Page 9 - Oil Production

Oil prices extend losses as US producers restore output post-hurricane

Brent crude for December fell 32 cents, or 0.8%, to $42.53 a barrel by 0347 GMT and US West Texas Intermediate for November was at $40.30 a barrel, down 30 cents, or 0.7%

Libya govt gets ready to pump more oil as it reopens biggest field

The National Oil Corp., Libya's state energy company, lifted force majeure on the western deposit of Sharara and instructed its operator to resume production, according to a statement on Sunday

Libya set to resume oil production at Sahara field amid peace talks

Libya's prized, light crude has long featured in the North African country''s civil war with rival militias and foreign powers jostling for control of Africa''s largest oil reserves

66% energy execs believe US oil production has peaked: Dallas Fed survey

The Dallas Fed did not say if the peak was considered temporary or permanent as major oil firms have been discussing

OPEC+ panel to meet to discuss output cuts, oil price decline amid Covid-19

OPEC and allies are scheduled to hold an online meet to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook

Oil steady as demand worries revive, crews return to US Gulf rigs

rent crude futures gained 5 cents, or 0.1%, to $42.27 a barrel, after climbing 4.2% on Wednesday

A quarter of US energy output offline as Hurricane Sally advances

Sally weakened on Tuesday to a Category One hurricane with sustained winds of 80 miles per hour

Offshore oil wells, ports shut as Hurricane Sally advances on US Gulf

Sally was upgraded to a hurricane on Monday, with expected landfall on Tuesday

Oil companies idle production as US Gulf Coast braces for hurricane

Offshore platforms and one refinery along the US Gulf Coast shut down on Sunday as they prepared for a second hurricane strike in less than a month

Russia's Novak says OPEC+ may discuss underperformers this month: RIA

OPEC and its allies may discuss this month countries which have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak was quoted as saying on Monday

Iraq seeks exemption from OPEC deal curbing oil production in Q1 2021

Abdul Jabbar said last month that Iraq would cut its oil production by an additional 400,000 bpd in August and September to compensate for its overproduction in the three previous months

Hurricane Laura poses biggest storm threat to US oil output in 15 years

Oil producers on Tuesday had evacuated 310 offshore facilities and shut 1.56 million barrels per day (bpd) of crude output

Energy firms shut 58% of US Gulf of Mexico oil output due to storm threat

Energy firms shut 57.6%, or 1.07 million barrels per day (bpd), of offshore crude oil production in the US Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura

China ramps up US oil purchases ahead of trade deal review: Report

China had emerged as a top U.S. crude buyer, taking $5.42 billion worth in 2018 before trade tensions brought flows to a near halt

Oil prices head for second weekly gain amid hopes for fuel demand recovery

Brent crude was up 14 cents, or 0.3%, at $45.10, heading for a gain of about 1.6% this week

OPEC+ has tricky balancing act keeping $40/b oil price floor

There is still a long way to go before Asian demand can be relied upon again

Oil firms collectively cut the value of their assets by nearly $50 bn in Q2

London-based BP has previously said it plans to cut its overall output by roughly 1 million barrels of oil equivalent (boepd) by the end of 2030 from its current 3.6 million boepd

End game for oil? OPEC prepares for an age of dwindling demand

OPEC faces a dramatic adjustment if consumption starts a permanent decline

India mulls doubling oil refining capacity to 450-500 mt by 2030: Pradhan

India plans to almost double its oil refining capacity to 450-500 million tonnes in the next 10 years to meet the rising domestic fuel demand as well as cater to export market, Oil Minister Dharmendra Pradhan said on Tuesday. Speaking at a webinar on 'Atmanirbhar Bharat: Fostering Domestic Steel Usage in Oil & Gas Sector', he said construction of a new 60 million tonnes a year west coast refinery, which is crucial to the capacity doubling plan, will start soon. "Our refining capacity will increase from about 250 million tonnes per annum now to 450-500 million tonnes in next 10 years," he said. The capacity addition will be both brownfield (expansion of existing units) and greenfield (new refineries), he said. The refining capacity of 249.9 million tonnes exceeded the fuel demand of 213.7 million tonnes in 2019-20, but the demand is likely to rise to 335 million tonnes by 2030 and 472 million tonnes by 2040. International Energy Agency (IEA) forecast that India's fuel demand will .

ONGC seeks crude price assurance of $45 per barrel, cuts capex by 15%

The largest domestic oil and gas producer had budgeted a capex of Rs 32,502 crore for the financial year, which has now been cut to around Rs 27,500 crore.