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Oil Patch Leads U.S. Rig Count Higher as Crude Price Uncertainty Looms

Oil Patch Leads U.S. Rig Count Higher as Crude Price Uncertainty Looms

A modest uptick in the oil patch, and in the Permian Basin in particular, drove a three-rig increase in the U.S. rig count for the week ended Friday (March 6), according to the latest data from Baker Hughes Co. (BKR).

March 6, 2020
OPEC Calls for Bigger Oil Production Cut Through Midyear, with Overall Reductions Through 2020

OPEC Calls for Bigger Oil Production Cut Through Midyear, with Overall Reductions Through 2020

In another sign of the impact on energy demand from the worldwide coronavirus, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday recommended that members reduce global crude output through the end of the year, with an additional adjustment through June.

March 5, 2020

OPEC Cuts Said Unlikely to Solve ‘Fragile’ Oil Price Floor, Looming Oversupply

The global oil cartel and its allies earlier this month agreed to increase their oil production cuts beginning with the new year, but those reductions are unlikely to resolve a massive oversupply, according to Rystad Energy.

December 24, 2019

OPEC, in Rebuke to Trump, Agrees to Cut More Oil Output to Prop Up Prices

The Organization of the Petroleum Exporting Countries, aka OPEC, and its Russian-led allies on Friday agreed to further reduce global oil output in an attempt to balance an overflowing market and stem falling prices.

December 7, 2018
Qatar Exiting OPEC to Focus on Global LNG Development

Qatar Exiting OPEC to Focus on Global LNG Development

Qatar announced Monday that it would withdraw from the Organization of the Petroleum Exporting Countries (OPEC) to keep its focus on liquefied natural gas (LNG), its main export product.

December 3, 2018
OPEC Warns Permian Constraints to Reduce Output but Still Likely Uptick in U.S. Supply

OPEC Warns Permian Constraints to Reduce Output but Still Likely Uptick in U.S. Supply

Even with global disruptions and increased demand, global oil supply in 2019 beyond the Organization of the Petroleum Exporting Countries (OPEC) is expected to be broadly unchanged from this year, mostly because of an expected uptick in North American output and project startups in Brazil.

July 13, 2018

OPEC Chief Praises Canada’s Unconventional Oil, Gas Revolution

Unconventional drilling drew unexpected praise Tuesday from a surprise source — the Organization of the Petroleum Exporting Countries (OPEC).

July 11, 2018
U.S. Onshore Oil Producers Facing ‘Reckoning’ as Prices Rise

U.S. Onshore Oil Producers Facing ‘Reckoning’ as Prices Rise

Geopolitical events have helped rebalance global crude oil fundamentals, but the ability of U.S. onshore oil operators to ramp up quickly could again throw the market into oversupply, according to Morningstar.

July 6, 2018

OPEC Pumping Up Global Crude Oil Supply; U.S. Onshore Reaction Awaits

Oil prices jumped Friday after the Organization of the Petroleum Exporting Countries (OPEC) secured a compromise, albeit modest, agreement that effectively will add about 600,000 b/d to the market, or around 0.5% of global supply.

June 22, 2018
U.S. Tight Oil E&Ps, OPEC Struggling for Supremacy, Says BP

U.S. Tight Oil E&Ps, OPEC Struggling for Supremacy, Says BP

Natural gas production, which climbed worldwide by 3% in 2017, provided the single largest contribution to primary energy growth, but the showdown between U.S. tight oil producers and the Organization of the Petroleum Exporting Countries (OPEC) continued to bring the drama last year.

June 14, 2018