News

Colombia’s state-held oil firm Ecopetrol, which has a strategic alliance with Occidental Petroleum to develop acreage in the Permian, plans to have drilled as many as 100 wells in the most prolific U.S. shale basin by the end of 2021, Ecopetrol’s CEO Felipe Bayon told a conference on Monday. “By the end of next year, we should have over a ...
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Oil prices rose on Tuesday afternoon, ahead of the weekly crude inventory data releases, but traders remain concerned about the pace of the recovery in global oil markets. After a sobering OPEC report on Monday, the IEA published its updated demand forecast for 2020, revising its previous outlook downward by 200,000 bpd to 91.7 bpd, slightly more optimistic than OPEC’s ...
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IBM wants to dig more deeply into oil and gas. In partnership with oilfield services giant Schlumberger (SLB), IBM will create a digital platform where oil and gas companies can access real-time data and software give them a competitive advantage. The platform will layer Schlumberger's suite of apps, called DELFI, onto IBM technology to provide digital tools to oil and ...
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The US oil industry probably passed the low point in the current cycle in July and August, with drilling rates set to start increasing from September or October and production turning up from March or April 2021. Since hitting a low in late April, when the coronavirus epidemic was raging and lockdowns were most stringent, front-month US oil futures prices ...
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Once on the margin of the margins, calls for the nationalization of US fossil fuel interests are growing. Before the COVID-19 pandemic, the basic argument was this: nationalization could expedite the phasing out of fossil fuels in order to reach climate targets while ensuring a “just transition” for workers in coal, oil, and gas. Nationalization would also remove the toxic ...
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Following last week's price rally, oil prices move higher on Monday morning, on bullish demand figures coming from China. Additionally, U.S. dollar weakness contributed to last week's price rally. Traders are also expecting deeper OPEC+ cuts of 1.15 million bbl/d in August and September. As a result, Brent crude traded above $46 which was mainly driven by the supply disruption ...
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