Venezuela aims to produce 1.23 million barrels per day (bpd) of oil in December, adding about 290,000 bpd compared to the start of the year, following the addition of drilling rigs, oil minister Pedro Tellechea said on Friday. The growth comes after a 6-month broad license granted by the U.S. Treasury Department to Venezuela's oil sector last year. Washington has suspended that easing, but is issuing individual authorizations to energy companies in Venezuela. "We don't need a license to [Read more]
US drillers cut oil and gas rigs for fourth time in five weeks – Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the fourth time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by four to 600 in the week to May 24 the lowest since January 2022. Baker Hughes said that puts the total rig count down 111, or 16%, below this time last year. Baker Hughes said oil rigs were unchanged at 497 this week, [Read more]
US natgas price spike prompts drillers to return to wellpad in May
A 63% spike in U.S. natural gas futures prices over the past three weeks was enough to push some drillers to start pulling more fuel out of the ground, according to energy analysts and data from financial firm LSEG. To be sure, gas production was still down around 8% so far this year after several energy firms, including EQT and Chesapeake Energy, delayed well completions and cut back on other drilling activities after prices fell to 3-1/2-year lows in February and March. But, now that [Read more]
U.S. Republican states support Exxon in shareholder activism row
Officials from 19 Republican U.S. states urged major money managers on Thursday not to vote against ExxonMobil's directors at a meeting next week where some shareholders plan to voice their opposition to a lawsuit launched by the oil company against climate activists. The group, including Florida Chief Financial Officer Jimmy Patronis and Louisiana State Treasurer John Fleming, said in a letter to companies including BlackRock, Goldman Sachs and JPMorgan that Exxon's board "deserve our thanks [Read more]
OPEC+ to meet virtually on June 2
The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2. The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday. OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary [Read more]
Guyana may reallocate gas areas if Exxon does not move project forward
An Exxon Mobil-led oil consortium may need to decide by October whether it will go ahead and develop a large natural gas find off the coast of Guyana, the country's vice president said on Thursday. The government has been pressing for a bonanza from mostly untapped gas reserves found by the Exxon-led group. The consortium, which includes Hess Corp and CNOOC Ltd, is required under its production agreement to return to the government by October about 20% of its massive Stabroek block if that [Read more]
Hess-Chevron merger vote appears ripe for narrow approval
Hess Corp CEO John Hess has until Tuesday to quell a rebellion by shareholders over his handling of what could turn out to be one of the largest mergers in oil industry history: a proposed $53 billion sale of the oil producer to Chevron Corp. Hess, 70, has spent the past month visiting or calling dozens of investors to gather support. The sale seemed all but certain last fall and Hess still appears poised to win, based on Reuters' interviews with large investors. But support has slipped in [Read more]
US natgas prices up 2% to four-month high ahead of federal storage report
U.S. natural gas futures climbed about 2% to a four-month high on Thursday on expectations utilities injected less gas into storage than usual for this time of year for a fourth week in a row. Analysts forecast U.S. utilities added 85 billion cubic feet (bcf) of gas into storage during the week ended May 17. That compares with an increase of 97 bcf in the same week last year and a five-year (2019-2023) average rise of 91 bcf for this time of year. If correct, that build would leave gas [Read more]
Citi Research still expects OPEC+ to hold output cuts through 3rd quarter
Citi Research continues to expect that OPEC+ will hold its production cuts through the third quarter of this year, it said in a note on Wednesday. "A deeper cut would likely be a bullish surprise, but remains a low probability in our view," the note added. Citi also said its oil price deck continues to see $86 Brent on average in the second quarter of 2024, but moving into the $70s for the second half of the year and the $60s for 2025. In the coming months, the geopolitical landscape [Read more]
US lawmakers urge Justice Department to probe climate deception by Big Oil
U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate whether the industry deceived the public about fossil fuels' impact on climate change. Two Democrats, Senator Sheldon Whitehouse and Representative Jamie Raskin, outlined the findings of a nearly three-year investigation into Big Oil and urged the agency to take action in a letter to U.S. Attorney General Merrick Garland. The lawmakers accuse companies Exxon [Read more]
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