OPEC Says the U.S. Must Trust Its Oil Production Strategy
(Bloomberg) -- Saudi Arabia and the United Arab Emirates said the ...
(Bloomberg) -- Saudi Arabia and the United Arab Emirates said the U.S. must trust OPEC+’s strategy, as Washington and other major importers call on the group to hike oil production following Russia’s invasion of Ukraine.
OPEC+, led by Saudi Arabia and Russia, meets on Thursday to decide on output levels for May. Members have far signaled they see no need to divert from their policy of small increases each month.
“We’re experts in our field and we’ve been doing it for a very long time,” UAE Energy Minister Suhail al Mazrouei said at a conference in Dubai on Tuesday, sitting alongside his Saudi counterpart. “We’re trying to balance the market and it’s not an easy job. We’re not the only producers in the world and when we say this is the right way to do it, we know it from experience. So, trust us.”
The US exported an average of 9.7 billion cubic feet per day of liquefied natural gas in 2021,...
The US exported an average of 9.7 billion cubic feet per day of liquefied natural gas in 2021, a new all-time high and a 50% increase compared to 2020, according to the Energy Information Administration. Europe and Asia fueled demand for US LNG, accounting for 3.3 Bcf/d and 1.5 Bcf/d of the average exported volume, respectively.
Dow up 400 points early Tuesday amid renewed optimism over Ukraine-Russia talks; Oil Drops
Stocks were trading higher Tuesday as Russia and Ukraine met to ...
Stocks were trading higher Tuesday as Russia and Ukraine met to discuss a possible cease-fire.
Markets are trading risk-on this morning after reported progress in ceasefire talks between Russia and Ukraine,” wrote Tom Essaye, founder of Sevens Report Research.
That helped send the price of WTI crude oil down $6.47 to $99.49 a barrel at 9:40 AM ET, which is well below the multiyear high of $130 hit in early March. The fear, one that is subsiding, for now, is that further restrictions on Russian oil from Western nations would drastically reduce the global supply.
UAE Energy Minister Urges The World To Make Up Its Mind About Oil
Speaking at the Global Energy Forum by the Atlantic Council in Dubai on Monday, United...
Speaking at the Global Energy Forum by the Atlantic Council in Dubai on Monday, United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei urged the public and global policymakers to make up their collective mind about whether they want more oil production, as quoted by Reuters.
Following several years of significant success in its goal of maintaining market stability, the OPEC+ cartel has lost control in recent years, as global events like the COVID-19 pandemic and Russia’s war in Ukraine have overtaken its ability to maintain market discipline.
No Hydrocarbons Found in Key Exxon Mobil Prospect Offshore Brazil
Exxon Mobil Corp. failed to find oil in its first well in a new exploration area off...
Exxon Mobil Corp. failed to find oil in its first well in a new exploration area off Brazil’s Northeast coast, its partner Enauta Participacoes SA said on March 28, the latest in a series of setbacks for the U.S. producer in the country.
Exxon Mobil had hoped the prospect could become its first discovery as an operator in Brazil, one of its key three bets for future production growth, along with Guyana and the U.S. Permian Basin.
The disappointing news about the so-called Cutthroat prospect in Sergipe-Alagoas Basin came just a week after Exxon Mobil’s second minority partner in the venture, Houston-based oil producer Murphy Oil Corp., trumpeted its potential to yield as much as 1 billion barrels of oil and gas.
