Oil prices

With Demand Rebounding, OPEC-Plus Reaches Deal to Lift Crude Production Through 2021, into 2022

With Demand Rebounding, OPEC-Plus Reaches Deal to Lift Crude Production Through 2021, into 2022

The Organization of the Petroleum Exporting Countries and its allied group of leading oil producers headed by Russia, aka OPEC-plus, on Sunday reached a deal to further boost production through the end of the year and into 2022. The member countries, led by Saudi Arabia, committed to bringing back all the crude supply they had…

July 19, 2021
OPEC Forecasts Ongoing Oil Demand Increases in 2022 as World Emerges from Pandemic

OPEC Forecasts Ongoing Oil Demand Increases in 2022 as World Emerges from Pandemic

In its first detailed estimates for 2022, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday global crude demand would increase through next year as coronavirus vaccination efforts expand and consumption of travel fuel mounts. In its closely watched Monthly Oil Market report, OPEC said demand next year would increase by 3.3 million b/d…

July 15, 2021
PE-Backed WildFire Energy Acquiring Eagle Ford Pure-Play Hawkwood in $650M Deal

PE-Backed WildFire Energy Acquiring Eagle Ford Pure-Play Hawkwood in $650M Deal

Eagle Ford pure-play Hawkwood Energy LLC is set to be acquired by private equity-backed platform WildFire Energy I LLC, the firms announced Thursday. The transaction, slated to close in the third quarter, values Denver-based Hawkwood at about $650 million.  Hawkwood’s liquids-weighted gross production currently stands at about 15,000 boe/d, spanning 160,000 net acres in the…

July 9, 2021
U.S. Natural Gas Rig Count Up Two as GOM Activity Rises

U.S. Natural Gas Rig Count Up Two as GOM Activity Rises

The U.S. natural gas rig count rose two units to finish at 101 during the week ended Friday, a week that also saw a notable uptick in drilling activity in the Gulf of Mexico (GOM), according to updated data from oilfield services provider Baker Hughes Co. (BKR). Drilling gains in the United States for the…

July 9, 2021
U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

U.S. Crude Inventories Fall Further, Setting 2021 Low as Petroleum Demand Mounts

As both domestic and global demand for travel fuels derived from oil builds, domestic crude inventories dropped substantially for a third straight week, the U.S. Energy Information Administration (EIA) said Wednesday. Excluding those in the Strategic Petroleum Reserve, domestic oil inventories for the week ended July 2 decreased by 6.9 million bbl from the previous…

July 8, 2021
EIA Predicts $72 Brent for 2H2021, Tacks on 14 Cents to Henry Hub Forecast

EIA Predicts $72 Brent for 2H2021, Tacks on 14 Cents to Henry Hub Forecast

Brent crude prices gained $5/bbl from May to June and are on track to average $72 during the second half of 2021 (2H2021), the Energy Information Administration (EIA) said in an updated forecast published Wednesday. Brent prices rose to $73 in June, up $5 month/month and up $33 from year-ago prices, EIA said. Rising production…

July 8, 2021
OPEC-Plus Shelves Plan to Boost Crude Output, Leaving Global Oil Markets in Limbo

OPEC-Plus Shelves Plan to Boost Crude Output, Leaving Global Oil Markets in Limbo

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, scrapped plans to restart production talks this week after meetings held before the July 4 holiday failed to reach a deal on output policy. The cartel did not set a date to resume talks, leaving the group with no plan for increased production…

July 6, 2021
OPEC-Plus Debating Modest Bump in Crude Output Through 2021

OPEC-Plus Debating Modest Bump in Crude Output Through 2021

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, debated on Thursday a proposal to further boost crude oil production, anticipating steadily increasing demand for travel fuels in the second half of 2021. Citing successful vaccination efforts and economic momentum in leading countries such as the United States and China, the Saudi…

July 1, 2021
Latin American Oil, Natural Gas Companies Positioned to Prosper in Coming Years

Latin American Oil, Natural Gas Companies Positioned to Prosper in Coming Years

Oil and gas prices are on the up and Latin American producers should be able to reap some benefits thanks to recent cost-cutting efforts, according to a new report from Fitch Ratings. Latin American oil and gas companies have before tax full-cycle costs of approximately $34/bbl, Fitch said. This is well below most price forecasts…

June 29, 2021
Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally

Mexico’s Pemex said Poorly Positioned to Capitalize on Oil Price Rally

As major economies across the globe emerge from the doldrums of the pandemic and travel surges, oil prices could further spike and reach $100/bbl by next year, according to the most bullish Wall Street forecast yet this year. It could also mark the final surge in oil prices, however, as pressure intensifies on energy companies…

June 23, 2021
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