Exxon Mobil’s strong fourth quarter fueled by rising production in the Permian, Guyana
1 month, 4 weeks ago

Exxon Mobil’s strong fourth quarter fueled by rising production in the Permian, Guyana

Live Mint  

Exxon Mobil posted strong fourth quarter profits as the oil and gas company increased production in the Permian basin at home, and in Guyana. The Texas company earned $7.61 billion, or $1.72 per share, for the three months ended Dec. 31. Exxon Mobil said Friday that excluding one-time charges and benefits, earnings rose $1.6 billion due to growth on record production in Guyana, in South America, and in America's Permian basin, as well as structural cost savings. Exxon’s net production hit 4.6 million oil-equivalent barrels per day during the quarter, an increase of 20,000 oil-equivalent barrels per day compared with the previous quarter.

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History of this topic

OPEC sticks to oil-demand view, flags US trade policy risks
1 month, 2 weeks ago

OPEC sticks to oil-demand view, flags US trade policy risks

Live Mint  

The Organization of the Petroleum Exporting Countries stuck to its oil-demand forecast after reaffirming plans to gradually hike output from April, but said U.S. President Trump’s trade policy is injecting a dose of uncertainty into markets. OPEC still expects demand to grow by 1.45 million barrels a day this year and 1.43 million barrels a day the next, with strong …

Exxon Mobil’s strong fourth quarter fueled by rising production in the Permian, Guyana
1 month, 4 weeks ago

Exxon Mobil’s strong fourth quarter fueled by rising production in the Permian, Guyana

Associated Press  

Exxon Mobil posted strong fourth quarter profits as the oil and gas company increased production in the Permian basin at home, and in Guyana. Exxon Mobil said Friday that excluding one-time charges and benefits, earnings rose $1.6 billion due to growth on record production in Guyana, in South America, and in America’s Permian basin, as well as structural cost savings. …

OPEC sticks to oil-demand view
2 months, 2 weeks ago

OPEC sticks to oil-demand view

Live Mint  

OPEC’s overall forecast remains significantly more optimistic than others in the industry. The Vienna-based cartel still expects demand to grow by 1.45 million barrels a day this year and forecast growth of 1.43 million barrels a day the next, driven by transportation fuels. The group’s overall forecast remains significantly more optimistic than others in the industry, with the International Energy …

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline
3 months, 3 weeks ago

OPEC+ oil alliance faces stagnant prices for crude while US drivers enjoy cheaper gasoline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The OPEC+ alliance of oil …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
3 months, 3 weeks ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
4 months ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

US oil output, demand rose in April to four-month high, EIA says
9 months ago

US oil output, demand rose in April to four-month high, EIA says

Live Mint  

NEW YORK, June 28 - U.S. oil production and demand rose to a four-month high in April, according to the Energy Information Administration's Petroleum Supply Monthly report published on Friday. Total U.S. field production of crude oil rose by 72,000 barrels per day month-over-month to 13.25 million bpd, the highest since December. Product supplied of crude oil and petroleum products, …

Exxon Plans New Guyana Oil Project to Lift Output Into 2030s
9 months ago

Exxon Plans New Guyana Oil Project to Lift Output Into 2030s

Live Mint  

-- Exxon Mobil Corp. took the first step toward its seventh oil project in Guyana, a clear signal the supermajor intends to expand crude output from the South American nation into the next decade. Exxon’s aggressive plans have already made Guyana the third-fastest growing oil-producing country outside of OPEC in recent years and a key contributor to global supplies. “For …

OPEC still sees strengthening oil demand in emerging markets, plans supply hike
9 months, 2 weeks ago

OPEC still sees strengthening oil demand in emerging markets, plans supply hike

Hindustan Times  

OPEC has maintained its forecast that oil demand worldwide is strengthening for the second half of the year, due to which, supply would be hiked, Bloomberg reported. Representational World oil consumption will see a year-on-year increase of 2.3 million barrels a day in the second half, about 150,000 a day more than during the first, due to continued economic growth …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
11 months, 2 weeks ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

OPEC Holds Oil Demand View Steady, Raises 2024 Economic Forecast
1 year ago

OPEC Holds Oil Demand View Steady, Raises 2024 Economic Forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but raised its economic forecast for this year further amid falling inflation and anticipated interest-rate cuts. In its monthly report, the Vienna-based cartel said it continues to expect oil demand to grow by 2.2 million barrels a day this year and by 1.8 million barrels …

Higher global oil supply set to satisfy demand increase, IEA says
1 year, 1 month ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing
1 year, 5 months ago

Exxon profit falls compared with record-setting numbers last year, but consolidation in full swing

Associated Press  

Exxon Mobil’s third-quarter profit declined compared with last year when the oil giant put up record numbers as oil prices soared, but net income jumped 15% compared with the previous quarter. Analysts polled by Zacks Investment Research predicted higher earnings of $2.36 per share, but Exxon does not adjust its reported results based on one-time events such as asset sales …

Exxon Mobil doubles down on fossil fuels with $59.5 billion deal for Pioneer Natural as prices surge
1 year, 5 months ago

Exxon Mobil doubles down on fossil fuels with $59.5 billion deal for Pioneer Natural as prices surge

Associated Press  

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at $59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. Including debt, Exxon is committing about $64.5 billion to the acquisition, leaving no doubt of the Texas energy company’s commitment to fossil fuels as energy prices surge. “I …

OPEC Plus will continue oil output cuts as prices remain unchanged
1 year, 9 months ago

OPEC Plus will continue oil output cuts as prices remain unchanged

India TV News  

The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. In April, Saudi …

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories
1 year, 10 months ago

Oil Prices Today: Oil sinks on US inflation anxiety, sudden rise in inventories

Live Mint  

Oil prices dropped on May 10, ending a three-day rally as an unexpected rise in US oil inventories sparked demand concerns and markets saw cautious trading as investors' anxiety as they await inflation data. Surprise increase to US crude oil inventories US crude inventories rose by about 3.6 million barrels in the week ended May 5 while petrol stockpiles rose …

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list
1 year, 11 months ago

OPEC+ makes over 1 million-barrel oil production cut - Here’s a detailed list

Live Mint  

OPEC+ announced a surprise oil production cut on Sunday, ignoring previous assurances that it would hold supply steady to maintain a stable market. The reduction is slated to exceed 1 million barrels a day, and according to analysts, may mean a rise in global oil prices by $10 per barrel. Meanwhile, war-hit Russia has said that it would continue the …

Guyana: 1.3 billion barrels in ExxonMobil offshore oil field
2 years, 2 months ago

Guyana: 1.3 billion barrels in ExxonMobil offshore oil field

Associated Press  

GEORGETOWN, Guyana — A fifth major offshore oil field being developed by a consortium led by ExxonMobil at an estimated cost of $12.7 billion will add another 1.3 billion barrels of recoverable oil reserves to the 10-billion barrel Guyana-Suriname basin, the Guyanese government said Tuesday. With two fields in production and two more approved, the consortium is the first among …

OPEC cuts oil demand outlook as it starts to curb production
2 years, 4 months ago

OPEC cuts oil demand outlook as it starts to curb production

Live Mint  

OPEC reduced its forecasts for global oil demand again as the group implements production cutbacks aimed at keeping markets in balance. This means the supply cut of 2 million barrels a day agreed by the group and its allies last month -- drawing fierce criticism from US President Joe Biden -- should bring output down to levels that balance markets, …

Oil rises as OPEC+ agrees to deep cuts, U.S. stockpiles fall
2 years, 5 months ago

Oil rises as OPEC+ agrees to deep cuts, U.S. stockpiles fall

The Hindu  

Oil rose about 1% on Wednesday, as OPEC+ agreed to its deepest cuts to production since the 2020 COVID-19 pandemic, despite a tight market and opposition to cuts from the United States and others. Prices also rose on U.S. government data that showed crude and fuel inventories fell last week. The United States was pressing OPEC+ producers to avoid making …

OPEC+ oil boost likely not much help to high gasoline prices
2 years, 8 months ago

OPEC+ oil boost likely not much help to high gasoline prices

Associated Press  

NEW YORK — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. Before that, it had been adding about 432,000 barrels per day monthly to put oil back on the market …

OPEC fails to boost output as members face capacity woes
2 years, 10 months ago

OPEC fails to boost output as members face capacity woes

Al Jazeera  

Even group leader Saudi Arabia didn’t increase output by as much as permitted by the agreed quota. The OPEC cartel — which has struggled for many months to revive oil supplies halted during the pandemic — effectively failed to increase output at all last month, as members remained plagued by capacity constraints. While Iraq bolstered output by 170,000 barrels a …

Exxon profits surge despite $3.4B hit from Russian exit
2 years, 11 months ago

Exxon profits surge despite $3.4B hit from Russian exit

Associated Press  

NEW YORK — Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. Natural gas prices rose too, climbing from $3.50 per million British thermal units to about $5.60, inflating home heating bills and electricity prices. The company announced Friday …

Exxon Mobil profits surge despite $3.4bn hit from Russia exit
2 years, 11 months ago

Exxon Mobil profits surge despite $3.4bn hit from Russia exit

Al Jazeera  

Including the loss from abandoning its Russian operations, the oil giant reported profits of $1.28 per share on Friday – below what analysts expected. Exxon Mobil reported $5.48bn in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year. Including that loss, the oil giant reported …

The US shifts focus to Venezuelan oil, but output is low
3 years ago

The US shifts focus to Venezuelan oil, but output is low

Live Mint  

Even as the U.S. considers lifting sanctions so Venezuela gets oil flowing, the reality is that the country’s oil sector is ill-prepared to start churning out more crude and lower fast-rising oil prices amid the Ukraine war. “Venezuela’s oil industry is in intensive therapy," said Iván Freites, the exiled general secretary of the oil workers union in Venezuela’s Falcón State, …

OPEC+ sticks to planned output hikes despite surging oil prices
3 years, 1 month ago

OPEC+ sticks to planned output hikes despite surging oil prices

Al Jazeera  

The Organization of the Petroleum Exporting Countries and allies has faced calls from the US and India to pump more oil. OPEC+ agreed on Wednesday to stick to moderate rises in its oil output, with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to …

OPEC barely increased output last month amid chronic struggles
3 years, 1 month ago

OPEC barely increased output last month amid chronic struggles

Al Jazeera  

Oil prices soared to a seven-year high above $90 a barrel last month, stirring expectations of a return to triple digits. OPEC nations barely increased production last month amid chronic struggles among members and renewed unrest in Libya, again illustrating the group’s inability to calm a booming market. OPEC’s 13 members increased production by only 50,000 barrels a day in …

OPEC long-term outlook with crude at 3-year highs: rosy
3 years, 6 months ago

OPEC long-term outlook with crude at 3-year highs: rosy

Associated Press  

FRANKFURT, Germany — While acknowledging the inevitable advance of alternative energy sources and technology, OPEC said that oil would be the leading energy source for decades to come as crude prices reached three-year highs Tuesday. “What is clear in this year’s WOO is that energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, …

More oil now: Why the US is calling on OPEC+ to boost production
3 years, 7 months ago

More oil now: Why the US is calling on OPEC+ to boost production

Al Jazeera  

US government data show petrol prices climbed 2.4 percent in July from the previous month, leading the White House to urge OPEC+ to boost production more quickly. “President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump,” US National Security Advisor Jake Sullivan said in a statement Wednesday urging …

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production
3 years, 7 months ago

Saudi Aramco’s profits quadruple as oil giant unveils plans to increase production

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s largest oil company, …

Oil Falls $1 After OPEC+ Agreement on Boosting Supply
3 years, 8 months ago

Oil Falls $1 After OPEC+ Agreement on Boosting Supply

News 18  

TOKYO: Oil prices fell more than $1 a barrel on Monday, after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries. OPEC+ ministers agreed on Sunday to increase oil supply from August to cool prices that earlier this month climbed …

OPEC to boost oil output as economies recover, prices rise
3 years, 9 months ago

OPEC to boost oil output as economies recover, prices rise

Associated Press  

FRANKFURT, Germany — The OPEC oil cartel and allied producing countries plan to restore 2.1 million barrels per day of crude production, balancing fears that COVID-19 outbreaks in some countries will sap demand against surging energy needs in recovering economies. Oil producing countries made drastic cuts to support prices during the worst of the pandemic slowdown in 2020 and must …

OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis
3 years, 10 months ago

OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis

Live Mint  

OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group's plan to gradually ease output cuts. "India is currently facing severe COVID-19-related challenges and will therefore face a negative impact on its recovery …

Exxon posts $2.7B quarterly profit after unprecedented year
3 years, 10 months ago

Exxon posts $2.7B quarterly profit after unprecedented year

Associated Press  

NEW YORK — Exxon Mobil on Friday reported first-quarter profits of $2.73 billion after a tumultuous year led to major spending reductions. “We knew economies would recover, populations and living standards would continue to grow, ultimately driving demand for our products and an industry recovery.” The Irving, Texas, company produced 3.8 million barrels of oil per day in the first …

OPEC+ confirms small supply hike as demand for oil rebounds
3 years, 11 months ago

OPEC+ confirms small supply hike as demand for oil rebounds

Al Jazeera  

World oil consumption will rebound by a vigorous six million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks in India and Brazil. World oil consumption will rebound by a vigorous 6 million barrels a day this year, according to OPEC+ estimates, though the recovery remains at risk from virus outbreaks …

US oil output climbs toward level not seen since pandemic’s start
3 years, 11 months ago

US oil output climbs toward level not seen since pandemic’s start

Al Jazeera  

Higher prices are buoying drillers’ confidence: Benchmark Nymex oil gained nearly 35 percent in the past four months after OPEC and its alliance cut production to strike a balance between demand and supply. The Permian Basin, the U.S.’s most prolific shale patch, will produce crude oil at levels not seen since the start of the pandemic in the latest sign …

Oil prices surge as OPEC and its allies extend production cuts
4 years ago

Oil prices surge as OPEC and its allies extend production cuts

CNN  

London CNN Business — A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge, choosing to limit supply until the global economic recovery is more firmly established. At that time, Saudi Arabia surprised markets by pledging to cut its production by an extra 1 million barrels per day, a move …

Oil prices fall in early trade after data shows rise in US crude inventories; concerns mount about new viral outbreaks
4 years, 10 months ago

Oil prices fall in early trade after data shows rise in US crude inventories; concerns mount about new viral outbreaks

Firstpost  

Saudi Arabia’s cabinet has urged OPEC+ countries to reduce oil output further to restore balance in global crude markets, the country’s state news agency reported early on Wednesday Tokyo: Oil prices fell in early Asian trading on Wednesday after industry data showed a rise in US crude inventories and concerns mount about a possible second wave of the coronavirus pandemic …

Exxon profits drop as most of world stays home, forgoes fuel
4 years, 10 months ago

Exxon profits drop as most of world stays home, forgoes fuel

Associated Press  

NEW YORK — Profits fell at Exxon Mobil and Chevron warned of tough times ahead as the global pandemic began to erode oil demand. Exxon lost $610 million in the first quarter, down 126% from the same time last year, the Irving, Texas oil giant said Friday. Despite plummeting demand, Exxon produced 4 million barrels per day of oil, up …

Oil prices rise again as output cuts kick in to offset slump in fuel demand; US crude inventories grow less than expected
4 years, 10 months ago

Oil prices rise again as output cuts kick in to offset slump in fuel demand; US crude inventories grow less than expected

Firstpost  

Oil prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when US futures briefly crashed into negative territory. Tokyo: Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts …

Oil prices bounce higher after record OPEC+ deal to lower supply
4 years, 11 months ago

Oil prices bounce higher after record OPEC+ deal to lower supply

Al Jazeera  

But investors remain wary as the demand for oil continues to be dented by the coronavirus pandemic. After four days of wrangling, the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day to support oil prices, sources said, representing about 10 percent …

OPEC+ reaches deal to cut oil production by 9.7 million barrels per day
4 years, 11 months ago

OPEC+ reaches deal to cut oil production by 9.7 million barrels per day

CNN  

New York/Hong Kong CNN Business — Saudi Arabia and Russia have struck a deal with other major oil producing nations to slash production as they attempt to stabilize a market that has been upended by the coronavirus Members of OPEC and their allies, including Russia and Mexico, announced Sunday that they have agreed to cut production by 9.7 million barrels …

Oil surges on hope of economic stimulus
5 years ago

Oil surges on hope of economic stimulus

The Hindu  

Oil prices surged by around 8% on Tuesday, a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with OPEC remained possible. Saudi, the world’s biggest oil exporter, escalated tensions with plans to supply 12.3 million barrels per day in April, well above current production levels of …

OPEC’s plan to boost oil prices may not work
5 years, 3 months ago

OPEC’s plan to boost oil prices may not work

CNN  

London CNN Business — The plan unveiled just last week by OPEC and allied oil producers to prop upcrude prices could fall flat. Deeper production cuts by the cartel and other major producers including Russia won’t be enough to prevent a global supply glut, the International Energy Agency said Thursday. The Paris-based International Energy Agency kept its global oil demand …

OPEC: US oil boom is messing with the cartel’s plans to keep prices high
5 years, 8 months ago

OPEC: US oil boom is messing with the cartel’s plans to keep prices high

CNN  

New York CNN Business — To set a floor under oil prices, OPEC is showing remarkable restraint by holding backproduction. OPEC noted that America’s oil infrastructure problems — namely, limited pipelines linking Texas to refineries in the US Gulf Coast — will go away as new capacity is completed in the coming months. Texas alone is expected to soon top …

Oil prices hit November 2018 highs driven by OPEC supply cuts, US sanctions against Iran, Venezuela
5 years, 11 months ago

Oil prices hit November 2018 highs driven by OPEC supply cuts, US sanctions against Iran, Venezuela

Firstpost  

Russia is a reluctant participant in its agreement with OPEC to withhold output Singapore: Oil prices rose to five-month highs on Monday, driven up by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela and healthy US jobs data. “Brent prices increased more than 30 percent year-to-date as OPEC+ continued to cut supply for 4 months in a row …

Crude oil prices rise on deepening OPEC supply cuts, sanctions on Venezuela; analysts say demand weakens
6 years, 1 month ago

Crude oil prices rise on deepening OPEC supply cuts, sanctions on Venezuela; analysts say demand weakens

Firstpost  

US West Texas Intermediate crude oil futures were at $53.66 per barrel, up 56 cents, or 1.1 percent, from their last close. Singapore: Oil prices rose on Wednesday as producer club Organisation of the Petroleum Exporting Countries said it had cut supply deeply in January and as US sanctions hit Venezuela’s oil exports. The OPEC, which Saudi Arabia de-facto leads …

Will Exxon’s oil production keep shrinking?
6 years, 4 months ago

Will Exxon’s oil production keep shrinking?

CNN  

New York CNN Business — The United States is pumping more oil than any other country in the world. The deal was announced two weeks after former Exxon CEO Rex Tillerson stepped down to focus on his nomination as President Donald Trump’s secretary of state. Exxon’s production in the Permian Basin and Bakken of North Dakota soared 30% in the …

Oil prices at 4-year high after OPEC rebuffs Trump, fails to raise output
6 years, 6 months ago

Oil prices at 4-year high after OPEC rebuffs Trump, fails to raise output

Live Mint  

London: Oil prices jumped more than 2 percent to a four-year high on Monday after OPEC declined to announce an immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply. Trump said last week that OPEC “must get prices down now!”, but Iranian Oil Minister Bijan Zanganeh said on Monday OPEC had not …

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