Iran Aims to Boost Oil Output, Complicating OPEC+ and US Efforts
Iran plans to keep raising oil production as back-door diplomatic efforts with the US appear to be easing...
Iran plans to keep raising oil production as back-door diplomatic efforts with the US appear to be easing pressure on the Middle Eastern nation.
The Islamic Republic expects to boost production to 3.4 million barrels a day by the end of summer,according to Oil Minister Javad Owji. That would put output near Iran’s capacity limit of 3.8 million barrels a day. The country has already boosted production by about 50% over the past two years, according to comments Owji made to the Iranian parliament’s energy committee reported by the ministry’s news service Shana.
Gas Strikes in Australia Loom If No Progress in Talks Wednesday
Talks to avoid strikes at Australia’s biggest liquefied natural gas export terminal began Wednesday...
Talks to avoid strikes at Australia’s biggest liquefied natural gas export terminal began Wednesday morning, as the threat to supply continues to rock global markets for the fuel.
Woodside Energy Group Ltd. and officials representing workers at its North West Shelf LNG facility have started discussions in Perth to negotiate pay and conditions, according to people with knowledge of the matter. Talks are expected to continue until the evening.
Oil Falls to Near One-Month Low on Bearish Signs in Euro Area
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic...
Oil fell for a third day as a hastening downturn in the euro area added to wider worries about economic growth in top importer China.
West Texas Intermediate futuresfor October fell below $79 a barrel, hitting the lowest level intraday in almost a month as the contraction in euro-area private sector activity intensified in August. China’s stuttering economy also continues to threaten demand for global commodities. The dollar also climbed, making raw materials priced in the currency less appealing.
US shale efficiency drive is paying off, at least for now
Recent gains in well productivity by companies such as Pioneer...
Recent gains in well productivity by companies such as Pioneer Natural Resources, ConocoPhillips, and Occidental Petroleumreflect successful efforts to optimize efficiency in the US shale sector. While these improvements have brought short-term relief, shrinking inventories, declining quality, steepening decline curves, and growing competition for drilling acreage complicate the pursuit of continuous shale production growth.
U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a...
U.S. crude oil stocks likely fell by almost 2.5 million barrels last week, with a build almost as large in distillates and a slight drop in gasoline stocks, petroleum industry group API indicated in a preliminary report on Tuesday ahead of the official inventory data from the EIA, today.
The petroleum industry group reported a crude build of 6.195M barrels in the prior week to Aug 11.
Along with the broader crude stockpile gain it reported for last week, the API cited a slide of 2.21M barrels last week at the Cushing, Oklahoma hub that takes delivery of U.S. crude. In the prior week, the API reported a Cushing deficit of 1.0M barrels.
