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.
OPEC+ Set for Only Slight Oil Output Target Increase in May: Sources
OPEC+ will likely stick to plans for a modest increase in oil output in May,...
OPEC+ will likely stick to plans for a modest increase in oil output in May, several sources close to the group said, despite a surge in prices due to the Ukraine crisis and calls from the U.S. and other consumers for more supply.
Several consuming nations including the U.S. have urged producers to raise their output by more as crude prices have surged, hitting their highest since 2008 this month at over $139/bbl.
But major OPEC members such as Saudi Arabia and the United Arab Emirates (UAE) have held back on increasing their production targets, while OPEC+, a group that includes Russia, has steered clear of the topic of Ukraine.
Denver-based natural gas producer Caerus Oil and Gas is reportedly preparing a sale...
Denver-based natural gas producer Caerus Oil and Gas is reportedly preparing a sale process that could value the company at more than $2.5 billion, including debt. Caerus has roughly 680,000 gas-producing acres, as well as pipelines and mineral rights, in Colorado's Piceance Basin and Utah's Uinta Basin.
New Covid-19 restrictions in China dragged oil prices further below recent highs on Monday,...
New Covid-19 restrictions in China dragged oil prices further below recent highs on Monday, with the prospect of reduced fuel demand easing some pressure on global crude markets.
U.S. oil prices slid 7% to $105.96 a barrel, continuing their fall from a recent closing high of $123.70 reached earlier this month. Oil prices remain sharply higher since Russia invaded Ukraine in February, as Western sanctions and boycotts against Russia have effectively cut worldwide supply. Brent crude, the global price benchmark, dropped about 6.8% to $112.48.
