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IHS Markit sees forced oil production cuts of 10MMbpd ahead

IHS Markit sees forced oil production cuts of 10MMbpd ahead

Research firm IHS Markit expects up to 10 MMbpd of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up. Company reported results for the first quarter ended February 29, 2020. IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, announced related the...

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Texas regulator considers oil output cuts for the first time in decades

Texas regulator considers oil output cuts for the first time in decades

Texas’s main oil regulator is weighing for the first time in nearly half a century whether the state should curb crude production. Texas is looking to dock pay from workers who receive government stimulus checks. A North Texas man has been accused of threatening the lives of Democrats including House Speaker Nancy Pelosi. A move...

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Schlumberger opens Saudi Arabia manufacturing center

Schlumberger opens Saudi Arabia manufacturing center

Schlumberger announced today the opening of a world-class manufacturing center in King Salman Energy Park (SPARK). The Egyptian Ministry of Petroleum and Schlumberger introduce the Egypt Upstream Gateway. Schlumberger announced that it has completed the sale of its 49% interest in the Bandurria Sur Block in Neuquen. It supports Saudi Aramco’s In-Kingdom Total Value Add...

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Sparrows Group’s cranes to support Qatargas’ North Field expansion

Sparrows Group’s cranes to support Qatargas’ North Field expansion

Sparrows Group has secured a contract to manufacture three cranes for Qatargas’ North Field expansion project. Sparrows Group’s Singapore operation has achieved the world’s most advanced quality assurance certification for drilling service providers. Sparrows Group has secured a five-year contract with Tengizchevroil (TCO) to deliver specialist lifting inspection services for the Tengiz field in Kazakhstan....

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Putin keeps OPEC+ waiting for decision on output cuts

Putin keeps OPEC+ waiting for decision on output cuts

President Vladimir Putin, who plays a decisive role in OPEC+ oil policy, hasn’t yet decided whether Russia will support the group’s proposal for deeper production cuts. A delegate made the announcement ahead of the next meeting of the Organisation of Petroleum Exporting Countries on April 17. The cartel has been flooding the world market with...

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Kuwait to resume oil output in area shared with Saudis by March

Kuwait to resume oil output in area shared with Saudis by March

Kuwait plans to restart oil production by March at the Wafra field that it shares with Saudi Arabia. Kuwait and Ethiopia are in talks to work out an agreement on sending domestic helpers. The Kuwait army has denied claims that recent US air strikes on Iraq were launched from military bases. It more than four...

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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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Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

Aramco, Lebanon, Persian Gulf oil: A guide to Middle East risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. Saudi Aramco welcomes the new agreement signed between the Kingdom of Saudi Arabia and the State of Kuwait. The year opened with five Gulf Arab economies joining JPMorgan...

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OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ agrees to redistribute oil cuts under Saudi pressure

OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia. China’s record imports of crude oil in November underscore both the challenges and risks facing OPEC. Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June. It has long carried an outsized share of...

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Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudis pledge to cut production, but only if other OPEC members stop cheating

Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members. The lessons learned by the General Sports Authority from hosting the 2018 series. Webber dove the new all-electric Porsche Taycan from Dubai to Riyadh. A few hours before the Organization of Petroleum Exporting Countries’ meeting in Vienna....

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