Oil Prices ///
Despite restricted Russian supply, due to the war in Ukraine, crude prices slipped in April. WTI dropped 6.2% to $101.78/bbl, with Brent trading at $101.78/bbl, down 13.2% compared to March. Despite lower prices, U.S. operators finally started ramping up drilling activity, which is typically the case in a high-price environment.
The dire predictions by executives and consulting firms about the short-term/long-term effects of Covid-19 on the industry were overwhelming. The unrelenting onslaught of “we will never recover” or “nothing will ever be the same” seemed short-sighted
Oil eased off earlier gains with the European Union’s ban of Russian oil looking increasingly unlikely to pass.
Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine.
Saudi Aramco overtook Apple Inc. as the world’s most valuable company, stoked by a surge in oil prices that is buoying the crude producer while adding to an inflation surge throttling demand for technology stocks.
Oil booms typically spark a chase for higher production -- but not this time. All five supermajors have kept their capital expenditure budgets firmly in check and pledged that this discipline will hold in future years.
The OPEC cartel – which has struggled for many months to revive oil supplies halted during the pandemic – effectively failed to increase output at all in April as members remained plagued by capacity constraints.
Chevron Corp. lifted its production target in North America’s biggest oil field in a sign that U.S. shale is responding to $100-a-barrel crude despite rising cost pressures and equipment shortages.
Compared to fourth-quarter 2021, the Dallas Fed’s survey found that U.S. E&P activity surged in first-quarter 2022. However, there are still a few question marks that will linger through the year.
Despite WTI surging to an 11-year high of $108.50/bbl in March, U.S. shale operators resisted ramping-up drilling activity and remained disciplined with capital expenditures.
Whitecap Resources Inc., a Canadian conventional and shale driller, plans to increase natural gas activity in the second half of the year to capitalize on a surge in prices, Chief Executive Officer Grant Fagerheim said.
Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting.
Oil dropped at the start of the week on concerns that a spreading Covid-19 outbreak in China will impact consumption even further.
Mexico’s state-owned oil giant Petroleos Mexicanos will resume paying its debt maturities this year, ending a government policy of covering its amortizations to help the beleaguered driller shore up its finances, according to a Finance Ministry official.
Spears & Associates Managing Director Richard Spears’ talk, titled, How extreme financial discipline impacts drilling activity in 2022 and 2023, outlined what has caused oil companies to display uncharacteristic financial restraint, despite surging oil prices.
Oil rose with the shutdown of Libya’s biggest oil field in an already under-supplied market overshadowing signals that China’s lockdowns are weighing on its economic growth.
Oil rallied Thursday afternoon after a report that the European Union is moving toward adopting a phased-in ban on Russian oil.
U.S. allies in the International Energy Agency will deploy 60 million barrels of oil from their emergency stockpiles, bolstering the 180-million-barrel release of crude reserves already announced by President Joe Biden.
Executives at some of the world’s biggest oil companies will tell a U.S. congressional hearing on high gasoline prices that they need the government’s help in securing more drilling permits to help lower consumers’ costs.
For the second time in a week, U.S. President Joe Biden managed to confuse the American public, taking advantage of the average person-on-the-street’s lack of knowledge about the global oil market.
A new market update report shows the U.S. oil and gas (O& G) industry can expect to see continued demand recovery and positive effects from the passage of the Infrastructure Investment and Jobs Act, but regulatory environments tightened last year.