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entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. entered the war between Iran and Israel, said industry watchers, predicting oil at $100 a barrel if the Strait of Hormuz is closed. per barrel, while global benchmark Brent was up nearly 2% at $78.53
million barrels per day of voluntary production cuts, which are separate from the wider OPEC+ strategy. Anadolu | Anadolu | Getty Images Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind a set of voluntary supply cuts.
Russia expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark. trillion Russian rubles) for 2025, according to the finance ministrys latest update. billion (8.32
The European Union will propose to G7 finance ministers to lower the price cap on Russian crude from the current $60 per barrel to $50, European Economic Commissioner Valdis Dombrovskis said.
Russia could consider adjusting the oil price level in its so-called budget rule amid falling oil prices, Finance Minister Anton Siluanov said on Wednesday. Under the budget rule, Russia has a baseline price of $60 per barrel of oil, above which it funnels excess revenue to its National Wealth Fund, a rainy-day reserves fund.
The price cap mechanism set by the G7 and the EU says that Russian crude shipments to third countries can use Western insurance and financing if cargoes are sold at or below the $60-a-barrel ceiling. The price of Urals dipped below $60 per barrel earlier this month as international benchmarks crashed
While the EU is lobbying to lower the G7s $60-per-barrel price cap on Russian crude to $50 (with Ukraine yelling from the back row for a $30 tag), U.S. A European official attending the G7 finance powwow in Banff, Canada, told Reuters that the U.S. Turns out Washington isnt buying what Brussels is sellingat least not yet.
Saudi Arabia will review its spending priorities after the oil price decline, and will consider whether to delay or accelerate some projects, the Kingdoms Finance Minister, Mohammed Al-Jadaan, told the Financial Times in an interview published on Thursday. Saudi Arabia needs oil prices at about $90 per barrel to balance its budget.
Mexicos finance ministry has revised the countrys crude oil production rate for the year by 129,000 bpd less than previously expected. Instead of 1.8 million bpdthe target set by President Claudia SheinbaumMexico is seen producing 1.762 million bpd, Reuters reported, citing the ministry.
The European Union will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said.
According to Reuters, Brent crude prices have dropped by approximately 20%, falling from over $82 per barrel in January to around $65, adding further uncertainty to oil-backed financing discussions. The post Falling Crude Prices Slows Down an Oil-Backed Deal between Aramco and Nigeria first appeared on Egypt Oil & Gas.
per barrel and the WTI spot price will average $65.22 per barrel in 2025. per barrel and the WTI spot price will average $65.22 per barrel in 2025. per barrel in the third quarter of this year and $64.02 per barrel in the third quarter and $60.02 per barrel in the fourth quarter of 2025.
Related to the agreement, DNO said it has entered into an offtake financing facility with an undisclosed U.S. Under the facility, the bank finances DNO the value of up to 270 days of scheduled gas production based on future gas sales receivables. bank for up to $500 million.
Image by macky_ch via iStock Russia’s oil revenue in June slumped to a two-year low as global crude prices fell and the ruble strengthened, meaning each barrel brought fewer rubles to the Kremlin. billion), according to Bloomberg calculations based on Finance Ministry data published Thursday. a barrel in May.
In May, the company reported that Megrez-1 produced over 2,000 barrels per day of liquids—but no meaningful oil or gas. Pantheon says oil remains the key value driver, while associated gas could support financing through Alaska LNG Phase 1. The well was suspended, and shares dropped to 20.65
(Oil Price) –The April market rout, which crashed oil prices into the low $60s per barrel, is creating additional fiscal challenges to petrostates and oil-producing countries heavily dependent on oil revenues, on top of any tariff-related hardships.
million barrels per day, accounting for about 20% of global petroleum liquids consumption, according to the U.S. Anti-ship missiles or drones of both airborne and surface types could be used in these attacks, he said. In 2023, oil flows through the waterway averaged 20.9 Energy Information Administration.
Earnings growth : Fee-based adjusted EBITDA is projected to grow by ~50% in the first full year , including C$100 million in near-term synergies from operational efficiencies and cost savings. Financial stability : The deal will be financed via a fully committed acquisition credit facility led by RBC and a C$1.8
His finance minister, Juan Carlos Vega, resigned over it, according to people familiar with the matter who asked not to be named discussing private matters. Production from the nations top field has fallen 15% from a 2014 peak of 560,000 barrels a day.
million metric tons, or 67,000 barrels per day (bpd), of mixed bitumen from Brazil between July 2024 and March 2025, worth $1.2 million barrels of Venezuelan Merey 16 crude for Hangzhou Energy in February under the name Katelyn, according to one of the documents and TankerTrackers.com. This practice is known as spoofing.
The EU proposed revising the cap down to an indicative level of $50 a barrel from the current $60 a barrel. During the G7 finance ministers meeting, the official said the [Read more]
The Organization of Petroleum Exporting Countries (OPEC), + other world exporters announcing Monday, that production limits will be increased 411,000 barrels per day in June deflated the spot market price of West Texas Intermediate (WTI) crude oil back below $60 per barrel (Figure 1, red line). million barrels (mmb) to 443.1
The acquired portfolio consists of 16 producing fields in Norway, quadrupling DNO’s North Sea production to 80,000 barrels of oil equivalent per day (boepd), the company said in a news release. “This first hybrid bond issue capitalizes on our 24-year flawless record in the bond market,” Mossavar-Rahmani said.
Craig Pirrong, a finance professor at the University of Houston is quoted in an article appearing. Storing oil in decommissioned tankers has been ongoing for decades. It’s a marketing ploy by oil traders who purchase during periods of low prices and hold onto the oil until demand and prices rise.
million barrels per day. About Valero Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.),
Signature deals, among several moves, included BP's technical partnerships with EIL and ONGC, BPCL's agreement with Petrobras for 6 million barrels worth of exports to India, and, IOCL and ADNOC's long-term agreement for LNG up to 1.2 mmtpa from 2026 for 14 years.
million net acres and more than 2 billion barrels of oil equivalent (Boe) in undeveloped resources. A Strategic Expansion in the Utica The transaction adds 675,000 net core acres from Encino to EOG’s existing Utica footprint, creating a combined position of 1.1 per share, payable October 31, 2025.
million barrels, according to Finance Minister Ken Ofori-Atta. Addressing Parliament while presenting the 2024 budget and economic policy, the finance minister detailed that the Greater Jubilee field contributed 21.94 million barrels, the TEN field produced 5.02 million barrels, and the Sankofa-Gye Nyame field yielded 8.46
“This Memorandum of Understanding marks the beginning of exclusive negotiations with Hy24, through its Clean Hydrogen Infrastructure Fund, to develop and finance a GBP 300 million hydrogen electrolytic production facility in Fawley, located in Hampshire, England”, the companies said.
Cold air tugged the price of West Texas Intermediate (WTI) crude oil up above $80 per barrel mid-January (Figure 1, red line). commercial crude oil inventory declining into January tugged the spot price of WTI crude oil up to $80 per barrel (Figure 1). Tariff fear extended and exaggerated the drop to $60. crude oil inventory.
Encinos acreage improves the quality and depth of our Utica position, expanding EOGs multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource. Pro forma production totals 275,000 barrels of oil equivalent per day creating a leading producer in the Utica shale play. Advisors Goldman Sachs & Co.
Although the current month futures contract price for West Texas Intermediate (WTI) crude oil is below $67 per barrel, the Oil Index (XOI, red line) is up 0.5% commercial crude oil inventory into January (Figure 5, red line) had the spot market price of West Texas Intermediate (WTI) crude oil increase to $80 per barrel as January began.
The supermajor just announced the final investment decision on a Trinidad and Tobago gas project, due to start producing in two years with a peak output of 62,000 barrels of oil equivalent daily. As luck and reality would have it, TotalEnergies EACOP project in Uganda just got the first tranche of much-needed financing.
million barrels (mmb) last week to 443.2 The main headline from Wednesday mornings release of the Department of Energys (DOEs) Weekly Petroleum Status Report was that U.S. crude oil inventory increased again. Commercial crude oil inventory increased 1.3 Figure 1, red line) adding to the 3.5 mmb increase the week before. Ignored is that 443.2
" Allen pointed out that while Brent crude prices jumped around 7% on Friday to roughly $74 a barrel, the international oil benchmark is still below its 2024 average of roughly $80. Extended disruption to shipping in the Strait of Hormuz could result in oil prices spiking above $100 a barrel, Goldman Sachs estimated on Friday.
Progress on the US$1 billion expansion project, which includes US$250 million in financing from the US Development Finance Corporation (DFC), has advanced in recent months through fast-track simultaneous project construction and commissioning activities, enabling the company to cut the overall project schedule by several months.
Lime Rocks CBP operations are located in the Permian Basin in Andrews County, Texas, and are focused on the development of approximately 17,700 net acres where the majority are similar to Rings existing CBP assets in the Shafter Lake area, and the remaining acreage exposes the Company to new active plays.
crude oil inventory declining to multi-year lows in January (Figure 5, red line) helped tug the price of West Texas Intermediate (WTI) crude oil above $80 per barrel (Figure 9). Crude oil inventory increasing has helped encourage bearish, recession thinking.
lower-48-state crude oil production approached 13 million barrels per day (mmbd) five years ago (Figure 11, green dot). Energy Information Administration data) U.S. crude oil supply growth smaller than what it has been/ what is expected fuels our bullish oil outlook. It then dropped with the Coronavirus Recession down to around 10.5
million net acres and over 2 billion barrels of oil equivalent in net undeveloped resource. It also unlocks $150 million in expected first-year synergies through operational and financing efficiencies. With this acquisition, EOGs Utica footprint grows to 1.1 EOG is funding the transaction with $3.5 billion in debt and $2.1 annually.
million barrels per day, according to the U.S. per barrel. The Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea, is recognized as one of the world's most important oil chokepoints. In 2023, oil flows through the waterway averaged 20.9 CNBC's Lori Ann LaRocco contributed to this report.
Market Expectations for Future Oil Prices As measured by Brent Futures Contacts (USD per barrel) ( Source: Investing.com , AFC Research, as of April 4 th ; U.S. Actual deficits were significantly lower than projected, and were financed by the cash balances at the Ministry of Finance's (MoF) account at the Central of Iraq (table below).
Refer to Barrel of Oil Equivalency and Production & Product Type Information in this press release for additional disclosure. Barrel of Oil Equivalency “Boe” means barrel of oil equivalent. Refer to the Specified Financial Measures section in this press release for additional disclosure and assumptions.
The 550-mile Grand Mesa pipeline originates in Weld County, CO, and terminates at Cushing, OK, providing up to 150,000 barrels per day of crude takeaway capacity. In particular, the company is placing renewed emphasis on the Grand Mesa Pipeline , its flagship crude oil system serving producers in Colorados Denver-Julesburg Basin (DJ Basin).
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