Analytics

oil production

Western Europe’s biggest oil and gas producer just witnessed its final investment boom, according to Norway’s largest bank. Last year’s spectacular rebound in oil spending triggered enough of an economic boost to warrant a cycle of three interest-rate hikes in 2019 alone. But the current investment level, which is still some way off the record …

carbon

The bosses of some of the world’s biggest oil companies discussed adopting much more ambitious carbon targets at a closed-door meeting in Davos on Wednesday, a sign of how much pressure they’re under from activists and investors to address climate change. The meeting, part of the World Economic Forum program, included a debate on widening …

oil prices drops down

Oil declined as Goldman Sachs Group Inc. said demand concerns over a potential coronavirus epidemic would counter fears of supply disruptions in OPEC producers Libya, Iran and Iraq. While the effect on fundamentals is limited so far, demand could take a hit and prices could fall by $2.90 a barrel if an outbreak plays out …

cold temperatures

An arctic blast sweeping across Western Canada is weighing on the price of heavy crude. Temperatures of -30 degrees Celsius (-22 Fahrenheit) and lower have descended on Alberta and Saskatchewan — cold enough to render the region’s viscous oil rock solid. To transport it, producers must blend in more of a lighter crude called condensate, …

China

China said it will open up oil and gas exploration to private and foreign firms, offering further details of a policy that will help assuage concerns over access to the industry ahead of next week’s signing of an interim trade deal with the U.S. Companies with net assets of at least 300 million yuan ($43 …

Alexandr Novak

OPEC+ output cuts have stabilized the global oil market but can’t last forever, Russia said as uncertainty persists over the future of the agreement beyond March. “Oil-production cuts can’t be eternal; we will gradually need to make a decision on exiting” the accord, Energy Minister Alexander Novak said in an interview with state television channel …