Oil prices rise on tight supplies, as IEA warns of global recession
LONDON (Reuters) -Oil prices firmed overseas on Thursday, finding continued support from an OPEC+ decision...
LONDON (Reuters) -Oil prices firmed overseas on Thursday, finding continued support from an OPEC+ decision last week to cut supplies, as the International Energy Agency warned that those cuts may push the global economy into recession.
Brent crude futures rose 49 cents, or 0.5%, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was up 37 cents, or 0.4%, at $87.64 a barrel.
The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd.
There were an estimated 4,283 drilled-but-uncompleted wells across...
There were an estimated 4,283 drilled-but-uncompleted wells across the US in August, the lowest level since the Energy Information Administration began tracking the data in October 2013. The DUC well count has been on a downward trend since hitting a record 8,800 wells in the second quarter of 2020, with the Permian Basin leading the decline, the EIA said.
N. American oil, gas firms make progress on debt reduction
An analysis by Moody's Investors Service found that 64 North American oil and natural gas exploration...
An analysis by Moody's Investors Service found that 64 North American oil and natural gas exploration and production companies it rates cut their collective debt by 11%, or $26 billion, between the end of 2019 and March, as investor pressure led to an increased focus on capital discipline and returns. The group's debt burden now stands at roughly $217 billion.
Biden Re-evaluating US Relationship with Saudis after OPEC Decision
President Joe Biden is launching a review of the U.S. relationship with Saudi Arabia after OPEC+...
President Joe Biden is launching a review of the U.S. relationship with Saudi Arabia after OPEC+ announced last week that it would cut oil production over U.S. objections, officials said on Oct. 11.
The announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the Senate Foreign Relations Committee, said the U.S. must immediately freeze all aspects of U.S. cooperation with Saudi Arabia, including arms sales.
Energy Crisis Could Cut Europe’s Car Output Nearly 40%: Report
Auto forecaster S&P Global Mobility warned on Oct. 11 that, under a worst-case scenario, ...
Auto forecaster S&P Global Mobility warned on Oct. 11 that, under a worst-case scenario, Europe’s energy crisis could cut its car production by close to 40%, or more than 1 million vehicles, per quarter through the end of 2023.
In a report titled ‘Winter is Coming,’ S&P Global Mobility said the auto industry’s supply chain—already reeling from the COVID-19 pandemic and Russia's invasion of Ukraine—"may face extensive pressure” from soaring energy costs or even power cuts.
“With energy prices in Europe skyrocketing... a harsh winter could place certain automotive sectors at risk of being unable to keep their production lines running,” the report said.
