begin new arms talks. Russian President Vladimir Putin has taken a step towards cooling tensions with Georgia. It’s...

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Qatar invests $550 million in Permian midstream operator

Qatar invests $550 million in Permian midstream operator

Oryx Midstream Services, the largest privately-held midstream crude operator in the Permian basin. Qatar and Somalia denied a news report that suggested Doha. A Qatari national was released from prison in Saudi Arabia. Qatar has inaugurated a new naval base in the country’s northeast. Two military training aircraft have collided in mid-air without causing any...

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Iran seizes UK tanker as tensions soar

Iran seizes UK tanker as tensions soar

Iran’s Revolutionary Guard Corps seized a British oil tanker in the Strait of Hormuz amid soaring tensions. The rial was 118,000 against the dollar on last saturday. A recording has emerged of Iranian coastguards telling a British Royal Navy. Ali Larijani, has announced that the detaining of the British oil tanker Stena Impero on July...

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