Oil prices

Brent to Average $65 in 2Q, Retreat to $61 in Second Half of 2021, EIA Says

Brent to Average $65 in 2Q, Retreat to $61 in Second Half of 2021, EIA Says

After rising $3/bbl in March on demand optimism, Brent crude oil prices are set to average $65.00 in the second quarter of 2021, according to updated projections from the U.S. Energy Information Administration (EIA). Brent rose to $65.00 in March amid expectations for oil demand to grow on higher Covid-19 vaccination rates and increased global…

April 7, 2021
Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

Betting on Mounting Oil Demand, OPEC and Allies Agree to Boost Production

The Organization of the Petroleum Exporting Countries and its allies, aka OPEC-plus, agreed on Thursday to ramp up crude production in anticipation of increased demand. The shift comes despite elevated uncertainty about the coronavirus pandemic and its still festering impacts on global travel and economic activity. Saudi Arabia-led OPEC and an allied group of leading…

April 1, 2021
Texas Slowly Adding Upstream Jobs After ‘Difficult Season’

Texas Slowly Adding Upstream Jobs After ‘Difficult Season’

The Texas upstream oil and gas industry added 2,300 jobs during February, still not back to its pre-pandemic levels, but slowly rising since last September, according to the Texas Oil & Gas Association (TXOGA). Texas Workforce Commission data indicated that the upstream sector has added 7,400 jobs since the low point in September. Total upstream…

April 1, 2021
Oil, Gas Activity Improving Dramatically in Permian and Beyond, Says Dallas Fed

Oil, Gas Activity Improving Dramatically in Permian and Beyond, Says Dallas Fed

Oil and natural gas activity sharply expanded during the first three months of the year in Texas, New Mexico and Louisiana, according to a survey by the Federal Reserve Bank of Dallas. Every quarter the Dallas Fed, as it is better known, surveys executives of exploration and production (E&P) firms and oilfield services (OFS) companies…

March 25, 2021
Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

Citing Vaccines, OPEC Boosts Oil Demand Outlook for 2021

A week after extending production cuts, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday raised its forecast for world oil demand in 2021, reflecting the cartel’s expectations for a stronger economic recovery in the second half of the year. OPEC, in its Monthly Oil Market Report (MOMR) released Thursday, said it now expects…

March 11, 2021
Chevron Looking to Permian, Duvernay and Vaca Muerta for Onshore Growth

Chevron Looking to Permian, Duvernay and Vaca Muerta for Onshore Growth

Chevron Corp. CEO Michael Wirth during the annual investor meeting on Tuesday said the supermajor’s message to investors could best be summed up in four words: higher returns, lower carbon.  Wirth, together with his executive team, laid out a broad global development plan centered around increasing returns on capital employed while slicing the carbon intensity…

March 11, 2021
2020 Cuts to U.S. Oil Production Steepest on Record, Driven by Pandemic and Hurricanes, EIA Says

2020 Cuts to U.S. Oil Production Steepest on Record, Driven by Pandemic and Hurricanes, EIA Says

Domestic crude oil production in 2020 dropped 8% from the prior year in response to the demand hits caused by the coronavirus pandemic, the U.S. Energy Information Administration (EIA) said Tuesday. A record hurricane season further complicated matters.  The 935,000 b/d decline to an average 11.3 million b/d last year marked the steepest annual decrease…

March 9, 2021
WTI Oil Prices to Hit $75 Before End of Year, Says Raymond James

WTI Oil Prices to Hit $75 Before End of Year, Says Raymond James

Following Saudi Arabia’s surprise announcement last week that it would cut another 1.0 million b/d in crude oil output in April – after similar cuts in February and March – Raymond James & Associates Inc. analysts raised their price expectations as supply/demand further tightens this spring. In addition to Saudi Arabia’s efforts, members of the…

March 8, 2021
ConocoPhillips, Pioneer Natural CEOs Preach Discipline as Permian Activity Rebounds

ConocoPhillips, Pioneer Natural CEOs Preach Discipline as Permian Activity Rebounds

Lower 48 exploration and production (E&P) firms must resist the urge to dramatically ramp up production as oil prices and demand recover, according to the CEOs of two U.S. heavyweights, ConocoPhillips and Pioneer Natural Resources Co.  “I hope there is discipline in the system,” ConocoPhillips CEO Ryan Lance said Tuesday during a webcast panel at…

March 5, 2021
Oil Price Outlook Brightens Amid Expectations for Demand to Recover Faster Than Production

Oil Price Outlook Brightens Amid Expectations for Demand to Recover Faster Than Production

Oil prices rallied this week as traders absorbed new – and elevated – forecasts for 2021 amid signs that U.S. inventories could trail rising demand as the year unfolds. Key oil benchmarks traded near 13-month highs this week, with West Texas Intermediate (WTI) crude surpassing $63/bbl on Thursday and Brent crude hovering around $67. WTI…

February 25, 2021
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